Newspaper Summary 260126

 Based on the sources provided, here is the article regarding the signal from equity derivatives:

Derivatives signal capped upside for equities as traders prioritise risk control

By Akshata Gorde, Mumbai

The Indian equity derivatives markets are signalling a range-bound near term for benchmark indices, with options positioning and foreign portfolio investor behavior suggesting traders are more focused on risk management than fresh buys.

Derivatives market data shows that call writing around at-the-money (ATM) strikes remains elevated, while a higher put-call ratio continues to signal caution rather than outright bullishness. The Nifty put-call ratio on open interest is currently around 0.6, reflecting a larger pool of call open interest relative to puts—a pattern often seen when markets struggle to break higher.

“Derivatives data suggest that the market is currently more focused on managing risk than chasing returns. The increase in call writing near at-the-money strikes indicates that traders are not positioning for a sharp upside in the near term,” said Feroze Azeez, Joint CEO at Anand Rathi Wealth.

At the same time, foreign institutional investors (FIIs) sold equities worth ₹22,530 crore in the first half of January, extending their selling streak. FIIs also have a buildup of short positions in index futures by non-domestic participants, signalling a hedged stance ahead of key macro events, such as the Union Budget and global monetary policy cues. Overall, the positioning reflects a volatile yet range-bound market where participants are waiting for clearer triggers before taking directional calls.

India VIX, the market’s implied volatility gauge, has risen over 14 points, above its 200-day SMA, showing a pick-up in uncertainty among traders and suggesting more volatility. The VIX has been rising steadily for the past four weeks. “A sell-on-rise approach looks like to be on as attempts to rise on multiple days met with distribution at the top, followed by quick withdrawal in buying interest,” said Anand James, Chief Market Strategist at Geojit Investments.

The Nifty 50 closed nearly a per cent lower at 25,048.65 points on Friday. While the index closed above Wednesday’s low of 24,994.50 points, 43 per cent of NSE 500 constituents slipped below their respective lows of Wednesday. This suggests that risk-off trades are in play. James noted that the Nifty’s feeble bounce off the 200-day SMA and the close back below it in just a few days is suggestive of markets anticipating more downsides.

Based on the sources provided, here is the reproduction of the article concerning President Droupadi Murmu’s address:

‘Building a Viksit Bharat is shared responsibility of all’

Focus Area: Govt is placing emphasis on good governance founded on trust: President

President Droupadi Murmu stated on Sunday that building a Viksit Bharat (Developed India) is a shared responsibility of all citizens. In her televised address to the nation on the eve of Republic Day, she outlined the steps being taken by the Central government to reduce the gap between the government and the people.

Good Governance and Ease of Living The President emphasized that the government is focusing on good governance founded on mutual trust. To make governance more people-friendly, the government has:

• Repealed many unnecessary rules.
• Eliminated several compliance requirements.
• Simplified systems and prioritized ‘Ease of Living’ to improve everyday life.
• Utilized technology to connect beneficiaries directly to essential facilities.

Public Participation and Mass Movements Murmu noted that revolutionary change occurs when government efforts receive active support from the society. Over the past decade, sustained efforts have been made to transform key national campaigns into mass movements through public participation. A primary example of this joint effort is the massive scale on which citizens adopted digital payment systems. Today, India accounts for more than half of the world’s digital transactions, serving as an impressive example for the global community.

Economic Destiny and Guiding Principles The President stated that India is currently on course to become the world’s third-largest economy. She identified atmanirbharata (self-reliance) and swadeshi as the guiding principles in shaping the country’s economic destiny.

Several major policy reforms were highlighted as growth engines:

• Implementation of GST: Described as the most important decision for economic integration since Independence, establishing the system of ‘One Nation, One Market’.
• Four Labour Codes: These were noted to benefit workers while simultaneously accelerating the growth of enterprises.
• Infrastructure: The creation of world-class infrastructure and the push for major policy reforms.

