India’s cities are growing, but are they thriving?

India’s cities sit at the centre of its growth story, promising jobs, mobility and a better quality of life. But scratch beneath the surface, and a different reality emerges. Congestion is worsening, air quality is deteriorating, and urban sprawl is stretching city limits without improving liveability.

A new report by Bengaluru-based not-for-profit Janaagraha argues that the real issue isn’t a lack of funding, but how cities are planned and governed.

Despite rising urbanisation, India’s productivity gains are modest compared to global peers. Cities are expanding outward in unplanned ways, pushing residents to the periphery and increasing commute times and infrastructure stress. At the same time, fragmented governance, with multiple agencies handling overlapping responsibilities, weakens accountability and slows decision-making.

Even a critical tool for planning, like data, remains patchy and underutilised. The result is a system where cities grow by default, not by design. The big question now is whether India can fix its urban foundations before the costs of dysfunction outweigh the benefits of growth. Read more.

In today's edition of Top of the Morning:

• RBI’s new 2FA rule, explained
• Sensex, Nifty 50 flash ‘oversold’
• The Thrasio reset in India

THE MAIN STUFF

Campus kitchens go cold as LPG crisis spreads: India’s LPG shortage is spilling into campuses, forcing colleges to improvise or shut down. With the Iran war choking the Strait of Hormuz, supplies have tightened sharply, pushing kitchens to the back of the queue. From cancelled classes to stripped-down menus, the impact is uneven but widespread, as campuses brace for a prolonged squeeze. Read more.

RBI’s new 2FA rule, explained: From 1 April, the Reserve Bank of India will require all digital payments to use two-factor authentication. Simply put, every transaction must be verified by a PIN, an OTP, or biometric, with at least one factor being dynamic.

So, what changes? Until now, some payments could go through with just one layer, like an OTP. Under the new rule, even if one credential is compromised, a second barrier prevents unauthorised access. This directly targets frauds like phishing and SIM-swap scams.

Will it slow things down? Slightly, but banks are increasingly using biometrics and device-based approvals to keep the experience smooth while improving security. Read more.

After fertilisers, another agri-shock for India

As India heads into peak wheat harvest, farmers are flagging a new worry: restricted access to diesel. Curbs on loose fuel sales, triggered after the Hormuz blockade, are making it harder to store diesel in portable containers, a long-standing practice in rural areas.

Diesel demand typically surges in April as tractors and harvesters hit the fields. With wheat output expected to be at a record-high, farmers are now seeking temporary relaxations to ensure uninterrupted fuel access and avoid costly delays. Read more.

Sensex, Nifty 50 flash ‘oversold’ signals: India’s stock market is showing signs of extreme pessimism as the Iran war deepens the selloff. Market breadth has weakened sharply, with nearly half of Nifty 500 stocks nearing 52-week lows, according to NSE data. The advance-decline ratio has plunged from 1.38 in January to just 0.2 by the end of March, signalling broad-based weakness.

Technical indicators echo the trend. A small share of stocks trade above their 200-day moving average, while the relative strength index hovers at oversold levels. With continued FII selling, a weakening rupee, and elevated crude oil prices, markets remain fragile despite occasional rebounds. Read more.

A Thrasio reset in India: A walk-in at a store, a last-minute Blinkit buy, a planned Amazon purchase, Gurugram’s Lifelong is showing up everywhere its customers are.

The once online-first brand is now juggling three fronts: e-commerce, quick commerce, and offline retail. That’s helping it scale fast, but also making the business more complex. Supply chains have to be tighter, stores need to work, and after-sales can no longer slip.

Having crossed ₹1,000 crore in revenue, Lifelong is now testing whether the engine that powered its rise, value-driven products, and speed, can hold up as it pushes into a more competitive, omnichannel future. Read more.

