Indian Millennial: Newspaper Summary 190326

Course correction

The overvalued Indian market is facing a reality check

Indian markets have fallen sharply since the start of the US-Israel-Iran war; they have reacted to the disruption in supply of critical energy sources, and to crude breaching $100 per barrel. The benchmark Nifty50 index has lost around 7 per cent since the war began three weeks ago, akin to other global emerging market benchmarks. However, this fall may actually be beneficial to the long-term health of our markets.

Stocks from many sectors were unhinged from fundamentals. Retail investors who entered stock markets in large numbers post-Covid propelled a surge in demand for direct and indirect equity (through the mutual fund route). As a result, Indian stocks have been quite pricey compared to other emerging markets. The Nifty50 traded at a price-earnings (PE) multiple of 21.7 times towards the end of 2025. This was at a premium to benchmark indices of other emerging markets (EMs) including China, South Korea, Brazil, and South Africa, which traded at PE multiples between 11 and 18. Stocks in consumption-oriented sectors such as FMCG, healthcare, and retail trade traded at even higher PE multiples of over 50 times.

The absence of a deep correction since the Covid-low in March 2020, with declines not exceeding 20 per cent from the peak, had led to complacency, with investors buying at every dip. Stocks remained elevated for too long. Owing to these higher valuations, foreign portfolio investors turned net sellers of India equity since September 2024, pulling out close to ₹3.5 lakh crore. The ongoing correction will help valuations to revert to their mean levels. The valuation of Nifty50 has cooled slightly, with the PE multiple declining to 19.51 times, but prices need to decline further.

And they well may. Given the multiple headwinds currently facing markets and the economy, investors should be prepared for further price corrections. If the war in West Asia prolongs, corporate margins are going to shrink as fuel, logistics, and input costs increase. Shortage of LPG and other fuel will likely further dent corporate bottom lines. The domestic economy, which was trotting along nicely before the onset of this war, is up against multiple first and second-order effects. Besides shocks in the form of prices, supplies, and asset valuations, the sentiment factor could also hurt business. It does not help that there are just a few stocks in nascent, sought-after sectors such as AI and semiconductors.

The bottom line is that market corrections should happen when the underlying fundamentals change. After all, equities are not meant to be risk-free, and excesses created in bull and bear markets need to be ironed out. The Securities and Exchange Board of India should let markets follow their course, while watching out for any undue volatility caused by manipulation. The regulator, Association of Mutual Funds in India, and other investor bodies should run awareness campaigns advising investors to pursue long-term goals with realistic expectations.

BlackSoil Capital raises ₹200 cr for climate lending

Mumbai-based alternate credit platform BlackSoil Capital raised ₹200 crore in debt funding from Impact Fund Denmark to expand climate-focused and inclusive lending in India. It will support climate adaptation and mitigation and expand access to credit for low-income and underserved segments, including MSMEs, financial institutions and emerging corporations.

A major portion of the capital will be deployed in tier-2 and tier-3 markets. It will focus on women-led businesses and sectors with limited access to formal finance with increased exposure to renewable energy, climate-smart agriculture, sustainable supply chains, circular economy models and inclusive finance. Impact Fund Denmark invests in emerging markets to support development outcomes aligned with global sustainability goals.

How poll-bound States woo women through cash transfers

DATA FOCUS.

With the Election Commission of India announcing Assembly poll schedules for Kerala, Assam, Tamil Nadu and West Bengal on March 16, commentators have started harping about how the welfare measures (especially women-specific ones) could influence voters. However, we want our readers to know just how much a qualifying woman or household from each of these States can “earn” per month from a possible combination of the direct benefit transfers (DBTs) in their States.

West Bengal Under the Kanyashree Prakalpa (K-3), girls pursuing post-graduation in science and technology are given ₹2,500 per month. Additionally, Lakshmir Bhandar gives ₹1,700 per month to women of the SC/ST communities. Given that Lakshmir Bhandar is a non-competing scheme—meaning all permanent residents aged 25–60 who are not government employees or pensioners can receive it—a woman aged above 25 pursuing a PG degree from the SC/ST community can receive a total of ₹4,200 per month.

