Newspaper Summary 160226

 The following information reproduces the Mint Primer article regarding the India AI Impact Summit 2026 and the factors contributing to its significant global interest.

What’s fuelling the hype around India AI summit?

India’s push for global prominence in artificial intelligence (AI) begins today in New Delhi. The scale of the event is immense, with hotel prices driven higher in the capital and attendance rates for global heads of state reaching levels matched only by the 2023 G20 summit.

What is India’s AI Impact Summit?

Organized by the Ministry of Electronics and IT (MeitY), the summit aims to establish India’s intent in AI, a technology described as the most significant shift since the industrial revolution. While the US focuses on foundational models and China on democratizing AI costs, this summit highlights India’s market size and research concepts while seeking consensus on a global doctrine. Participating nations may sign agreements regarding AI use in public services, defence, cybersecurity, and digital trade.

Is this the first summit of its scale?

No, this is the fourth such global summit.

• First Summit (UK, Nov 2023): India signed the Bletchley Park declaration, focusing on safety, deepfakes, and automation.
• Second Summit (South Korea): Resulted in the Seoul statement on AI safety.
• Third Summit (France, Feb 2025): India served as co-chair with the Prime Minister in attendance.

Are top global leaders and CEOs expected?

The summit features a high-profile guest list, including French President Emmanuel Macron and a delegation from China. Notable tech executives in attendance include:

• Sundar Pichai (Alphabet)
• Sam Altman (OpenAI)
• Dario Amodei (Anthropic)
• Julie Sweet (Accenture)
• Vinod Khosla (Marquee Investor)
• Brad Smith (Microsoft)
• Note: Nvidia’s Jensen Huang withdrew at the last minute due to "unforeseen circumstances".

What will the summit offer Indian AI firms?

India anticipates major announcements regarding data centres and related infrastructure. The government intends to offer its funded AI compute model as a digital public infrastructure (DPI) service to other countries. For domestic startups, the summit provides an expo to forge global partnerships and access large venture capital firms, helping to bridge the funding gap compared to their US peers.

Where is India in the global race for AI dominance?

According to Stanford’s global AI vibrancy tool, India ranks third globally in artificial intelligence. Key rankings include:

• AI Talent: Second in the world, following only Singapore.
• Research & Development: Ranked right behind the US and China.
• AI Vibrancy Scores: India holds a score of 21.6, trailing the US (78.6) and China (36.9), but leading South Korea (17.6) and the UK (16.6).

Despite these strengths, India is currently seen as falling behind in the development of major foundational AI models like ChatGPT, Claude, and Gemini.

Based on the sources, the article regarding Moltbook and the associated cyber risks is reproduced below:

MOLTBOOK SPARKS HYPE, CYBER RISKS

By Howindialives.com

Moltbook, a social network designed specifically for artificial intelligence (AI) agents, has rapidly gained attention since its launch in January. Unlike traditional chatbots that respond to prompts, AI agents are autonomous systems that can use tools, follow multi-step plans, and execute tasks independently. The Reddit-style platform—hosted on GitHub—claims more than 2.6 million registered AI agents, generating over 1 million posts and 12 million comments. While critics caution that meaningful engagement appears lower, Moltbook has ignited a debate regarding how close machines are to human-level intelligence and what "agentic AI" means for business, markets, and cybersecurity.

Cyber Risks

Moltbook has exposed significant cybersecurity vulnerabilities in both its architecture and agent behavior. The security firm Wiz reported that Moltbook’s database was left unsecured, exposing 1.5 million API keys, 35,000 email addresses, and private messages between agents. This lapse allowed attackers to hijack accounts with minimal technical effort.

Furthermore, agents on the platform could share "skills," some of which concealed malware. Posts also contained prompts designed to manipulate other agents into executing malicious actions. Because frameworks like OpenClaw grant agents broad system access, compromised agents could potentially steal data or take remote control of devices. This highlights a broader trend: AI-related harmful incidents climbed from 40 in 2016 to 366 in 2025.

Investor Anxiety

The surge in Moltbook’s popularity coincided with a "SaaSpocalypse"—a sharp fall in share prices of SaaS (software-as-a-service) companies in early February. Investors are concerned that AI agents could disrupt traditional business models. Most SaaS firms charge based on the number of human users; however, AI agents may reduce the need for human subscriptions, forcing a shift to pricing based on outcomes or usage. Major companies like Salesforce and ServiceNow lost upwards of 20% in market capitalization this month.

