businessline's State of the Economy Podcast

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370

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Aug 2025

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India’s economy has been hailed as the bright spot amid the general gloom that seems to have enveloped the rest of the world. But several of its sectors still stutter about even while others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts in areas ranging from finance and marketing to technology and start-ups. Tune in!

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August 5, 202527 min

Theme: Energy | Are forests the missing piece in India’s climate plan?

In this episode of the State of the Economy podcast, businessline’s Rishi Ranjan Kala talks to Professor Ashwini Chhatre, Executive Director, Bharti Institute of Public Policy at Indian School of Business (ISB) about how India’s green energy transition can and must include its poorest citizens, particularly those living in and around forest areas. Chhatre argues that bioenergy is not just important but “extremely critical” to India's decarbonisation journey. He explains why forest lands—covering 23% of India—must be re-integrated into the production economy in a sustainable, community-driven way. He makes a strong case for forest lands—especially degraded lands with little or no tree cover—to be repurposed for bamboo plantations, which offer carbon sequestration, flood control, and community income. Chhatre also discusses the need for community ownership to prevent overexploitation of forest resources and ensure long-term sustainability. Drawing on decades of research and active policy work, he calls for reforms in subsidies, outdated regulations like transit permits, and a mindset shift away from a narrow focus on farmers to a broader recognition of India’s diversified livelihood economy.

July 29, 202516 min

Theme: Agriculture | Why India must rethink its fertiliser and farming policies

In this episode of the State of the Economy Podcast, businessline’s Subramani Mancombu speaks to Maninder Singh Nayyar, Founder and CEO, CEF Group about the urgent issue of soil degradation in India and its far-reaching economic, environmental, and health impacts. Nayyar traces the roots of this degradation to the Green Revolution and excessive use of chemical fertilisers and pesticides. He explains how this has created a vicious cycle of deteriorating soil health, rising input costs, and declining yields, pushing farmers into debt. The alarming decline in soil organic carbon—from 2–3% to just 0.6–0.9%—could render Indian soil unfit for agriculture within 10–15 years. He goes on to talk about the need for a middle ground between chemical and organic farming through the promotion of “safe” or “health” food categories, revised soil quality ratings, and better market linkages for naturally grown produce. He advocates for a new pricing and certification system, practical standards, and incentives such as dedicated marketplaces and integration with delivery platforms. The episode also explores innovative approaches like converting agricultural residue into organic manure, reducing dependence on chemical imports, and tackling issues like stubble burning. Nayyar calls for a complete overhaul of outdated policies like the 1985 Fertiliser Control Order and stringent regulation of organic manure production. This comprehensive discussion highlights the urgent need for sustainable, scalable reforms to preserve India’s soil health and secure its agricultural future.

July 23, 202516 min

Theme: Commodities | Are rising commodity prices eating into India's food sector growth?

In this episode of the State of Economy Podcast, businessline's Subramani Ra Mancombu speaks with Sanjay Kumar, MD & CEO of Rassense Pvt Ltd, to decode how commodity prices are shaping the future of India’s fast-growing food services sector — currently valued at $80 billion and projected to reach $150 billion by 2030. Kumar provides a clear-eyed view of inflation trends across key food commodities include pulses, dairy, vegetables, and edible oils and their impact on pricing and profitability. He highlights the double-edged nature of low inflation, questioning whether it reflects healthy supply or weak consumption in India’s largely rural economy. The discussion covers everything from the effects of currency depreciation and global fuel trends to the risks of diverting food crops for fuel. Kumar also weighs in on the challenges posed by unpredictable import duties and the need for a stable policy to ensure better business forecasting. Is rising demand during festive seasons set to push prices higher and what’s the role of logistics in price escalation? (Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

