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As a normally bubbly awardee confided in hushed tones last week while looking up at the huge chandelier hanging from the 108-feet-high dome of Rashtrapati Bhavan lighting up the Durbar Hall, It is impossible not to be awed by this room and the occasion! The magnificence of the marble-columned, soaring central chamber that once held the thrones of the Viceroy and Vicereine is undeniable.
Maritime Culture of Jambu-Dvipa: A highway linking Middle East to Southeast Asia
Few people know about the Dungi caves of Mumbai that have now made way for the New Navi Mumbai Airport coming up at Panvel. In fact, most Mumbaikars do not know that Mumbai is full of Buddhist caves (Kanheri, Mahakali), some of which became Shiva caves, like the Elephanta caves on Gharapuri island, that one sees when crossing the new Atal Setu.
Relax. They're secure, can be more
The whole process, involving technical, management and legal aspects, has been a success story for EC from the days of ballot boxes, when booth-capturing, false voting and manipulation were rampant, apart from improving efficiency of conducting elections. While EVMs, comprising a ballot unit (BU) and control unit (CU), and later VVPATs introduced in phases from 2013 to full implementation in 2017, have been a consistent concern for many critics and have faced legal challenges, the poll panel has never wavered from addressing these challenges.
View: How tech is being a good sport
According to Statista, global sports market revenue was estimated at $487 bn in 2022, sporting goods market at $160 bn in 2023, and sports betting at $242 bn in 2023. Much of this revenue growth is attributed to technology, which ensures deep fan involvement through convenient, interactive and personalised engagement.
Inheritance tax: The other Manmohanomics
The rock of Sisyphus may not seem the best metaphor for a work-life balance. But under an inheritance tax, it is logical that the more we'll strive to produce value for our millions, the more confounded we'll be as the latter turn into billions. Only pessimists would critique this situation. Optimists, like the many who dot Congress' starry-eyed galaxy, will point to the enhanced inspiration this will varnish our labours with.
Business buzzwords: Do executives need to outgrow them?
A fixation with trending topics like AI is discernible among CXOs. Boys with toys spring to mind. For India Incs leadership, its crucial not to let the prevailing buzz detract attention from substantive issues.
Why India loves to hate inheritance tax and estate dutywrongly
Opposition to the inheritance tax defies political and economic logic. It can only be justified on grounds of difficulty of collection and administration.
Risk alert: Ensure masala safety for the sake of Make in India
Our food safety regulator must extricate us from a dust-up over packaged masala mixes after Hong Kong and Singapore banned some exported from here. For India to be the worlds next big factory, we cant afford to let a reputation for lax quality standards set in
Call centres will be outmoded by AI : What next?
TCSs CEO reckons that call centres will be rendered redundant by customer call-taking chatbots within a year. Lots of Indian jobs will be hit. Will firms like TCS create new ones?
Not showing fear or favour, well done, EC
By dealing with the latest round of complaints of alleged hate speeches made by politicians during recent election campaigns and rallies, EC has reassured all of us that it is a fair referee that's not intimidated by the position or post of the alleged violators of the model code of conduct.
Supreme Court's stance on public-private partnerships raises governance questions
The Supreme Court's recent recognition of the fundamental right to be free from adverse impacts of climate change highlights broader questions about democracy and governance. The court's involvement in cases regarding private property rights and environmental protection underscores the need for a balance between capitalist interests and human rights. Issues such as fair redistribution of wealth, access to public resources, and governance for the common good are central to these debates. Ultimately, achieving good governance requires active participation and consensus-building among all citizens.
One of the arguments advanced for the levy of inheritance tax is that countries like the US do so. Without getting into intricacies of the US Estate Tax, we need to recognise that developed countries have different imperatives, have a different social framework and, most importantly, are at a different stage of their economic journey compared to India.
Jack Welchs CEO factory has stopped production: Good riddance.
Yes, GE offloaded its fabled Crotonville CEO incubator. The idea of assembly-line CEOs doesn't work anymore.