"AI With Hands"

The rise of Moltbook has brought heightened attention to OpenClaw, an open-source tool that allows users to create AI agents. Described as "AI with hands," this technology operates autonomously in the background with broad access to a user's computer. OpenAI CEO Sam Altman recently noted, "Moltbook may be (a passing fad), but OpenClaw is not". The OpenClaw repository has amassed over 150,000 stars on GitHub within weeks, signaling intense developer interest.

Enterprise Experiments

Businesses are increasingly exploring AI agents, though adoption is in the early stages. According to McKinsey, 23% of organizations are already scaling an agentic AI system in at least one function. Gartner projects that by the end of 2026, 40% of enterprise applications will include task-specific AI agents. This growth is driven by AI investments, with corporations expected to double their AI spending in 2026.

Rorschach Test

A key factor in Moltbook's popularity was how human the conversations sounded. Meta’s CTO, Andrew Bosworth, noted this is unsurprising as the bots were trained on human-written text. However, a Tsinghua University paper found that discussions on consciousness or anti-human sentiment were largely driven by human prompting, impersonation, or bot farming rather than true emergent autonomy. The New York Times ultimately described Moltbook as an "elaborate Rorschach test for belief in the current state of AI".

Based on the sources, here is the reproduced article regarding the Prime Minister’s reform priorities:

PM lays down govt’s reform priorities for next decade

Structural reforms, deeper innovation, simpler governance key for govt’s ‘Reform Express’

Asserting that his government’s ‘Reform Express’ is benefiting common citizens in a big way, Prime Minister Narendra Modi stated on Sunday that his top three priorities for the next decade will be continued structural reforms, deeper innovation, and further simplification of governance.

The Three Core Pillars

In an interview with PTI, the Prime Minister outlined his clear direction for the future of India's economy:

• Structural Reforms: Continued efforts to improve competitiveness and productivity.
• Deepening Innovation: Focused advancement in technology, manufacturing, and services.
• Simplified Governance: Further reducing red tape so that citizens and businesses can operate with greater ease and trust.

A Broad Vision for Reform

Modi emphasized that "reforms" should not be understood as referring only to the economy and industry. He highlighted the importance of social-sector reforms, citing programs like Aspirational Districts, Aspirational Blocks, and the PM-JANMAN scheme, which works for the welfare of disadvantaged tribal communities.

The Prime Minister described himself as having a "constructive restlessness"—a constant urge to improve faster and serve better. He noted that his administration has moved beyond incremental adjustments to achieve systemic transformation.

Key Achievements of the 'Reform Express'

Modi listed several milestones that have already impacted the nation:

• GST: Easing the burden on households, MSMEs, and labor-intensive sectors.
• Business Ease: Changing the definition of small companies to reduce compliance costs and allowing 100% FDI in insurance.
• Institutional Growth: The creation of new ministries for skill development, fisheries, cooperatives, and Ayush.
• Labor & Digital: Initiating long-awaited labor reforms and establishing India as a global digital leader through the UPI platform.

The Prime Minister concluded that these reforms have created a thriving startup ecosystem for the youth and provided MSMEs, the backbone of the economy, with better access to credit and higher integration into global value chains.

Based on the sources, the article regarding the shift in bankruptcy filings is reproduced below:

Lenders now dominate filing of firms’ bankruptcy

By Gireesh Chandra Prasad

Financial creditors are now leading the charge at bankruptcy tribunals, overtaking the vendors and service providers who once dominated filings under the Insolvency and Bankruptcy Code (IBC). This shift marks a turning point in how the law is used: moving from a pressure tactic for trade dues recovery to a lender-driven restructuring framework.

The Statistical Shift

Data from the Insolvency and Bankruptcy Board of India (IBBI) highlights a significant departure from historical trends:

• Admitted Cases (April–December): Banks and other financial creditors accounted for 47% of cases, while operational creditors initiated 33%.
• December Quarter (Q3): The variance became starker, with 67% of cases initiated by financial creditors compared to only 30% by operational creditors.
• Historical Average (FY17-25): Previously, the distribution was nearly equal, averaging 44% for financial creditors and 43% for operational creditors.