President Murmu also linked economic strength to national security, citing that defence self-reliance powered the success of operations such as Operation Sindoor. She concluded by echoing the Prime Minister’s sentiment that the country’s youth and start-ups will be the primary drivers of growth as India works toward becoming a developed country by 2047.

Based on the sources provided, the article regarding the new GDP series and its methodology is reproduced below. Please note that the sources refer to “double deflation” (a technique to measure real value added) rather than “double inflation”.

‘New GDP series to have wider adoption of double deflation’

By Shishir Sinha, New Delhi

The Statistics Ministry will begin the wider adoption of double deflation in the new series of National Account data, or GDP data, starting next month. Saurabh Garg, Secretary in the Ministry of Statistics and Programme Implementation (MoSPI), stated that the new series will incorporate fresh sources alongside an expanded use of administrative datasets.

Methodological Refinements Double deflation is a technique used to estimate the real value added of an industry, measured as the difference between real gross output and real intermediate inputs. The new series introduces methodological refinements, including the wider adoption of this technique whenever feasible, particularly in the manufacturing, mining, and construction sectors.

As part of this rebasing exercise, the ministry is moving away from reliance on single deflation methods and benchmark-indicator extrapolation for the informal sector, thanks to improved data availability.

Rebasing and Data Sources The new series of National Accounts is being rebased to FY23, with the official release scheduled for February 27. The revised series incorporates several updated data sources and major surveys, including:

• Household Consumption and Expenditure Survey (HCES).
• Annual Survey on Unincorporated Sector Enterprises (ASUSE).
• Periodic Labour Force Survey (PLFS).
• Annual Survey of Industries (ASI).
• All-India Debt and Investment Survey (AIDIS, 2019).

Expanded Administrative Datasets In addition to traditional surveys, the new series will see expanded use of administrative datasets, such as:

• GST data.
• Public Finance Management System data.
• e-Vahan and petroleum sector data.

The primary objective of these revisions, which include updates to the Consumer Price Index (CPI) basket, is to develop a robust and representative index that accurately reflects evolving economic structures and consumer behavior.

Fandoms, not funnels, matter to Gen Z

By Chitra Narayanan

Gen Z is fundamentally reshaping consumer landscapes by prioritizing community, wellness, and privacy over traditional marketing funnels. Recently, a Gen Z-inspired lounge called ‘Gate Z’ debuted at Kempegowda International Airport in Bengaluru, designed around sustainability and technology to cater to these pragmatic digital natives. Even platforms like Canva have adapted by introducing a language style inspired by Gen Z slang, featuring phrases such as ‘main character energy’ and ‘stay delulu’.

A Shift in Lifestyle: From Nightlife to Mornings

The cohort is moving away from traditional alcohol-centric nightlife toward sober, wellness-focused mornings. Beverage brands are responding by offering low- or no-alcohol options, botanical-infused drinks, and gut-friendly kombuchas. As the inSIGHT 2026 report notes, “Snooze is the New Booze” as mornings become the new ‘happy hours’ for catching up over breakfast or at the gym.

Baffling Trends and Community Craving

Gen Z has introduced unique cultural experiences like ‘bhajan clubbing,’ which blends tradition with nightlife, and ‘fake weddings’ (staged rituals without emotional weight) to experience collective joy. Other trends include coffee raves, matcha raves, and productivity hacking meets where people gather in clubs to complete tasks like filling invoices or writing emails.

According to Jeel Gandhi, CEO of Under 25, these trends are a direct response to a generation craving community after years of hyper-individual digital life. Anjali Malthankar of Tonic Worldwide adds that this cohort uses platforms like Discord to find specific micro-communities built around niche interests.