Mobilising Indias domestic gold
Over the past 25 years alone, India has imported approximately 17,500 tons of gold @ 700 tons per annum of official gold imports, with exports limited to jewelry and medallions/coins, constituting just 10% of imports.
Real costs: Why solar and wind energy are not market winners yet
Claims that wind and solar energy are now cheaper than fossil fuel-based energy are misleading as these refer to costs only when the sun is out or wind blowing but dont account for intermittency.
Patanjalis credibility crisis: A knock-on effect on the booming Ayush market?
Patanjali has hurt the industrys credibility by linking Ramdev's reputation with the company's drugs rather than offering sound therapeutic reasons for promoting those. This was not necessary
AI bot evolution: Agents will be the next big thing in artificial intelligence
As we devolve agency to AI agents for various tasks, we mustnt blow the lid off a Pandoras Box. Tech companies want to keep humans in control of AI actions, but such tech can also give agents autonomy.
Indias employment paradox of the 21st century: A crackable puzzle
We saw a post-covid reversal of both positive and negative labour-market trends. How and why so? An ILO-IHD report offers clues. Hint: We had a covid backslide and surge in broadly defined self-employment.
Tesla faces an identity crisis: carmaker or tech firm?
Elon Musks fiendish conundrum
Markets are embracing India's PM Modi for what he wont do
Unlike 10 years ago, the Indian prime minister isnt promising major economic reforms. And that suits investors just fine.
Redistribution: A Universal Basic Income policy cant turn poverty into history
The politics of redistribution has brought various versions of a UBI into focus. While people in deprivation clearly need relief, a UBI alone cant be relied upon to make poverty a problem of the past.
Kotak must act fast to escape RBIs cyber-risk clamps
RBI has barred Kotak Mahindra Bank from issuing new credit cards and enlisting new customers through its website and app because of tech compliance failures. The private lender should get its house in order quickly.
Wealth distribution: Five critical things to know
In a country where the majority is not rich, redistribution is a potent tool for political rhetoric and action. In a country that's not rich, it is a destructive tool for action because the only thing that gets redistributed is poverty.
Letters to the Editor dated April 24, 2024
Has India recovered from covid? Look at the data.
While most economic indicators looked quite vibrant in the last two-three years, much of it can be attributed to base effects. A more comprehensive view of Indias economic performance before and after covid shows that there is still some distance to be covered.
India and China: Parity within sight
A left-behind India could plausibly catch up with China as both seek an economic rebalance in the decades ahead. An Asian Century looks close.
Globalization vs democracy: The voiceless need a say
Big decisions taken by big powers like the US that impact the whole world might well be different if the millions impacted overseas also had a vote.
The Indian summer is too hot for elections
A drop in voter turnout should put soaring temperatures under scrutiny as a factor. With global warming afoot and long waits in line a given for voting, India should consider sparing its voters such discomfort.
Snooping is not a good way to keep kids safe online
We mustnt adopt child-tracking apps. These violate privacy and could even set gender parity back. We should focus instead on inculcating a fine sense of responsibility.
Size matters: Reliance should lead a dividend payout boom
The companys size achievements stand outits top-line crossed 10 trillion and annual pre-tax profit 1 trillionbut its small dividends are a reminder of the low yields of Indian equity in general. Could Indias biggest business help effect a big reversal?
India and the US are gearing up for the 20th iteration of Yudh Abhyas, the joint army exercise scheduled for September. It will be followed by the 28th edition of the Malabar naval exercise comprising the US, Indian, Australian and Japanese navies. None of this suggests a dip in relations. Not only will this Yudh Abhyas be larger with double the number of troops - 600 each from both - but the US Army is likely to bring the Stryker armoured vehicle so it can be tested at high altitude before talks on co-production get serious.
How RBI can lead central banks in lowering rates instead of following the Fed
It would be wrong to say that RBI blindly follows the US Fed. But it targets CPI, and that can lead to errors. India's WPI has changed little since late 2022, moving up and down in a 4% band around 150.0. But CPI has risen much more, and that is the figure Shaktikanta Das looks at.
