Siddharth Zarabi, Group Editor, Business Today, speaks with Ajay Srivastava, Founder, Global Trade Research Initiative, in this compelling episode of Easynomics, delving into India's evolving trade playbook amid a volatile global environment. The conversation kicks off with India’s recent trade restrictions on Bangladesh—retaliation against Dhaka’s import curbs—impacting nearly $700 million of exports to India. Srivastava decodes the strategy and what it signals about India's assertive trade posture. A key highlight is the India-UK Free Trade Agreement signed on May 6, 2025. The deal aims to double bilateral trade from $60 billion to $120 billion by 2030, promising to dismantle trade barriers and boost investment. While widely celebrated, Srivastava urges caution. Drawing lessons from India’s past FTAs with ASEAN, Japan, and South Korea, he warns of asymmetric benefits and highlights risks to local manufacturing—especially in the auto sector. As Trump’s aggressive tariff regime fuels de-globalization, India is recalibrating. Srivastava explains why reciprocity must guide future deals, especially with the US, and how India’s approach to China remains tactical and guarded. His core message: FTAs are no substitute for building globally competitive products. India's trade success will hinge not on signatures, but on substance.
India has taken a calibrated yet impactful trade step against Bangladesh, restricting several key imports — including garments, processed food, and plastic products — to designated sea ports, effectively cutting off access through land routes. This move, valued at nearly $770 million or 42% of India’s total imports from Bangladesh, follows what India sees as unprovoked trade curbs and a diplomatic pivot towards China by Dhaka. Ajay Srivastava, Founder of Global Trade Research Initiative (GTRI), explains that while India hasn’t imposed a blanket ban, it has responded to Bangladesh’s growing restrictions — such as the April 2025 ban on Indian yarn and a new transit fee on Indian cargo — with a deliberate, measured strategy. The May 17 directive from India’s Commerce Ministry is a response not just to trade imbalances but also to geopolitical signals, including recent provocative remarks by Bangladesh’s interim leader Muhammad Yunus during his visit to China. India has also revoked a key transshipment facility granted to Bangladesh in 2020. Srivastava notes that while Bangladesh has now graduated from LDC status and risks losing key tariff advantages, India has so far chosen a restrained path, signaling room for diplomacy but not ruling out tougher measures ahead.
Tata Power reported a robust performance for Q4FY25 with a 25% YoY rise in consolidated net profit at ₹1,306 crore, compared to ₹1,046 crore last year. Revenue grew 7.9% to ₹17,096 crore, while EBITDA surged 39.2% YoY to ₹3,245.4 crore, reflecting improved operational efficiency. Margins expanded to 19% from 14.7% in Q4FY24. The company also declared a final dividend of ₹2.25 per share, subject to shareholder approval at the upcoming AGM on July 4, 2025. The record date is set for June 20. This marks Tata Power’s 22nd consecutive quarter of PAT growth, underscoring consistent financial strength.Watch Dr. Praveer Sinha, CEO & MD of Tata Power, in conversation with Siddharth Zarabi, Group Editor, Business Today, on Q4 results and future growth plans.
Siddharth Zarabi, Group Editor, Business Today In an exclusive conversation with veteran investor Mark Mobius, Chairman, Mobius Emerging Opportunities Fund, key global and India-specific market insights come to the fore amid rising geopolitical and economic uncertainty. On the U.S.-China front, Mobius warns that the trade war "isn’t over, it’s just a ceasefire," adding that non-tariff barriers remain a major concern. He sees recession risk in the U.S. falling sharply, supported by increased domestic output and Trump’s pharma push helping contain inflation. Mobius is optimistic about the next 3–4 months globally, expecting markets to stabilize and investor confidence to return. He predicts a stronger dollar ahead, driven by market trust in the U.S. economy. On emerging markets, Mobius places India at the top of his list, saying “India tops list for EM investments,” but warns that India must "cut red tape to gain from trade shift.” The investor also highlights that 60% of his fund remains in cash, awaiting a green signal for India, while Vietnam, Taiwan, and Korea remain top picks. As India negotiates trade deals with the U.S., Mobius believes these agreements could open up greater economic opportunities, especially for sectors like pharma and autos.
In this special episode of Easynomics, Siddharth Zarabi, Group Editor of Business Today, speaks with Sajjid Z. Chinoy, Managing Director and Chief India Economist at JP Morgan, to decode how escalating global tariff tensions and shifting trade dynamics could shape India’s economic future. The conversation explores whether India can turn global disruption—especially the ongoing U.S. tariff chaos—into an economic opportunity. Supported by key macro indicators including GDP growth trends, inflation data, and RBI’s forward-looking projections, the episode offers deep insights into India’s readiness to navigate turbulence and capitalize on evolving global realignments. Tune in to Easynomics for expert insight into how India may chart a bold new path amid rising global trade uncertainty.