The Rebellion Against Algorithms

Reclaiming attention has become a form of rebellion, with Gen Z increasingly “dodging the algorithm”. This is evidenced by over 114 million searches for ad blockers and 8.5 million views on content related to resetting social media algorithms. Their digital relationship has shifted from performance to privacy, favoring closed circles, ‘Finstas,’ and disappearing content. Interestingly, long-form content like podcasts and creator vlogs is making a comeback by offering stability and depth in a chaotic digital world.

What Brands Should Do

Gen Z is the most marketing-aware generation and has a low tolerance for inauthenticity. They recognize sales intent instantly and believe trust is built through behavior, not campaigns. To earn their attention, brands must deliver genuine value, such as entertainment, community, or practical usefulness. Instead of relying on traditional funnels, smart brands are meeting Gen Z at their own "stamping grounds"—wellness events and micro-communities—often at day-break rather than sunset.

Based on the sources provided, here is the article regarding the progress of electric aviation:

Electric mobility is on the runway

CLEAN WINGS: Hybrid electric flying is within reach as NASA-GE Aerospace crosses a research milestone By M Ramesh

Electric flying is currently presenting a challenge for scientists and investors similar to the excitement surrounding the Wright brothers' first flights. While current efforts are mostly confined to small aircraft meant for short hops, several startups are promising to have machines in the sky within the next half-decade. For instance, the Indo-Norwegian start-up SiriNor recently announced at the World Economic Forum that it has developed an “electric jet engine” intended for drones by mid-2026, with plans to scale for commercial aviation by 2030.

The Hybrid Breakthrough

The ultimate goal remains flying large commercial aircraft without burning fossil fuels, a task that is considered a "long haul". A significant step toward this goal was achieved in December 2025, when NASA and GE Aerospace completed ground testing of a commercial hybrid-electric engine demonstrator.

Large aircraft engines currently do more than generate thrust; they also supply electricity for air-conditioning, avionics, and lighting. The Hybrid Thermally Efficient Core (HyTEC) project focuses on extracting more electrical power from the engine core without burning additional fuel. This is achieved through a small-core turbofan that operates at higher pressures and temperatures to improve thermal efficiency.

Efficiency and Sustainable Fuel

The HyTEC project aims to enable power extraction of up to 20 per cent at cruise altitude, which is roughly two to four times more than current engines manage. Notably, this system involves no onboard batteries. Instead, it is designed to operate on a higher ratio of Sustainable Aviation Fuel (SAF), which is expected to play a central role in near-term decarbonization.

India’s Contribution and Future Outlook

MN Suma, Power Electronics Leader (Research) at GE Aerospace in Bengaluru, noted that India plays a significant role in this global innovation network. The Bengaluru team specifically focuses on power converters, which are essential components that manage the flow of electrical power across aircraft systems while surviving harsh engine environments.

While the ground tests are a major milestone, experts caution that it may take another decade to bring this technology to full commercial maturity. Hybrid-electric propulsion is viewed as a “pragmatic bridge” in aviation’s energy transition, providing a credible pathway forward while fully electric large aircraft remain a distant prospect.

Based on the sources provided, here is the reproduced article regarding the United States' withdrawal from the World Health Organization:

US exits WHO: What it means for global health

By Jessica Jani

The United States formally completed its withdrawal from the World Health Organization (WHO) on 22 January, exactly one year after President Donald Trump signed an executive order initiating the process. The exit of the agency’s largest donor has triggered a massive funding crisis that officials warn is already disrupting essential health services across the globe.

What has happened?

Following the executive order signed on 20 January 2025, Washington has terminated all funding to the WHO. According to a fact sheet from the U.S. Department of Health and Human Services (HHS), U.S. personnel and contractors embedded with the agency have been recalled from the Geneva headquarters and offices worldwide, and hundreds of joint engagements have been suspended.

Why did the US leave?

The Trump administration cited the WHO’s “mishandling of the Covid-19 pandemic” and an inability to demonstrate independence from the “inappropriate political influence” of member states. In a joint statement, HHS secretary Robert F. Kennedy Jr. and secretary of state Marco Rubio accused the organization of failing to share critical information that could have saved lives. Furthermore, the U.S. argued that its payments were unfairly high compared to other nations, noting that China contributes nearly 90% less to the WHO despite having a much larger population.

