Guterres’ push to move beyond GDP seeks to measure what growth misses, from inequality and well-being to sustainability and the planet.

Michael Debabrata Patra

Via WikiCommons

Geopolitics

What Makes a Nation Difficult to Coerce?

From Kargil to hybrid warfare, national resilience is the ability to absorb shocks, recover quickly and retain the freedom to act when deterrence fails.

Lt Gen Syed Ata Hasnain (Retd)

Beyond GDP Perception: How Administrative Data Is Reshaping Trade Facilitation Policy

Administrative data is giving policymakers a clearer view of what works in trade facilitation, where delays persist and what needs to change.

Vijay Chauhan

Interview

India’s New GDP Series Is a Black Box Without the Underlying Data

Former chief statistician Pronab Sen says double deflation is sound in principle, but transparency over price data and base-year revisions is essential to restore trust.

Rajesh Mahapatra

Modi’s Gold Gamble Pits Economic Restraint Against Political Comfort

Modi’s appeal to curb gold purchases tests the balance between easing import pressures and disrupting a trade rooted in savings and tradition.

Rakesh Khar

CRR Hike May be RBI’S Cleanest Option to Drain Liquidity – I-Sec PD

ICICI Securities PD says a 1 percentage point CRR hike with short-end OMO sales may be RBI’s cleanest way to drain the FCNR-driven liquidity surge.

BasisPoint Insight

India’s Growth Dilemma: When GDP Numbers Meet Lived Reality

India’s 7.8% GDP growth has reignited debate over data, jobs and investment. The real question is whether headline growth is translating into better lives.

Phynix

Columnists

Vivek Kaul

Vivek Kaul is a writer and an economic commentator.

Michael Debabrata Patra

Michael Patra is an economist and former RBI Deputy Governor.

Duvvuri Subbarao

Dr Subbarao is a former governor of RBI

Arvind Mayaram

Arvind Mayaram, former Finance Secretary, is Chairman of the Institute of Development Studies, Jaipur.

Ashima Goyal

Dr Ashima Goyal is an Economist, Ex MPC Member.

Ajay Srivastava

Ajay Srivastava is the founder of the Global Trade Research Initiative.

Abheek Barua

Abheek is an Independent Economist and the Former Chief Economist at HDFC Bank.

Vijay Chauhan

Vijay Singh Chauhan, a former IRS official, is a Senior Visiting Fellow at ICPP, Ashoka University

R. Gurumurthy

Gurumurthy is an ex-central banker who handled markets, and later, financial stability for RBI.

Gaura Sen Gupta

Gaura is Chief Economist at IDFC First Bank.

Sharmila Kantha

Sharmila Kantha is an industrial policy specialist and author.

Lt Gen Syed Ata Hasnain (Retd)

Lt Gen Hasnain is Governor, Bihar, and Former Commander of Chinar Corps.

Dhananjay Sinha

Dhananjay, a D-School alum, is CEO and Co-Head of Equities at Systematix Group.

Sharmila Chavaly

Ex-civil servant Chavaly held key Railways, Finance roles; specialises in infra & PPPs

Srinath Sridharan

Srinath is an author, corporate advisor, and independent director on corporate boards.

Amitabh Tiwari

Amitabh Tiwari tracks politics with a strategic eye

Vivek Kaul

Vivek Kaul is a writer and an economic commentator.

Michael Debabrata Patra

Michael Patra is an economist and former RBI Deputy Governor.

The Bureau

India Auto Retail Sales Hit Record High in August as EV Offtake Surges

Asia Stocks Rise on Tech Rally Despite Fresh US-Iran Confrontation

Govt Defends GDP Data, Rejects Claims of Window Dressing

CCI Finds Debenture Trustees Enforced Fee Floor

RBI May Shift From VRRRs to Short-Term Tools as FX Swap Inflows Flood System

Total FCNR(B) Inflows Under RBI Swap Window $127 Bln, Nearly Half of It in Last 10 days

India’s GDP Data Puzzle: Pronab Sen on Deflators, Revisions and Trust

The Foster Mother of Lodhi Garden

Week in Numbers: Tracking India’s Economic Pulse

India’s GDP grew surprisingly fast even as manufacturing and services activity weakened to multi-year lows.

Datametricx

Masterclass with Michael Patra

How the RBI Manages Liquidity, From the LAF Corridor to Sterilisation and Beyond

Michael Patra explains how the RBI manages liquidity, from sterilisation and CRR operations to forecasting and the LAF corridor’s role in transmission.

