Innholdsfortegnelse for 19 January 2025 i Business Today

With Ozempic and similar injectable medicines being used off-label overseas to help obese individuals lose weight, can these new drugs become the panacea for over 250 million overweight and obese Indians? Over Christmas, Elon Musk, the world’s richest man, brought the issue into sharp focus when he revealed he was using the medication Mounjaro for weight loss. His post went viral, sparking renewed interest in GLP-1 inhibitors—originally intended for managing Type 2 diabetes. This is the topic we explore in this issue, and as Neetu Chandra Sharma writes, it may well become the next big thing in India. However, as Eli Lilly and Novo Nordisk prepare to launch these treatments in the Indian market, regulatory approvals and pricing may prove to be a significant hurdle. In the US, such medication…

MANMOHAN SINGH will be remembered by posterity as the architect of new India, as the man who, in collaboration with Prime Minister P.V. Narasimha Rao, changed the face of the Indian economy. Many times, when, as PM, he was downcast, I used to tell him, “Sir, a hundred years hence, you will be considered the leader who changed India, who put us firmly on the path of growth.” I am strongly of the opinion that the Manmohan Singh era will go down in history as the one that changed the image of India, not merely in the economic sphere, but in every other aspect, making India a respected global power today, economically and politically powerful. I recall that in the early ’80s, when I went to the University of Leeds…

A HUM OF optimism is audible in India’s financial corridors. As the country edges closer to the $4-trillion GDP mark, the revival of the Indian story is marked by investor confidence. In the past few years, India’s capital markets have been charting an exceptional course. But the star of the show has been the Indian start-up ecosystem, which has outpaced heavyweights like China and Germany in terms of funding. In 2024 alone, the tech start-up ecosystem birthed six new Unicorns, saw 13 initial public offerings (IPOs), and celebrated 113 acquisitions with $11.3 billion raised, which was a 6% increase from 2023. And the momentum doesn’t appear to be slowing down. Industry insiders are predicting that there could be up to 30 more tech start-up IPOs in 2025. “The public markets…

At 59, Challa Sreenivasulu Setty, the Chairman of State Bank of India, shoulders the responsibility of shaping the future of India’s largest bank. In this exclusive interview with Business Today’s Siddharth Zarabi, the 27th chairman of the storied lender, who took charge in August 2024, delves into his vision for steering the institution into its next phase of growth, his strategy on building the loan portfolio while maintaining asset quality at a time when credit growth has been lagging deposits, the credit markets and the investment appetite of India Inc., the stress in pockets like unsecured credit, and how his life been since moving into the corner office at State Bank of India. Edited excerpts: Q: What have been your priorities since you took over as chairman? A: I have spent over 36…

India faces a dual epidemic of diabetes and obesity. Over 77 million people are living with diabetes in India, while there is a rising prevalence of obesity. Kiran Mazumdar-Shaw, Executive Chairperson of Biocon, in an exclusive interaction with BT, discusses innovation in diabetes management, the company’s leadership in biosimilar insulins and GLP-1 therapies, and envisions India’s large diabetic population driving opportunities for GLP-1 treatments. Edited excerpts: What are the new trends in diabetes and obesity that are likely to make a difference in the years ahead? If you look at diabetes—or diabesity, as I now call it—it is taking on a completely new dimension. Even in biosimilars, we are a very differentiated company because we are the only ones developing biosimilar insulins. Today, we are the third-largest insulin producer in…

ONE OF THEfounders of the Indian pharma industry, my father D.B. Gupta, started Lupin over 55 years ago with the belief that no one should be left without the quality care they deserve. His passion led to the creation of Lupin, a company that provides healthcare to millions of patients and exists for people, not just profits. However, it is five decades later that we now have tools to truly deliver on the purpose of delivering quality healthcare to every patient globally — irrespective of age, background, geography or economic strata. You see so many instances of what will be the standard of care tomorrow already in use today—AI algorithms today diagnose diseases such as cancer with accuracy; pills embedded with sensors used to share real-time data; AI tools detect anomalies…

WITH A GREATER focus on building a greener future, the cement sector is bracing for greater innovations. The Indian cement industry, the second largest globally, boasts an installed capacity of approximately 670 million tonnes per annum and a cement production output of around 430 million tonnes in 2023–24. With 175 integrated cement plants and 150 split grinding units across India, it plays a pivotal role in meeting the nation’s infrastructure demands. At the same time, the industry has set ambitious yet pragmatic targets to transition into a greener, more sustainable sector, aligning with the Prime Minister’s vision for India to achieve Net Zero by 2070. As a significant contributor to global greenhouse gas emissions, the industry carries the responsibility to innovate and adopt sustainable practices. The transformative changes underway go…