Impact on the WHO

The withdrawal leaves a massive hole in global health financing:

• Funding Gap: In 2022-23, the U.S. provided $1.3 billion, accounting for 12-15% of the WHO’s total budget.
• Workforce Reductions: The WHO anticipates its workforce will shrink by up to 22% by mid-2026, resulting in approximately 2,371 fewer positions.
• Budget Shortfall: The agency faces a $1.06 billion gap in its 2026-27 budget. WHO chief Tedros Adhanom Ghebreyesus described this as the “greatest disruption to global health financing in memory”.

Expert Warnings

Public health experts have criticized the move, warning it will severely weaken global health security. Tom Frieden, former director of the U.S. Centers for Disease Control and Prevention (CDC), stated that “a weaker World Health Organization means a less safe US,” as the WHO is the only body capable of tracking global health threats effectively. Experts also noted that reduced international coordination leaves every country more vulnerable to future outbreaks.

Ongoing Disputes

A significant financial dispute remains: the U.S. has not paid its fees for 2024 and 2025, leaving $260 million in unpaid dues. While the WHO maintains that a member can only exit after fulfilling financial obligations for the current fiscal year, U.S. officials have disputed this, asserting that “the American people have paid more than enough”.

Based on the sources provided, here is the article regarding India's emerging market standing:

GLOBAL TURMOIL HITS INDIA’S EM STANDING

Focus Area: External headwinds dragged India’s emerging market ranking down in the last month of 2025 despite strong GDP growth and a solid manufacturing sector. By Payal Bhattacharya

India slipped to the sixth position on Mint’s emerging market (EM) tracker in December, as weakness across multiple external indicators dragged its composite score lower despite continued strength in broader economic growth. This marked the worst performance since February 2025, when the same indicators emerged as weak spots.

Throughout 2025, external headwinds—and their impact on exports, the rupee, and stock markets—were a consistent drag on India’s ranking. The country secured the top position in only five months of 2025, a decrease from eight months in 2024 and nine in 2023.

The EM Rankings

• China emerged as the best-performing EM for the month, supported by relatively steady export growth and a stable currency.
• Thailand and Malaysia secured the second and third spots, respectively, gaining from strong manufacturing activity and currency performance.
• The tracker compares nine major emerging economies using seven high-frequency indicators: real GDP growth, manufacturing PMI, export growth, retail inflation, import cover, exchange rate movement, and stock market performance.

Pressure Points

Weak equities were the biggest drag for India in December, with stock market capitalization falling 1.8% month-on-month. This slide reflected a volatile year where Indian markets struggled against persistent foreign portfolio investor (FPI) outflows. FPIs were net sellers in 8 of the 12 months of 2025, pulling out a total of ₹1.7 trillion.

The rupee depreciated 1.4% month-on-month against the US dollar, breaching 90 per dollar in December. Overall, the rupee marked a 4.9% depreciation in 2025, with its biggest monthly fall occurring in August.

Merchandise exports grew only 1.9% year-on-year in December, a sharp slowdown from the 19.4% growth seen in November as favorable base effects faded.

Domestic Resilience vs. External Risks

While domestic indicators remained supportive, they could not offset the external drag. Real GDP growth stayed the highest among peers at 8.2% in the July-September quarter, and manufacturing activity remained firmly in expansionary territory. Inflation stood at 1.3%, remaining within the Reserve Bank of India's target band.

The near-term outlook for early 2026 is anchored by strong growth, with first advance estimates projecting GDP growth of 7.4% in FY26. However, financial indicators have remained weak; FPIs sold ₹33,598 crore of equities until 23 January 2026, and the rupee fell to a new record low of 91.9650 against the dollar.

