Prime Minister Modi’s 11th Independence Day speech

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, 16 August 2024. My name is Nelson John. Let's get started.

When ChrysCapital's executives flew to Pune during the covid-19 pandemic, they were looking to invest in FirstCry, a baby products giant founded by Supam Maheshwari. They were struck by Maheshwari's modest office—a sharp contrast to the flashier setups of many new-age entrepreneurs. This meeting led to a 315 million dollar investment in the startup, boosting its valuation to nearly 2 billion dollars. Maheshwari, an introvert unlike the more outspoken Bhavish Aggarwal of Ola Electric, strategically builds businesses with an eye on the long game, focusing on deep market understanding rather than just following trends. Mint’s startup reporter Sneha Shah explores the journey of Maheshwari, who has founded three unicorns - FirstCry, Xpressbees and Globalbees.

Prime Minister Narendra Modi addressed the nation for the 11th consecutive time from the Red Fort on Independence Day. In his first speech since assuming office for the third time, the prime minister spoke for 98 minutes, making it his longest Independence Day speech. He laid out many ambitious plans, from adding 75,000 medical seats over the next five years to ramping up India's renewable energy capacity to 500 gigawatts by 2030. Modi emphasized revamping agriculture with a big push towards natural farming, with plans to use advanced tech like drones, Dhirendra Kumar writes. He's also got his sights set on making India a powerhouse in semiconductor manufacturing to cut down on imports and boost self-sufficiency.

At IIMs - India's top management institutes - students are facing a stagnant job market where median salaries haven't budged much. Median pay - the salary a middle-ranked candidate would get - has stagnated. This is despite the continuous rise in tuition fees due to operational costs. For example, at IIM-Kozhikode, the median salary has been stuck at 27 lakh rupees for the past couple of years. This stagnation is attributed to global economic uncertainties and a cooling job market following the pandemic hiring spurts, reports Mint’s Devina Sengupta. Despite this, institutes are revising their curriculums and infrastructure to better align with industry needs and ensure robust placement outcomes in the future.

India's law ministry is taking a big step towards transforming the country into a top spot for global arbitration. Mint’s Manas Pimpalkhare reports that the ministry wants to streamline processes and cut down on the hefty legal bills the government faces as the country's most frequent litigant. They're studying how places like Singapore and the UK handle arbitration to figure out what changes are needed back home. One of the main goals is to speed up how arbitral awards—decisions made outside of court—are enforced, as Indian assets often get bogged down in other legal tangles, which slows things down.

Indian liquor brands like Amrut, Rampur, and Indri are making a splash on the global stage, catching the eye of the growing Indian diaspora and other premium spirit lovers around the world. In fiscal year 2023-24 alone, overseas shipments of alcohol jumped to a cool 400 million dollars. Whisky's leading the charge with a whopping 67% surge in exports since fiscal year 2019-20, hitting about 5.8 million cases, writes Mint’s Varuni Khosla. Radico Khaitan and Allied Blenders are at the forefront of this trend. Radico's not just winning over folks with its Rampur Indian single malt and Jaisalmer craft gin, but it's also now selling in over 100 countries. The buzz is spreading to beer, too. Goa’s Latambarcem Brewers has started shipping their Maka Di Beer to the US, and Delhi’s Medusa beer is setting sights on the UK.

Show notes:

Inside the reticent mind of FirstCry’s top bee—Supam Maheshwari

Prime Minister Modi’s I-Day speech: 75k medical seats, renewable energy goals and more

IIM grads get a reality check in a tight job market

India aims to be global arbitration hub. And cut costs for its biggest litigant.

Spirits Exports Soar As Single Malts Spice Up Demand