"India’s biggest reform, in my opinion, was the Jan Dhan Yojana (PMJDY) — and it was also the cheapest. Reform isn’t about spending more."

"Though late, the RBI has now done everything it could on the monetary policy front to boost growth."

"In my view, GDP growth for the current fiscal year will exceed 6.5%, but that’s still not something we should be satisfied with," says Professor Prasanna Tantri on What This Means with Diksha.

On what’s going wrong, we discuss:

— The three reforms needed to achieve 9% GDP growth
— The many challenges around access to credit and the state of fintech firms
— Problems with the GST: What was promised vs what we got
— The urgent need to improve the ease of doing business
— The low savings rate and its impact on investment
— The rise in cash-to-GDP ratio, even amid booming digital transactions

“The moment Western funding and arms and ammunition stop flowing into Ukraine, the war is over,” says Sudharshan Garg.

In this episode, we discuss:

— Takeaways from Ukraine's Operation Spider Web

— Is the future of warfare now drone-driven?

— Is internal security as important as border security in modern warfare?

— As much as Trump has been taking credit for peace and warning both Russia and Ukraine, is either of them actually listening to him?

— Will the Ukraine-Russia war now expand to Europe as well?

— Where does all of this fit into the nuclear doctrine of Russia?

This is all you need to know about the Indus Water Treaty suspension!

Rohit Pathania, in this episode with Diksha Yadav, explains (Recorded on 28 April 2025):

- Why was the decision for IWT abeyance not taken earlier when heinous attacks happened?

- How long can the IWT suspension last?

- How IWT abeyance by India impacts Pakistan's economy and politics

- How does it benefit India?

- Can Pakistan halt the hydropower projects in J&K in the future?

- Off the topic: What to make of the Pak's propaganda and the memes online

- What China can and cannot do to help Pakistan

- After IWT abeyance, what's the next damage that can be inflicted in the immediate term?

"I'm not impressed with your (locals) candle marches. I am not impressed with you going on television and saying that we are sorry. I am not impressed with all those. We don't need your apologies.

"Do you, in your dealings, say that 'this is it; enough is enough,' do you tell them (terrorists) 'you do not get support from us,' like locals said to the terrorist Khalistanis in Punjab back in the 1980s & '90s?

"You go on TV, you do candle marches because you are worried now. All that is because they (locals) now know that a lot of people are going to be picked up for interrogation. They're worried about what they call crackdowns now," says Sunanda Vashishtha on 𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀 with Diksha Yadav.

Ajay Srivastava is a former Indian Trade Service officer with expertise in trade policy making and WTO/FTA negotiations. He is also the founder of the Global Trade Research Initiative (GTRI).

In this episode of What This Means, we discuss:

— Where is the US-China tariff war headed, and who will suffer more?

— Why is Trump pursuing this strategy? Will the US lose geopolitical trust and long-term trade integration?

— What are the short- to medium-term impacts on India? What should India’s stance be on China?

— What India needs to do to increase its favourable outcomes and make the most of the situation.

Swarajya's Jaideep Mazumdar explains:

- Why Bengali Hindus vote for Mamata Banerjee and her party

- Why 'intellectuals' of Bengal have been silent about the Murshidabad violence

- The drawbacks of BJP in West Bengal

- Whether a strong RSS presence in Bengal can help the BJP in the assembly elections

Deepak M Nadiger has been CEO of multiple pharma companies and is an active angel investor in startups in the manufacturing & aligned economy space.

In this episode we discuss the various challenges businesses, startups and investors face and what they expect from the government.

— The funding & high capital cost

— The scaling challenge & bad infra

— ‘Interpretation Raj’— compliance burden & vaguely worded regulations

— Payment delays & MSME schemes

— Can digitalisation of government processes and verifications help?

— Quick e-commerce vs the Kirana stores

Dr Prasanna Tantri is an Associate Professor of Finance and Executive Director at the Centre for Analytical Finance at the Indian School of Business.

Time Stamps

00:00 — RBI's repo rate cut & accommodative stance: why it was necessary & what it means

02:40 — '6.5% GDP growth rate is below our potential.'

05:11 — Can borrowers expect a reduction in EMIs & loans? How will it impact businesses?

08:57 — 'Let the rupee FALL!' & the ideal repo rate

13:59 — RBI's GDP projection revised to 6.5%

16:20 — The US tariffs & why India doesn't have its own BYD?

21:20 — Why are large/established firms not innovating & lobbying for protection?

23:34 — RBI's revised inflation target at 4%

24:43 — India economic trajectory from here

27:12 — What RBI should focus on next & easy access to credit

Prof Prasanna Tantri on X: @TantriPrasanna

Host Diksha Yadav on X: @dikshayadav_