Looking ahead, the market will focus on the Union Budget on 1 February and the upcoming GDP and CPI base year revisions, which will reset how growth and inflation trends are assessed.

Based on the sources provided, here is the reproduction of the article regarding accounting reforms for renewable energy contracts:

Clean energy consumers set for accounting relief on PPAs

By Gireesh Chandra Prasad & Rituraj Baruah, New Delhi

Regulators move to stop treating PPAs as financial contracts, encouraging clean power deals.

India’s accounting regulators have moved to shield corporate balance sheets from the whims of the weather gods, approving a key reform that will stop renewable energy contracts from distorting profit-and-loss statements. The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) addressed a long-standing grievance for industrial power consumers who were previously treated as traders when they sold excess green power back to the grid.

Addressing Volatility

Given the unpredictability of green power, industrial consumers frequently find themselves with surplus energy they cannot store. Under previous rules, Power Purchase Agreements (PPAs) were treated as financial instruments, liable to be "marked to market" in financial statements. This triggered significant volatility in quarterly statements due to the unpredictable nature of green power generation.

New Accounting Standards

As per amendments to accounting standards Ind AS 107 and Ind AS 109, green power purchase contracts will no longer be treated as financial contracts if the buyer’s total power intake over the year exceeds the amount sold back to the grid. This move aligns Indian accounting standards with International Financial Reporting Standards (IFRS).

Key changes include:

• Transparent Disclosures: Instead of quarterly fair-value reassessments, companies will now provide details of power volumes purchased and sold in their "notes to accounts."
• Effective Date: The amended norms were decided upon during a meeting on 14 January and are proposed to take effect on 1 April.

Industry Impact

ICAI president Charanjot Singh Nanda stated that the amendments aim to reflect the "economic substance of renewable PPAs" while avoiding unwarranted volatility. Samir Malik, partner at Grant Thornton Bharat, noted that the reform allows companies to avoid fair-valuing these features when the purpose is genuine consumption rather than speculation.

The move is specifically expected to support small and medium enterprises (MSMEs), many of which are adopting green power to remain competitive under global regulations like the European Union's Carbon Border Adjustment Mechanism (CBAM). This is critical as MSMEs account for approximately 45% of India’s total exports.

Based on the sources provided, here is the article regarding investment in private AI companies by wealthy Indian investors:

Super-rich eye slice of world’s top pvt AI cos

OpenAI, Anthropic, xAI, others are at the heart of these offshore bets By Salman S.H., Bengaluru

India’s artificial intelligence (AI) start-ups may be drawing growing attention, but some of the country’s richest family offices and ultra-high-net-worth individuals (UHNIs) are placing their biggest bets thousands of miles away—on US-based ‘frontier AI’ and large language model (LLM) building firms that they believe could define the next computing cycle.

Targeted Companies and Barriers to Entry Industry insiders and wealth managers state that a familiar set of companies sit at the heart of these offshore bets: OpenAI, Anthropic, Perplexity, xAI (maker of Grok), SpaceX, and FigureAI. Because these firms are largely unlisted and tightly held, it is difficult for investors to gain entry with smaller cheques.

The Role of Pooled Vehicles To gain entry, investors are increasingly relying on wealth managers and private banks to stitch together pooled offshore vehicles and secondary-market access. This approach allows them to operate within India’s overseas investment and remittance framework while accessing private firms that typically do not accept direct individual shareholders. Bankers at firms such as Kotak Mahindra Bank and InCred Wealth report that interest has picked up as wealthy Indians diversify offshore and global AI valuations jump.

Gautami Gavankar, president at Kotak Mahindra Bank, noted that companies like SpaceX will not take a single individual investor on their cap table without a workaround, so most investments happen through fund structures outside India.

Deal Structures and Jurisdictions These offshore funds or special purpose vehicles (SPVs) pool money from multiple investors to buy into a targeted company as a combined block. These investments are typically long-duration and illiquid, with exits depending on future secondary sales, acquisitions, or public listings. While banks do not set these up themselves, they help investors access them. The jurisdictions for these vehicles typically include the Cayman Islands, Mauritius, or Delaware.

