Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, January 16, 2025. This is Nelson John, let's get started.

A group of prominent investors, including Switzerland's Partners Group AG, Canada's Brookfield Asset Management, and KKR, are eyeing a stake in Indian internet services provider Excitel Broadband. They're part of a $200 million equity deal and have signed non-disclosure agreements as part of the process managed by Avendus Capital. Other potential investors like Macquarie Group, Apax Partners, and Actis Llp are also in the mix, reflecting strong interest in the company, which was founded in 2015 and now serves 1 million subscribers across 55 cities. Utpa Bhaskar reports on the potential acquisition of Excitel.

The Indian government is considering a revision of customs duties and procedures in specific sectors for the FY26 Union budget. This initiative aims to make it more appealing for manufacturers of finished goods to also produce components or semi-finished products, thereby enhancing trade ease and export competitiveness. Particularly, the electronics and consumer goods segments, including air conditioners and washing machines, might see duty revisions to encourage domestic production of components, according to Gireesh Chandra Prasad and Dhirendra Kumar's report. This strategy follows the successful model used in the mobile phone industry, where increased customs duty on finished products spurred local component manufacturing.

Travel companies are buzzing with excitement as the Maha Kumbh Mela in Prayagraj is expected to draw a staggering 400 million visitors over the next six weeks. This year's festival is extra special, marking a 144-year cycle milestone, and it's triggered a massive demand spike for travel and accommodation. Responding swiftly, Air India has launched daily flights from Delhi to meet the soaring demand, with airfare prices shooting up significantly. Hotels are also seeing a tenfold booking increase, with costs rising across nearby cities like Varanasi, reports Varuni Khosla. Travel agencies, including giants like Thomas Cook, are capitalizing on the surge, rolling out extensive packages that range from basic stays to luxury spiritual retreats. The festival's economic impact is immense, with an expected generation of Rs 2 trillion in revenue, benefiting not just the travel sector but also local businesses across a spectrum of industries.

In the chilly fog of the Khanauri border between Punjab and Haryana, a renewed farmer protest simmers along National Highway 52. Thousands of farmers have braved the elements since February of last year, their resolve unshaken by winter's bite, this time demanding legal backing for Minimum Support Prices (MSP) for their crops. These protests, although less vibrant than the massive gatherings at Delhi’s borders in 2020, are deeply rooted in concerns over crop pricing. The government does set MSPs annually for 23 crops, but in reality, consistent purchases at these prices are mostly limited to wheat and rice. Farmers argue this system fails to protect them against market volatility, particularly for crops like groundnuts, soybeans, and moong, where they often receive less than the promised MSP. So, is there an end in sight to these protests? Sayantan Bera tackles that question as he takes a deep dive into the ongoing farmers' protests in today’s Long Story.

The upcoming Union budget is set to show Indian Railways' operating ratio at its best in five years for FY26, thanks to higher freight revenue and increased government funding. This key efficiency metric, which indicates how much the Railways spend to earn ₹100, is expected to dip below 98% for the first time since FY21, signalling stronger financial health and more room for capital expenditure. This improvement follows a few tough years where the operating ratio often exceeded 98%, highlighting financial strains mainly due to heavy pension liabilities, writes Subhash Narayan. However, from FY23 onwards, a rebound in freight and passenger revenues has bolstered the Railways' finances, suggesting a sustainable recovery is in the cards.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, January 15, 2025. This is Nelson John, let's get started.

Telangana owes roughly ₹3,900 crore to alcohol businesses, a substantial amount of dues that has been accumulating under the administration of Telangana Beverages Corporation Ltd (TGBCL), a state-run entity controlling alcohol sales. This situation stems from TGBCL's static pricing model since 2018-19 and delayed payments, straining suppliers like United Breweries Ltd (UBL), which has even halted beer supplies due to unprofitability. TGBCL's financial woes are due to decreased non-tax revenue, which fell dramatically short of the 2024-25 projections, coupled with high expenditures from recent political commitments. This financial shortfall has led to payment delays, with outstanding dues only partially cleared post-September 2024. Varuni Khosla explains what went wrong with the alcohol industry in Telangana.

The recent heavy selling by foreign portfolio investors has significantly impacted the Indian stock market, wiping out nearly ₹60 trillion in investor wealth over the last three and a half months. This sell-off, primarily fueled by FPIs withdrawing a net ₹1.85 trillion since October, has coincided with a weakening rupee and rising oil prices,reports Ram Sahgal. Market capitalization plummeted from a high of ₹473.84 trillion on September 27, when the Nifty 50 index peaked, to ₹414.23 trillion recently, marking a 12% drop in the benchmark index. Both the Nifty Smallcap 250 and Nifty Midcap 150 indices have similarly fallen by 13.5% from their late September highs. The primary drivers for this exodus include the depreciation of the rupee and escalating crude oil prices, influenced by new US sanctions on Russia and anticipated policy shifts as the US transitions from President Joe Biden to President-elect Donald Trump.

