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RBI cancels licence of Karwar Urban Co-op Bank over inadequate capital
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Economic Times
30 minutes ago
- Economic Times
Former RBI Governor Raghuram Rajan isn't impressed by India's growth story; Here's what he thinks we're getting wrong
Agencies Former RBI Guv Raghuram Rajan "There is no room for another China." That's Raghuram Rajan's blunt assessment of India's industrial aspirations. In a recent interview with Frontline, the former RBI Governor made it clear that the world has changed. The conditions that allowed China to rise through mass manufacturing simply no longer labour is not the advantage it once was. Automation has moved into even the most basic factory roles. "What companies need now is people who can tend the machines, repair the machines—not those who do the manual work machines have replaced," Rajan said. In short, the manufacturing jobs India is chasing might already be to that the rise of protectionism. Countries are building domestic industries, shutting doors that were once open to global supply chains. "Everybody wants their own little manufacturing industry," Rajan said. India cannot expect to export its way to prosperity in this has been betting heavily on manufacturing as a way to absorb its young workforce. But Rajan cautions that the numbers just don't add up."We cannot expect that number of jobs in manufacturing," he said. Tariffs have gone up, production-linked incentives are scattered, and policies contradict themselves. For example, tariffs are applied not only to final goods but also to the intermediate goods needed to make them. "Then people complain, 'Oh, I can't make this effectively here because the intermediate goods are tariffed.'" This isn't just a policy hiccup. It signals a lack of strategic clarity. And without that, Rajan believes, manufacturing will remain a political slogan, not a real solution."Get a job wherever, create a job wherever you can." That, Rajan says, should be the guiding already commands a 4.5 percent share of global service exports. That includes everything from high-end software to back-end support. While these sectors can't employ everyone, they signal a clear competitive importantly, Rajan sees untapped potential in domestic, mid-skill service jobs—plumbers, drivers, technicians, healthcare workers. These jobs may not make headlines, but they could lift millions. All it takes is better skilling and targeted support. He also dismissed the idea that you need a strong manufacturing base to build high-end service sectors. "This canard, which is floated sometimes, that you need the manufacturing in order to do the associated services, is not necessarily true," Rajan said. Citing companies like Nvidia and Apple, he pointed out that design and innovation can flourish even when production is outsourced. The days of the free trade consensus are over. Rajan traced America's shift back to Trump and his economic advisers, who viewed trade deficits as signs of weakness. That thinking has stuck around. "Is he undermining the basis of US prosperity and its dominance of the post-Second World War economic system with this view? I think we are turning the tables on what worked," he said. Today, protectionist tariffs are not a blip. They are part of a permanent, structural shift in global politics. For India, it means the space to plug into global supply chains has shrunk. Trying to follow China's route now is like running for a train that already left the is growing at 6 to 6.5 percent a year. On paper, that sounds solid. But as Rajan points out, this pace is not enough to lift per capita income fast enough to avoid a demographic squeeze."We are the fastest-growing country in the G20," he said. "But also the poorest on a per capita basis. That has to change."Time is running out. India's young population won't stay young forever. If opportunities don't arrive soon, the demographic dividend could turn into a has long been vocal about the need for decentralisation. Giving more power to local governments, he argues, improves both accountability and outcomes."The village community can see when the funds transmitted from the State government or Central government are misspent or line the pockets of the village elite," he said. "State after state should give more power to the municipalities, to the villages. That will both enhance commitment to democracy but also allow for better governance."He contrasted this with the Centre's tendency to prioritise flashy schemes without follow-through. "We announce a campaign, but never actually determine whether it's working. It becomes an announcement rather than effective rollout."Rajan criticised the growing trend of suppressing inconvenient data or changing methodologies to suit political needs. That, he warned, is a recipe for bad policy."Suppressing data eventually hurts the government itself," he said. "Your critics are sometimes your best friends because they will identify what's going wrong and then you can make the changes and then get credit for it."Honest, reliable data is not just for economists. It is the foundation of public is spending big on infrastructure. But Rajan warns that not all investment is equal."Every small town wants a metro," he said. "That's overbuilding, and those will be white elephants."What matters more, in his view, is building up capabilities. This means investing in schools, research labs, skilling programmes, and targeted industrial policy. "We have to have a few national labs where you've got state-of-the-art equipment where you can actually be competitive."The message Rajan is sending is clear: Stop chasing China. That moment is gone. India needs a strategy rooted in its own strengths, challenges and people. That means backing services, not slogans. Empowering local governments, not hoarding power at the top. And investing in people, not just not glamorous. But it might just work.