INDIA’S DIGITAL ECONOMY is advancing at an extraordinary pace, driven by cutting-edge technologies like AI, robotics, and Industry 4.0. As the nation moves towards an AI-powered future, it’s essential to focus on hiring, upskilling, and reskilling the workforce to maintain a competitive edge in the global landscape. From AI and cloud computing, to deep tech and robotics, the demand for specialised skills is growing exponentially. The Changing Hiring Landscape India is experiencing a dramatic shift in hiring practices as the demand for technical skills surges. More than ever before, companies are prioritising skill-based hiring, with 68% of recruiters focussing on abilities rather than traditional qualifications. This trend is most evident in emerging fields like AI, ML, cybersecurity, and cloud computing. For example, between 2022 and 2023, AI and ML job…

RISING PROWESS OF AI AI ENHANCES RISK ASSESSMENT BY ANALYSING BEHAVIOUR AND PREDICTING OUTCOMES AI STREAMLINES WEALTH MANAGEMENT BY AUTOMATING TASKS AND IMPROVING SERVICE IT IS TRANSFORMING DIGITAL LENDING WITH MORE ACCURATE CREDIT EVALUATIONS ACCOUNT AGGREGATORS ENABLE SECURE, CONSENT-BASED SHARING OF FINANCIAL DATA AI-POWERED TOOLS PROVIDE PERSONALISED FINANCIAL ADVICE BASED ON TRANSACTIONAL PATTERNS IN TODAY’S ARTIFICIAL Intelligence (AI)-driven world, everything is just a click away—from munchies to mobile phones. Financial management in India is not far behind. AI is reshaping how people budget, invest, and borrow. A report by PwC India, a professional services brand, released in August titled “Mapping the Fintech Innovation Landscape in India”, revealed that 90% of Indian financial institutions are focussing on AI and Generative AI (GenAI). This shift aligns with consumer behaviour in metro cities,…

INDIA HAS TRADITIONALLY been a nation of savers. The financial aspirations of millions of Indians have centred on multiple savings avenues. Today, technology is rewriting this narrative. New-age platforms are driving a transformation from saving to investing, thereby enabling Indians to embrace wealth-creation opportunities across diverse financial instruments. This shift is not just a financial revolution—it is a cultural revolution. Data from the RBI highlights a shift in how Indians manage their savings. Mutual fund investments (as a percentage of household savings) have grown from 2% in 2020 to 6% in 2023. This trend signals how technology has empowered Indians to move from being savers to active investors. Tech Revolution Over the past decade, the integration of banking, Aadhaar, and mobile technology has established a robust foundation for large-scale financial…

YET ANOTHER YEAR of transformation, with technology anchored through artificial intelligence (AI)-skewed innovations, has passed for the health insurance industry. AI is way beyond being a buzzword; it is a force that drives newer ways of providing smart, quick, and truly customer-centric solutions that are genuinely changing how insurers do business. In India, AI in health insurance is smoothing the process of risk assessment, fast-tracking the processing of claims, and protecting against fraud, among other things, with the rapid adoption of all things digital. Here’s how AI is revolutionising the sector. Underwriting Revolution Traditionally, underwriting has been a manual and paper-based operation. Today, AI writes this narrative anew. Powered by the analysis of Big Data—both historical and real-time—AI models provide unparalleled insight into an individual’s health profile. The level of…

INDIA IS A nation of paradoxes, with a vast canvas of 496 million addressable consumers for the FMCG sector, 35% residing in bustling cities, and the remaining 65% living in villages. The Indian FMCG sector, a mirror to this vibrant diversity, has been undergoing a significant transformation. A dynamic and discerning consumer base, a blend of traditional values and modern aspirations, is reshaping consumption patterns of India. The Powers Shaping Consumption India’s diverse population is spread across five distinct generations. This pyramid is undergoing shifts, where each generation brings its unique preferences, values and spending power, and often the influence of a legacy brand weaves the generations together. India is blessed with a rich demographic dividend; it is home to the largest youth population in the world. GenZ is the…

