India’s economy is navigating a complex global environment marked by geopolitical tensions, volatile crude oil prices, supply chain disruptions and rapid technological change. In this exclusive conversation, Siddharth Zarabi, Group Editor, Business Today, speaks with Rajiv Memani, President, CII and Chairman & CEO, EY India, on the biggest challenges facing India Inc. From weak private sector investment and the innovation gap to AI competitiveness, manufacturing, energy security and India’s growth outlook amid the West Asia crisis — this wide-ranging discussion examines whether Indian industry is doing enough to prepare for the next phase of economic transformation and global uncertainty.
In this powerful conversation with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej shares a sharp and balanced perspective on India’s push towards Atmanirbharta amid rising global uncertainties. While acknowledging that globalization has driven massive growth and lifted millions out of poverty, he highlights how recent disruptions - from the pandemic to geopolitical tensions and the Strait of Hormuz crisis - have exposed vulnerabilities in global supply chains. Godrej emphasizes that India must now focus on building self-reliance in critical sectors to ensure economic and national security. However, he cautions that this transition will not be easy or quick. This insightful take captures the shifting global order and India’s urgent need to strengthen domestic capabilities for long-term resilience and growth.
In this exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej lays out the group’s bold pivot and roadmap towards a ₹5 lakh crore market cap by 2031. Highlighting the strength of its three listed businesses, Godrej is betting big on FMCG revival, real estate expansion, and an agri turnaround. The FMCG arm is targeting double-digit volume growth, while Godrej Properties aims to double its market share despite already being a sector leader. The company also expects significant value unlocking as project deliveries catch up with strong sales momentum. Meanwhile, the agri business is being restructured for a turnaround. This strategic shift signals a multi-engine growth story, positioning Godrej for the next phase of expansion.
In this exclusive interaction with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej reveals the group’s strategy behind potential new listings over the next five years. The focus is not just on raising capital, but also on unlocking value from matured businesses and enabling them to grow independently. Godrej aims to build self-sustaining companies that can access capital markets without continuous group funding. Once value is unlocked, the group plans to reinvest in new ventures to drive the next phase of growth. The timing of these listings will depend on market conditions and business performance, signalling a strategic shift in capital allocation and long-term expansion.
In this high-stakes BTTV Exclusive, Business Today’s Group Editor Siddharth Zarabi sits down with Pirojsha Godrej, Chairperson Designate of the Godrej Industries Group (GIG). Following a historic and amicable family restructuring, Pirojsha reveals an ambitious "2031 Vision" to propel the conglomerate to a ₹5 Lakh Crore market capitalization by blending a 129-year legacy with the energy of a modern startup. The headline takeaway from this conversation is the group’s definitive roadmap to list two major unlisted businesses within the next five years. Pirojsha confirmed that Godrej Capital which has already scaled to a ₹25,000 crore AUM is being prepped for a public listing once it hits the ₹1 Lakh Crore milestone. Additionally, the group plans to take Godrej Chemicals and other unlisted ventures public to ensure they can raise capital independently and unlock maximum shareholder value. From doubling market share in the real estate sector to driving a "20-18" formula (20% earnings growth and 18% ROE), Pirojsha outlines how GIG is pivoting for "Naya Bharat." He emphasises that for the Godrej Group, "Value and Valuation go together," ensuring that ethical foundations drive aggressive growth. This exclusive interview is a must-watch for investors tracking the next wave of major Indian IPOs and corporate transformations.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), emphasized the importance of a level playing field between retail and institutional investors in India. He highlighted unique measures such as IPO reservations for retail investors, investor awareness initiatives, and access to pooled investment vehicles like mutual funds, AIFs, REITs, and NBITs. Pandey also showcased innovative tools, including apps that consolidate portfolios across stocks and mutual funds, provide proxy advisory guidance, and enable e-voting, empowering retail investors to participate confidently in India’s capital markets.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), addressed concerns around derivatives regulation and excessive speculation. He clarified that regulatory tightening was targeted at hyperactivity in short-dated options, not the broader derivatives market. Futures and commodity derivatives, he said, remain essential for liquidity and price discovery. Pandey noted that post-COVID retail frenzy and misleading influencers contributed to risky behavior. SEBI introduced risk disclosures, statutory pop-ups and six corrective measures in May 2025, with further steps subject to data-based impact assessment.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), outlined drivers of the next growth phase in India’s capital markets. He said expansion will be broad-based across manufacturing, services, financials and energy transition. Beyond equities, he highlighted rapid growth in AIFs, REITs and InvITs, supported by asset monetisation. Pandey stressed deepening corporate bond markets—now about ₹58 lakh crore—with bond indices, derivatives and market-making reforms. He also emphasized boosting retail participation and awareness in fixed-income products.