Michael Debabrata Patra

India’s Jewellers Are Learning That Velocity Matters More Than Weight

GRT’s TBZ deal shows how costly gold is driving the case for M&A, as jewellers seek scale, faster stock turns and stronger capital discipline.

Krishnadevan V

Economists and Modern-Day Court-Poets

AI is beginning to dismantle the scarcity on which economic expertise was built. The profession’s future may depend on what it does when everyone can question the numbers.

Srinath Sridharan

Anand Venkatanarayanan

BasisPoint Groupthink

GDP - Gross Denominator Politics

A numerator from one GDP series met a denominator from another. Television called it an exposé; social media turned it into 2.6% growth.

BasisPoint Insight

The GDP Debate India Should Welcome and Sustain

The argument over India’s growth numbers is healthy because it has shifted attention from identity politics to jobs, investment and policy.

BasisPoint Groupthink

Much Sho-Sha About Fufa

In the national family quarrel, the host wants applause, the critics want humble pie, and the taxpayer would rather somebody produce the accounts.

BasisPoint Insight

RBI Should Allow Early Exit to Make Its Term VRRR Auctions Effective

Giving banks a controlled exit option could turn poorly subscribed term VRRRs into a more effective instrument for absorbing surplus liquidity.

Richard Fargose

Why Aren’t the Data Centres Paying Us?

States are showering data centres with subsidies, but have no framework to secure fair returns for communities providing land, power and water.

Sharmila Chavaly

When Banking Changes Faster Than Bankers

As AI enters credit, compliance and risk, banks face a widening gap between decision-making authority and the competence to question machines.

Venkatesh R Vedanthi

Tan Moorthy

The Small-Scale Opportunity for Indian Business

Technology is lowering optimal production scales, giving Indian firms new opportunities in manufacturing, green energy, and innovation.

Ashima Goyal

India’s Investment Cycle Is Stirring. Can It Deliver Lasting Growth?

India’s investment rate is picking up, but history suggests the real test will be whether private capex can sustain the momentum beyond the first half.

Sharmila Kantha

The Burden of a Successful FCNR Scheme

Record FCNR inflows strengthen India’s external buffer, but leave the RBI with a liquidity, currency and balance-sheet burden.

Yield Scribe

Geopolitics

SCO Signals a Possible Reset in India-China Ties Ahead of BRICS

The SCO summit offered fresh signals on India-China ties, while closer coordination with Russia and Iran could shape the BRICS agenda.

Rajesh Ramachandran

India’s Credit Data Is Getting Faster. Its Economic Context Still Isn’t

India can now spot changes in borrowers’ repayment behaviour within days. But its economic data still struggles to explain why those changes are happening.

Sagari Gupta

The Hidden Cost of RBI’s $127 Billion FCNR Success

India's $127 billion FCNR swap window looks like a triumph; but who's really paying the hidden cost of that dollar rush?

R. Gurumurthy

US’ Whipsaw Trade Policy Is Depressing Foreign Direct Investment

Tariffs can deter investment, but policy uncertainty does far more damage: new research finds unpredictable trade policy can hit FDI about three times harder.

Jonathan D. Ostry

The Message from Speculative Excess

India’s speculative boom may be shifting from options to leveraged small-cap investing, raising deeper questions about jobs, financialisation and the real economy.

Sanjay Mansabdar

AI's Market Path Will Get Bumpier

By enhancing the input that goes into so much of what we do—intelligence—AI’s potential to drive higher economic growth is enormous. But with fears of the technology's unintended consequences affecting the pace and depth of adoption, the promise of long-term gains must be set against more immediate risks.

Mohamed A. El-Erian

Why Subhash Chandra Has Become the New Poster Boy for Bank Loan Defaults

Subhash Chandra’s unlikely rise as a bank-default poster boy reveals how fame and visibility can shape public perceptions of financial wrongdoing.

Vivek Kaul

Empowering Women in India Economically also Improves their Mental Health

Study shows cash transfers, livelihood programmes, stronger property rights, and other interventions can improve women’s economic position, and in turn have positive consequences for mental health.

Amitrajeet A. Batabyal*

India’s April–June GDP Is Stronger Than Expected, Weaker Than It Appears

India’s 7.8% growth is strong, but public spending, weak tax buoyancy and household stress suggest the expansion is not yet self-sustaining.