A LUXURY APARTMENT COMPLEX, DLF ONE MIDTOWN, IN DELHI 2024 WITNESSED A MAJOR SPIKE IN LUXURY HOME BUYING IN INDIA, DESPITE RUNAWAY PRICES. RECENTLY, A PENTHOUSE IN GURUGRAM, HARYANA, SOLD FOR A WHOPPING ₹190 CRORE. HERE IS MORE ON THE LUXURY HOME MARKET BOOM: 12,625 UNITS Priced at ₹4 crore or more, sold during January-September 2024 against 9,160 units a year ago $101.92 BILLION Expected market size of Indian luxury residential real estate market by 2029, from $38.02 billion 1.65 MILLION Likely number of HNIs in India by 2027. The number stood at around 2024 0.80 million in 2022 47.3 PERCENT Profit growth recorded by 10 major listed real estate firms during H1FY25 at ₹5,750 crore SOURCE KNIGHT FRANK, MORDOR INTELLIGENCE, ACE…

I HAD KNOWN Manmohan Singh personally for quite some time even before he became the Finance Minister. He was a genuine friend and someone I admired much. One phrase that describes him aptly is “the most courteous, cultured and humble gentleman-scholar”. He was a picture of humility and a fountain of knowledge. He was extraordinarily accessible and decent. Sudha and I often visited his home with our children and family members. He was also, perhaps, the politician with the least ego I have ever met. Despite his seniority and rank, he remained equanimous and empathetic even when someone declined his requests. When he was the Prime Minister, he wanted me to be the chairman of the Foreign Investment Commission that he wanted to set up to accelerate foreign direct investment.…

THERE IS A sense of quiet optimism in the Indian film industries about 2025. And it’s not hard to see why. If 2024 was marked by the relative absence of big-budget movies, especially the three Khans (Shah Rukh, Salman, and Aamir), at the box office, 2025 is set to change that. Looking back, Sanjay Mehta, Delhi-based distributor and proprietor of Bobby Enterprises, says 2024 was a “content-driven year,” citing the success of Bhool Bhulaiyaa 3, which made a little over ₹400 crore globally with over ₹260 crore from India. “Plus, we had the bigbudget Indian 2 bombing. All that made 2024 very interesting and different.” There were notable successes, of course, like Pushpa: The Rule, Kalki 2898 AD, Stree 2, Singham Again, and Bramayugam. THEATRICAL PERFORMANCE IS VERY IMPORTANT, AS…

► HOW IS DISRUPTION defined? If one goes by the lexicon, it is any major disturbance that upsets the status quo. In the modern world, it is a lot more complex, with technological innovation at the core of it. The impact of tech (digital is a word more commonly used for it) is there for all to see as it relentlessly alters the business landscape. Take the case of telecommunications, where cheap data and a more robust 4G technology led to a mobile handset landing in the hands of more consumers. Today, with a smartphone, one can make and receive payments, watch a film and even produce one—and also make calls. Look at modern day consumption, where quick commerce is already the norm for many Indians. Quietly, each of us has succumbed…

A AMERICA LOOMS LARGE on the financial world. While in the realm of geopolitics and even geoeconomics, there is much talk about multipolarity—that is not the case for capital markets. America has half of the world’s market capitalisation, even as it has a quarter of world GDP (and a sixth of world GDP when adjusted for cost of living.) All this for a population that is around 4% of the world. India on the other hand has more than a sixth of global population, and only about 4% of the market cap. China with a similar population share and a much bigger economy, does only somewhat better even if one includes Hong Kong and takes out the redundancies. Europe is stagnating for now, and Japan is at best a value…

ZYDUS LIFESCIENCES Developing Lupaglutide, a GLP-1 receptor agonist, for both diabetes and weight management, with trials underway LUPIN Expanding its pipeline to include obesityrelated treatments SUN PHARMACEUTICAL INDUSTRIES • Candidate: GL0034 • Status: Phase 1 studies DR. REDDY’S LABORATORIES • Candidate: Semaglutide (undergoing bioequivalence study) • Status: Bioequivalence study ROCHE Agreed to acquire obesity drug developer Carmot Therapeutics for $2.7 billion, challenging market leaders Novo Nordisk and Eli Lilly GAINING SHAPE ► The anti-obesity medication market in India has seen a big rise from $23 million in 2018 to $183 million in 2023 ► It is expected to zoom in the next five years to reach $2.6 billion OBESITY TRENDS IN INDIA ► There has been a significant increase in the proportion of Indians who are either overweight or obese…