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of Securities and Exchange Board of India (SEBI), outlines a conscious shift toward “optimal regulation” — balancing ease of doing business with strict enforcement. He highlights reforms in stock broker and mutual fund regulations, removal of overlapping compliances, and tech-enabled simplification for investors and NRIs. On FPIs, Pandey says flows are cyclical but engagement remains strong, with $800+ billion in assets under custody. Faster registrations, digital processes, FPI netting, and the SWAGAT FI framework aim to enhance operational ease for both foreign and domestic market participants.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), addressed risks from AI-driven trading and outlined his long-term market vision. He said AI is inevitable but must enter markets with safeguards, disclosures and human accountability, with intermediaries responsible for its use. On India’s outlook, Pandey stressed that capital markets reflect real economic strength—citing robust growth, fiscal consolidation and strong IPO rankings. He emphasized disciplined investing, sound corporate governance and diverse funding instruments to make India a resilient, preferred global listing destination.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), explained the rationale behind the recent mutual fund overhaul. He said the objective was to declutter schemes, remove overlaps and ensure products remain “true to label,” improving clarity and comparability for investors. SEBI also introduced lifecycle funds to replace restrictive solution-oriented categories. On MSMEs, Pandey highlighted tighter SME listing norms, stronger due diligence and action against errant merchant bankers, stressing responsible participation to enable genuine small businesses to raise capital and unlock value through markets.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India (SEBI), reflects on his first year at the helm of India’s capital markets regulator and outlines a reform agenda anchored in trust, transparency, teamwork and technology. He highlights the implementation of 58 ease-of-doing-business reforms, easing compliance overlaps for intermediaries, streamlining Foreign Portfolio Investor registration, and strengthening investor protection architecture. Pandey makes several significant and forward-looking observations. He underscores that India’s corporate bond market, now about ₹58 lakh crore and growing at nearly 12% annually, must deepen further, with corporate bond indices and derivatives in coordination with the Reserve Bank of India expected to move ahead soon. On derivatives, he clarifies that regulatory tightening targeted only short-dated options hyperactivity, adding that SEBI will review impact data before considering further steps. He explains the rationale behind mutual fund rationalisation to ensure schemes are “true to label” and avoid overlap, and stresses accountability in artificial intelligence-driven trading. Pandey also notes India ranked number one globally in number of Initial Public Offerings in 2025, reinforcing the country’s growing stature as a preferred capital-raising destination.
India’s Q3 FY26 GDP grew 7.8% under the new 2022-23 base year series, led by strong manufacturing output and resilient private consumption. In a conversation with Siddharth Zarabi, Group Editor, Business Today, Rumki Majumdar, Economist at Deloitte India, highlighted that the updated statistical series provides a more accurate representation of the economy, including the digital sector and global capability centers. She noted that better data allows policymakers to tailor strategies effectively, identify growth drivers in manufacturing and services, and design targeted interventions. The new series helps stakeholders understand sectoral contributions and innovation’s impact, improving economic planning and policy decision-making in a rapidly evolving economy.
India’s Q3 FY26 GDP grew 7.8% under the new 2022-23 base year series, moderating from 8.4% in the previous quarter. The growth was supported by robust manufacturing output, which expanded over 13%, and steady private consumption, reflecting resilient household demand. The secondary sector, including manufacturing, construction, and utilities, remained a key driver, though construction slowed to 6.6%. Services activity, especially trade, transport, communication, and hospitality, also showed strong expansion, underlining continued urban demand. Despite global uncertainties and uneven sectoral performance, India’s economy maintained momentum, with industrial activity and consumption anchoring growth, highlighting the resilience of domestic demand in Q3 FY26. Watch Siddharth Zarabi, Group Editor, Business Today in Conversation with Sunil Sinha, Director & Principal Economist, India Ratings and Rumki Majumdar, Economist, Deloitte India on GDP growth numbers.
After Finance Minister Nirmala Sitharaman announced Union Budget 2026–27, Business Today TV brought exclusive market insights from veteran investor Raamdeo Agrawal, Chairman and Co-founder of Motilal Oswal Financial Services. The special session decoded the budget’s impact on markets, investments and India’s long-term growth trajectory. Moderated by Siddharth Zarabi, Group Editor, Business Today, and Sakshi Batra, Senior Associate Editor and Anchor, the discussion offered expert analysis on fiscal signals, investor sentiment and navigating volatility in a post-budget landscape.