Tamil Nadu A household can net ₹2,000 monthly through a combination of Kalaignar Magalir Urimai Thogai (KMUT) and Pudhumai Penn Thittam. However, qualifying conditions are stringent:

The woman must be above 21 and recognized as the head of the family on the ration card to receive the ₹1,000 under KMUT.
To receive the other ₹1,000 under Pudhumai Penn Thittam, the claimant must have a girl or transgender child pursuing recognized higher education courses and must have studied in a Tamil-medium institution from Class VI to Class XII.

Assam A potential ₹3,750 monthly payout is possible via the Orunodoi Scheme and Mukhya Mantrir Nijut Moina Aasoni. However, this maximum is only receivable for 10 months in a year and is restricted to PG and B.Ed students. Under this arrangement, ₹2,500 is paid via the Mukhya Mantrir Nijut Moina Aasoni, which can be supplemented by ₹1,250 from the Orunodoi Scheme for those meeting its specific income criteria.

Kerala The Social Security Pension schemes provide a maximum of ₹1,600 per month. Despite being some of the earliest such schemes in the country, the qualifying conditions are described as "quite dismal," as beneficiaries must be widows, divorcees, or women never-married by age 50 with annual incomes below ₹1 lakh.

Voter Demographics Data from the last Assembly elections highlight the importance of the female vote:

Kerala: Approximately 89% of constituencies have women accounting for half of the polled votes.
Tamil Nadu: 66%.
West Bengal: 61%.
Assam: 48%.

Sourashis Banerjee Chennai

The elite degree problem

By Bhavna Pandey

HIGHER EDUCATION. Need for inclusive faculty. Private colleges fixated on elite degrees for faculty.

A quiet but consequential shift is underway in India’s private higher education sector. Increasingly, faculty recruitment advertisements and informal hiring preferences signal a clear hierarchy: PhDs from elite institutions — particularly the IITs and IIMs — are treated as gold standard credentials. While excellence should always be the goal of academic hiring, the growing tendency to privilege institutional pedigree over demonstrable scholarly merit raises urgent questions about fairness, policy coherence, and the long-term health of India’s doctoral ecosystem.

IIT/IIM doctorates are valuable and they benefit from strong research infrastructure, funding access, international networks, and structured doctoral training. In national rankings such as the NIRF, these institutions consistently dominate research and citation indicators — a reflection of concentrated investment rather than a monopoly on academic capability. The concern arises when such credentials become a de facto gatekeeping mechanism. According to the All India Survey on Higher Education (AISHE) 2021-22, India enrolls over 2 lakh PhD scholars, with more than 40,000 doctoral degrees awarded annually across central, state, deemed, and private universities. This expansion reflects a deliberate national strategy to build research capacity and academic manpower.

Regulatory frameworks — particularly the UGC’s PhD Regulations — mandate uniform standards in coursework, supervision, and evaluation. While quality variation exists, the regulatory intent is clear: doctoral legitimacy is not meant to be institution-exclusive. Yet hiring signals increasingly concentrate opportunity within a narrow band of institutional pedigree. This risks creating a symbolic hierarchy that equates brand recognition with scholarly merit. AISHE data show that private institutions constitute nearly two-thirds of all colleges. Many actively run doctoral programmes under regulatory approval, admitting scholars and awarding PhDs. Yet some of these institutions exhibit hiring preferences that implicitly devalue doctorates produced outside elite circles — occasionally including their own.

If an institution signals limited confidence in its doctoral training outcomes, it raises questions about internal quality assurance. Conversely, if regulatory standards are being met, graduates deserve evaluation based on scholarly output rather than institutional lineage. From a policy perspective, such hiring tendencies risk unintended consequences.