THAT “MAY YOU live in interesting times” is an English translation of a Chinese curse is apocryphal. However, what is true is that we are living in interesting times. Two wars are in the headlines daily, and scores of armed conflicts across the globe. In the US, Donald Trump will take office as the 47th President on January 20, 2025, and could spark trade turmoil with China and India. Economy watchers, meanwhile, are keen to see trade and investment ties between India and China go back to the pre-2020 days. During the Covid-19 pandemic’s lockdown in March 2020, India banned all direct passenger flights between the two countries. Then came the diplomatic freeze after the June clashes in Galwan in Ladakh in which 20 Indian soldiers were killed. Indian businesses…

RESHAPING THE ECONOMIC LANDSCAPE BOOMING REAL ESTATE MARKET: Increased demand for housing and commercial spaces is driving rapid real estate development IMPROVED INFRA: Government initiatives that focus on better connectivity, transportation, utilities, etc., are helping transform these cities MANUFACTURING HUBS: Many Tier II cities are becoming centres for manufacturing and industrial growth CONSUMER MARKET: A growing middle class with rising disposable incomes is presenting a significant opportunity EDUCATIONAL DEVELOPMENT: Educational institutions and skilling schemes are fostering a skilled workforce INDIA’S GROWTH STORY is no longer confined to its bustling metropolises. Smaller towns are stepping into the spotlight, emerging as dynamic contributors to the nation’s economy. Fuelled by strategic government initiatives, affordable real estate, and a wave of infrastructure upgrades, cities like Meerut in Uttar Pradesh, Vapi in Gujarat, Haldia in…

A MASSIVE GROWTH STORY is unfolding in the Indian aviation sector, riding on peoples’ aspirations to fly. The order book of Indian carriers is now more than 2X the size of the current fleet, the highest ratio of any major market. With an order book of over 1,750 new aircraft in the narrow and wide-body segments, Indian aviation players have been on an aircraft shopping spree from Airbus and Boeing. The current fleet stands around 800 and another 600 are expected to be added by 2030. Two major players—IndiGo and Air India—on average, are adding one aircraft every week. The trend is expected to continue in 2025 and increase from 2026 onwards. Indian carriers are expanding their presence in the international sectors, too, with wide-body aircraft to cater to long-haul and…

PRIMARY MARKET activity always follows a buoyant, or at least, a stable secondary market, albeit with a lag. Ever since Covid-19 struck in March 2020 and indices hit significant lows, the market sentiment has bounced back with a vengeance, leading to a secular run-up, with the indices now almost at all-time highs, despite the recent correction. Commensurately, there has been significant activity in the IPO (initial public offering) market as well. While 2020 saw ₹26,612 crore being raised through main-board IPOs, the good run continued in 2024 with an all-time high of ₹1,52,629 crore being raised (as of December 13). From various accounts, the Indian secondary market seems poised to continue its stellar run on account of political stability, several favourable macroeconomic indicators, and abundant liquidity from both domestic and…

BITCOIN’S JOURNEY BEGAN in 2009 with the release of a whitepaper by the pseudonymous Satoshi Nakamoto. Initially envisioned as a peer-to-peer electronic cash system, Bitcoin sought to provide a decentralised alternative to traditional fiat currencies, enabling users to transact directly without intermediaries like banks. Its revolutionary blockchain technology provided transparency and security, addressing challenges like double-spending. However, Bitcoin’s trajectory soon diverged from its original purpose. While early adopters experimented with Bitcoin as a medium of exchange, its journey as a currency has faced notable challenges. A significant milestone in its adoption occurred in 2021 when El Salvador became the first country to recognise Bitcoin as legal tender. This move highlighted Bitcoin’s potential to function as an everyday payment method and aimed to boost financial inclusion of the country’s largely unbanked population.…

THE INDIAN MEDIA and entertainment (M&E) industry has seen rapid transformation over the past decade, driven by significant advances in technology, shifting consumer preferences, and the growing digital economy. But this is also a time of flux, uncertainty and of opportunity. It’s an unprecedented time with digital infrastructure driving changes that will reshape the industry. Digitisation, streaming, consolidation and regionalisation are key trends that will play a crucial role in redefining how content is created, distributed, and consumed. 1. Digitisation and Streaming Digitisation has been the most transformative trend in the Indian media landscape, driven by the growth of the internet and mobile penetration. Over the past five years, India has seen an extraordinary surge in digital connectivity. Mobile internet has been the primary driver of this growth. From approximately…