In a wide-ranging conversation with India Today, Chief Economic Adviser Dr V. Anantha Nageswaran addresses concerns around the weakening rupee and whether India has reached a trade-off point where depreciation hurts more than it helps. Responding to questions on export competitiveness versus rising import costs, the CEA explains why, on balance, India continues to benefit from a weaker currency, particularly given its manufacturing ambitions and evolving trade structure. Dr Nageswaran notes that while unavoidable imports such as crude oil and fertilisers do become costlier, the broader macroeconomic impact remains manageable. He highlights how a weaker rupee can discourage non-essential imports like gold, while also boosting export competitiveness. Emphasising that the current currency movement is part of a global trend driven by dollar strength, he underlines that India’s strong foreign exchange reserves, diversified export destinations and policy preparedness provide adequate buffers
Business Today Group Editor, Siddharth Zarabi hosted a discussion on the historic India-EU trade deal signed on January 27, 2026, with the 27-member bloc. Panelists included R Mukundan (President Designate, CII and MD & CEO, Tata Chemicals), Chandrajit Banerjee (Director General, CII), Kulin Lalbhai (Executive Director, Arvind Ltd), and Anjali Singh (Executive Chairperson, Anand Group). They hailed it as the "mother of all deals," covering 25% of global GDP and over two billion people. Key benefits include tariff elimination on 96.8% and 92.1% of lines respectively, market access to Europe's $125 billion textile imports, technology transfer, investment flows from 6,000+ European companies, and mobility partnerships. The deal promises job creation, enhanced competitiveness, and positions India as a global manufacturing hub, marking a moment as significant as 1991's economic reforms.
In this exclusive interview, Anant Goenka, Vice Chairman of RPG Group and President of FICCI, discusses the historic India-EU Free Trade Agreement with Siddharth Zarabi, Group Editor, Business Today. He explains how this $6 trillion import opportunity represents only 3% of India's current share, highlighting massive export growth potential. Goenka emphasizes benefits for labor-intensive sectors like textiles, leather, footwear, and apparels, which will create significant employment. He addresses concerns about automotive imports, asserting Indian manufacturers are globally competitive and ready. With 6,000 European companies already operating in India, the deal will boost FDI inflows. Goenka highlights the complementarity—India offers manufacturing base while EU provides high-tech products, wines, and spirits. He also discusses services benefits including visa mobility for 1 million Indian-origin people in EU, marking India's transformed trade policy approach.
Business Today Group Editor, Siddharth Zarabi discussed the historic India-EU Free Trade Agreement with Anant Goenka (Vice Chairman, RPG Group & President, FICCI), Mohan Kumar (Former Indian Ambassador to EU), and Rajendra Abhyankar (Former Indian Ambassador to EU). The deal, dubbed the "mother of all deals" by EU Commissioner Ursula von der Leyen, covers one-third of global trade and 25% of global GDP after 20 years of negotiations. Key benefits include market access to EU's €20 trillion economy with 450 million high-income consumers, tariff elimination on labor-intensive sectors like textiles, leather, and gems, and significant job creation opportunities. The agreement addresses the collapse of WTO's MFN-based trade system. Experts emphasized India's need for FTAs with major economies, noting the deal signals India's competitive readiness and opens investment opportunities while requiring structural reforms for maximum benefit.
As India steps into the new calendar year, economists are assessing whether the economy is entering a so-called ‘Goldilocks phase’ — a period marked by steady growth, improving demand and manageable inflation. In this discussion, Saugata Bhattacharya, Senior Fellow at CPR and Member of the Monetary Policy Committee, explains how coordinated policy reforms undertaken in 2025 could begin delivering tangible results in calendar year 2026, even in the absence of major global trade tailwinds. He highlights the revival in private final consumption expenditure (PFCE), which has grown at 7.8%, signalling a reversal of the slowdown seen over the past few years and suggesting a transfer of income strength to households. Siddhartha Sanyal, Chief Economist at Bandhan Bank, adds that private consumption remains the bedrock of India’s growth model, typically contributing a large share to GDP expansion, and its renewed momentum provides a strong foundation for investment-led growth ahead. Together, they outline why the recovery in consumption, combined with reform-driven momentum, could shape India’s economic trajectory in 2026.
With India’s first advance estimates pointing to weaker-than-expected nominal GDP growth, attention now turns to the assumptions the government may make in the forthcoming Union Budget. In this conversation, Saugata Bhattacharya, Senior Fellow at CPR and Member of the Monetary Policy Committee, outlines why policymakers are likely to rely on a broad set of inflation forecasts from the RBI, government think tanks and the Chief Economic Adviser’s office. He suggests that with CPI inflation expected to hover around 3.5–4% and WPI inflation around 2.5–3%, nominal GDP growth assumptions for the next fiscal year could settle in the 9.5–10.5% range. Siddhartha Sanyal, Chief Economist, Bandhan Bank, adds that a partial normalisation of the gap between real and nominal GDP is likely, making a near double-digit nominal growth estimate a realistic working assumption for the upcoming Budget.
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