Ukraines US lifeline: Is it just a straw clutch?
The latest effort by the US Congress to channel billions of dollars in aid to Ukrainian war efforts may be adequate for now, but that cant mask the fact that Kyivs American support has been wearing out. A change in the White House may even end US aid.
India's space ambitions: Market forces are with us
Policy emphasis, coupled with enhanced geopolitical influence, could bolster our space economy after the opening up of this sector placed it on an upward trajectory.
How state-level school boards can promote educational equity
State-level curriculums should align with the National Curriculum Framework while incorporating state-specific elements, ensuring that all students receive a robust educational foundation that can satisfy national standards and suit local contexts.
Earths history: Should this phase be called the Anthropocene era?
We must recognize the mark left by our species on the planet. The role we have played justifies renaming the ongoing era.
Asset tokenization can revolutionize financial systems
Imagine a common ledger for all assets that embeds the rules and assures us high system integrity. It may be hard to implement but we must strive to make it work.
Dial Vi for revival: Its FPO was a success
Vodafone-Ideas 18,000 crore follow-on public offer got subscribed over 6 times by the end of bidding. This relieves the worry that India will end up with a telecom duopoly.
MeitY's AI advisory ignited debates on regulating AI. SROs, endorsed by RBI for fintech sector, are crucial. Online gaming sector under GoI's scrutiny. Skill vs chance, clear guidelines, and international regulatory examples are key for effective governance.
Pushing the envelopes hard: Conflicts are being managed to draw new lines of hostile engagement
As these points of tumult escalate, irrelevance of UNSC and the tangential impact on conflicts in Africa, South America and other parts of the world paints a grim picture. Livelihood and economic logic are factors on which new conversations will now have to move faster. Otherwise, matters can spiral out of control sooner than expected.
Urbanization pressure: Indias housing policy needs a big rethink
Reforms must take city-ward migration into account, enlarge urban supply and make use of rental vouchers for the needy.
Indian welfare: Beneficiaries and benefactors must overlap more
We can afford a large welfare system and even a universal basic income, but the tax burden must be shared much wider. Our direct tax collections need to increase.
Palestinian statehood: Speed up its realization
At a time of heightened tension with Iran and all the insecurity that comes with it, it has never been more important for Israel to defuse the anger of Palestinians living in territories under its occupation.
What Biden can learn from Modi: Keep inflation in check
Modi's inflation-targeting RBI mandate is a case of good politics, one that can be a bigger vote winner than many leaders around the world may think.
Oh no, not again: Were back under the shadow of a nuclear cloud
First came the Ukraine war and then Gaza. Conflicts with geopolitical dimensions spell a danger unseen since the 1960s.
Beyond the FY24 downturn: Indian IT's roadmap for future growth
Having navigated a tough FY24, Indias leading IT firms are aiming for a comeback. Key areas to watch include strategic shifts, new technology investments, and market expansions as they aim to foster significant growth in FY25
Indias direct tax ramp-up is showing the way
Data released on Sunday showed that its net direct tax collections in 2023-24 hit 19.58 trillion, up 17.7% from 2022-23. This could be good news on two counts.
Palestinian puzzle: Could low-stakes compassion be dangerous?
Its a hard question to answer but Hamass human shield tactics in Gaza force us to confront it.
Gone are the days when a manufacturing boom would create good jobs
Technological changes have made boosting manufacturing-sector employment resemble chasing a fast-receding target. We need policies that focus on fostering productivity and labour-friendly innovation.
Gold bonds: A win-win idea for our economy and investors alike
Indias sovereign gold bond scheme has been of benefit to retail investors as well as the whole economy. Whats good at the micro level need not be bad for the macroeconomic picture.
The global luxury market is in a slump. Should Louis Vuittons owner worry?
