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Best of the Week: Why I miss Republic Day parades
- Expectations from the Budget, Trump 2.0, and the Maha Kumbh economy
Dear reader,
I don’t know about you, but as a kid, Republic Day mornings meant one thing: tuning into Doordarshan. It wasn’t just a channel—it was the channel, and 26 January was its Oscars night. I wouldn’t be surprised if Republic Day is the busiest day for the national broadcaster, thanks to one grand spectacle: the Republic Day parade.
Waking up on a chilly January morning, wrapped in a quilt, to watch dazzling tableaus, impressive weaponry, and planes streaking across the sky was pure magic. The synchronized steps of uniformed men marching for miles were hypnotic, a display of discipline and pride.
In 2015, my obsession with the parade reached its peak when my sister scored me a pass to see it live. And not just any parade—it was the parade, with Barack Obama as the chief guest. Imagine the then-President of the United States rolling onto Rajpath amid cheers so loud they could rival a cricket stadium.
Security in Delhi was another level that year. Attendees were frisked for what felt like ages—20 seconds per person might not seem like much, but multiply that by the thousands, and you’ve got a logistical marathon. Getting to the bleachers became an endurance test, but none of it mattered once the parade began.
Despite the rain and Delhi’s infamous chill, the 2015 parade remains unforgettable. There we were, braving the cold, watching a US president marvel at Russian tanks from a bygone Cold War era. The irony wasn’t lost on anyone.
So why am I writing about the Republic Day parade now? Because so much has changed. Rajpath is now Kartavya Path. The Prime Minister no longer pays homage at India Gate before the parade. Even the politics of picking tableaus has shifted. But for me, it’s about the nostalgia of simpler times—when watching the parade brought unfiltered joy, and life felt just a little bit easier.
With that, I wish everyone a happy Republic Day!
On to the best of Mint’s journalism from this week:
💸 Finance Minister Nirmala Sitharaman is considering offering more attractive income tax breaks in the upcoming FY26 budget to boost household spending amid economic challenges. Sources told Gireesh Chandra Prasad that the discussions are focused on increasing the standard deduction beyond ₹75,000 and raising the basic tax exemption limit from ₹3 lakh. Also, on reconfiguring the tax brackets up to ₹15 lakh to provide broader relief. These proposed changes aim to stimulate consumption by adjusting the personal income tax structure, particularly targeting those earning between ₹3 and ₹15 lakh. With economic growth expected to slow to 6.4%, these fiscal measures, alongside maintaining elevated capital expenditure, are seen as crucial steps to invigorate the economy. The government is also looking to balance these tax cuts with fiscal responsibility, aiming to keep the deficit within 4.5% of GDP next year.
🛕 At Prayagraj's Maha Kumbh Mela, a grand spiritual gathering attracting over 400 million visitors this year, businesses are seizing the opportunity to cater to the massive influx. The festival, held once every 12 years, not only promises spiritual fulfilment but has also turned into a bustling economic hub. According to Sprout Research, the event is expected to generate financial transactions worth around $30 billion. Amid this, social media influencers are earning significant sums by promoting everything from local businesses to spiritual activities. They look to capture the festival's essence through videos and posts, and charge up to ₹30,000 for a single post. Local tour operators are also capitalizing on the event, offering packages that include holy dips with sadhus for anywhere from ₹50,000 to ₹1 lakh. Even large corporations, the Reserve Bank of India and lenders such as Bank of Baroda are using the event to promote digital privacy, cybersecurity and digital payments. Advertising has spiked, with costs for promotional spaces significantly higher than in previous years. Read Devina Sengupta’s detailed report on India’s unique mela economy from the grounds of the Maha Kumbh in Prayagraj.
🇺🇸 As Donald Trump begins his second term as US president, there’s a lot of speculation about how his policies might unfold, especially when it comes to India. With control over both the House and the Senate, Trump is well-positioned to push through his agenda, which remains as unpredictable as ever. His priorities? Slapping hefty tariffs on imports to boost American manufacturing, cutting taxes, and taking tough measures on immigration, writes N. Madhavan. Trump's decision to sign around 100 executive orders right off the bat could reshape US policies on everything from immigration to trade. These moves could have a big ripple effect globally. For India, things look relatively positive, as ties between the two countries were pretty solid during Trump's first term, thanks to strong personal chemistry between Trump and Indian Prime Minister Narendra Modi. However, there are potential challenges. Trump's tariffs on Chinese goods could spark a trade war, slowing down the global economy and affecting Indian exports. Plus, there's the issue with H1B visas, crucial for India's tech industry, which are caught in a tug-of-war within Trump’s support base.
⚔ The division of real estate magnate Mangal Prabhat Lodha's empire aimed to prevent family conflict but has led to a legal battle between his sons Abhishek and Abhinandan Lodha. Despite an initial settlement that divided the business, including a payout to Abhinandan, the younger sibling, disagreements over the use of the Lodha name have surfaced. Abhishek's company, Macrotech Developers, has sued to stop Abhinandan’s business, The House of Abhinandan Lodha, from using the Lodha name, claiming it confuses customers and dilutes the brand. The dispute has become public, hampering Macrotech's stock and highlighting the complexities of family business transitions and brand management. Nehal Chaliawala and Varun Sood take a deep dive into the conflict in the Lodha family.