July 1, 202523 min

Copper’s new age: Why India can’t afford to miss out

In this episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu speaks with Mayur Karmarkar, Managing Director of the International Copper Association, about the future of copper in India’s economy. While copper prices globally are experiencing a bearish phase, India’s domestic demand is on an upward trajectory, driven by construction, infrastructure, and industrial growth. Karmarkar explains that India saw over 1.8 million tonnes of copper usage in the last fiscal year—an 8% increase—and anticipates a similar trend this year. The driving force? Rising capital formation in both private and public sectors, growing electricity needs, and more resource-intensive buildings. The conversation also explores sunrise sectors that are accelerating copper demand. Electric mobility, particularly in EV battery and motor manufacturing, is creating new investment avenues. India has already announced 118 GWh of battery production capacity, and products like EV foils are gaining traction. Karmarkar raises long-term concerns about copper supply security, especially given China’s dominant position in processing and refined copper production. (Host: Subramani Ra Mancombu, Producer: Amitha Rajkumar) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders.

June 28, 202527 min

Theme: Defence | Can Indian drones outfly global giants in defence tech?

In this episode of the State of Economy Podcast, businessline's Dalip Singh speaks with Ashok Atluri, CMD of Zen Technologies, a pioneer in India’s simulation and counter-drone defence ecosystem. The conversation dives into Operation Sindhoor, where Zen’s counter-drone systems played a vital role in India’s air defence against threats from Pakistan. From autonomous drone warfare and indigenous defence tech development to post-quantum threats and India's strategic push for defence self-reliance, this episode explores the cutting edge of modern military technology. They discuss the evolving global perception of Indian defence manufacturing. Once mocked as a major importer, India is now seen as an innovator, particularly in drones and simulators. He shares how foreign delegations were impressed by India's containerised tank simulator, even calling it more advanced than US systems. Atluri stresses the need to shift from being mere suppliers in the defence chain to creating complete, world-class products. He advocates for nurturing innovation-driven Indian companies and reforming policy to support them. The conversation closes with reflections on national security, intelligence, and technological preparedness. (Host: Dalip Singh Producer: Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders.

June 15, 202517 min

Theme: Agriculture | Are MSPs helping or hindering crop diversification in India?

In this episode of the State of Economy Podcast, businessline's Subramani Ra Mancombu speaks with Chirag Jain, Partner and Food Processing Industry Leader, Grant Thornton Bharat. As India steps into the 2025–26 agricultural year, the forecast of an above-normal southwest monsoon brings cautious optimism. Jain outlines the opportunities and challenges facing the sector — from record production in key crops like wheat, rice, and maize to shifting cultivation trends driven by rising demand for pulses, oilseeds, and maize due to both consumption patterns and industrial use, including ethanol. The episode discusses how government schemes, technological integration, and targeted missions are reshaping production, while also tackling key issues like infrastructure gaps, market access, and MSP-related crop distortions. Listeners will also gain insights into the broader rural economy — how initiatives like PM-KISAN, rural banking, and micro-enterprise funding are boosting consumption and demand in India’s heartland. With climate variability, policy decisions, and global trade dynamics in the mix, this episode offers a comprehensive outlook on what lies ahead for one of India’s most vital sectors. (Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem to set to fire on all cylinders.

June 11, 202521 min

Theme: Real Estate | The future of ageing is here — and it looks a lot like community

In this episode of the State of the Economy podcast, businessline’s Abhishek Law talks to Adarsh Narahari, Founder & Managing Director, Primus Senior Living, about India’s evolving real estate landscape with a focus on senior living. Narahari explains how senior living is often misunderstood, thanks to outdated stereotypes. Far from being just real estate, Primus focuses on improving “health span” over “life span,” drawing inspiration from global longevity models like Blue Zones. Narahari shares market insights, citing research from CII, PwC, and JLL that estimates a growing demand — from 4 lakh to potentially 40 lakh homes over the next decade. The conversation explores who is buying these homes (mostly the seniors themselves), how it differs from traditional housing, pricing dynamics, and the additional services offered — from on-site healthcare and nutrition to curated social experiences. The sector still grapples with deep-rooted stereotypes—often shaped by Bollywood portrayals and societal misconceptions. Narahari addresses these concerns head-on, explaining how first-hand exposure to senior living communities breaks those biases. Rather than being isolated, these communities empower elders by enhancing their health span, social engagement, and mental stimulation. Narahari concludes by noting the growing interest from real estate and institutional investors, confirming that senior living is a rising sector with substantial demand and immense potential — provided the operational needs of elder care are truly understood. (Host: Abhishek Law, Producer: Amitha Rajkumar) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