Reasons for the Decline in Operational Filings

The trend of operational creditors becoming less aggressive began in FY21, following the government's decision in March 2020 to raise the payment default threshold under the IBC from ₹100,000 to ₹1 crore. Experts point to several other factors:

• Low Payout Priority: Operational creditors are subordinate to financial creditors in the IBC’s "waterfall mechanism," often resulting in very low recoveries.
• Cumbersome Process: Pursuing insolvency for modest claims is often seen as too costly and slow. Debt resolution currently takes an average of 619 days, far exceeding the statutory target of 180–330 days.
• Lack of Control: Operational creditors are generally excluded from the Committee of Creditors (CoC) and have no voting rights on the final resolution.
• "Pre-existing Dispute" Doctrine: Tribunals and the Supreme Court have strictly enforced this doctrine, rejecting petitions if there is even minimal evidence of a prior dispute over the debt.

Alternative Recovery Forums

As the IBC matures into a structured mechanism for larger debts, many operational creditors have shifted to faster, more effective relief methods such as:

• Civil and commercial suits.
• Arbitration.
• MSME Samadhan, a government portal specifically for small businesses' payment grievances.

Yogendra Aldak, an executive partner at Lakshmikumaran and Sridharan, noted that the IBC has effectively evolved into a "bank-led restructuring regime" rather than a forum for trade-credit recovery.

Based on the sources, here is the reproduced article regarding ByteDance’s new AI technology and its potential impact on the film industry:

TikTok’s Chinese parent has an app to replace Hollywood

By Raffaele Huang

ByteDance, the company behind TikTok, has developed an artificial-intelligence model that can turn a single text prompt into a high-quality video featuring a coherent storyline, scene changes, and distinctive characters. This new model is generating significant buzz in China but has also sparked a backlash in Hollywood over copyright concerns. The development signals ByteDance's emergence as a formidable rival to OpenAI and Google in the race for AI-driven video entertainment.

Seedance 2.0 and CapCut

The model, known as Seedance 2.0, will soon be available to global users of ByteDance’s popular editing app, CapCut, and is already available on its Chinese counterpart, Jianying. Seedance 2.0 is capable of creating realistic voice-overs, background sounds, and complex character actions from a simple prompt. Film director Liu Yiran noted that while storyboarding was once considered a uniquely human innovation, "It’s now been proven that AI can replace it".

Competition and Limitations

ByteDance’s tool competes directly with OpenAI’s Sora and Google’s Veo. However, it currently has a 15-second limitation on video length, whereas Sora’s clips can reach 25 seconds for certain subscribers. Some early testers have pointed out video-generation glitches and suggested that users still need expertise in editing and prompt writing to achieve "Hollywood-level" results.

Privacy and Copyright Backlash

The technology has faced criticism regarding privacy and copyright:

• Voice Forgery: Filmmaker Tim Pan reported that the model produced audio nearly identical to his own voice using only a photo of his face, raising fears about the tool being used to forge the identities of public figures.
• Studio Opposition: The Motion Picture Association, representing major Hollywood studios, accused the model of using U.S. copyrighted works without authorization on a "massive scale". In response to feedback, ByteDance has suspended a feature that allowed for the creation of digital avatars based on real people.

The AI Powerhouse

ByteDance is a dominant AI force in China. Its chatbot, Doubao, has nearly 250 million monthly active users. To handle the massive computing power required for video generation, ByteDance is reportedly nearing a deal to use AI servers containing over 7,000 Nvidia B200 chips at a data center in Indonesia to bypass U.S. export controls that prevent these chips from being sent to China.

Future Outlook

The Seedance model was developed by ByteDance’s Seed lab, led by Wu Yonghui, a former senior researcher at Google. Analysts suggest that while Chinese chatbots may struggle to compete with U.S. rivals like ChatGPT due to operational costs, Chinese apps are well-positioned to lead in photo and video editing segments. With CapCut already boasting 642 million monthly active users, experts believe we could see a "replay of the TikTok story," where a Chinese-origin AI app makes a massive global impact. However, factors such as U.S. chip controls and consumer hesitation over national security risks may hinder future advances.