Market Participation These deals are more often secondary than primary. According to Yogesh Kalwani, head of investment and family office at InCred Wealth, the global secondary market makes it possible to tie up a block through an SPV, allowing an investor with $150,000–$500,000 to participate through multiple layers.

Based on the sources provided, here is the reproduction of the article regarding the global expansion of Indian media firms:

Media firms look abroad as paid users stagnate at home

By Lata Jha, New Delhi

As revenue pressures mount at home, Indian media and entertainment firms are finding their next growth opportunity abroad. They have been exploring global partnerships and strengthening their presence in international markets over the past few months to gain from the higher paying propensity among the Indian diaspora.

Harder Monetization at Home Many of these deals come at a time when the Indian market is still growing in consumption, but monetization has become harder. Subscription prices remain low, advertisement rates are under pressure, and competition between platforms is intense. Everyone is fighting for the same audience, while content costs have gone up faster than revenues. The media ecosystem is crowded, price-sensitive, and subscription growth has plateaued, with audiences often juggling between five to six platforms.

Strategic Global Partnerships Several major players have already initiated global outreach efforts:

• MovieVerse Studios: The mainstream content arm of IN10 Media Network partnered with Beacon Media to launch a global content alliance to amplify stories from the Global South, spanning Hollywood, India, West Asia, Africa, and Latin America.
• SonyLIV: The streaming platform announced a partnership with YouTube TV and YouTube Primetime Channels to allow users in the US, UK, France, Germany, and Australia to subscribe to the platform.
• Chtrbox: Earlier this month, the creator company announced it was expanding its global operations into West Asia.

The Financial Incentive Depending on the platform and audience strategy, overseas users can bring in up to 40% of overall revenues, according to industry executives.

“Global markets offer something that India simply cannot — the breathing space. They pay better and licence smarter. Diaspora-heavy markets deliver higher per-user revenue and stronger content tails," said Siddharth Devnani, co-founder and COO at digital agency SoCheers. He noted that a South-Asian family in London or Jersey is willing to pay much more than an Indian family currently juggling EMIs and five different OTT apps.

Market Maturity Devnani characterized this global push as portfolio diversification, stating that India as a market hasn't failed but has matured faster than the business models designed to monetize it. This expansion allows firms to operate with less dependence on a single platform and gives them more negotiating power with intellectual property (IP) that is "built to travel".

Based on the sources provided, here is the article regarding China’s development of AI-controlled weaponry:

China trains AI-controlled weapons with learning from hawks, coyotes

Beijing’s military focuses on swarming drones that can pick off prey or robots that can chase down enemies By Josh Chin

Nature-Inspired Combat Engineers at a top military-linked university in China have turned to nature to simulate clashes between drone swarms in real time. By observing how hawks select prey, they trained defensive drones to single out and destroy the most vulnerable enemy aircraft, while attacking drones were taught to dodge defenders based on the behavior of doves. In a five-on-five test, the hawk-trained drones destroyed all the "doves" in just 5.3 seconds.

The AI Cold War This research earned a patent in April 2024 and represents one of hundreds of advances in swarm intelligence granted to Chinese defense companies and military-affiliated universities. In the emerging AI Cold War, the People’s Liberation Army (PLA) is intensely focused on harnessing AI to deploy swarms of drones, robot dogs, and other autonomous systems to overwhelm enemies with minimal human input. Chinese military theorists have likened AI’s potential to transform warfare to the invention of gunpowder.

Manufacturing and Hardware Advantages Marrying AI with robots allows China to exploit its massive advantage in hardware. Chinese factories are already capable of pumping out a million or more cheap, capable drones every year, a scale the U.S. has not been able to match.