June 3, 202510 min

Theme: Macroeconomy | Why are GST collections soaring—and will it last?

In this episode of the State of Economy Podcast, businessline’s Shishir Sinha speaks with Aditi Nayar, Chief Economist at ICRA, to decode recent high-frequency economic indicators and what they mean for India’s economic trajectory. The episode begins with a look at the PMI manufacturing data hitting a three-month low and whether it signals any real slowdown. Nayar provides a nuanced view on the surge in GST collections, linking it to high crude oil imports and steady domestic demand. The episode also explores urban versus rural consumption patterns, the impact of softer inflation and expected rate cuts, and how these may influence household spending. With global uncertainties like tariff hikes and geopolitical tensions in the background, the conversation turns to their likely impact on private CapEx and India’s growth outlook for FY26. Tune in for clear, data-driven insights into the state of India’s economy and what lies ahead. (Host: Shishir Sinha Producer: Amitha Rajkumar, Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

May 26, 202533 min

Theme: Trade | Behind the trade curtain: What the India-UK FTA really means

In this episode of the State of Economy Podcast, businessline's Amiti Sen speaks with Professor Abhijit Das, International trade expert and former head of centre for WTO Studies about the implications of the recently signed India-UK Free Trade Agreement (FTA). The discussion explores key highlights of the deal, including tariff reductions on whisky, greater market access for Indian textile and leather exports, and provisions aimed at easing the movement of professionals. Das notes that while the FTA signals political cooperation and commitment to rules-based trade, its actual impact remains uncertain until the legal text is fully disclosed. The conversation also touches on areas of concern, such as possible concessions in government procurement and the automobile sector, and the risks posed by non-trade clauses related to labor and environmental standards. Das warns that these elements could create challenges for Indian industry in the long term. The episode further examines how the India-UK FTA could influence ongoing trade negotiations with the European Union and the United States, especially in light of potential US tariff threats. Concluding with a reflection on the future of the WTO and India’s role as a voice for the Global South, the episode offers valuable insights into the evolving global trade environment and India's strategic choices. (Host: Amiti Sen Producer: Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

May 23, 20259 min

Theme: Commodities | Why lab-grown diamonds are a cut above natural ones

In this episode of the State of Economy Podcast, businessline's Subramani Ra Mancombu speaks with Ricky Vasandani, CEO and co-founder, Solitario Diamonds, to understand the factors fueling this surge — from affordability and innovation to growing consumer awareness. We dive into the dynamic world of lab-grown diamonds, a sector experiencing rapid growth and transformation in India. The conversation touches on key developments, including the Indian government's incentives, the influence of Prime Minister Narendra Modi’s high-profile gift of a lab-grown diamond, and the implications of natural diamond giant DBRS exiting the lab-grown market. Vasandani explains why lab-grown diamonds are becoming a compelling alternative, offering the same sparkle and certification as natural ones at a fraction of the cost. They also explore how rising gold and silver prices, tariff shifts, and seasonal trends like Akshaya Tritiya are shaping demand. With prices stabilising and consumer confidence increasing, lab-grown diamonds are moving from niche to mainstream. Vasandani offers insights into future risks, growth potential, and why the market for larger stones and diverse jewellery styles is expanding. Tune in to discover how lab-grown diamonds are transforming the jewellery industry and what lies ahead for this innovative and accessible luxury. (Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy) About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.