Watch Sonal Varma, Managing Director & Chief Economist (India & Asia ex-Japan), Nomura in conversation with Siddharth Zarabi, Group Editor, Business Today, as they discuss India's growth trajectory amidst global challenges. The conversation touches upon key topics such as the global impact of tariffs on India, inflation trends, the outlook for GDP growth, and the sectors most affected by the current economic climate. Nomura recently revised its GDP growth forecast for India in 2025, lowering it by 10 bps to 5.9%, reflecting a more cautious outlook. Despite this, Nomura remains confident that India is "the least exposed" to shocks from the US' tariff announcements. This is due to India's domestic-demand orientation, benefits from lower oil prices, and its position as a strategic ally to the US, which can help India capitalize on trade diversion and supply chain shifts in the medium term. Nomura continues to forecast 7% growth for India in 2026, signaling a stable long-term outlook. The discussion also covers Nomura’s Nifty 50 outlook, with the target for March 2026 set at 24,970 points, reflecting a 3.5% rise from current levels. Nomura expects a market return of (-9%) to 7% over the next year. Furthermore, Nomura believes that private sector investment and capital expenditure will remain weak in the near term, with urban consumption still sluggish, although rural India shows some positive momentum.
In a remarkable global recognition, nine Indian banks have been named Digital Champions in Deloitte’s 6th Global Digital Banking Maturity (DBM) survey. The 2025 edition surveyed 349 banks across the world, evaluating them across digital channels—public websites, internet banking, mobile apps—and six key customer journey stages. Indian banks stood out, not only securing a spot among 40 global Digital Champions but also outperforming global peers in areas like day-to-day banking, customer onboarding, information gathering, and overall user experience. India’s DBM Index jumped from 43% in 2022 to 59% in 2025, reflecting a 16-percentage point leap—one of the sharpest improvements globally. Deloitte attributes this success to India’s rapid AI integration, focus on customised digital advisory, and evolution beyond traditional banking services. With UX insights now included in the benchmarking, Indian banks have demonstrated superior adaptability and innovation. In this exclusive discussion, we dive deep into the report’s insights and what they mean for the future of Indian banking. In a conversation with Vijay Mani, Partner, Banking and Capital Markets Leader, Deloitte India, Siddharth Zarabi, Editor of Business Today, explores how Indian banks are shaping the global digital banking narrative.
Kenneth Andrade, Founder & Chief Investment Officer (CIO) of Old Bridge Mutual Fund, shares his insights on constructing a long-term portfolio. He emphasizes the need to invest in companies that have demonstrated their ability to gain market share globally. According to Andrade, investors should look beyond India's 4% of the world GDP and focus on businesses with the potential to expand internationally. This approach, he believes, will allow investors to capitalize on significant global market opportunities in the long run. His strategy for the next decade remains consistent: invest in businesses with global scaling potential.
In this insightful conversation, Kenneth Andrade, Founder & CIO of Old Bridge Asset Management, delves deep into the current macro challenges posed by the global economic landscape. As the world grapples with the effects of tariffs and trade imbalances, Andrade shares his perspective on how Trump's tariffs are influencing not only the global market but also the Indian economy, which remains relatively better positioned in the face of such uncertainties.He discusses how the US's trade policies may lead to inflationary pressures domestically, while potentially deflationary effects could ripple across the rest of the world. Andrade highlights that Indian equities, although previously pricey, now present a more reasonable investment opportunity amidst global volatility. He also touches on the cash-rich corporates in India and their potential strategic responses, including efficiency improvements over large capital expenditure cycles.Additionally, Andrade offers a positive spin on the outcome of these challenges, suggesting that companies in the US, particularly those in inventory-led industries, might experience a release of cash, presenting a small window of opportunity. As the world recalibrates its supply chains, India emerges as a crucial market that no developed country can afford to neglect.Catch this detailed analysis and more in our Market Masters segment with Kenneth Andrade, Founder & CIO, Old Bridge Mutual Fund in conversation with Siddharth Zarabi, Editor, Business Today.
Market veteran Ajay Bagga weighs in on the positive impact of falling crude oil prices on India's economy. He highlights that every $10 drop in oil can boost GDP by 0.1% and reduce inflation by 0.25%, provided the benefit is passed on. While the current government maintains high prices, Bagga points out this helps manage the fiscal deficit and encourages a shift toward renewables like solar and electrification—key pillars of India’s long-term energy strategy. Despite higher consumption, India’s GDP intensity of oil is falling, signaling stronger macro stability.