Dhananjay Sinha

When 40% SIP Returns Don't Mean What You Think

For investors, the rule is simple: never be seduced by the percentage alone. Ask what you put in, what you got out, and over what period.

R. Gurumurthy

State Elections 2027: Will The Youth Rewrite The BJP’s Fortunes?

Come 2027 and five states will test whether the BJP’s exuberance after the West Bengal and Assam results will continue, or is the youth ready to reshape the political landscape of the country.

Amitabh Tiwari

Growth: A Number That Has Stopped Persuading

India’s 7.8% growth beat forecasts, but weak jobs, private investment, net FDI and a softer rupee raise questions over how durable and broad-based the expansion is.

Arvind Mayaram

The Missing Test of Governance in Cooperative Sector

The test of the quality of governance does not lie in the existence of an architecture – but in whether that architecture enables the institution to govern itself effectively.

Rabi N. Mishra

Komal Gupta

How is India’s Dollar GDP Doing?

Rupee depreciation has wiped out India’s nominal GDP gains in dollar terms, underscoring the challenge of reaching $10 trillion by 2030.

Rajesh Mahapatra

What RBI Owes When the FCNR(B) Dollars Come Due

The headline number in an FCNR(B) scheme is the dollars raised. The more important number, though, is the dollars owed.

Babuji K

HDFC Bank’s Board Makes Succession Look Like a Scramble

HDFC Bank’s CEO transition tests whether its board planned for succession as rigorously as it managed Aditya Puri’s handover in 2020.

Krishnadevan V

RBI’s Dollar Buffer Buys Time, Not External Resilience

The RBI has rebuilt its currency-defence capacity, but costly debt-funded reserves cannot substitute for exports, investment and durable capital.

Dhananjay Sinha

The Anchor Investor Mirage in India’s IPO Boom

SEBI data show IPO anchor investor exits build over time. An anchor list signals demand at the offer price, not value, conviction or permanent ownership.

Krishnadevan V

Circular Finance: The Missing Link in the Energy Transition

Indonesia offers an important lesson for emerging economies: the challenge is not a shortage of capital, but a shortage of financing architectures capable of deploying capital repeatedly.

Arvind Mayaram

GE Shipping's Buyback Shows How a Tax Cut Can Launder an Asset-Value Story

The tax change made this buyback possible. The valuation choice is what makes it look cheap.

Dev Chandrasekhar

Too Many Cooks in India’s Innovation Kitchen

India has built world-class digital infrastructure but lacks an institution capable of turning isolated breakthroughs into repeatable innovation.

Rajesh Bansal

The Reversification of Futures and Options – How India Lost ₹3.85 Trillion

Retail traders lost ₹3.85 trillion in F&O over five years, as instruments created to hedge risk became vehicles for speculation.

Vivek Kaul

India’s Economy Might be Doing Well, But are its Citizens Better Off?

India’s 7.8% growth is striking, but a low deflator and mixed household signals warrant scrutiny before resilience is judged broad-based.

Rajesh Mahapatra

Should Bank Supervision be Procyclical in Terms of Its Rigour?

Bank supervision cannot ease in good times, because calm conditions can conceal risks, leverage and complacency behind the next financial crisis.

Rabi N. Mishra

Opinion

A Step In The Right Direction - India Talks of Wider BIS Reforms

Commerce and Industry Minister Piyush Goyal has promised a broader review of the Quality Control Order regime as it is currently raising costs for manufacturers, disrupting supply chains and discouraging investment.

Ajay Srivastava

The Cost Of Procedural Resets In India’s Commercial Courts

Two cases – Spicejet and Skoda Auto Volkswagen. Different forums, different disputes and different reasons as to why, but the courts reset years of litigation, taking the cases back to the starting line. A rehearing adds cost and effort for the judicial system, commercial enterprises and all other parties involved, but the question is how this can be avoided.

Shruti Mahajan

Week in Numbers: Tracking India’s Economic Pulse

High-frequency data baffles as industrial output grows well above series average despite manufacturing PMI falling to multi-year lows.

Datametricx

IFCI’s Last Roll of the Dice Hinges on a Windfall From Its NSE Stake

IFCI’s indirect NSE stake could deliver a balance-sheet windfall, but it cannot by itself revive a lender hollowed out by decades of bad loans.

Ganga Narayan Rath and Chirayu Sharma

NSE’s IPO Clears an Overhang, Not the Governance Test

The ₹15 billion settlement removes a major listing obstacle. Investors must still ask whether NSE has durably repaired the controls behind it.

