Best of the Week: Can NDA keep its promises to the people of Bihar?

Dear reader,

Bihar’s elections concluded on Friday, with the state’s 74.5 million eligible voters giving a clear mandate to the Nitish Kumar-led National Democratic Alliance (NDA) coalition. The NDA was leading on more than 200 of the 243 assembly seats in the states by the time this newsletter was written.

Bihar’s next NDA-led government will step in with big promises but very little fiscal room to deliver them. The state’s revenues, about ₹2.4-2.6 trillion, are already stretched, with nearly 60% locked into salaries, pensions, and interest. That leaves little room for ambitious commitments, such as creating 10 million jobs or building seven new expressways. Even recent boosts from the Finance Commission barely dent the gap.

This mismatch between ambition and money is stark. Building expressways, upgrading airports, or expanding agriculture programmes will require massive central support, clever financing, and far stronger administrative capacity than Bihar has shown in recent years. Experts warn that without a disciplined plan and private-sector participation, many promised jobs could end up temporary or low-paying.

Can the NDA’s lofty election promises withstand Bihar’s stark fiscal reality? Rhik Kundu and Subhash Narayan tackle that question in this report.

On to, best of Mint’s journalism from this week.

Can startups make Indians trust health supplements?

India’s health supplement boom, fuelled by pandemic-era wellness trends, influencers, and rising disposable incomes, is colliding with a deep trust deficit. While some consumers swear by products from startups like The Good Bug, others report mixed or adverse results. Lax Food Safety and Standards Authority of India (FSSAI) regulations allow quick, marketing-led launches without clinical proof, raising safety and efficacy concerns. Now, leading brands such as Kapiva, The Good Bug, and Wellbeing Nutrition are turning to clinical trials, doctor partnerships, and transparency platforms to rebuild credibility. For India’s $8-billion nutraceutical market, science—not hype—may be the ultimate differentiator.

Hyundai’s India reinvention

Hyundai is gearing up for its biggest identity shift yet—from Korean challenger to India-grown brand. As local rivals Tata and Mahindra close in, the company’s India strategy is being rewritten under its first Indian CEO, Tarun Garg. But can Hyundai protect its hard-won No. 2 position with a bold 26-car rollout and a ₹45,000 crore investment push? And does growth require shiny new nameplates—or smart reinventions of icons like the Creta and Venue? As Garg takes charge, the mission is to boost market share, sharpen profitability, ramp up exports, and prove Hyundai’s future in India is as rooted as any homegrown player.

Will Pratt & Whitney finally end Indigo’s turbulence?

IndiGo may finally be nearing smoother skies—Pratt & Whitney has assured the airline it will replace faulty engines on 40 grounded aircraft by June 2026. But will this timeline hold amid global supply bottlenecks? And what could this mean for fares, profitability, and that packed Mumbai-Delhi route everyone flies? If IndiGo gets these planes back in the air, analysts say the revenue boost will far outweigh compensation from the engine maker, helping the carrier cut costly leases and ramp up capacity just as new airports open.

ABS for all two-wheelers

India’s top two-wheeler giants—Bajaj, Hero, TVS—are asking the government for a phased rollout of the upcoming ABS mandate. And honestly, who can blame them? With costs expected to rise by ₹3,000-6,000 and suppliers already stretched thin, can the industry realistically upgrade 19 million vehicles in one shot? Only 16% of bikes today even have ABS! With heavy import dependence and limited domestic capacity, brands argue a phased plan could actually make India safer—without breaking wallets or supply chains.

Tax-free living—but at what cost?

What makes Dubai so irresistible for Indian professionals? Is it the glittering skyline—or the simple math of keeping every dirham you earn? For Sushmeet Singh, who moved in 2008 “just for two years”, Dubai’s tax-free income quietly reshaped his entire life plan. Sure, lifestyle, schooling and healthcare cost more, but Singh insists the world-class safety, infrastructure, and everyday convenience justify the premium. Yet does zero income tax balance out high rents, insurance bills and pricey leisure? For many like Singh, the answer is yes. With business-friendly rules, a thriving expat ecosystem and the Golden Visa advantage, Dubai becomes home.

Ola founder’s repeated share pledges raise fresh red flags

Bhavish Aggarwal has again pledged a slice of his Ola Electric stake—now over 10% of his 30% holding—to secure a loan for an undisclosed group company, marking his third pledge since the August 2024 IPO. What worries investors is that the money is being invested in his private AI venture, Krutrim, rather than Ola Electric. With the stock down 41% since listing, collateral requirements have risen, forcing Aggarwal to top up funds. Meanwhile, Ola Electric faces declining sales, revised revenue guidance, upcoming debt repayments, and pressure to raise new capital, deepening concerns about promoter risk and the company’s financial stability.

Tata Motors’ long-awaited split finally unlocks value

More than 25 years after Ratan Tata first floated the idea, Tata Motors has finally split into two independent companies, its trucks-and-buses business and its passenger vehicles arm, which includes Jaguar Land Rover. The commercial vehicle entity debuted strongly, closing 27% above its discovered price, while the passenger vehicles firm dipped slightly. Together, the two new companies are worth more than the pre-demerger Tata Motors, reflecting a 12.5% value unlock. Chairperson N. Chandrasekaran said the split gives each business the freedom to pursue distinct ambitions, stronger financial metrics, and future plans, from scaling premium cars to integrating the Iveco acquisition and navigating the challenging commercial vehicle cycle.

Cognizant tests mouse-and-keyboard tracking, raising employee concerns

Cognizant is experimenting with micro-productivity tracking, rolling out a training module that familiarizes executives with tools like ProHance that monitor productivity through mouse and keyboard activity. Employees are marked as “idle” after five minutes of inactivity and “away” after 15 minutes—metrics that some fear signal a shift toward tighter surveillance. Cognizant states that the tracking won’t be used for performance evaluations and is limited to select client projects, but several employees told Mint that the course was mandatory and required clicking “I agree”. Analysts say the move reflects rising client demand for measurable productivity, AI-driven process redesign, and margin pressure. While such tools are becoming industry standard, workers worry about privacy and creeping micromanagement.

India cements its lead in global migration, but student routes shrink

India remained the top source of migrants to OECD nations in 2023, with over 600,000 people moving to countries like the US, UK, Canada, and Australia, far ahead of China. Citizenship gains hit a record, too, led by Australia and Canada. Healthcare continues to be a major driver: one in six Indian migrants in 2024 was a health worker, and OECD nations now employ nearly 100,000 Indian-born doctors and over 120,000 nurses. However, student migration, a traditional pathway to permanent residence, is slipping away rapidly as the US, UK, Canada, and Australia tighten visa rules. Meanwhile, asylum requests from Indians have surged nearly threefold since 2019, driven largely by economic motivations. The big picture: Indian mobility is high, but its pathways are rapidly changing.

Government moves to tackle real estate distress with sweeping reforms

The corporate affairs ministry has begun working with key ministries and regulators on a new reform blueprint aimed at accelerating stalled housing projects and enhancing insolvency outcomes for developers. A cross-ministry committee—now being formalized—will draft commercially viable solutions within six months, focusing on restoring public confidence in a sector where more than ₹4 trillion worth of projects were stuck as of 2023. The panel will also explore expanding the Swamih Fund’s scope, enhancing the NCLT capacity, improving coordination between the IBC and RERA, and considering project-wise insolvency, although homebuyers are divided on its merits. The effort follows Supreme Court directions and signals a major push to untangle India’s long-running real estate logjam.