Ajay Bagga, a seasoned market veteran, offers valuable insights on navigating the current market turbulence. Despite the global uncertainties, he stresses the continued resilience of India’s domestic economy, with key sectors poised to benefit from sustained household and government spending. He suggests focusing on areas such as FMCG, consumer durables, infrastructure, aviation, hospitality, pharma (especially diagnostics and Indian suppliers), and banks/financials. Bagga advises steering clear of export-oriented sectors like auto and metals, which are heavily impacted by international headwinds. His approach highlights the importance of a selective and strategic investment stance during these volatile times.
As global tariff tensions escalate, Market veteran Ajay Bagga advises investors to tread cautiously in the Indian market. While uncertainty looms—especially around export-oriented sectors like IT and pharma—there are bright spots to consider. Domestic-facing segments such as hospitals and diagnostics show promising volume-led growth. For now, steering clear of U.S.-dependent exporters may be wise until the fog of tariff-related uncertainty lifts.
Tata Group giant Tata Consultancy Services, announced its Q4 and FY25 results on April 10, crossing the landmark $30 billion annual revenue mark. The company reported strong earnings amid a challenging environment, with CFO Samir Seksaria crediting disciplined execution and continued investments in talent, innovation, and infrastructure for driving profitability and long-term value creation. For Q4, consolidated net profit stood at ₹12,224 crore, while revenue rose to ₹64,479 crore. EBIT margin was at 24.2%. Key verticals like BFSI and Manufacturing showed positive momentum, with BFSI revenue increasing to ₹242.57 billion. Regionally, India led with a 33% YoY growth in constant currency, while regional markets overall grew 22.5% YoY. TCS reported a strong Total Contract Value (TCV) of $12.2 billion for Q4 and $39.4 billion for FY25.Annual consolidated revenue reached ₹2.55 lakh crore, with net profit at ₹48,553 crore. Growth was led by Energy, Resources & Utilities, and service lines like AI. Cloud, IoT/Digital Engineering, and Enterprise Solutions. The company declared a ₹30/share final dividend. Employee strength rose slightly to 607,979 as of March 31.Watch the conversation with Siddharth Zarabi, Editor Business Today, as Samir Seksaria, CFO of TCS, talks about the company’s Q4 and FY25 results, shedding light on key growth drivers and future strategic plans.
As global equity markets reel from the body blow dealt by US President Donald Trump’s decision to impose “reciprocal” tariffs on multiple countries, domestic investors are also feeling the heat. The ripple effects of these escalating global tensions are visible on Dalal Street, with heightened volatility and sectoral churn. Where the benchmark equity index BSE Sensex cracked nearly 6% on a month-to-date basis till April 7, sectoral indices including BSE Metal and Information Technology indices tanked more than 10% during the same period. BSE Capital Goods, Realty and Auto also slipped 9%, 8.9% and 7%, respectively. In such uncertain times, rebalancing your equity portfolio becomes crucial—not just to safeguard gains, but also to realign with emerging opportunities in the domestic market. In this special episode of Market Masters, Sr. Market Veteran Ajay Bagga exclusively joins Siddharth Zarabi, Editor, Business Today, to decode the Trump tariff turbulence and its implications for global markets and Indian portfolios. Bagga outlines the sectors most vulnerable to the evolving trade war and highlights opportunities for smart rebalancing. From IT to Pharma, Auto to Capital Goods—learn where the risks lie and where resilience could emerge. A must-watch for investors looking to weather volatility and reposition for what’s next.
US President Donald Trump has announced reciprocal tariffs on multiple countries, with India facing a 27% import duty. This move, part of Trump's 'Liberation Day' trade policy, aims to reduce US reliance on foreign goods and counter what he calls "unfair trade practices." With India impacted by these tariffs, the big question is: How will this affect Indian markets, key sectors, and investors? Will these tariffs disrupt trade flows, or will they open up new opportunities? How should Indian businesses and policymakers respond? To analyze the market implications, Siddharth Zarabi, Editor, Business Today, speaks to Arvind Sanger, Managing Partner, Geosphere Capital, in this special edition of Market Masters. Which sectors will feel the heat? What does this mean for Indian exports and foreign investment? Will markets remain resilient, or should investors prepare for volatility?
Renowned economist and policy maker Arvind Panagariya, Chairman, 16th Finance Commission, in his latest book ‘The Nehru Development Model’ has documented the economic history of independent India’s first Prime Minister Jawaharlal Nehru’s era and its impact on subsequent policy making. The book offers a detailed view of the policies of that era and provokes thought on what lessons are left to be learnt? The author offers several critical perspectives on Nehru’s economic model including directing scarce capital exclusively to capital-intensive heavy industries, a massive mistake as the approach ignored India’s most abundant resource - labour - leaving many unemployed or underemployed. He also comments on the policy of self-reliance and import substitution industrialization that did not deliver desired results, with India remaining dependent on imports for key commodities. The other key criticisms include neglecting agriculture and labour-intensive industries, which exacerbated poverty, the creation of an inefficient “licence-permit raj” system, a bloated bureaucracy with excessive state control, significantly reducing India’s global trade share from 25% in 1947 to 19% in 1966 and Soviet-inspired central planning that led to a centralized economic approach through the Planning Commission. The author states that these policies stunted India’s economic potential, creating a socialist mindset that persisted long after Nehru’s era and hampered growth until the 1990s liberalization. Watch the exclusive interview with Siddharth Zarabi, Editor, Business Today.