Krishnadevan V

From Oil to AI: India’s Next Import Vulnerability

India's AI boom risks mimicking its oil vulnerability: explosive growth in imported chips and hardware threatens to hollow out strategic independence.

Anuj Agarwal

One Nation, One Election: Will It Really Fix India's Problems?

Simultaneous elections from 2029 could reshape federalism. Evidence suggests regional parties, not national ones, may emerge as genuine beneficiaries.

Amitabh Tiwari

Bessent, Druckenmiller Face Off Over Treasury Yield Intervention

Scott Bessent and Stanley Druckenmiller, once allies in the pound trade, now face off over the US Treasury’s bid to force long-term yields lower.

Sanjay Mansabdar

Gold, Silver Rally May Add to Rupee Pressure as Festival Demand Picks Up

A festive-season rebound in gold and silver demand could lift bullion imports and add to dollar demand, deepening pressure on an already weak rupee.

Dehuti Jani

Richard Fargose

RBI’s Revolving Credit Curbs Could Reshape NBFC Lending

The RBI’s proposed ban on revolving credit by NBFCs may curb hidden risks, but could also constrain credit access for underserved borrowers.

K. Srinivasa Rao

Corporate Rescue Has a Clock

Whose money is at risk when a company is rescued

Chandrika Soyantar

India’s $700 Billion Reserve Buffer Carries a Forward Discount

India’s reserves are back above $700 billion, but costly swaps and forward liabilities make part of the buffer less usable than it appears.

V Thiagarajan

India’s EV Push Risks Swapping Oil Dependence for Battery Imports

India’s EV boom rests on imported cells and minerals. Domestic manufacturing, refining and recycling must catch up before this reliance deepens.

Praveen Pardeshi

Central KYC 2.0: Moving India's Banked Millions Into Insurance, Funds, and Pensions

A cheaper identity check may make financial products easier to sell, but turning India’s banked millions into investors will depend on trust, suitability and distribution.

Sagari Gupta

Closing Auction Fixes the Close but Opens an Expiry-Day Fault Line

CAS improves the cash-market close, but its first monthly expiry exposed a costly gap between auction price discovery and derivatives hedging.

Babuji K

India Eases Rupee Trade Rules, but Wider Adoption Will Need More Work

India has cleared a key regulatory hurdle for rupee trade, but wider adoption will depend on easier access to rupees, hedging, banking processes, and ways to deploy balances.

Ajay Srivastava

Long Bond Demand Holds Even As Short-End Wants More

The MPC minutes challenged the market's initial dovish interpretation of the policy. In the bond market, that means investors are not saying long-term rates are headed upward, but instead that short-term rate uncertainty requires a higher premium.

Dehuti Jani

BOT 2.0: Can India Bring Private Capital Back to Highways?

The revised risk-sharing framework could revive private investment in highways, but only if projects are bankable and contracts enforceable.

Shilpashree Venkatesh

The Japanification of AI

The US AI boom carries echoes of Japan’s asset bubble, with easy money, opaque leverage and an investment surge whose returns remain uncertain.

Sanjay Mansabdar

AI in Banking Promises Better Risk Control but New Systemic Faultlines

AI can strengthen risk management, but common models, opaque vendors, and automated herding may turn operational gains into systemic fragility.

Rabi N. Mishra

Longer Trading Hours Can Open Indian Markets to the World

Extended trading hours can deepen liquidity, improve global market overlap and widen international access to Indian securities markets.

Indra Chourasia

The War Above Us: Why Space Can No Longer Remain a Specialist Subject

Modern warfare increasingly depends on space for surveillance, navigation, targeting and communications, making orbital resilience central to India’s future military power.

Lt Gen Syed Ata Hasnain (Retd)

Basis Life

Words as Fossils: The Secret History Hidden in Everyday Speech

From Roman elections and medieval prejudice to forgotten gods and discarded science, everyday words preserve the hidden histories, beliefs and biases of vanished worlds.

R. Gurumurthy

Tata’s Real Succession Test Is to Rebuild Authority Without a Patriarch

As Tata searches for its next chairman, Bosch, Carlsberg, and Berkshire examples suggest that the actual problem is replacing the authority Ratan Tata exercised without a title.

Minari Shah

FCNR(B): Why the Benefits Outweighed the Costs

The FCNR(B) scheme may have cost the RBI, but it also eased liquidity and funding pressures, supported the rupee and attracted dollar inflows.