India is currently in talks with several countries to establish "data embassies" on its soil, a move aimed at allowing these nations to store and control their sovereign data while enhancing India's role as a secure data hub. Particularly advanced are discussions with the UAE to set up its first data embassy in India, Shouvik Das reports. The plan involves creating special zones dedicated to housing these data embassies, similar to how consular sections of embassies operate, ensuring the home country manages all privacy and access controls. The idea, inspired by Estonia's establishment of the world’s first data embassy in Luxembourg following a cyberattack in 2007, could provide India with significant geopolitical leverage. Data embassies could serve as secure storage sites during crises or allow countries to manage data without adhering to local data laws, potentially simplifying international business operations.

The national rural job guarantee scheme, MGNREGS, might see a budget boost in FY26. Although this year's funding isn't expected to change, there's talk of increasing it next year due to potential challenges in the rural economy. Despite some recent improvements in rural consumption thanks to better rainfall, the number of people seeking work under the scheme hit a four-month high in December, reaching 25.73 million. This spike shows there's still a big need for support, Dhirendra Kumar and Rhik Kundu report. A parliamentary committee has even pushed for higher wages in the scheme to keep up with inflation, which would mean more money is needed. So, while FY25's allocation might stay the same, the government is looking to ramp up funding in FY26 to keep supporting those in need.

Kolkata is experiencing a renaissance in its real estate and business sectors, shaking off its old image as a less business-friendly city. Recent developments include major projects like Phoenix Mills Ltd's creation of the city's largest mall in Alipore and Ambuja Neotia Group's expansion into luxury hotels and residential projects. The city is also drawing attention from the IT sector, as highlighted by Infosys opening a major development centre in New Town, which is expected to house 4,000 employees. This move supports the state's ambition to transform the area into a 'New Silicon Valley,' potentially generating 75,000 jobs. Despite these advancements, Kolkata's growth is hampered by outdated land acquisition laws that complicate large-scale development projects, Madhurima Nandy writes. While the state government has acknowledged these issues and promised reforms, progress has been minimal.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, January 14, 2025. This is Nelson John, let's get started.

Mark Zuckerberg has announced that Meta is saying goodbye to independent fact-checking on Facebook and Instagram. Instead, they're rolling out a new system called 'community notes,' similar to what's used on Elon Musk's X. This new setup will rely on users to flag false information through a consensus mechanism. Zuckerberg's big push here is to cut down on automatic post bans and broaden the type of political content allowed, aiming to reduce what he sees as excessive control by automated systems. In India, where Meta deals with a highly complex landscape of 18 languages, they currently work with 11 fact-checking partners. Shouvik Das writes how the transition to community-driven fact-checking might struggle with accuracy, as seen with X's challenges in India, one of the world's biggest online markets. Yet, Meta might fine-tune this approach, possibly reintroducing some human oversight to strike a balance.

Alivaa Hotels, a fledgling hospitality company backed by Ananta Capital, is rapidly expanding with an ambitious plan to manage 50 properties in five years using an asset-light model of leasing rather than owning properties. This trend of leasing properties is gaining traction among new-age hoteliers who see it as a way to reduce capital expenditure and increase agility in the competitive hospitality industry, reports Varuni Khosla. By renting properties and focusing on high-margin room services, companies like Alivaa can streamline operations and focus on profitability. This model is particularly appealing in tier II and III cities, where property ownership costs can be prohibitive.

India is stepping up its game to improve quality standards for consumer products, taking cues from the US and EU. The government is aiming to weed out counterfeits by introducing random testing and focusing on high-risk items like electronics and toys, Dhirendra Kumar reports. This shake-up, managed by the Bureau of Indian Standards along with other bodies like the Food Safety and Standards Authority for food items, is a response to concerns about nearly a third of the market's goods being fake. With stricter checks and a focus on transparency, India hopes to boost consumer confidence and ensure safety, paving the way for a thriving market that's projected to boom and create numerous jobs by 2030.

The podcast industry in India, which boomed during the COVID-19 lockdowns, is now evolving from audio-only formats to include visual content, primarily on platforms like YouTube. This shift is attracting a broader audience and making it easier to secure advertising and sponsorships. However, the increased production costs pose a challenge to profitable monetization. Amit Doshi of IVM Podcasts-Pratilipi told Lata Jha that while viewership has skyrocketed with the addition of video, the higher drop-out rates on YouTube compared to audio-only formats suggest that engagement levels may vary. Industry insights suggest a diverse range of popular genres, from horror to self-help, are thriving, particularly on Spotify. Yet, there's a concern about the passive consumption of podcasts in public spaces, which might inflate viewership figures without reflecting genuine engagement.

The landscape of consumer engagement is rapidly changing with the emergence of direct-to-consumer (D2C) brands. These companies are bypassing traditional retail pathways to connect directly with consumers, addressing niche markets often overlooked by larger corporations. Whether it’s specialized hair care products or innovative mattresses, D2C brands are carving out significant spaces for themselves, writes Suneera Tandon. This shift is prompting major industry players to adapt. Giants such as Hindustan Unilever and P&G are responding by either acquiring these nimble startups or launching their own D2C initiatives to stay competitive. It's an exciting era for both consumers and marketers as this new wave of personalization and direct engagement reshapes purchasing behaviours and product offerings.