First, they exacerbate academic stratification. India already faces uneven access to research infrastructure. UNESCO’s higher education analysis has repeatedly noted that expanding doctoral education in developing systems requires inclusive employment pathways.

Second, pedigree-driven hiring distorts incentives within doctoral education. Scholars may prioritise institutional entry over research substance, weakening the culture of inquiry that doctoral training is meant to cultivate.

Third, inefficiencies emerge in talent utilisation. Undergraduate-focused colleges — where teaching quality, curriculum innovation, and mentorship are critical — may undervalue competencies that are not captured by institutional branding alone.

Globally, mature higher education systems increasingly balance institutional reputation with performance-based evaluation. Hiring committees examine peer-reviewed publications, teaching portfolios, interdisciplinary collaboration, and demonstrated academic leadership. Institutional origin provides context, but it does not define academic worth.

India’s private higher education sector is uniquely positioned to adopt a similar model. Transparent recruitment frameworks, multi-dimensional evaluation metrics, and peer-reviewed selection processes can elevate standards without reinforcing academic elitism.

The writer is an independent researcher.

Indian-flagged Jag Laadki docks at Mundra Port with UAE crude oil

Our Bureau Ahmedabad

SAFE PASSAGE. The tanker’s arrival comes amid heightened tensions in West Asia, particularly around the Strait of Hormuz.

The Indian-flagged crude oil tanker Jag Laadki arrived at Mundra Port, part of Adani Ports and Special Economic Zone (APSEZ), in Gujarat on Wednesday. It was carrying approximately 80,886 tonnes of crude oil sourced from the UAE.

ENERGY SECURITY The tanker’s arrival comes amid heightened tensions in West Asia, particularly around the Strait of Hormuz. The shipment is part of efforts to sustain operations and safeguard energy security despite regional instability.

The vessel, which was loaded at Fu— [text cut off], highlights the port’s ability to handle largescale crude shipments. In the past two days, two [text cut off].

India holds firm on food stockholding as WTO draft sidesteps key issues

IN CRITICAL PHASE. Discussions on agriculture may get tricky at Yaounde Ministerial meet this month

Amiti Sen New Delhi

India will continue to push for prioritising a long-pending permanent solution on public stockholding (PSH) at the upcoming WTO Ministerial Conference in Yaounde, Cameroon, later this month as it remains critical for safeguarding its MSP-based food security programmes from potential legal challenges in the future, sources said.

The draft Ministerial text on agriculture, circulated on March 16 during a special session of the WTO’s agriculture committee, stops short of explicitly addressing PSH or the Special Safeguard Mechanism (SSM), both key demands of India and several developing countries. Instead, it makes a broad reference to past Ministerial decisions without spelling out a clear path forward on these issues.

US’ APPROACH The draft also reflects a partial accommodation of the US push for a “new approach” to agriculture negotiations, seen by many developing members as an attempt to dilute existing mandates. While it includes this as one of the possible ways forward, it simultaneously underscores continuity by noting that both “existing and future contributions” of members will shape the negotiations.

“... The negotiations shall continue on the basis of Members’ existing and future contributions, including proposals on possible new approaches to advance the negotiations,” the draft states. Sources said India has taken up the issue of the absence of a direct mention of PSH and SSM in the draft Ministerial declaration and underlined its importance for developing countries and the fact that it has been pending for almost a decade.

“The main lacuna in the draft is the failure to specifically mention and reaffirm the mandated issues where work is already advanced, such as PSH, SSM, cotton and domestic support. While an MC14 declaration must reflect and consolidate the positions of all members, it must also recognise the interests of the majority of members,” said Ranja Sengupta from the Third World Network.

At the WTO, PSH is treated as trade-distorting support and capped at 10 per cent of the value of production (for developing countries), calculated using outdated 1980s reference prices. This makes countries like India appear to breach limits (as in rice) even when support is modest in real terms.