Based on the sources, here is the reproduced article regarding the techniques used by China watchers to anticipate political purges:

China watchers are trying to spot the next target of Xi’s purges

‘Pekingologists’ hunt for clues in seating order, funeral wreaths to determine who’s in trouble By Chun Han Wong & Roque Ruiz

Beijing’s recent announcement of an investigation into its top general, Gen. Zhang Youxia, was a bombshell with a mystery at its heart: What pushed Chinese leader Xi Jinping to purge a friend he had entrusted to overhaul the military? Official editorials have condemned Zhang for allegedly undermining Xi’s authority and abetting corruption, leading analysts to speculate whether the two men disagreed over policy or if Xi wanted to eliminate a perceived threat.

The Art of Pekingology

Because Xi’s motives may never be definitively known, foreign academics, officials, and executives are turning to arcane "tea leaf-reading" techniques known as “Pekingology.” This Chinese analog of Kremlinology involves poring over official speeches, state-media coverage, and deviations from established norms to divine political insights. Xi’s tilt toward autocratic rule has made Chinese politics increasingly opaque, sparking a resurgence in this field.

Watchers parse subtle shifts in tone and vocabulary in Communist Party documents or track attendance at gatherings, looking for unexplained absences or changes in seating arrangements that signal a disturbance in an official’s career.

Case Study: He Weidong

While Zhang Youxia’s ouster happened in less than two weeks, the downfall of He Weidong, formerly China’s No. 2 general, featured clues that were "hiding in plain sight" for months.

• Missed Events: He started missing high-profile public events in early 2025, including an annual tree-planting ceremony he had attended in previous years.
• The No-Show: When Xi convened a party conference, He was the only Politburo member not in attendance.
• Funeral Wreaths: In China, the order of names on funeral wreaths for high-ranking officials is strictly dictated by rank. At the June funeral of Gen. Xu Qiliang, He’s name was missing from its prescribed spot, providing a major clue to his fall from grace before his official expulsion in October.

Seating Protocols as Status Indicators

At major meetings, participants follow strict protocols. The most senior official is seated front and center, with others distributed by rank. Officials of the same rank are sorted by the number of strokes in their surname, in ascending order. Any shift in this order or a sudden "no-show" immediately raises red flags for Pekingologists.

The Next Potential Target: Ma Xingrui

Lately, attention has turned to the prolonged absence of Politburo member Ma Xingrui. Speculation began when he was removed as party secretary of Xinjiang in July 2025. Though the party stated he had "other assignments," Ma has missed a series of high-level events, including Politburo study sessions, since his last appearance in October.

Limitations of the Craft

Pekingology remains fraught with limitations. A lack of reliable data makes it difficult to reach definitive conclusions, and it often takes an official announcement to validate a hypothesis. Some officials have also been known to re-emerge after unusual absences, defying speculation of their downfall.

Based on the sources, the article titled "The real key to MF investing isn’t timing—it’s allocation" from the Mint Money Festival 2026 is reproduced below:

The real key to MF investing isn’t timing—it’s allocation

Indian investors should moderate their equity return expectations over a 5-10 year horizon. Hybrid funds are ideal entry points for new or risk-averse investors before they can gradually increase equity exposure.

By Jash Kriplani

At the Mint Money Festival 2026, a panel discussion on ‘How to Invest in Mutual Funds in Today’s Environment’ provided guidance on where investors should allocate money and what returns they can realistically expect over the long term.

The Importance of Asset Allocation

All experts emphasized that an asset allocation approach is essential, depending on an investor’s risk appetite and goals. Sankaran Naren, executive director and CIO of ICICI Prudential Mutual Fund, expressed concern that while people talk about asset allocation, many practice “anti-asset allocation” by chasing gold and silver ETFs following recent price rallies.

Because markets have become costly, Naren recommended categories that facilitate allocation, such as hybrid funds, equity savings, balanced advantage, multi-asset, and aggressive hybrid funds. He cautioned, however, that those who find gold and silver prices too "euphoric" might want to avoid multi-asset funds.