In an exclusive interview with Siddharth Zarabi, Editor of Business Today, SBI Chairman CS Setty addressed concerns about the lag in deposit growth compared to credit growth amidst a capital shift toward stock markets. He noted that recent data shows deposit growth has now overtaken credit growth, signaling a return to equilibrium. Both are expected to stabilize at around 11-12%. Setty emphasized that the transition from savers to investors is a natural progression in a maturing economy, driven by increasing investment opportunities and the ease of investing. He highlighted the role of mutual funds in fostering an investment culture and pointed out the ease of moving funds from savings accounts to fixed deposits as an example of this shift. Importantly, Setty stressed that deposits remain a critical component of the investment basket for individuals. He underscored the importance of balanced asset allocation, advising against concentrating solely on equities and advocating for a diversified investment approach where deposits hold a significant role.
In an exclusive conversation with Siddharth Zarabi, Editor of Business Today, SBI Chairman CS Setty shared his perspective on the tax treatment of fixed deposits and how it could be leveraged to incentivize savings. He emphasized the unique characteristics of deposits, such as safety, liquidity, and stability, which set them apart from higher-yield investment options like mutual funds or equities. Setty suggested that reducing the minimum tenure for tax benefits from five years to three years could encourage long-term savings. However, he noted that taxation alone might not significantly influence investment decisions, as many individuals are drawn to alternative investments for higher returns. Highlighting the critical role of fixed deposits in financial planning, Setty reiterated their enduring value in providing security and stability to investors.
In an exclusive conversation with Siddharth Zarabi, Editor, Business Today, SBI Chairman CS Setty shared insights on the future trajectory of 'YONO 2.0,' the next iteration of the State Bank of India's flagship digital platform. Highlighting the revolutionary impact of 'YONO 1.0,' Setty emphasized how it transformed banking by integrating marketplace features, non-banking financial services, and seamless customer journeys. He elaborated on the vision for 'YONO 2.0,' stating that while mobile continues to dominate as a powerful device, the platform will expand beyond mobile offerings. It aims to unify customer experiences across channels, including branch services, internet banking, and feet-on-street operations. The focus is on creating a seamless, omnichannel experience where customers can begin a transaction on one platform and continue it seamlessly across others. Setty also stressed the importance of reimagining brand journeys, integrating contact center operations, and leveraging desktop banking to ensure an interconnected and efficient banking ecosystem. YONO 2.0 is poised to redefine digital banking by breaking down silos and creating a unified experience for customers.
In an exclusive conversation with Siddharth Zarabi, Editor, Business Today, SBI Chairman CS Setty shared insights on India's GDP growth expectations. Highlighting India’s resilience, Setty emphasized that the nation’s growth must be viewed in a global context, where the IMF projects a global growth rate of 3.2%, while India aims for around 7%. Acknowledging a slowdown in the last two quarters, he downplayed concerns over a single quarter’s decline, asserting that India’s economic potential remains robust. He projected a growth rate of 6.5% for the full year, driven by rural consumption and government expenditure, which he believes signals a strong recovery trajectory.
In an exclusive interview with C.S. Setty, Chairman of the State Bank of India, he shares his insights on the evolving financial landscape and SBI's role in driving economic growth. The conversation spans key topics such as the importance of incentivizing long-term savings through fixed deposits, the rise of alternative investment options, and the significance of safety and stability in financial instruments. Setty delves into the dynamics of retail credit growth, highlighting the post-COVID surge, the critical role of home loans, and the regulatory focus on unsecured credit. He underscores SBI's commitment to enabling first-time homebuyers while maintaining low delinquency rates. Addressing India's economic outlook, Setty remains optimistic about the country’s growth potential, even in the face of global headwinds, projecting a 6.5% GDP growth rate driven by rural consumption and government spending. He also comments on the persistent calls for rate cuts, balancing inflation concerns with growth imperatives. As he reflects on his journey in the "corner office," Setty describes it as an enriching experience, balancing immense responsibility with the privilege of leading a bank that touches the lives of millions. Watch this exclusive conversation with Siddharth Zarabi, Editor, Business Today, as C.S. Setty shares his vision and thoughts on SBI's pivotal role in shaping India's financial future.
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