A temporary “peace clause” agreed at the 2013 Bali Ministerial protects developing countries from legal action if conditions are met, but these are onerous and leave them exposed to uncertainty and potential disputes, underscoring the need for the permanent solution promised at Bali.

CORE CONCERN With the US now insisting on a new approach for agricultural negotiations at the WTO, India and other developing countries have to guard against getting the pending issues brushed under the carpet.

“India had so far been insisting that pending issues such as the PSH, the SSM and cotton should be addressed before new issues are brought into the mandate for discussion. It needs to keep up the pressure on developed countries, including the US, to ensure that the past mandate remain relevant,” another expert pointed out.

StanChart reviews offers from Federal Bank, Kotak to buy credit card-only customers

Standard Chartered is reviewing offers from Kotak Mahindra Bank and Federal Bank to acquire the British lender’s up to 6 lakh customers in India who only have credit card accounts, two sources with knowledge of the matter said.

CORE STRATEGY The potential divestment is part of StanChart’s strategy to get rid of “non-core accounts” and focus on high-yield segments to boost its profitability. Last year, Standard Chartered sold its India personal loan business, which at the time was valued at $488 million, to Kotak Mahindra Bank.

Kotak and Federal have submitted final offers for acquiring StanChart’s India portfolio of credit card-only customers, who have no other relationship with the bank and are considered non-core to its business, said the two sources, who declined to be identified as the discussions are private.

ONGOING REVIEW Standard Chartered did not respond to requests for comment. “StanChart is currently reviewing both of these offers and it is expected to take some time,” one of the sources said, adding that the potential sale does not indicate that the bank is completely exiting the credit card business.

Reuters Mumbai

All eyes on Dhurandhar 2, with strong advance bookings

Meenakshi Verma Ambwani New Delhi

All eyes are on Dhurandhar 2: The Revenge, the sequel to the blockbuster hit Dhurandhar, which has been witnessing strong advance booking trends. Dhurandhar, which was released in 2025, had emerged as the highest-grossing Hindi film. The spy action thriller, which will see its full theatrical release on Thursday, however, faced some glitches during the much-anticipated select paid preview shows on Wednesday. Trade analysts and the multiplex industry, however, noted that with a strong buzz, the movie is set to create new box office records.

An official statement issued by Jio Studios and B62 Studios on Wednesday stated, “Most of our Hindi shows across India are running as scheduled from 5 pm onwards. All of our Tamil and Telugu shows will [be cancelled due to non-delivery of content]. If the dubbed version you have tickets for is not currently playing at your cinema, you will have an option for refund or to watch the Hindi version with subtitles instead.”

BOX OFFICE TSUNAMI Meanwhile, as per estimates by trade site Sacnilk, the film’s worldwide pre-sales for the opening weekend had already crossed the ₹200 crore mark, which includes over ₹125 crore gross in India. Trade analyst Taran Adarsh stated on X that the movie’s sequel will be a “box office tsunami” with expectations that it will “demolish existing records”.

Gautam Dutta, Chief Executive Officer, Growth and Revenue, PVR INOX Ltd, told businessline, “By Wednesday afternoon, we have already seen advance booking of nearly 18.5 lakh tickets for the opening weekend." Given the strong admissions seen for the first Dhurandhar, which had advance bookings of 1.2 million tickets, expectations are high. He added that the movie is set for a massive pan-India release and may garner net box office collection of ₹100 crore on the first day. He further noted that the franchise may emerge as the highest-grossing film franchise in India in terms of net collections at the domestic box office.

FILLING FASTER Bhuvanesh Mendiratta, MD, Miraj Entertainment Ltd, added, “Advance bookings for Dhurandhar: The Revenge are clearly ahead of the first film at a similar stage. In many centres, we are already seeing 60-70 per cent occupancy for the opening weekend, with evening shows filling faster.”

BIG OPENING. Ranveer Singh in a scene from the film.

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Thursday, March 19, 2026

Newspaper Summary 190326