The first half of this year should be a nadir for luxury demand but the industrys top player owns reliable labels like Louis Vuitton and Dior that could help pull it through.
Party manifestos: Nothing manifest about them
Both the BJP and Congress have turned this election into a battle of personalities, rather than making it a battleground for new ideas by challenging paradigms and encouraging meaningful debates.
Courts worldwide increasingly recognise climate action as a human right
Courts globally, including India's Supreme Court and the European Court of Human Rights, are recognizing climate action as a fundamental human right. Activists are turning to courts to push governments to enact laws protecting citizens from climate change. Courts are imposing penalties and issuing directives to compel climate action, highlighting the need for stronger legal frameworks. Recent landmark verdicts emphasize balancing conservation efforts with climate change mitigation. Young people are also joining climate activism, emphasizing the urgency for action to tackle the climate crisis.
Elon Musk and India -- who needs who more? Here are some pointers
Tesla and India can tango productively, and the latter could well offer the best anchor to make batteries and export them to the world. These would both create much-needed jobs, as well as lead to a platform play for renewables and EVs in India.
Godrej family's division strategy: A model for amicable business succession
What sets the scheme for division apart is its transparency and meticulous planning, setting an example for Indian business families to emulate
Iran-Israel lesson: Effective missile defence is costly and could be risky too
The Israel-Iran conflict holds lessons. As technology improves defences, countries must resist the temptation to use force instead of diplomacy.
It's time for company boards to create technology committees
Such panels need a clearly framed charter of intent to be effective. What exactly they monitor could differ but a common mandate would be to keep watch of emerging trends.
Why is Europe losing the productivity race to America?
Heavy US fiscal stimulus after covid is often cited as a reason, but its unclear how government spending can lift work efficiency. As Europe ponders how to fix its problem, it needs to come up with new ideas for a change.
Sugar rush alert: Nestles infant formula in hot water
An investigation by Public Eye and International Baby Food Action Network found that sugar was added in the companys infant milk-mix meant for less developed markets, but not in the stuff aimed at Europe and the UK. Why so?
Election symbols: Silent messaging plays a big role in Indian politics
As elections begin, the silent messages of political parties gain salience across India. Lets admit it: A party symbol can speak a thousand words. Its also what a voter usually spots first on the ballot.
The West should not spark off a trade war with China over EVs
Its carmakers would not be served well by protectionist measures. As the US ups the ante, German Chancellor Olaf Scholz should try to de-escalate trade tensions.
We need a standardized framework to track city-level air pollution
A recent global ranking report featured 83 Indian cities among the worlds 100 most polluted but a large number of them cant be said to have statistically sound air quality monitoring systems. Lets tackle this problem.
GE's Crotonville sale signals sunset of traditional corporate campuses
The relevance of corporate academies is waning, both globally and in India amid the growing use of technology, emergence of 5G, and sophisticated e-learning platforms
Dark clouds of war over global economy, markets. Brace for extended uncertainty.
As geopolitical tensions threaten to disrupt energy supplies and economic stability, investors keep a wary watch
Management recap: Birlas target spotlights the classic rule of three'
The groups aim to be among the top three in major financial-service markets evokes a rule of three that top leaders of businesses in competitive markets find they must contend with.
The abundance algorithm: Technology is re-wiring economic prospects for all
Plenty for all sounded like a utopian dream till new digital tools emerged to reveal their wonders. Free and fair abundance by design now seems possible, thanks to open-source technologies.
GST adoption has given Indias north-eastern states a big developmental push
It has not just boosted state finances but also raised taxation efficiency, enabling the region to fast-track economic growth.
Dubai's black-swan flood: Climate change is a suspect
The city got as much rainfall in two days as it usually gets in a year-and-a-half. Whats to blame: Cloud seeding or global warming?
Advertisements crafted by AI neednt be short of consumer insights
If advertising were to be a done by AI, wed realize that prompting isnt just another rational process. It takes human creativity to come up with the sort of creative briefs that give rise to effective ads.
