In 2016, amid global calls to revive domestic manufacturing, I had argued that government pushes  - from Make in India to Make America Great Again -  would not spark an employment-led industrial revolution, but rather catalyze automation-led manufacturing transformations. Nine years later, India’s own manufacturing trajectory confirms this prediction with surgical clarity. Despite record-breaking capital inflows, thriving exports, and the China+1 strategy playing to India’s advantage, job creation in manufacturing has been lackluster. The gap between factory output and factory employment is no longer just a trend - it is now a defining feature of India’s industrial rise. The False Promise of Mass Job Creation At the core of India’s manufacturing push lies the Production-Linked Incentive (PLI) scheme, launched with grand ambitions of creating 6 million direct jobs and adding US$500 billion in output by FY27. Yet, by June 2024, only 584,000 direct jobs had materialized—jus...

When I read this recent Livemint piece on how China has methodically diluted the power foreign oil suppliers once held over it, I couldn’t help but tumble down a rabbit hole: How is India doing on the same front? What I found is worth sharing — so here’s a snapshot of how India is working, on multiple fronts, to make sure its oil bill — and the geopolitical pressure that comes with it — keeps shrinking. India’s energy playbook over the past 15 years reads like a multi-track sprint: put millions of EVs on the road, carpet the countryside with solar panels and wind turbines, squeeze more ethanol into every litre of petrol, revive an ambitious nuclear program, and coax crude from deep-sea rocks that once looked unreachable. The goal is bluntly strategic—trim a crude-import bill that still meets 85% of oil demand and deny potential suppliers the pressure point that New Delhi has worried about since the 1970s oil shocks. A Quiet EV Boom Accelerates Annual electric vehicle (EV) sales in...

TLDR; India’s strike on militant bases following the Pahalgam attack is not just a military response — it’s the culmination of decades of investment in indigenous defense, space, and technological capabilities.  This post reflects on the quiet revolution that my generation of Indians has witnessed , the unsung heroes behind it, and why China, not Pakistan, is the real competition India must measure itself against. Today, India struck 9 militant bases in Pakistan and Pakistan-administered Kashmir in response to the dastardly attack on tourists at Pahalgam in Jammu and Kashmir. As I sat at my home enjoying a cup of tea, made more enjoyable by the unseasonal rains in Mumbai, I felt nothing but a deep sense of gratitude towards so many fellow countrymen who made this possible. So many of my generation have been witness to the quiet revolution that we have seen in India — not just of economic progress but also of indigenous military superiority. On one hand, we enjoyed the fruits of ec...

Prologue I visited the BMC Building market in Powai - this is a run down building built by the Municipal corporation for small businesses and shops. The vision was to build an equivalent of the Sim-Lim square in Singapore - when it was constructed, it had escalators, elevators and air-conditioned corridors. However, over the years, the escalators stopped working due to lack of maintenance, and leases expired and rentals fell rapidly during the Covid-19 pandemic, after which the air-conditioning broke down and recently one out of the two elevators also broke down. Today when I visited the place, it was stinking of human sweat (its high-summer season in Mumbai) and the lack of air-conditioning made it worse. The staircase was so dirty that I did not feel like taking it, so I took the lift, but as soon as I boarded the lift, I regretted my decision. The lift was occupied by 5 delivery runners, two of them carrying dairy and one of them carrying meat - the stench in the lift was even mor...

Photo by Traxer on Unsplash The establishment of a Bitcoin Strategic Reserve by the U.S. government marks a significant shift in global economic strategy, with profound implications for the world economic order. This initiative, part of a broader set of executive actions by President Donald Trump, aims to leverage Bitcoin as a digital asset to bolster the U.S. currency and potentially redefine the role of the dollar in international trade. The Bitcoin Strategic Reserve is designed to treat Bitcoin as a reserve asset which is similar to gold, but with the added benefits of being a digital, algorithmically scarce resource. This approach aligns with historical precedents where gold served as a global settlement currency before the U.S. dollar took over, suggesting that Bitcoin could play a similar role in the future. The establishment of a Bitcoin Strategic Reserve by the U.S. is expected to have far-reaching global implications. Brazil, Russia, and Poland are already exploring simil...