Gaura Sen Gupta

Why Planning the Future Gives Us More Joy Than Living It

From currency and inflation to AI, jobs and corporate succession, the real question is not what we plan, but whether ambition survives contact with reality.

Phynix

India Must Build Midstream Muscle to Break China’s Mineral Chokepoint

India’s mineral security depends less on access to ore than on processing capacity at home, agile state firms, and durable overseas partnerships.

Rakesh Khar

Why US Bond Markets Are Trembling

What is the apparent fragility in the US bond market telling us? Since markets tend to be less wrong than those who comment on them regularly, their signals must be taken seriously, especially when they coincide with a relative softening in US inflation figures and other high-frequency economic indicators.

Jim O’Neill

Why Developing Countries Need a New Financing Architecture

Developing countries need to turn public liabilities into investable assets, rather than rely on shrinking aid budgets and episodic debt relief.

Arvind Mayaram

US Treasury Buybacks Bring Relief but Are No Hand of God for Markets

Washington’s larger bond buybacks may calm markets and improve liquidity, but they cannot alter America’s deficits or long-term debt trajectory.

V Thiagarajan

ECL Will Require Auditors to Understand the Models Behind the Numbers

ECL will require auditors to challenge models, data, forecasts, and judgement, demanding capabilities that extend beyond conventional accounting.

Rahul Ghosh

Sensex Will Touch 10,00,000 Points by 2047

Forecasts sell certainty, confidence and power. But when dates slip and predictions fail, the smartest forecasters push the deadline far enough into the future to escape scrutiny.

Vivek Kaul

RBI’s Abrupt FCNR(B) Exit Sends Conflicting Signals to Rupee Markets

RBI’s abrupt FCNR(B) closure could cap liquidity and reserve gains, while exposing why record inflows have failed to strengthen the Indian rupee.

Apoorva Javadekar

Climbing the BRICS Summit Via Kashmir and Arunachal

Sergio Gor’s endorsement of India’s position on J&K and reports from Arunachal of a Chinese incursion should be seen in the context of a possible Russia-India-China huddle.

Rajesh Ramachandran

Global Economic Convergence Is Stalling

Global convergence has stalled: China's economic power may have peaked even as living standards keep rising, India grows in scale but lags on income, Brazil and South Africa are trapped, and the US keeps pulling further ahead of nearly everyone.

Keun Lee

India’s Bond Markets Must Let the Data Speak Louder Than RBI Guidance

Inflation, surplus liquidity, rupee weakness, and crude oil now point towards higher rates. Bond markets should trust the data, not RBI guidance.

Yield Scribe

Back to Basics

The Customer Comes First: Winning Back Trust in a Fractured Market

Non-banks gain as banks lose focus. Customer centricity and service excellence are now essential for banks to rebuild trust and reclaim market share in India.

K. Srinivasa Rao

The Indian Telecom Customer Investors Have Misread

India’s prepaid users talk more than postpaid customers, challenging investor assumptions about telecom value, engagement and the economics of mobile plans.

Krishnadevan V

Can India’s Skill Ecosystem Deliver an AI Skilling Target of 10 Million?

There is a plethora of government programmes aimed at skill development and increasing employability. What India’s skill ecosystem needs is consolidation and coordination among stakeholders, and integration of AI training to many of these courses.

Sharmila Kantha

India’s Employment Gains Mask a Missing Middle and Low Productivity

India is creating more jobs, but low productivity, a missing middle and uneven AI exposure threaten wages, mobility and its demographic dividend.

Amitrajeet A. Batabyal*

India’s Digital State Can Measure Access, But Still Miss Completion

India has built the world's largest digital welfare infrastructure. Yet it measures deployment meticulously whilst ignoring whether citizens complete transactions or receive services.

Ketaki Thakur

At Tata, One Old Order Gives Way to Another

Chandrasekaran’s exit reopens the question the group has never settled: how independently Tata Sons can be led from the family-controlled Trusts.

The Independent Director

RBI’s FCNR Reversal Puts Its Guidance Under Scrutiny

The RBI may have had sound reasons to close the FCNR(B) swap window early, but backtracking on a clear assurance undermines its policy guidance.

R. Gurumurthy

India’s Trade Opening Needs Durable US Reciprocity

India has moved on tariffs and market access. Washington must now turn its promises into durable gains for Indian exporters.