• Swarm 1: A truck-mounted system capable of launching up to 48 fixed-wing drones at a time.
• The Jiutian: A massive "mother ship" drone designed to release swarms of smaller drones.
• Robot Wolves: Bulked-up, weaponized versions of robot dogs intended to create a new model of collaborative combat.

Top-Down Control and Strategy The move toward autonomous systems also addresses long-running concerns in Beijing regarding the competence of rank-and-file soldiers and mission commanders. The Communist Party’s preference for rigidly top-down, centralized control makes AI appealing as a way to engineer military operations directly from Beijing. This contrasts with the U.S. approach, which focuses more on improving the autonomy of individual drones that work in teams with human pilots.

Risks and Ethical Concerns The pursuit of swarm intelligence carries significant risks, including the potential for AI to make deadly decisions outside the understanding or control of human commanders. Technology strategists at China’s National Defense University have warned of the “algorithm black box,” noting that the opacity of AI calculations could provide a rationalized excuse for responsible parties to shirk responsibility after safety hazards or deadly mistakes occur. Despite calls for global rules to restrain automated killing machines, both China and the U.S. appear intent on discovering what AI can achieve on the battlefield before agreeing to limits.

Based on the sources provided, here is the article regarding the gig economy by Nitin Pai:

Do not burden the gig economy with constraints that may hurt it

By Nitin Pai

The public debate over the gig economy recently focused on tough working conditions and management practices within the delivery-platform industry. While personal anecdotes and reports suggest workers struggle to eke out a living despite hard work, one major platform rebutted this with data showing workers earn a net income of approximately ₹21,000 per month. Furthermore, following Union government intervention, platforms have ceased promising 10-minute deliveries.

The Danger of Regulation

Emotional framing of this debate may do a disservice to the cause, as government intervention is not the answer. Labor regulations often inadvertently create more work for inspectors while driving employers to replace labor with capital. Instead of imposing rigid constraints, public policy should focus on three specific areas: raising income levels, smoothing income volatility, and addressing negative externalities.

1. Raising Income Levels

A study by Achyuta Adhvaryu found that in 2024, Indian gig workers were better off than their counterparts in Indonesia and Kenya, working fewer hours with higher efficiency for better pay. A pay package of ₹27,000 per month for 58 hours of work per week is considered a reasonable starting package for those with a basic education. To raise these wages further, labor productivity must increase through new skills. Currently, gig work serves as the "first rung of the ladder" for millions, and the economy must now create the rungs above it.

2. Smoothing Income Volatility

The gig economy functions as a financial safety net, with one in three drivers relying on platform work during emergencies or slow periods in other jobs. Expanding the gig economy into areas like domestic services is desirable as it increases worker choice. To provide better stability, India needs a multi-contributor social security system. Rather than simple cesses, this system should mobilize funds from governments, employers, customers, and philanthropic sources to empower beneficiaries.

3. Addressing Negative Externalities

The most visible concern is risky driving, which may be amplified by availability bias because delivery riders are easily identifiable. However, road safety is an issue; only 82% of Indian gig workers possess valid licenses, compared to over 90% in Kenya and Indonesia. Additionally, the use of registration-free electric bikes makes it difficult to punish offenders. Fixing these issues requires a cooperative approach involving platforms, law enforcement, and civic leaders.

A Paradigm of Empowerment

The gig economy is a form of empowerment, allowing individuals to shape their own destiny and leverage existing assets. It allows a high-school-educated person with a phone and a bank account to earn an honest wage from the very first day. Without this sector, there would likely be a much stronger push for an urban employment guarantee scheme.

---

Note: Nitin Pai is the co-founder and director of The Takshashila Institution.