Screen grab from the popular Indian TV serial of the 90s: Vikram-Betal As I have written in my previous post  here , Vikramaditya was not just the founder of the Vikram Samvat Calendar still in use in Indian subcontinent, but also a fabled king who is considered the benchmark when it comes to principles of governance. He captures popular public imagination even today , as the yardstick by which matters of jurisprudence and social justice are measured.  But there is no historical clarity on who Vikram was - and I try to explore various dimensions of the mystery.  The period after Ashoka and the Decline of the Maurya Dynasty The Maurya Dynasty, founded by Chandragupta Maurya in 322 BCE, reached its zenith under Ashoka the Great (268–232 BCE). Ashoka’s reign was marked by territorial expansion, Buddhist patronage, and administrative brilliance. However, after his death, the empire began to disintegrate: Internal Weakness : Ashoka’s successors lacked his vision and autho...

  A statue of Vikramaditya at  Vikramaditya ka Tila / Vikramaditya's Singhasan Battisi On a recent visit to Ujjain, I found myself drawn to the city's extraordinary blend of history, mythology, and spirituality. As I stood before the Mahakaleshwar Jyotirlinga, I reflected on its significance as one of India’s most revered shrines. Yet, amidst these sacred surroundings, I encountered narratives of Vikramaditya - the legendary king of Ujjain, celebrated for his valor and wisdom, who's name resonates from the folklore of locals to every part of India. Every time we celebrate a festival in India, it is marked with a tithi i.e. date as per the Indian calendar - which is called the Vikram Samvat calendar, attributed to being founded by Vikramaditya of Ujjaini (the then name of Ujjain). What struck me, however, was the curious fact that despite Vikramaditya’s pivotal place in Indian cultural memory, his existence as a historical figure lacks definitive evidence. My exploration l...

Cover of book on Mr. Ratan Tata  The chairman of Tata Trusts and former chairman of Tata Sons, Mr. Ratan Tata, passed away on the 10th of October. The last two days have been filled with coverage of Mr. Tata's contributions to the country, the economy, and the global business world. Numerous articles and reports highlight his contribution primarily as a great philanthropist who worked for the cause of ethical business, which the Tata Group has been known for over the last 100+ years. While narrating how Mr. Tata's contribution was acknowledged in her school, even my daughter told me that they were told Mr. Tata was a great philanthropist.  I have been a little taken aback because most media and people have focused on his philanthropy and not his business achievements or entrepreneurship-related activities. This got me thinking about how I view the transformation that Mr. Tata brought about during his tenure as chairman of Tata Sons, where his contribution was far more pronounc...

Photo courtesy - Reuters Bangladesh is undergoing a political crisis at the moment - the Prime Minister Sheikh Haseena, who was re-elected in an election which was boycotted by the main opposition party, has abdicated her position and the military has moved in to take reigns of the government. While the immediate development is clearly a jolt to democracy in Bangladesh, it hints towards a significant shift in the political landscape across South Asia, particularly in the Indian subcontinent.  The ouster of Sheikh Hasina in Bangladesh, the declining dominance of the National Conference party led by the Abdullah dynasty in Jammu and Kashmir, and the loss of power by the Congress party in India, all point to a common trend: the fall of dynastic politics and the emergence of leaders from non-elite backgrounds. Historically, during the British Raj, royals from princely states colluded with the British crown for continuance of the Raj and their own kingdoms, while oppressing their own po...

Photo courtesy Stringer/Reuters It has been another weekend of rioting, larceny and arson in the UK, this time in Rotherham and Tamworth - the worst civil unrest since the 2011 riots. As I reflect on my previous analysis from 2011 , it is evident that many of the underlying issues that fueled those riots remain unresolved today. In my 2011 blog post, I explored the complex socio-economic factors that contributed to the riots, including disenfranchisement, lack of opportunities, and systemic inequalities. Fast forward to 2024, and we are witnessing a resurgence of unrest, this time triggered by anti-immigrant sentiments and actions against asylum seekers [ 1 ] [ 2 ].  While the immediate causes and triggers of the current riots may differ - fueled by far-right ideologies and a backlash against immigration - the underlying issues of inequality, lack of social cohesion, and economic disenfranchisement persist. The current climate reflects a society grappling with similar frustrations ...