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Best of the Week: From hating winters to waiting for ‘Dilli ki Sardi’
- The FM interview, Budget highlights, Open AI CEO, and RBI rate cut
Dear reader,
Born and raised in Lucknow, I’ve experienced every season in its full intensity—scorching summers, relentless monsoons, and bone-chilling winters. Delhi, in my opinion, is no different—except when it comes to weather extremes, where it’s arguably worse. And here’s my slightly controversial take: I’ve never liked winters. Even as a child, they felt more punishing than pleasant, yet there was no choice but to endure them.
As I grew older, I often dreamed of living in a city with milder weather—or at least one where I could escape the cold. That wish unexpectedly came true in January 2021. The first wave of the pandemic was fading, and my post-graduate college in Bengaluru had finally reopened for in-person classes. Until then, I had never lived away from home, and while leaving my family was difficult, the prospect of escaping winter felt like a personal victory. January in Bengaluru? Pleasant weather? I couldn’t have been happier.
That move marked the beginning of a new journey. Six months later, I landed a job in Mumbai—the city of dreams. My family wasn’t thrilled about the distance, but I found solace in one thought: no winters. That alone felt like a win.
Fast forward 2.5 years, and my family finally convinced me to move to Delhi. Ironically, I arrived in November 2023—just in time for the infamous winter chill. The very season I had spent years avoiding had caught up with me the moment I set foot in the capital.
But then, something changed. I made incredible friends—different from my Mumbai crew (though I miss them, of course), but just as special. They pulled me out of my comfort zone, dragging me to India Gate for late-night ice cream in the freezing cold and to Old Delhi for Aslam’s legendary Butter Chicken. And to my surprise, I loved every moment of it. That’s when it hit me: maybe winters weren’t so bad after all.
Now, as winter 2024-25 rolls in, I find myself feeling…nostalgic. I had planned to relive those moments this season, but Delhi’s winter seems unusually mild this time. Not that I wanted to be tortured by the cold, but a little more chill would have been nice—for the nostalgia, for the fun, for the girl who once despised winter but now secretly misses Dilli ki Sardi (cue the song in the background).
On to the best of Mint’s journalism from this week:
💰 In an exclusive post-Bidget interview with Mint, finance minister Nirmala Sitharaman addressed the headline-grabbing personal income tax cut. She highlighted the unprecedented jump in the starting tax slab from ₹7 lakh to ₹12 lakh, noting that even individuals earning up to ₹25 lakh would benefit due to simultaneous rate adjustments. Sitharaman framed the move as part of the government’s broader effort since 2019 to simplify taxation, build trust, and reduce bureaucratic hurdles. From faceless assessments to the Vivaad Se Vishwas scheme, she emphasized the commitment to recognizing and respecting honest taxpayers. Beyond offering relief, the tax cuts aim to boost consumption, increase savings, and strengthen economic growth—aligning with the vision of nation-building through trust, Sitharaman stated.
🌐 🌐 In an exclusive interview with Hindustan Times during his visit to India, OpenAI CEO Sam Altman described AI’s rapid evolution as “unbelievably more powerful than Moore’s Law.” Initially skeptical of China’s DeepSeek R1’s low-cost claims, he now views the rise of powerful small language models as a major breakthrough. Discussing India’s AI strategy, Altman acknowledged a shift from his earlier stance, noting that frontier models are now far more affordable to develop. He highlighted India as OpenAI’s second-largest market, with user growth tripling in a year. While staying tight-lipped on infrastructure expansion, he hinted at exciting announcements ahead.
💵 The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points to 6.25%, its first rate reduction in five years. This move is expected to ease the burden on retail borrowers, as banks are likely to pass on the benefits to those with floating-rate loans. With over 59% of loans linked to external benchmarks like the repo rate, borrowers could see lower EMIs or shorter loan tenures. Similar to post-pandemic rate cuts, banks are expected to ensure smooth transmission, making credit more affordable for both individuals and businesses. Read Shayan Ghosh's detailed report here.
🚢 Amid rising global trade tensions, India is crafting an action plan to safeguard its exports from potential US tariffs, Mint's sources reveal. With the US imposing steep duties—25% on imports from Mexico and Canada (10% on Canadian energy products) and 10% on Chinese goods—retaliatory measures have followed, heightening trade war fears. At home, inter-ministerial talks are underway to assess the impact on key Indian exports like garments, electronics, engineering goods, and pharmaceuticals—sectors that saw exports to the US surge from $38.84 billion in FY22 to $46.43 billion in FY24. While uncertainties loom, India remains focused on strengthening domestic manufacturing.
