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How India's Economy Works

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How India's Economy Works
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  • How India's Economy Works

    How Global Conflicts are Rewiring the World’s Financial Architecture and India in this new world

    11/03/2026 | 37 mins.
    In this episode, journalist and author Puja Mehra speaks with Hemant Mishr, Co-Founder and Group CIO of SCUBE Capital, and former Managing Director & Head- Financial Markets, South East Asia, SCCG at Standard Chartered Bank. They talk about how rising geopolitical tensions—from the Iran conflict to great-power rivalry—are beginning to reshape the foundations of the global financial system. They discuss how the post-1970s financial architecture was built on three pillars: globalization, a rules-based order backed by the United States, and relative geopolitical consensus.
    Mishr explains how that system evolved around the oil shocks of the 1970s and the emergence of the petrodollar, which helped anchor the dominance of the US dollar and the recycling of global capital through American markets. But today, shifting power balances, the expanding use of financial sanctions, and growing geopolitical fragmentation are testing that framework.
    What does this mean for the future of the dollar, global capital flows, and emerging economies like India?
    Tune in for insights into how geopolitics is reshaping the world’s financial architecture.

    SHOW NOTES
    (00:00) Introduction 
    (00:52) Pillars of Financial Architecture 
    (02:18) Rise of the Petrodollar 
    (03:25) Shift to Petrodollar 2.0 
    (04:06) Three Scenarios for Finance 
    (06:05) India’s Role as Swing State 
    (07:25) Economic Impact of Oil Prices 
    (09:37) Risks to Rupee and Remittances 
    (11:02) Managing Complex Geopolitical Ties 
    (12:59) Timelines for Market Recovery 
    (16:17) Resilience of India’s Growth 
    (18:31) Investing in Indian Markets 
    (20:41) Lessons from China’s Model 
    (22:49) Managing Exchange Rate Volatility 
    (24:45) Deepening Local Credit Markets 
    (26:23) China’s Strategic Currency Policy 
    (29:57) Attracting Global Institutional Capital 
    (32:21) Developing International Financial Hubs 
    (34:24) Technology and Data Security

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  • How India's Economy Works

    The Legal Setback to Trump's Tariffs is an Advantage for India. This Is How

    04/03/2026 | 20 mins.
    In this episode, journalist Puja Mehra speaks with economist Dr. Shekhar Aiyar about the recent US Supreme Court ruling that struck down the use of the International Emergency Economic Powers Act (IEEPA) as the legal basis for President Trump’s sweeping tariffs. As Washington recalibrates its trade strategy, Aiyar argues that the judgment is more than a legal setback — it reshapes the balance of power in ongoing trade negotiations, including those with India.
    They discuss what this means for the current 15% global tariff, the earlier 50% duties imposed on Indian imports, and whether companies can realistically expect refunds. The episode also examines how the timing of the ruling intersects with India–US trade deal negotiations, and why India’s bargaining position may have improved significantly.
    They also talk about the broader geopolitical implications of the decision — from the use of tariffs as strategic leverage to the erosion of the World Trade Organization’s dispute settlement system. As global trade becomes more fragmented, Aiyar makes the case for diversification, institutional reform, and a more assertive Indian role in shaping the next phase of multilateral trade rules. Tune in for insights on the reshaping of India’s trade strategy.

    SHOW NOTES
    (00:00) Introduction 
    (00:20) US Supreme Court Ruling on Trump Tariffs 
    (02:47) Impact on Indian Exports and Alternative Trade Instruments 
    (04:39) Prospects for Tariff Refunds for Indian Exporters 
    (06:30) Status of India-US Trade Deal Negotiations 
    (10:13) Limits of Executive Power in Setting High Tariff Rates 
    (11:10) Duration and Renewal of Section 122 Tariffs 
    (12:32) Recommendations for Indian Trade Negotiators 
    (14:55) Geopolitical Implications and Trade Diversification 
    (17:18) WTO Ministerial and Reforming Dispute Resolution

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  • How India's Economy Works

    India’s Climate Governance Gap

    18/02/2026 | 24 mins.
    In this episode, journalist Puja Mehra speaks with Economist Dr. Anoop Singh about the gap between India’s ambitious climate commitments and the institutional framework required to deliver them. As India moves closer to its 2030 targets, Singh argues that the real challenge lies not in announcing goals but in building the legal and fiscal architecture to implement them.
    Drawing on international experience and recent developments — including the Supreme Court’s landmark ruling recognising the constitutional right to be free from the adverse effects of climate change — Singh explains why India remains one of the few major economies without a comprehensive national climate law. They discuss how fragmented, sector-specific policies have led to uneven implementation, why coordination between the Centre and states remains weak, and how climate finance cannot be mobilised or monitored effectively without clear institutional structures and climate budget tagging.
    The conversation also examines state-level innovations in places like Kerala, Tamil Nadu, Odisha and Assam, and asks whether these “islands of excellence” can evolve into a coherent national framework. Tune in for a closer look at the structural reforms needed to move India from fragmented efforts to a unified climate strategy.