Setting age limits for social media users is not an effective way to shield kids
Research on the impact of social media on kids must be stepped up and companies must use scientific learnings to protect them.
Letters to the Editor dated April 17, 2024
Why electric mobility trumps hydrogen and hybrids in India
Hybrid vehicles are a stop-gap solution at best, and since we already have a robust electrical grid, EVs could be rolled out faster than hydrogen cars, which would need an entire ecosystem to be built from scratch.
The one thing that stands out in BJPs manifesto is aviation. Can the promises fly?
The BJP election manifesto big on civil aviation but the devil lies in the details
Election manifestos: Has the Congress ceded centre space to the BJP?
The grand old partys electoral promises of cash handouts show a left-ward tilt, even as the ruling partys prudent approach to welfare grants it the centre-ground in Indian politics.
The world is still on fire, sadly, as the multilateral system looks on
Blueprints like the G20 one on reforming multilateral development banks abound, but it takes political will to tackle the challenges facing humanity.
Competition penalties going by global turnover call for a rethink
They could deter multinational business investments, even though our penalty recovery rate is low. Going by relevant turnover is easier to justify.
Women entrepreneurs could help enrich the world by $6 trillion
Women entrepreneurs face funding discrimination and the worlds financial system must reform to remedy it. No country can grow healthier and more prosperous if half its people are left behind.
Trumps hush-money trial: The jurys missing
On the first day of the New York court's hunt for jurors, at least 50 New Yorkers pleaded an inability to be impartial. Polarized times are to blame.
Experiments with AI: How wisely we deploy it decides how well it serves us
Now that AI is widely accessible, we need to figure outthrough some trial and errorhow best to leverage AI to address the inefficiencies that hold us back.
Recovering a masterpiece: The Ramcharitmanas is luminous in new light
The illustrated version of Tulsidass epic from Varanasi shows what modern technology can do for our art and heritage
Beyoncs cowboy call-out for Levis can help reposition them both
Her new album Cowboy Carter, which has a song dedicated to Levis jeans, has expanded country music as a genre, while Levis is rethinking how denim fits into peoples wardrobes. Two big American icons are trying to redo their brand profiles.
Poverty in India: Tracking it mustnt become a casualty of politics
We need to redefine poverty. A consensus on what it takes to live a life of dignity would help us resolve the countrys controversy over poverty as we near elections.
Organizations must think innovatively without falling into the innovation trap
They should foster alternate thinking as a strategic aim and resist the usual mental short-cuts that result in herd behaviour. Heres how.
Food inflation test: Cloud delivery could help
The India Met Departments forecast of above-normal rainfall this monsoon season spells optimism over farm output that could in turn cool inflation and grant RBI more policy space.
Cold War II: The world needs to minimize hot eruptions in West Asia
Oil prices might have softened a bit after Irans attack on Israel, but dont under-estimate the risk of a flare-up in this volatile region. To ensure the global economy isnt disrupted, the US must mount a credible push for lasting peace.
Climate change: Scaring people will only yield scars and no solutions
Its for the rich world to bear the bulk of the burden in honour of the Paris agreement on common-but-differentiated responsibilities. The trade-offs are such that insistence on an absolutist path would make it hard to reduce deprivation in the developing world.
Retail investors and the art of burning hard earned money
Ask yourself, does an outflow of 94 crores (not a typo error), actually mean much given the total money under management smallcap funds is a cool 2,43,368 crores? Well, if you are an optimist, you could call this a start. If you are a realist, then, this is a joke.
Raise funds off intellectual property: Opportunity knocks
We should put in place a policy framework to help startups, etc., use intangible assets as collateral. This will aid the evolution of Indias economy
Iran attacks Israel: Bidens big power test
Will a West Asian flare-up hit economies hard? Risks have run red-hot. Much depends on whether the US can restrain Israel, Bidens political future included.
The elderly men who run the world give us hope
Instead of grudging their authority, we should learn a thing or two from their zest for life