Trade Mark

Avenue Supermarts Stays Off Quick Commerce, Takes a Valuation Risk

The first investor call under a new chief executive made DMart’s position clear. It will defend its low-price model, not enter the quick-commerce race.

Krishnadevan V

The Law Of Tomorrow: When Economic Growth Creates Legal Complexity

Economic growth, AI, global commerce and resource scarcity are reshaping law, demanding lawyers who can navigate courts, boardrooms, algorithms and geopolitics.

Lt Gen Syed Ata Hasnain (Retd)

Markets Are Paying a Growing Price for Their Retreat From Transparency

Private credit, AI financing and weaker disclosure rules are creating exposures that markets cannot see, price or contain with confidence.

Sanjay Mansabdar

Week in Numbers: Tracking India’s Economic Pulse

India’s external indicators worsened, with the trade and current account deficits widening. WPI and PPI pointed to elevated price pressures even as consumption remained buoyant.

Datametricx

Opinion

How Parliamentary Gridlock is Turning India’s Youth Away From the Ballot

A decade after young Indians embraced the ballot, repeated parliamentary paralysis risks turning political hope into deep and lasting cynicism.

Rakesh Khar

The Art of Unpacking: Boxes, Bonds, and Broken Switches

Inflation tests, closing auction volatility, household balance sheets under pressure, AI reshaping banking, and the growing opacity of infrastructure data—India's economic machinery is running, but the dashboard is getting harder to read.

Phynix

RBI’s Inflation Test Is Moving From Food and Fuel to the Wider Economy

As food prices push retail inflation above target, the RBI holds steady on rates, wagering that commodity shocks won't trigger wage-setting behaviour.

Sagari Gupta

The Growing Opacity in India's Infrastructure Data

India’s infrastructure delays are hard enough to fix. Changes in official reporting are now making them harder to see, measure and scrutinise.

Sharmila Chavaly

Zudio Made Trent Famous, Westside May Have to Save It

Zudio made Trent a retail star, but slowing store sales mean Westside’s richer margins may now decide whether its lofty valuation holds.

Krishnadevan V

How Corporations Can Mitigate an AI Jobocalypse

Raghuram Rajan

Household Debt Is Rising Faster Than Financial Buffers

RBI data show liabilities rising as asset cover weakens, while gold and microfinance borrowing point to pressure on household finances.

Prasanna Mohanty

The Big Four Are Losing Their Grip on Global Education

Visa barriers are pushing Indian students beyond the US, UK, Canada and Australia, redrawing the global map of higher education and talent flows.

Prakash Nanda

Tata’s Listed Wealth Cannot Wait on a Private Deadlock

Tata’s private succession deadlock now affects listed-company investors, strengthening the case for public accountability at Tata Sons.

Krishnadevan V

Does it Make Sense to Tax International Trade?

Free trade remains the benchmark, but tariffs or subsidies can improve welfare when they target distortions that domestic policy cannot reach.

Amitrajeet A. Batabyal*

What Silicon Valley’s Open-Weight AI Push Means for India

R. Sridharan

The Indian Media Problem Is Bigger Than Trust

Minari Shah

India’s Coercive Power Needs a Stronger Democratic Safeguard

Arvind Mayaram

A Perfect Closing Price Is Not Enough

R. Gurumurthy

Grown, Not Drilled: Ethanol Could Be India’s Most Exportable Idea

Ethanol blending has replaced over 31 million metric tonnes of crude since 2014-15, saving Rs 1.9 trillion in foreign exchange and shrinking a strategic vulnerability while building a new rural income stream. At a time when energy security is a matter of national urgency, ethanol has become India’s most exportable idea.

Nilanjan Banik

SBI Cards Is Chasing Growth Where Risk Is Harder to See

SBI Cards is using EMIs and UPI to win a bigger share of multi-loan borrowers’ wallets. Wider household debt could eventually raise card stress.

Krishnadevan V

India's Critical Minerals Ambitions Remain Underground

While the discovery of rare-earth and critical minerals is only a part of the equation, the real challenge lies in extraction, refining and building industrial capability, and there is a lot that needs to be done on that front.

Atul Prakash

Geopolitics

The Mecca Pact’s Nuclear Shadow

The Mecca Pact does not need a nuclear clause to have nuclear consequences. Sometimes the most powerful ingredient is what others believe may lie behind an agreement.

Lt Gen Syed Ata Hasnain (Retd)