🧠 Google searches for "ADHD" in India have skyrocketed by 614% in five years, mirroring a rise in diagnoses across all age groups. Once obscure, attention deficit hyperactivity disorder (ADHD) is now widely discussed, fuelled by social media. However, credible information remains scarce. At Mannotsava, a national mental health festival, Dr. Eesha Sharma of NIMHANS emphasized that ADHD is a developmental delay impacting focus, self-regulation, and impulse control. Diagnosis depends on severity and context—what's normal at a dance party may be disruptive elsewhere. While social media spreads awareness, experts stress clinical evaluations as the gold standard, incorporating family history and behavioural patterns for an accurate diagnosis. Read Natasha Joshi's detailed report here.
🪈 Naveen Jindal, chairman of JSPL, is quietly building a global steel empire that could rival his listed Indian company. Over the past five years, he has expanded strategically across Europe, the Middle East, and Africa—securing mines in Mozambique and Cameroon, steel units in Oman, and a value-added facility in the Czech Republic. Now, his biggest bet yet: acquiring Italy’s Acciaierie d’Italia, Europe’s largest steel plant. Among three bidders, privately held Jindal Steel (International) is a frontrunner. If the deal goes through, Jindal could command a 14-MTPA private steel empire by 2028, cementing his place among global steel titans like Lakshmi Mittal and Sajjan Jindal. What’s next for his steel ambitions?
🥜 The Indian government is working to secure a dedicated HSN (Harmonized System of Nomenclature) code for makhana, or foxnuts, to streamline exports and boost global trade. Currently categorized under generic “dry fruits,” makhana lacks proper tracking in export data. A unique HSN code would standardize its classification, simplifying taxation and documentation. This move follows the government’s decision to set up a Makhana Board in Bihar, which supplies over 90% of India's production. With India’s makhana market projected to grow from ₹7.8 billion in 2023 to ₹18.9 billion by 2032, securing the HSN code—expected by April—will enhance its global reach and strengthen India’s position in the healthy snacks segment.
💸 Finance Minister Nirmala Sitharaman, in her Budget speech, highlighted plans to boost the spending power of India’s middle class, offering tax relief for incomes up to ₹12 lakh. But does this truly define India’s middle class? The term lacks a clear-cut definition. Typically, the middle class includes around 60% of the population by income, yet India lacks comprehensive national income data. Household consumption surveys offer some insights but exclude savings and investments. Tax return data, covering just 7% of adults, suggests the middle 60% earns ₹3.5-9.5 lakh annually. Meanwhile, per-capita income remains far below exemption limits, raising questions about whether tax benefits truly target India’s real middle class. Check the full report here by Manjul Paul, and Pragya Srivastava.
💹 Carlyle Group's subsidiary, CA Magnum Holdings, is set to profit as Hexaware Technologies returns to public markets with a ₹8,750 crore IPO next week. The private equity firm will offload nearly 20% of its 95% stake in the IT services company, with all proceeds going to Carlyle. Priced between ₹674 and ₹708 per share, the IPO is an offer-for-sale, meaning no fresh capital will be raised. With an average acquisition price of ₹385.35 per share, Carlyle stands to make 1.8x its investment at the upper end of the price band. The IPO will open on 12 February and close on 14 February, with listing slated for 19 February.
💶 Employees hoping for a better pay hike in 2025 may be disappointed, as salary increments are expected to be marginally lower than in 2024. With corporate earnings slowing and economic growth stagnant, firms are tightening budgets further, following the lowest increments in seven to eight years. Companies, shifting focus from post-pandemic hiring frenzies to retaining top talent, are offering perks like exclusive credit cards to keep employees happy. However, experts predict a smaller pool of high-rated employees, leading to lower overall increases. Aon’s survey estimates a 9.3% average salary hike for 2025, while Mercer projects 9.4%. In sectors like banking, hikes could be even lower due to credit pressures.
That's all for this week. I hope you have a pleasant weekend!
If you have any feedback, want to talk about food, or have anything else to say about our journalism, write to me at shravani.sinha@livemint.com or reply to this mail. You can also write to feedback@livemint.com.
Best,
Shravani Sinha
Senior Correspondent
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Business NewsWeekendBest of the Week: From hating winters to waiting for ‘Dilli ki Sardi’
First Published:8 Feb 2025, 07:00 AM IST
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