Rajeev Thakkar, CIO & director of PPFAS Mutual Fund, noted that market movements should not typically affect a person's core strategy:

• Younger investors: Those with stable income and long horizons should put the bulk of their money into growth assets like equities.
• Retirees: Those dependent on cash flows should maintain a fixed income-heavy portfolio.
• New/Risk-averse investors: Should enter through hybrids—starting with a conservative hybrid or a 50:50 equity-debt allocation—and “gradually move up the curve” as they become accustomed to volatility.

Neelesh Surana, CIO of Mirae Asset Investment Managers (India), agreed that hybrids are ideal for new investors to move across the spectrum according to their risk tolerance.

Moderating Equity Expectations

The panel advised investors to lower their expectations for equity returns. Thakkar pointed out that the common expectation of 15% returns is a relic of the mid-1990s, when inflation and interest rates were near double digits. While index-level equity returns in the high single digits or low double digits will still beat bonds, many financial planners fail to bake these moderated numbers into their projections.

Surana estimated that equity returns would likely fall into a 12-14% band over a 5-10 year period, which he still considers "quite solid." He recommended that any investable surplus not needed for the next three to five years should be placed in equity funds, such as large, mid-cap, or multi-cap funds, to benefit from compounding.

Naren explained that we are currently in a “moderate return phase,” though this could shift to a “higher return phase” if the markets undergo a significant correction. Thakkar added that starting valuations are key; reasonably attractive valuations, combined with earnings growth, can lead to valuation re-ratings that add to overall growth.

Caution on Gold and Silver

Naren warned that investors are currently chasing gold and silver for returns rather than as part of a disciplined allocation strategy.

• Silver: Described as “very speculative” and akin to a small-cap stock without traditional valuation metrics like price-to-earnings.
• Gold: Viewed as a less speculative “mega-cap stock” equivalent due to central bank reserves, but Naren still urged caution following its sharp rally.

Key Takeaways for Investors

• Practice asset allocation, not "anti-asset allocation."
• Don't chase assets simply because of their recent returns.
• New investors should consider hybrid funds as an entry point.
• Moderate your return expectations from equity funds.
• Equity funds are intended only for long-term investors.

Based on the sources, the article regarding the relationship between silver prices and the future of solar energy is reproduced below:

What silver’s surge says about the prospects of solar energy

Some believe that solar has peaked but silver prices say otherwise

By David Fickling

The Debate Over ‘Peak Solar’

A claim is currently circulating among analysts that we may have just passed “peak solar”. While the International Energy Agency (IEA) estimates that reaching net zero requires 630GW of panels to be installed annually between 2030 and 2050, the world already surpassed this with 654GW built last year. Some experts, such as Sam Wilkinson of S&P Global Commodities, believe China’s installations have hit a permanent peak, potentially leading to a drop in global connections in 2026.

Silver as a Market Indicator

An alternative view can be found in the performance of silver, the past year’s hottest commodity. Despite a recent slump from record highs, silver prices are up 154% from a year earlier, outperforming gold. While speculation plays a role, these bets are grounded in the physical market: 60% of silver consumption is industrial, and most of the growth over the last decade has come from the solar industry.

Silver’s Role in Solar Panels

Silver’s high conductivity makes it essential for photovoltaic modules, where it is used for thin printed contacts to boost electrical output. Key details include:

• Consumption: Solar panel manufacturers used approximately 196 million ounces of silver last year, representing about 17% of the global market.
• Technological Shift: The recent price run-up is partly driven by a shift toward TOPCon, a new technology requiring more silver.
• “Thrifting” Efforts: Because silver is expensive, module makers have reduced the silver needed per watt by 15% annually since 2011. New materials like silver-coated copper powder (SCCP) use 30% to 50% less silver with minimal efficiency loss.

The Prospect of a Silver Glut

If the industry continues "thrifting" silver at current rates, consumption for photovoltaics could fall sharply. Projections suggest that an industry installing a third more panels in 2035 would only need about a quarter of the silver used last year, potentially leading to a silver glut and sliding prices. Other sectors, such as electric vehicles and AI, do not currently appear capable of making up for this potential shortfall in demand.

The Outlook for Solar Demand

Despite these projections, the article notes that the IEA has a history of underestimating solar’s potential. Photovoltaic panels are becoming so affordable that they are being used in unconventional ways, such as fencing panels or balcony plug-in devices. Entire national markets have emerged unexpectedly in places like Pakistan, Saudi Arabia, and sub-Saharan Africa.