GROWTH PATH BACK-ENDED FISCAL SPENDING IN THE CURRENT FINANCIAL YEAR COULD PUSH GDP GROWTH TO 7% RISING LIVING STANDARDS INDIA’S PER CAPITA GDP, WHICH IS A ROUGH INDICATOR OF THE COUNTRY’S PROSPERITY, WITNESSED AN 8% GROWTH IN 2024, UP FROM NEARLY 6% A YEAR AGO CAPITAL PUSH THE GOVERNMENT’S CAPITAL EXPENDITURE IS LIKELY TO CROSS THE ₹11-LAKH-CRORE MARK FOR THE FIRST TIME IN FY25 *REVISED ESTIMATE; #BUDGET ESTIMATE SOURCE CMIE ECONOMIC OUTLOOK 3.2 per cent GROWTH THE WORLD ECONOMY MAY WITNESS IN FY25, WHILE INDIA MAY CONTINUE TO SHINE WITH THE FASTEST GROWTH OF 6.5% AMONG MAJOR ECONOMIES, AS PER IMF ₹ 21.54 lakh crore GOODS AND SERVICES TAX COLLECTION IN 2024 COMPARED TO ₹19.63 LAKH CRORE IN THE PREVIOUS YEAR, ACCORDING TO CMIE ECONOMIC OUTLOOK ₹ 427 crore NET…

EVERY JANUARY equity investors tend to tread cautiously, not the least because of the historical trend of negative returns in the first month of the year. Over 20 years, the benchmark NSE Nifty 50 index has declined on 13 occasions during this month. Perhaps they will be even more circumspect this year considering the series of major events that are set to shape the trajectory of the markets over the next few months. First, there’s the swearing-in ceremony of Donald Trump as the US President on January 20, an event that is expected to mark the beginning of a significant shift in global market sentiment. It will be followed by a possible delay in aggressive rate cuts by the US Federal Reserve and the Union Budget on February 1. Market…

A AS WE TURN into the year 2025, we will be approaching the mid-point of the decade, and it is time to take a broader view of the world. The events of the first half of the decade were dominated by the Covid-19 pandemic and the economic and political aftermath. It also witnessed several important shifts in the technological and geopolitical spaces, many of which were in the making in the previous decades but came to fruition in recent years: The rise of China as a full-fledged global power and the spread of higher-order digital technologies such as artificial intelligence (AI). Some changes since the beginning of this decade have been so all-encompassing that many of us forget how recently they took place. The use of Zoom and similar video-conferencing…

INJECT, REPEAT OBESITY & DIABETES CRISIS NEARLY 40% OF INDIAN ADULTS ARE OVERWEIGHT OR OBESE, WITH 11.4% LIVING WITH DIABETES, STRAINING HEALTHCARE NEW DRUGS SEMAGLUTIDE AND TIRZEPATIDE, ORIGINALLY FOR DIABETES, AID IN WEIGHT LOSS, HELPING PATIENTS SHED UP TO 20% OF BODY WEIGHT INDIA LAUNCH LIKELY BY 2025–26, PENDING TRIALS AND REGULATORY APPROVAL MARKET GROWTH INDIA’S WEIGHT MANAGEMENT MARKET, WORTH ₹1.73 LAKH CRORE IN 2023, IS SET TO GROW AT 9.3% CAGR TO ₹3.99 LAKH CRORE BY 2032 LOCAL INNOVATION INDIAN COMPANIES LIKE SUN PHARMA, DR. REDDY’S, AND BIOCON ARE DEVELOPING AFFORDABLE ALTERNATIVES TO THESE COSTLY DRUGS ► On Christmas Day, when Tesla CEO Elon Musk posed as a slim Santa Claus on X, he gave an unmatched public profile to the anti-obesity drugs Mounjaro and Ozempic with one comment. “Like…

THE BRITISH Industrial Revolution of the late 18th and early 19th centuries radically transformed Britain and its role in the world. Today, the world is undergoing an even more profound transformation, driven by four fundamental disruptions. Each of these changes is larger than anything we’ve ever seen individually, and we are seeing all four simultaneously. Compared to the Industrial Revolution, these disruptions are occurring 10 times faster, at 300 times the scale, and with an impact approximately 3,000 times greater. While we recognise these disruptions, their full magnitude and second- and third-order effects remain underappreciated as these forces amplify one another, interacting and intensifying as they interact. Together, they are reshaping the global economy in ways that, if managed correctly, could play to India’s strengths, elevating it to the third-largest…