Based on the sources provided, here is the reproduction of the article featuring Nikhil Barshikar:

‘Prioritize ruthlessly to use time efficiently’

Monday Motivation: Imarticus Learning’s Nikhil Barshikar discusses his productivity principles

Nikhil Barshikar, the 46-year-old founder and managing director of ed-tech firm Imarticus Learning, moved back to India in 2010 after observing a significant skill gap among professionals in the US. He noted that while fresh graduates possessed a strong grasp of theoretical knowledge, they often lacked the practical skills desired by employers. Drawing from over 18 years in investment banking and capital markets, Barshikar realized that technical knowledge alone does not always separate high performers from average ones.

On Mentorship Barshikar considers his own learning to be distributed, drawing insights from colleagues at Lehman Brothers and Nomura, his grandfather’s approach to public service, and the various entrepreneurs and partners he works with today. To him, being a mentor means being deeply invested in someone’s growth beyond their current role. This involves helping individuals see possibilities they might miss and providing honest feedback, even when it is uncomfortable to hear.

Productivity and Work Ethic To balance his professional and personal life, Barshikar follows several key productivity principles:

• Ruthless prioritization and time efficiency.
• Delegating work effectively to his team.
• Gaining perspective through long-term thinking.

In recent years, he has developed a highly disciplined routine regarding communication. He is now very intentional about meeting agendas and outcomes, often questioning if the objective could be achieved more efficiently through an email rather than a meeting.

SACRED MORNINGS Barshikar views his mornings as sacred family time, prioritizing being present with his 10-year-old daughter before she heads to school. He also makes consistent time for the gym, noting that physical fitness is not just about health, but is essential for mental clarity. He finds that some of his best strategic thinking occurs during his daily workouts.

Based on the sources provided, here is the article regarding the differing perceptions of AI productivity:

CEOs think AI is speeding up work. Workers don’t agree

How much time workers say the technology saves them on the job is vastly different from what executives report By Lindsay Ellis

A Disconnect in Productivity Business leaders’ faith in the productivity-boosting powers of artificial intelligence (AI) is facing a reality check from their own workforces. While companies are spending vast amounts on AI to usher in a new era of efficiency, many employees report that the technology is not saving them much time and feel overwhelmed by how to incorporate it into their daily tasks.

The gulf in perception is significant:

• Executives: More than 40% of senior executives claim that AI saves them more than eight hours of work a week.
• Workers: In contrast, many workers report saving little or no time at all with the technology.

The "AI Tax" on Productivity Some professionals refer to the frustrations of using the technology as an “AI tax” on productivity. Dan Hiester, a user-experience engineer in Seattle, noted that AI has made it difficult to estimate how long tasks will take. While a complex task might be finished in 20 minutes, a simple code fix he expected to take half an hour ended up taking an entire afternoon because of AI errors. “It’s done a complete reset of my understanding of how to estimate the time it takes to do something,” Hiester said.

Reliability and Discernment Steve McGarvey, a user-experience designer, warned that executives often “automatically assume AI is going to be the savior,” but he has found that large language models (LLMs) frequently provide completely wrong solutions. McGarvey noted that while AI can be a helpful research assistant, it requires significant human judgment and discernment to prevent doing harm to a consumer base or a team. He reported spending multiple sessions explaining to an AI bot why its proposed solutions for website accessibility would not work.

Impact on the Bottom Line and Employment Despite the hype, many chief executives admit that AI hasn't hit the bottom line yet. In a PricewaterhouseCoopers (PwC) survey of nearly 4,500 CEOs, more than half reported seeing no significant financial benefit from AI so far.

The technology also continues to fuel anxiety regarding job security:

• Duolingo: CEO Luis von Ahn told staff the company would stop using contractors for work AI can handle, though the firm's overall headcount actually grew by 14% year-over-year.
• Public Sentiment: A Wall Street Journal-NORC poll found that 6 out of 10 respondents view AI and new technologies as a threat to the economy because of their potential to replace well-paid workers.

The Path Forward Senator Mark Kelly (D., Ariz.) emphasized that "people are skeptical" and that industry must earn public trust. He suggested that broad-based efforts to support worker training would be essential to making employees more willing to embrace and utilize AI technology.