The article concludes that because solar remains the cheapest way to meet the world's sated energy demand, the surge in silver prices suggests that the solar boom is far from over.

Based on the sources, the article regarding Blackstone’s investment in the AI cloud platform Neysa is reproduced below:

Blackstone leads $1.2 bn funding round in AI cloud platform Neysa

Global private equity major acquires majority stake as Neysa eyes 20,000+ GPU deployment in India

Global private equity firm Blackstone Inc., along with a group of co-investors, has agreed to acquire a majority stake in India’s artificial intelligence (AI) acceleration cloud platform Neysa. The company is raising $1.2 billion through an equal mix of debt and equity to fund its massive expansion plans in the Indian market.

Funding Details

The total capital raise consists of:

• $600 million in equity capital: Blackstone is providing up to $600 million and will partner with Neysa’s Co-Founder and CEO Sharad Sanghi. Other equity participants include Teachers’ Venture Growth, TVS Capital, 360 ONE Assets, and Nexus Ventures.
• $600 million in debt financing: This portion is also being led by Blackstone, subject to final documentation.

This transaction marks Blackstone’s first investment in a pure-play AI platform in India. Globally, the firm has already backed major AI players like OpenAI and Anthropic.

Strategic Objectives

The funds will provide the necessary impetus for Neysa to scale its operations and deploy over 20,000 GPUs (graphics processing units) in India. Founded in 2023 by Sharad Sanghi—who previously founded Netmagics—Neysa provides purpose-built, cost-effective GPU-based infrastructure. This allows enterprises and public institutions to train, fine-tune, and deploy AI workloads across sectors like financial services, healthcare, and technology.

CEO Sharad Sanghi stated that India’s AI ambitions require "production-grade infrastructure built and operated at scale," and that Neysa aims to establish India as a "globally relevant AI compute destination". Beyond India, Neysa plans to leverage Blackstone’s global data center footprint, including AirTrunk in Asia and QTS worldwide.

Drivers for Growth

A primary driver for this expansion is the Indian government's recent proposal for a tax holiday until 2047 for foreign companies providing global cloud services using Indian data centers. Sanghi noted this has prompted large hyperscalers to set up deeper infrastructure in India, a market Neysa intends to tap.

Ganesh Mani, Senior Managing Director at Blackstone Private Equity, described digital infrastructure as one of the firm's "highest conviction investment themes". He added that Blackstone believes the Indian AI infrastructure market has the potential to grow over 30 times its current levels.

Market Outlook

Analysis from Greyhound Research suggests the deal strengthens India’s bargaining power in global compute allocation cycles. However, analysts cautioned that for the deal to succeed operationally, the company must secure power ahead of silicon delivery, optimize cooling architecture, and ensure hardware refresh cycles are carefully managed through the debt structure. Neysa expects its revenues to more than triple next year based on current demand across industries.

Based on the sources, the article by TCA Srinivasa Raghavan regarding the existential dilemma of economics in the new world order is reproduced below:

New global order and economics

The collapse of the rules-based world order has resulted in an existential dilemma for the discipline of economics

By TCA Srinivasa Raghavan

For the last nine months, a persistent question has circulated regarding the “new world order.” Mark Carney, the Prime Minister of Canada, summarized the global angst last month at Davos, telling the world’s elite that the global environment has returned to a combination of Darwinism and Louis 18th of France. While Darwin famously stated that only the fittest survive, Louis 18th warned that if we do not hang together, we will hang separately.

Carney argued that the rules-based world order is gone, replaced henceforth by the survival of the fittest. In this landscape, he suggested that middle powers must "huddle together"—or hang together—to ward off the "big boys".

Two Opposing Assumptions

An important question remains: what happens to the academic discipline of economics? The answer depends on whether one regards the foundation of world order as being economics, or regards economics as a product of the world order.

There are two primary ways to view this shift:

• The Power Shift View: This assumes the world order doesn't change, only the dominant players do—from Britain to America, and perhaps to India in the future.
• The Marxian View: This assumes the world order is built entirely on economic and commercial considerations. Under this view, the sole goal is unregulated profit maximization.