THE MANUFACTURING INDUSTRY is poised for a profound transformation. As Industry 4.0 gains momentum, it promises smarter factories, robust and digitally-enabled supply chains, data-driven processes, AI-powered decision-making, and a commitment to sustainability. The global Industry 4.0 market is projected to surpass $300 billion by 2030, showcasing its growing influence on industry operations. At its heart, Industry 4.0 is about leveraging advanced technologies along with traditional systems to create intelligent and sustainable ecosystems. The role of IT and digital technologies such as artificial intelligence (AI) in this transformation cannot be overstated. Digital is, in fact, at the heart of this revolution by connecting systems, enabling real-time insights, and optimising resource use. Catalyst for Sustainable Manufacturing Industry 4.0 marks a shift from conventional manufacturing practices to a more connected, automated, and intelligent…

THE RECENT GLOBAL Partnership for Artificial Intelligence, GPAI, Summit 2024, held in Belgrade, Serbia, was witness to growing concerns around AI safety and related regulations. With Europe’s predilection for regulations that often tend to privilege protection against harms over freedom to innovate, the EU’s AI Act consultations and the upcoming AI Action Summit in Paris dominated the conversations. Regulatory thinking in India, it would seem, stands somewhere in between the EU’s approach and the approach of the US, which has traditionally privileged innovation over overly burdensome regulations. The India AI Mission has gained momentum with the Prime Minister Narendra Modi-led NDA government in its third term pushing ahead with efforts to create a public GPU cloud and the mission to make public datasets. However, a debate rages on where India…

WHEN THE STOCK market turns volatile, many investors find it difficult to hold on to their investments. A few investors pause their systematic investments. The mind is designed to avoid loss, and many investors find it difficult to digest even marked-to-market loss due to falling stock prices. In a volatile market, investing becomes tougher. Investors, however, can use volatility to their advantage. Here are a few practical lessons: No Panic Decisions Securities markets tend to go through rough phases. Investors should be mentally prepared for such a phase. Falling stock prices and the resulting downward-trending net asset values of the mutual fund schemes are no aberration. It has happened in the past and will happen in the future. When volatility strikes, avoid selling in a panic. Instead, take stock of…

ADAPTABILITY AND transformation are essential for staying ahead in today’s dynamic and highly competitive business world. Several global iconic brands, such as mobile manufacturers BlackBerry and Nokia, and renowned camera company Kodak, struggled to stay afloat. Back home, the scenario is not so different; an analysis of the composition of the benchmark, NSE Nifty 50, reveals that only 11 companies (see chart) have managed to stay in the index since its inception nearly 30 years ago. What has been the driving force behind the resilience of these firms over the years? Companies like State Bank of India (SBI), Mahindra & Mahindra (M&M) and Larsen & Toubro (L&T) have excelled in their respective sectors by effectively executing the basics and adapting to changes. They also have had depth of management,” says…

Economist and policymaker Arvind Panagariya, Chairman of the 16th Finance Commission, has documented the economic history of independent India’s first Prime Minister Jawaharlal Nehru’s era and its impact on subsequent policymaking. The book, The Nehru Development Model, states that Nehru’s policies stunted India’s economic potential, creating a socialist mindset that persisted long after the era and hampered growth until the liberalisation of the 1990s. Panagariya spoke with Business Today’s Siddharth Zarabi on what lessons are left to be learnt for India’s future economic journey. Edited excerpts: Q: What remains to be dismantled of the Nehruvian era when it comes to economic policymaking in India? A: A lot of what PM Nehru did has been dismantled… investment licensing, import licensing, and foreign exchange control… Those three have been largely dismantled, but there are…

NEELKANTH MISHRA, Chief Economist of Axis Bank and Head of Global Research at Axis Capital, is a part-time Member of the Economic Advisory Council to the Prime Minister. In an interaction with Business Today, Mishra talks about the latest research report from Axis Bank and India’s outlook for 2025, among other things. Edited excerpts: How is India expected to perform on the economic front in 2025? The big question on everyone’s mind is, will the growth that we have seen in the first half of FY25 slow down? How much of this is a structural problem? How much of this is because of cyclical issues? We believe that almost all of this slowdown is because of cyclical issues. Trend growth remains at about 7%. What happened in the first six…