A Week of Shocks—and Signals That Matter

Good morning. The conflict in West Asia could significantly affect India's economic growth outlook and impact fiscal balance and inflation, Chief Economic Advisor V Anantha Nageswaran has said on Saturday, reported CNBCTV18.

According to the report, Nageswaran has said key factors — disruptions in oil, gas and fertilisers, a likely dip in remittances from the Gulf to India and higher import prices — could affect the Indian economy.

India's FY27 growth estimate of 7%–7.4% could be affected. High-frequency data for April and May will provide a clearer picture and could lead to a reassessment of these growth projections.

Meanwhile, as the worries over cooking gas and even panic over fuel continued, two petroleum gas tankers are reportedly headed for India, Reuters reported, citing LSEG and Kpler. These two tankers — BW Elm and BW Tyr — crossed the Strait of Hormuz, India-bound on Saturday.

As the war entered its fifth week, Yemen's Houthis — backed by Iran — launched attacks on Israel on Saturday, escalating tensions. This is the first such attack, said Reuters.

On this week’s weekend playlist:

The past week’s escalating conflict has kept markets and policymakers on edge, with ripple effects visible in energy prices, currencies, and business sentiment.

In this Weekend Playlist, we step back to curate the most incisive insights from the week gone by—drawn from conversations on the The Core Report. Instead of a single narrative, we bring you a distilled selection of sharp, thought-provoking excerpts, anchored to key moments—from our weekend edition deep dive on commodity markets and price discovery to conversations on AI’s shift to enterprise-scale adoption across firms like Infosys and Wipro.

Think of this as a guided listen—cutting through the noise to surface the ideas that matter, with direct pathways into the full conversations.

WEEKEND EDITION

India: A Commodity Giant, Still a Price Taker

As geopolitical tensions—from West Asia to the ongoing Russia–Ukraine War—continue to disrupt supply chains, shipping routes, and input costs, global commodity markets are being reshaped in real time. Food prices, edible oils, and fertilisers are all seeing second-order effects, and yet, despite being one of the world’s largest producers and consumers, India still does not influence global agri commodity pricing in a meaningful way.

In this Weekend Edition of the The Core Report, Govindraj Ethiraj speaks with Arun Raste of NCDX and dives into how price discovery works on the National Commodity & Derivatives Exchange, how farmers interpret mandi signals alongside monsoon trends, and why commodities like soybean, guar, turmeric, and castor seed matter globally but still lack pricing power. The episode ultimately lays out a structural challenge: until India deepens its market integration, improves participation, and builds scale in transparent trading, it will remain a price taker—even as global conflicts increasingly dictate what its farmers earn and consumers pay.

NASSCOM CONVERSATIONS

Enterprise AI Has Moved Beyond the Pilot Phase

Artificial intelligence is no longer experimental—it is fast becoming the core engine of enterprise transformation. In this conversation on the The Core Report, Govindraj Ethiraj speaks with Hari Shetty of Wipro on how AI, particularly generative AI, is reshaping business models, consulting frameworks, and the future of IT services. From early signals that Wipro identified to the inflection driven by compute, algorithms, and enterprise adoption, the discussion traces how AI has moved decisively from experimentation to real-world deployment.

The conversation also unpacks how enterprises across sectors—from banking to aviation and energy—are leveraging AI for productivity, cost transformation, and innovation, while redefining the nature of coding, cloud economics, and talent demand. As AI scales, it is not just enhancing delivery but expanding the scope of what IT services can do—positioning it, as Shetty puts it, as a far bigger opportunity than previous technology cycles.

Enterprise AI is no longer experimental—it’s becoming central to how companies operate and grow. Organisations are moving beyond pilots to embed AI into decision-making, operations, and long-term strategy.

Govindraj Ethiraj speaks with Satish H C, Chief Delivery Officer at Infosys Limited, on how enterprises are scaling AI. Instead of replacing legacy systems, companies are layering AI onto existing platforms, enabling faster decisions and measurable outcomes like productivity gains and revenue uplift.

The shift also requires breaking data silos and building robust AI stacks that combine technology, data, and organisational alignment.

For leaders across industries, the takeaway is clear: AI is now a foundational layer for business competitiveness.

THE CORE REPORT (Special Picks)

HDFC Bank Faces Governance Test After Chairman’s Exit

The sudden resignation of Atanu Chakraborty as Chairman of HDFC Bank has unsettled investors, triggering a sharp decline in the lender’s shares and raising fresh questions around governance at India’s largest private sector bank.

The episode, argues Institutional Investor Advisory Services’ Amit Tandon, should be treated as a governance stress test—one that calls for the bank to proactively address concerns and stay ahead of any potential regulatory scrutiny, rather than respond after the fact.

From the The Core Report podcast.

India’s LPG Vulnerability Comes Into Sharp Focus

As tensions escalate around the Strait of Hormuz, India’s heavy reliance on imported energy is beginning to show cracks—especially in LPG, where even small disruptions can quickly ripple across millions of households.

Energy expert Narendra Taneja flags LPG as the most exposed link in India’s energy basket, with supply anxieties already visible on the ground. If the conflict persists, rising costs and tighter availability could start hitting consumers more directly.

From the The Core Report podcast.

Rupee Under Pressure, Economy Adapts

As global tensions—from the Strait of Hormuz to the ongoing Russia–Ukraine War—disrupt trade, energy flows, and capital markets, India’s exposure is showing up across remittances, exports, fuel prices, and the rupee. Economist Ajay Shah argues that these shocks quickly feed into domestic markets, but also points out that currency depreciation—often seen as a weakness—is in fact a natural stabiliser, helping boost exports, support domestic industry, and enable the economy to adjust more effectively in times of global stress.

From the The Core Report podcast.

Energy Supply Chains Under Strain at Sea

As tensions escalate around the Strait of Hormuz, the disruption is no longer theoretical—India’s LPG supply chain is already feeling the strain at sea. Capt. Shiv Samrat Kapur points out that fresh cargo loadings from key Gulf ports have stalled, with several ships stranded or delayed due to blockades, even as a few Indian vessels cautiously navigate their way out.

While government intervention and diversified sourcing have so far prevented a full-blown supply crisis, the system remains fragile. With fewer ships moving, higher risks for crews, and longer alternative routes like the US unable to quickly compensate, prolonged conflict could tighten supplies and test India’s energy logistics more severely in the weeks ahead.

From the The Core Report podcast.

THE CORE OFFLINE

Artificial intelligence is rapidly reshaping how businesses build, compete, and scale—but an equally important question is who gets to shape AI itself, and who benefits from the opportunities it creates. At a recent panel hosted by The Core in collaboration with The Quorum, titled “Who Builds the Future of AI?”, Govindraj Ethiraj was joined by a diverse group of practitioners and thinkers—including Rucha Pathak, Ritu David, Gargi Ruparelia, and Lina Sonne Vyas—to explore how AI is unlocking new pathways for entrepreneurs and leaders, and why broader representation is key to building more inclusive, innovative AI ecosystems, marking another successful offline community meet-up by The Core.

THE CORE QUIZ

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