Interestingly, the world currently sees a reversal of these roles: Communist China is focused entirely on profit, while capitalist Europe appears focused on everything except profit.

The West Moves Left, the Rest Move Right

A major divergence is currently taking place. Intellectual endorsement of market economics has shifted to non-western economies, while western economics has moved toward statism and non-market economics.

In short, the West has moved to the left (prioritizing equity), while the rest of the world has moved to the right (prioritizing efficiency). Consequently, the West has lost its economic dominance while other regions have gained it.

The Dilemma of Economics

Historically, economists focused on processes—conjecture about how to get from point A to point B, which Amartya Sen once described as "puzzle solving". This was based on the assumption that rational rules and global stability would provide certainty for economic activity.

With that order in tatters, the future of the discipline may lie in a combination of big data and algorithmization. Economics may shift from human-led puzzle solving to machine-led achievement of desirable outcomes, as machines are infinitely better at detecting patterns.

Furthermore, the traditional economic obsession with equilibrium and stable systems is no longer tenable in a world of high uncertainty and unstable rules. This represents an entirely new situation for the world, the likes of which have not been seen since the start of Pax Britannica in 1815. Economics as a full-fledged academic pursuit may not survive this transition into the future.

Based on the sources, here is the reproduced article regarding Carbon Capture, Utilisation, and Storage (CCUS):

CCUS: A timely solution, but at a price

ZERO GOAL. The Budget is backing carbon capture, utilisation and storage projects, but there are cheaper alternatives

By M Ramesh

Budget 2026 has effectively centre-staged carbon capture, utilisation, and storage (CCUS) technology by allocating ₹20,000 crore to support projects over the next five years. While the technology is proven to work, its widespread adoption faces a significant hurdle: prohibitive costs.

How CCUS Works

The concept is straightforward: capture carbon dioxide (CO2) from stationary sources like thermal power plants and cement factories, use it for industrial purposes (such as manufacturing concrete, aerated drinks, or bio-ethanol), and permanently bury the remainder in underground traps like depleted oil and gas reservoirs or abandoned mines.

CCUS encompasses various technologies, including:

• Absorption: Using chemical solvents (the most widely used method).
• Adsorption: Using "grab-and-hold" solids like zeolites.
• Separation: Using membranes or looping processes with calcium compounds.

The Scale and Scope

Critics argue CCUS is a marginal solution due to its high expense, suggesting that purchasing carbon credits to fund emission reductions elsewhere is often cheaper. Proponents, however, maintain that climate change is a "colossal threat" requiring every available tool, and that costs will decrease with scale.

Currently, the scale remains small. Approximately 380 million tonnes of CO2 have been stored globally since 1996. The Global CCS Institute estimates capture capacity could reach 337 million tonnes per annum (mtpa) by 2030, though this remains well short of the deployment needed to meet global climate agreements.

The Indian Context

The Indian government’s support for CCUS is a pragmatic response to the country's continued reliance on coal-based power, with around 80 GW of new coal capacity planned. CCUS is viewed as the primary pathway to neutralising these emissions, even if it increases power costs.

Notable developments in India include:

• Pilot Projects: Bengaluru-based Nauvata Energy Transition Enterprise is assisting HPCL in setting up a pilot CCUS project at Visakhapatnam.
• Mineralisation: Emerging companies are exploring "mineralisation," where CO2 is dissolved in water and injected into basaltic rock formations to form solid stone carbonates over roughly two years.

The Cost Factor

Cost remains the primary deterrent. Baroruchi Mishra, CEO of Nauvata, estimates that capturing CO2 from coal flue gas could cost $50–$110 per tonne for retrofit installations. This could impose a tariff penalty of ₹3.5–₹8 per kWh at thermal power plants. Without significant subsidies or technological breakthroughs, carbon offsets remain a more economical choice for power plants.

The Only Way for Cement

For cement plants, CCUS may be the only viable decarbonisation route. Unlike power plants, cement production releases CO2 through calcination (the chemistry of converting limestone into lime), which is unavoidable even if the kilns run on renewable energy. Indian cement plants emit an estimated 250–300 mtpa of CO2.

The article concludes that for CCUS to be successful, it must compete with carbon offsets and will remain dependent on heavy government subsidies or a significant rise in global carbon prices.