Middle class by memory, not by money
We still call ourselves middle class even when we’re not, passing on thrift as virtue, annoying our children with nostalgia, and forgetting that mindful abundance can honour our past better than self-denial ever could
10 out of 23 manufacturing sectors’ production lower than pre-COVID period
IIP data for June 2025 reveals that 10 out of 23 manufacturing segments are producing less today than before the pandemic, exposing a structural crisis that's forcing millions into low-productivity jobs rather than the industrial employment India needs
Chart of the Day: Employee attrition was ticking up at TCS even before the current wave of layoffs
Attrition also increased at Infosys in the last one year
UPI’s free ride for all nearing its end?
As RBI Governor Sanjay Malhotra signals the end of free UPI transactions, the move could reshape India’s fintech revolution, balancing innovation with sustainability
Tariffs, Deals, and the Power of Scale: Why Trump’s new accords can’t replicate the Amazon‑China playbook
If the United States truly wants a home‑grown manufacturing renaissance, nudges will not suffice. Either erect a near‑total barrier as China did in e‑commerce or create a market environment that lets smaller players compete on speed and price. The real lesson is not that protection wins, but that scale married to relentless reinvestment wins
India-UK FTA: The devil is in the details
India’s historic deal with UK will require significant reforms on gender representation, labour competitiveness to capitalize on the FTA opportunity
Brownfield mining operations are enough to meet India’s rare-earth needs
India does not need a maximalist mining push to meet its rare‑earth goals. A calibrated build via expansion of existing mining projects to roughly 20,000 tonnes of TREO is sufficient
Beyond Observations: Why social media needs statutory regulation
Hundreds of cases are being registered against people for ‘defamatory’ and abusive posts every day. In the absence of proper guidelines, the police are exercising wide discretion in registering such cases—a discretion that, in most instances, lacks sound legal reasoning and often appears outright arbitrary
From Agitation to Nation-Building: 70 Years of Bharatiya Mazdoor Sangh
Sanghnomics: Bharatiya Mazdoor Sangh (BMS), founded in 1955, transformed India’s trade unionism by rejecting political agitation, promoting nationalist labour values, and emerging as the country’s largest, culturally rooted labour organisation
TCS cost rationalization strategy addresses challenges but growth recovery remains uncertain
Constant currency revenues at TCS are estimated to decline or grow only marginally in FY26
Chart of the Day: The great market divide
In the large-cap arena, 37 percent of stocks are trading within 10 percent of their recent highs, a figure that diminishes to 28.68 percent for mid-cap and merely 11.85 percent for small-cap stocks
How the EU succumbed to Trump’s tariff steamroller
Relief at avoiding trade war is tinged with regret at not taking firmer stand from the start
Are carbon clouds gathering over the India-UK FTA?
The UK has sidestepped the tricky issue of Carbon Border Adjustment Mechanism (CBAM) , which, if imposed, can significantly affect India’s gains from the trade deal
RBI study finds Indians can’t agree on inflation expectations
Given the diversity in socio-economic conditions, Indian households do not converge near a common inflation expectation
How language politics could reshape West Bengal's electoral landscape
West Bengal Chief Minister Mamata Banerjee has launched a fierce counter-offensive against what she terms "linguistic terrorism," accusing the BJP of systematically targeting Bengali speakers in detention camps across multiple states
What China’s $137B dam on the Brahmaputra means for India’s Northeast & Bangladesh
There are serious concerns about the risks from dam construction by China in the upper reaches of the Brahmaputra. But the risks may have been exaggerated, because this is mostly a hydropower project. Besides, any flooding would first hit China’s Tibet region. India should focus on getting river flow data from Beijing
Data Story | Is global steel output feeling the heat from US tariffs?
In June 2025, global steel output fell by 6.2 percent over a year ago and by 4.7 percent sequentially, with the largest steel producer China suffering a 9.2 percent decline
Income-tax Bill 2025 needs to revisit concept of beneficial ownership
A nuanced, clearly defined approach to beneficial ownership is essential, one that preserves the integrity of the tax system without penalizing legitimate corporate activity. After all, if the goal is to simplify, we must ensure we don’t complicate the process
Reinventing the Rupee: How India’s digital currency revolution is taking shape
The CBDC isn’t a feature. It’s a new logic embedded in money. And when logic changes at the base layer, everything upstream — including value chains — changes with it.
Billion-dollar Rain: Why India can’t afford to ignore urban flood risk
On 26 July 2005, Mumbai recorded 944 mm of rainfall in a single day—almost 40% of its annual rainfall—coinciding with high tide and peak hourly rainfall of up to 80mm. It remains the costliest natural catastrophe for the Indian insurance industry. Increasing urban concretisation and also growing instances of intense short-duration rainfall have magnified risks for urban India since then
Vault Matters | Why now isn’t the time to upgrade banks
While there are at least four bank requests pending for regulator’s blessings to get a bump up in the value chain, now is the time to observe and assess, not react and regret
The Reading List: July 25, 2025
For your weekend read, our research and opinion teams have curated a selection of articles and social media gems from the world of economy, business and finance
Shrimp, Scotch and Strategy: India’s new trade doctrine in action
A trade deal is never just about tariffs; it is about the story a country tells about itself. With the India-UK CETA, this narrative is changing. India is no longer a hesitant participant in global trade. It is now a negotiator with ambition, willing to make tactical retreats in the service of strategic goals
Why is it so hard to replace HSBC’s Mark Tucker?
The years of a FTSE 100 chairmanship being a nice way to avoid boredom in semi-retirement are long gone
Unlocking the power of India’s 470-million women
India’s 470 million working-age women are a massive untapped economic force. Recognising their invisible labour and designing contextual financial solutions is key to unlocking inclusive, sustainable national growth