NEWS IN NUMBERS

• ₹𝟣𝟢.𝟧 𝖼𝗋𝗈𝗋𝖾: 𝖳𝗁𝖾 𝗆𝖾𝖽𝗂𝖺𝗇 𝖼𝗈𝗆𝗉𝖾𝗇𝗌𝖺𝗍𝗂𝗈𝗇 𝖿𝗈𝗋 𝖢𝖤𝖮𝗌 𝗂𝗇 𝖨𝗇𝖽𝗂𝖺 𝗂𝗇 𝖥𝖸𝟤𝟨, 𝗎𝗉 𝟧% 𝗒𝖾𝖺𝗋-𝗈𝗇-𝗒𝖾𝖺𝗋, 𝗍𝗁𝖾 𝗌𝗅𝗈𝗐𝖾𝗌𝗍 𝗀𝗋𝗈𝗐𝗍𝗁 𝗌𝗂𝗇𝖼𝖾 𝗍𝗁𝖾 𝖼𝗈𝗏𝗂𝖽 𝗉𝖾𝗋𝗂𝗈𝖽, 𝗉𝖾𝗋 𝖣𝖾𝗅𝗈𝗂𝗍𝗍𝖾 𝖨𝗇𝖽𝗂𝖺.
• 𝟧: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝖨𝗇𝖽𝗂𝖺𝗇 𝖺𝗂𝗋𝗉𝗈𝗋𝗍𝗌 𝗂𝗇 𝖲𝗄𝗒𝗍𝗋𝖺𝗑’𝗌 𝖶𝗈𝗋𝗅𝖽’𝗌 𝖳𝗈𝗉 𝟣𝟢𝟢 𝖠𝗂𝗋𝗉𝗈𝗋𝗍𝗌 𝟤𝟢𝟤𝟨 𝗅𝗂𝗌𝗍, 𝗅𝖾𝖽 𝖻𝗒 𝖣𝖾𝗅𝗁𝗂’𝗌 𝖨𝖦𝖨 𝖠𝗂𝗋𝗉𝗈𝗋𝗍 𝖺𝗍 𝟤𝟪𝗍𝗁 𝗉𝗅𝖺𝖼𝖾 𝗀𝗅𝗈𝖻𝖺𝗅𝗅𝗒.
• $𝟥 𝖻𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝖺𝗇𝗇𝗎𝖺𝗅 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝖶𝖺𝗌𝗁𝗂𝗇𝗀𝗍𝗈𝗇 𝖲𝗍𝖺𝗍𝖾 𝖾𝗑𝗉𝖾𝖼𝗍𝗌 𝗍𝗈 𝗀𝖾𝗇𝖾𝗋𝖺𝗍𝖾 𝖿𝗋𝗈𝗆 𝗂𝗍𝗌 𝗇𝖾𝗐 𝟫.𝟫% 𝗂𝗇𝖼𝗈𝗆𝖾 𝗍𝖺𝗑 𝗈𝗇 𝗍𝗁𝖾 𝗐𝖾𝖺𝗅𝗍𝗁𝗂𝖾𝗌𝗍 𝗋𝖾𝗌𝗂𝖽𝖾𝗇𝗍𝗌, 𝗌𝗍𝖺𝗋𝗍𝗂𝗇𝗀 𝟤𝟢𝟤𝟫.
• $𝟪𝟣𝟤,𝟧𝟢𝟢: 𝖳𝗁𝖾 𝗉𝗋𝗂𝖼𝖾 𝖿𝖾𝗍𝖼𝗁𝖾𝖽 𝖻𝗒 𝖺 𝗌𝗂𝗇𝗀𝗅𝖾 𝖻𝗈𝗍𝗍𝗅𝖾 𝗈𝖿 𝟣𝟫𝟦𝟧 𝖣𝗈𝗆𝖺𝗂𝗇𝖾 𝖽𝖾 𝗅𝖺 𝖱𝗈𝗆𝖺𝗇é𝖾-𝖢𝗈𝗇𝗍𝗂 𝗐𝗂𝗇𝖾 𝖺𝗍 𝖬𝖺𝗇𝗁𝖺𝗍𝗍𝖺𝗇’𝗌 𝖫𝖺 𝖯𝖺𝗎𝗅é𝖾 𝖺𝗎𝖼𝗍𝗂𝗈𝗇, 𝗇𝖾𝖺𝗋𝗅𝗒 𝟧𝟢% 𝖺𝖻𝗈𝗏𝖾 𝗍𝗁𝖾 𝗉𝗋𝖾𝗏𝗂𝗈𝗎𝗌 𝗐𝗈𝗋𝗅𝖽 𝗋𝖾𝖼𝗈𝗋𝖽.
• 𝟥𝟢: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗌𝖾𝗋𝗏𝗂𝖼𝖾 𝖼𝖾𝗇𝗍𝗋𝖾𝗌 𝖳𝖾𝗌𝗅𝖺 𝗉𝗅𝖺𝗇𝗌 𝗍𝗈 𝗁𝖺𝗏𝖾 𝗂𝗇 𝖩𝖺𝗉𝖺𝗇 𝖻𝗒 𝗒𝖾𝖺𝗋-𝖾𝗇𝖽, 𝗆𝗈𝗋𝖾 𝗍𝗁𝖺𝗇 𝖽𝗈𝗎𝖻𝗅𝗂𝗇𝗀 𝖿𝗋𝗈𝗆 𝗍𝗁𝖾 𝖼𝗎𝗋𝗋𝖾𝗇𝗍 𝟣𝟦 𝖺𝗌 𝗉𝖺𝗋𝗍 𝗈𝖿 𝖺 𝗆𝖺𝗃𝗈𝗋 𝖾𝗑𝗉𝖺𝗇𝗌𝗂𝗈𝗇.
• 𝟦: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝖺𝗌𝗍𝗋𝗈𝗇𝖺𝗎𝗍𝗌 𝖭𝖠𝖲𝖠 𝗉𝗅𝖺𝗇𝗌 𝗍𝗈 𝗌𝖾𝗇𝖽 𝗈𝗇 𝖠𝗋𝗍𝖾𝗆𝗂𝗌 𝖨𝖨, 𝗂𝗍𝗌 𝖿𝗂𝗋𝗌𝗍 𝖼𝗋𝖾𝗐𝖾𝖽 𝖬𝗈𝗈𝗇 𝗆𝗂𝗌𝗌𝗂𝗈𝗇 𝗂𝗇 𝗈𝗏𝖾𝗋 𝖿𝗂𝗏𝖾 𝖽𝖾𝖼𝖺𝖽𝖾𝗌.
• $𝟩.𝟪 𝗆𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝖺𝗆𝗈𝗎𝗇𝗍 𝖡𝗋𝖺𝗓𝗂𝗅𝗂𝖺𝗇 𝖿𝗈𝗈𝗍𝖻𝖺𝗅𝗅 𝗅𝖾𝗀𝖾𝗇𝖽 𝖱𝗈𝗇𝖺𝗅𝖽𝗈 𝗉𝖺𝗂𝖽 𝖿𝗈𝗋 𝖺 𝗉𝖾𝗇𝗍𝗁𝗈𝗎𝗌𝖾 𝗂𝗇 𝖬𝗂𝖺𝗆𝗂’𝗌 𝖡𝖺𝗒 𝖧𝖺𝗋𝖻𝗈𝗋 𝖨𝗌𝗅𝖺𝗇𝖽𝗌, 𝖿𝗈𝗅𝗅𝗈𝗐𝗂𝗇𝗀 𝗍𝗁𝖾 𝗌𝖺𝗅𝖾 𝗈𝖿 𝗁𝗂𝗌 𝖼𝗈𝗇𝗍𝗋𝗈𝗅𝗅𝗂𝗇𝗀 𝗌𝗍𝖺𝗄𝖾𝗌 𝗂𝗇 𝖱𝖾𝖺𝗅 𝖵𝖺𝗅𝗅𝖺𝖽𝗈𝗅𝗂𝖽 𝖺𝗇𝖽 𝖢𝗋𝗎𝗓𝖾𝗂𝗋𝗈.

