The Risks Beneath The Surface

Good morning.

India's economic ambitions are growing. But are its financial systems, infrastructure and institutions equipped to support long-term stability?

This week, RITES' Rahul Mithal explains why better project planning could help India reduce infrastructure costs and delays. Kotak Mahindra Bank's Nakul Saxena explains how rising interest rates and changing borrower preferences are reshaping India's home loan market, while economist Renu Kohli examines why the RBI's efforts to support the rupee may not be enough.

On the personal life front, leading cardiologists discuss the cardiovascular risks that often go unnoticed, and why routine health checkups do not always translate into effective prevention.

WEEKEND EDITION

Why Infrastructure Planning Matters

Can spending a fraction more before construction begins prevent years of delays and escalating project costs?

In this episode of Weekend Edition, Govindraj Ethiraj speaks with Rahul Mithal of RITES about about the role of planning, technology and project design in India's expanding infrastructure network.

India is investing heavily in highways, railways, metros and industrial corridors. Yet, the efficiency of these investments depends on decisions made long before construction begins.

Mithal explains why detailed project reports (DPRs), which typically account for less than 1% of project costs, can determine whether infrastructure projects meet their budgets and timelines. In a study cited by Mithal, 45 of 50 megaprojects experienced cost and time overruns, highlighting the consequences of inadequate preliminary planning.

RITES is now developing an AI-based tool that draws on more than 5,000 historical DPRs to assess and improve project quality. The conversation also explores how India is repurposing diesel locomotives for export, adopting AI-enabled railway safety inspections and developing digital trade corridors to improve cargo movement between India and the UAE.

Key Insight

Roads, railways, ports and airports need not compete for traffic. Their economic value increasingly depends on how effectively they connect and complement one another.

SPECIAL EDITIONS

The Hidden Risks To India's Heart Health

What if the biggest warning signs of heart disease appear long before any symptoms?

In this episode of Special Edition, Govindraj Ethiraj speaks with Dr Kaushal Pandey , Dr Maulik Parekh and Dr Hemant P. Thacker about the often-overlooked factors shaping cardiovascular health among Indians.

The discussion examines how inherited risk, lifestyle habits and metabolic conditions can contribute to heart disease well before symptoms become apparent. Yet, regular medical testing does not necessarily translate into effective prevention. High blood pressure and cholesterol can remain asymptomatic, while abnormal indicators may go unaddressed for years.

The doctors also explore how advances in minimally invasive cardiac procedures are changing treatment, even as early intervention and sustained lifestyle changes remain essential.

Key Insight

India's work and career culture can encourage people to sacrifice sleep and exercise during formative years, making cardiovascular prevention a challenge.

How India's Home Loan Market Is Changing

Would you rather protect your monthly EMI from rising interest rates or retain the flexibility to benefit when rates fall?

In this episode of Special Edition, Govindraj Ethiraj speaks with Nakul Saxena of Kotak Mahindra Bank about how changing interest rates and borrower preferences are reshaping India's housing finance market.

Higher policy rates typically translate into larger repayment obligations for floating-rate borrowers. Yet, housing demand remains influenced by longer-term decisions around employment, family finances and asset ownership.

Saxena discusses how younger borrowers and buyers in smaller cities are becoming more prominent in the mortgage market. He also explains the trade-off behind hybrid home loans, which fix interest rates for an initial period while limiting borrowers' ability to benefit from subsequent rate reductions.

Key Insight

Younger borrowers are entering the housing market earlier, while growing demand in smaller cities reflects changing work patterns and homeownership priorities.

BUREAU BYTES

The Changing Risks Of Digital Banking

As financial fraud becomes more sophisticated, are banks adapting quickly enough to protect the growing volume of digital transactions?

Indraneel Pandit of Federal Bank spoke with Govindraj Ethiraj on the sidelines of Global Fintech Fest 2026, about the changing nature of digital banking risks and the technologies being deployed to address them.

Pandit explains how banks are using behavioural biometrics, device-level security and real-time transaction monitoring to identify suspicious activity. However, individual banks can only see part of the problem, making information-sharing across financial institutions increasingly important. The conversation also examines how artificial intelligence is changing cybersecurity.

Key Insight

Unlike fraudsters, banks operate within regulatory and data privacy constraints, making responsible AI adoption as important as the technology's ability to detect emerging threats.

THE CORE QUIZ

HOW INDIA’S ECONOMY WORKS

Can The RBI Keep Supporting The Rupee?

Is India's currency under pressure for reasons that interest rates and foreign exchange reserves alone cannot address?

In this episode of How India's Economy Works, Puja Mehra speaks with economist Dr Renu Kohli, about the RBI's efforts to stabilise the rupee and the growing pressure on India's balance of payments.

India's relatively low current account deficit, contained inflation and substantial foreign exchange reserves suggest macroeconomic stability. Yet, Kohli points to a deeper structural concern: capital inflows are no longer consistently sufficient to finance the country's external requirements.

The RBI's interventions and foreign currency deposit schemes may provide temporary stability, but they also carry costs and future repayment obligations. Kohli explains why sustained foreign investment, rather than repeated currency interventions, will be central to addressing the underlying imbalance.

Why This Matters

The rupee's sustained weakness raises concerns over India's ability to attract foreign capital, with implications for import costs, inflation and long-term economic stability.

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