🎆 Coldplay is back in India, hitting stages in Mumbai and Ahmedabad as part of their Music of The Spheres world tour. Despite the high ticket prices, fans across generations are eager to experience their music live, spending big on tickets, travel, and accommodations. Interestingly, Coldplay’s fan base isn’t just limited to those who grew up listening to them. A lot of their younger fans weren’t even born when the band started in 1997 but are just as enthusiastic, drawn by the band's ability to blend their classic hits with modern vibes. Anil Makhija from BookMyShow notes the band’s broad appeal: “Their music captures the hearts of both older audiences and the younger generation, making their concerts a rich, multi-generational gathering.” This pattern isn’t just unique to India. Globally, older bands like Coldplay continue to draw crowds with their timeless music, proving that good tunes know no age. With their music finding new fans through social media and their ability to adapt to contemporary sounds, Coldplay manages to keep their legacy alive and kicking, captivating listeners across the spectrum. Whether it's the nostalgia for the older fans or the discovery of new hits for the younger ones, Coldplay's tours are more than just concerts—they're a celebration of enduring music that crosses generational divides. Soumya Gupta takes a deep dive into the cultural phenomenon of Coldplay and how a millennial band is charming a Gen Z audience.
💵 UPI Circle, a feature on the BHIM app, allows a primary user to authorize a secondary user to handle transactions from their bank account. This is ideal for helping those who may struggle with digital payments and offers both full and partial delegation options. In full delegation, secondary users can process transactions up to ₹15,000 per day without further approval. Partial delegation, however, requires the primary user’s confirmation for each transaction, adding a layer of security. The service is available through the BHIM app, and is supported by major banks including SBI, HDFC, and ICICI. But it's not yet live on the more popular UPI platforms such as PhonePe or Google Pay. Anil Poste writes about the latest feature on the BHIM app, which allows you to pay for your friends and family.
🚅 India's bullet train network is set to expand, with the government planning to create new high-speed rail corridors across the country. Railway minister Ashwini Vaishaw, speaking to Subhash Narayan, said this expansion will harness indigenous technology developed in collaboration with Japanese experts, building on the experience gained from the Mumbai-Ahmedabad project. The National High Speed Rail Corporation Ltd has already identified seven additional corridors, with detailed project reports for most of them submitted or scheduled for completion soon. This initiative aims to connect major cities via a golden quadrilateral of bullet trains, enhancing connectivity and reducing travel times significantly. The government is also focusing on increasing the indigenization of high-speed rail technology to reduce costs and promote local manufacturing. There are also plans to upgrade the domestically produced Vande Bharat trains to higher speeds to complement the bullet train services.
🏦 The Reserve Bank of India is making strides towards making the rupee an international currency by allowing non-residents to open rupee accounts in the overseas branches of authorized Indian banks. This move, part of a broader effort to encourage cross-border transactions in the rupee, follows RBI's consultation with the central government and builds on recommendations from a 2022 RBI committee aimed at integrating the rupee into the global financial system more effectively. Now, non-residents can manage both current and capital transactions with Indian residents through these accounts and also use them to invest in rupee assets, Gopika Gopakumar reports. For example, a non-resident Indian in the US can hold rupees received from exports to India and use them for various payments, including for imports back into India. This flexibility could significantly streamline the management of trade finances. However, bankers are cautiously optimistic, noting that the rupee's non-convertible nature might slow its adoption for international transactions.
🍿 Since the covid pandemic, there's been a big shift in India's snacking habits, with a growing focus on healthier choices. This change has sparked a surge in the popularity of products such as protein bars, makhana, quinoa puffs, oats bhujia and ragi chips, thanks to new-age companies such as Farmley, Happilo, Evolve Snacks and Open Secret. These brands are tapping a market that was once considered niche but is now going mainstream. Happilo and Farmley are seeing impressive growth, with revenues skyrocketing as they cater to the health-conscious. This shift has even caught the attention of big FMCG players such as ITC, Marico and Tata Consumer, which are now acquiring startups in this space. However, creating snacks that are healthy, tasty and affordable remains a challenge, writes Samiksha Goel, as ingredients that boost health credentials are often more expensive. Yet, the industry is striving to balance these factors to keep these snacks appealing and affordable.
☔ India's government is considering changing its initial plan to merge three struggling general insurers—National Insurance, United India Insurance, and Oriental India Insurance—into a single entity. Instead, it may now select one of these insurers for privatization this fiscal year while bolstering the others with additional capital to strengthen their balance sheets. The decision will be informed by an upcoming assessment of their financial performance. A merger and public listing of the three insurers had been proposed in the 2018-19 Union Budget, but progress has been slow. NITI Aayog had suggested privatizing United India Insurance, but this plan is yet to materialize. As of the December quarter, the solvency ratios of the three insurers were significantly below the regulatory minimum of 1.5, indicating financial instability. However, New India Assurance, the market leader, maintained a healthy solvency ratio and is not being considered for privatization.
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 siddharth.sharma1@htdigital.in or reply to this mail. You can also write to feedback@livemint.com.
Best,
Siddharth Sharma
Community Editor
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First Published:25 Jan 2025, 06:43 AM IST
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