Time of India
40 minutes ago
- Time of India
KRT IPO: Sattva-Blackstone backed REIT gets Sebi nod for Rs 4,800 crore raise; public issue likely to hit markets early August
Knowledge Realty Trust (KRT), a REIT sponsored by Sattva Group and Blackstone, has received approval from the Securities and Exchange Board of India (Sebi) to go ahead with its Rs 4,800-crore initial public offering . The public issue is expected to hit the market in the first week of August, according to PTI citing sources. Ahead of the IPO, KRT has already mobilised Rs 1,400 crore from institutional investors. The company had filed its draft red herring prospectus (DRHP) in March this year, as part of its plan to monetise 30 premium office assets spread across key Indian cities, ANI reported. The REIT owns over 46 million sq ft of rent-yielding office properties across 29 locations in Mumbai, Bengaluru and Hyderabad. Notable assets include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad, and Cessna Business Park and Sattva Softzone in Bengaluru. Sources said the roadshow will begin this week, and the price band announcement is expected by August 30. Post listing, KRT is poised to become India's largest REIT by gross asset value, pegged at around Rs 62,000 crore. Its net operating income stood at Rs 3,432 crore in FY24. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do You Speak English? You May Be Able To Work a USA Job From Home in Bangladesh US Jobs | Search ads Undo Following the IPO, sponsors Sattva Group and Blackstone will retain around 80% ownership in the trust. While Sattva declined to comment, sources said the trust will continue to adopt a brand-neutral approach, focusing on inorganic growth through third-party acquisitions. There are currently four REITs listed in India — Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Except for Nexus, which is focused on retail spaces, the others are anchored in office real estate. Together, these four REITs manage over 126 million sq ft of Grade A office and retail space and have distributed over Rs 21,000 crore to unitholders since inception. Sattva Developers, headquartered in Bengaluru, has completed over 74 million sq ft of projects across seven cities, spanning commercial, residential, co-living, co-working, hospitality, and data centres. Another 75 million sq ft is currently in various stages of development. Global investment firm Blackstone continues to hold a substantial portfolio in India's commercial real estate sector. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
41 minutes ago
- Economic Times
Lenskart secures shareholder nod to raise Rs 2,150 crore via IPO
Shareholders of omnichannel eyewear brand Lenskart have approved its initial public offering (IPO) plans, according to regulatory filings sourced from the Registrar of Companies (RoC).At its annual general meeting on Saturday, Lenskart's shareholders cleared the proposal to raise Rs 2,150 crore ($250 million) through the IPO. The total issue size is likely to be as much as $1 billion, according to people aware of the matter. One of the sources said the company is set to file its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) in the coming days. With this, Lenskart will join other large new-age firms like Groww, Meesho, PhysicsWallah, and Pine Labs that are filing IPO documents this year. In total, nearly 14 venture-backed new-age companies are aiming to raise over Rs 20,000 crore from the public markets in 2025. Filings also showed that Lenskart's shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity and Temasek, have approved a new employee stock option plan, Esop 2025, comprising 7.2 million shares. Data from Tracxn shows that about 19% of Lenskart's shares are currently earmarked for its Esop pool. ET had reported on July 10 that Lenskart plans to issue additional shares to founder and CEO Peyush Bansal through a structured payout, which may increase his holding by 1.5-2%. Bansal and his sister Neha Bansal, also a cofounder, together own 14-15% of the company. Lenskart, which won The ET Startup Awards 2024 in the Startup of the Year category, operates in India and other markets such as the Middle East, Southeast Asia, Australia, Japan and South Korea. In FY24, Lenskart's operating revenue grew 43% year-on-year to Rs 5,428 crore, while its net loss narrowed to Rs 10 crore from Rs 64 crore in FY23. In an October interview with ET, Peyush Bansal said the company is investing $200 million in a new manufacturing plant in southern India. Currently, Lenskart makes frames and lenses at its facility in Rajasthan. Lenskart's last round of funding in June 2024 valued the company at $5 billion. US-based Fidelity marked up the valuation of the omnichannel eyewear retailer by more than a fifth to $6.1 billion at the end of April. The company's omnichannel strategy, combining its website with more than 2,500 retail outlets, has been a major growth driver. While online sales have outpaced store sales growth in the past two to three years, Lenskart continues to expand its offline footprint also showed that Lenskart has appointed PaySense cofounder Sayali Karanjkar and IndMoney founder Ashish Kashyap as independent directors on its Bansal has been named chairman, managing director and CEO of Lenskart, while Neha Bansal has been appointed executive director. Cofounder Amit Chaudhary has been named an executive director on the board.