    SHOW NOTES
    (00:00) Introduction
    (01:05) India’s Current Climate Change Targets
    (02:11) Supreme Court’s Landmark Climate Ruling
    (04:13) Why India Lacks National Laws
    (06:04) Improving Cooperation Between Indian States
    (07:45) Reviewing Current National Climate Institutions
    (09:15) Securing International Climate Finance Needs
    (11:39) How States Spend Climate Funds
    (13:12) Global Models for Climate Accountability
    (16:12) Closing the Macroeconomic Data Gap
    (18:04) Success Stories From Indian States
    (20:59) Parliament's Role in New Legislation
    (22:45) Building a National Climate Consensus
    (23:53) Final Thoughts

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  • How India's Economy Works

    Coal Still Powers Much Of India’s Industry. Why Does It Remain A Troubled Sector?

    04/02/2026 | 37 mins.
    In this episode, journalist Puja Mehra speaks with Subhomoy Bhattacharjee, Journalist and Contributing Editor at Business Standard, about the paradox at the heart of India’s coal economy—why the country is sitting on large coal stocks even as it continues to import coal for power generation. They discuss how India’s transition from coal shortages to apparent surplus masks deeper structural problems in production, transportation, pricing, and quality.
    Drawing on recent data and policy decisions, Bhattacharjee explains why domestically mined coal often fails to reach power plants economically, how high rail freight costs and geographic mismatches distort supply, and why many plants prefer imported coal despite higher headline prices. The conversation also examines the opening up of coal mining to private players, the weakening of Coal India’s monopoly, and the push towards market-driven coal pricing through proposed coal exchanges.
    The discussion concludes by looking ahead to India’s energy future, assessing whether coal consumption has peaked, how rising electricity demand from data centres and the AI economy could reshape power needs, and why coal is likely to remain central to India’s power mix for years to come. Tune in for insights on what India’s coal surplus reveals about infrastructure bottlenecks, market design, and energy policy.

    CHAPTERS
    (00:00) Introduction to India’s Coal Economy
    (02:00) The Coal Surplus Puzzle
    (04:00) Why Coal Isn’t Reaching Plants
    (06:30) Transport Costs and Rail Bottlenecks
    (09:00) Imported Coal vs Domestic Coal
    (11:30) Why Plants Aren’t Near Mines
    (14:00) Pollution and Poor Plant Location
    (16:30) Private Miners and Rising Production
    (18:30) Can Coal India Adapt
    (21:00) Coal India’s Financial Health
    (23:30) Employees and Market Transition
    (26:00) Coal Pricing and Linkages
    (28:00) Has India’s Coal Use Peaked
    (30:30) AI, Data Centres and Power Demand
    (33:00) Global Coal Demand Outlook
    (35:30) Nuclear Power and the Future

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  • How India's Economy Works

    Capital Markets: The Missing Piece in India’s Growth Story

    21/01/2026 | 35 mins.
    In this episode, journalist and author Puja Mehra speaks with economist Dr. Jahangir Aziz, Economist (Head Emerging Market Economics) at JPMorgan and a former finance ministry official, about what India’s upcoming Union Budget can realistically achieve amid slowing nominal growth and weak private investment. They discuss how the government’s commitment to fiscal consolidation shapes budget choices, even as tax revenues soften and demand remains constrained. Drawing on recent fiscal outcomes, inflation trends, capital market dynamics, and historical episodes such as the global financial crisis, Aziz explains why India’s investment slowdown is no longer cyclical but structural. He unpacks the widening disconnect between strong headline growth and persistently low core inflation, arguing that sustained disinflation signals excess capacity, weak pricing power, and a chronic shortfall of demand. The conversation examines why corporate investment has stagnated for over a decade, how rising industry concentration and limited sectoral churn are dampening incentives to invest, and the role underdeveloped corporate bond and private credit markets play in constraining medium-term financing for firms. Aziz also assesses the limits of budgetary action, the risks of an increasingly intrusive regulatory approach to capital markets, and the implications of slowing nominal GDP for earnings, debt dynamics, and fiscal space. The discussion concludes with reflections on why focusing narrowly on fiscal prudence and “Goldilocks” narratives risks overlooking deeper structural constraints to growth. Tune in for insights on what India’s macroeconomic signals reveal about demand, investment, market concentration, and the policy challenges that lie beyond budget day.

    (00:00) Introduction
    (00:27) Fiscal deficit and budget strategy
    (02:57) Customs duties and tariff constraints
    (05:10) Deregulation beyond the budget
    (07:30) Capital markets and lack of reform
    (11:52) Lessons from the 2008 crisis
    (14:57) Corporate credit and market failures
    (19:57) Nominal GDP growth concerns
    (23:11) Explaining economic slack simply
    (26:22) Investment slowdown and policy limits
    (29:10) Structural causes of weak investment
    (33:14) Industry concentration and ministries’ role
    (34:40) Closing remarks

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