AROUND THE WORLD

• A Russian Tanker Tests the Limits of Trump’s Cuba Squeeze
• After Iran, gold is looking less glittery
• The US and China are in a strategic stalemate. What comes next.
• China’s leadership is about to be shaken up
• Trump tells aides he’s willing to end war without reopening Hormuz

CHART OF THE DAY

India's equity market emerged as a global laggard in FY26, with the BSE Sensex skidding 7.1% in its deepest rout since the pandemic. The slump stands in sharp contrast to a global rally, where several peers posted double-digit gains.

LOUNGE RECOMMENDS

Why is Urban India moving away from bright colours in fashion? Look around you. How many people do you see dressed in bright colours? Chances are, not many. I’m writing this at my office desk, surrounded by colleagues in muted shades of white, grey, blue and black. Read more.

WHAT THE FACT

From mice to muscle: The word muscle comes from the Latin musculus, meaning “little mouse”. Ancient observers thought the movement of a flexed muscle under the skin, especially in the bicep, looked like a tiny rodent scurrying around beneath the surface. Over time, musculus became the anatomical term we use today, so every time we talk about building muscle, we’re technically talking about growing our “little mice”.

Top of the Morning captures the latest in business news and stock market you need to know to start your day. Want this newsletter delivered to your inbox? Subscribe here.

Written by Siddharth Sharma. Edited by Alokesh Bhattacharyya.