Best of the Week: From pocket money to QR codes

Mint

a day ago

I still remember the day I turned 18. My father had a mission: 'Open your own bank account," 'Apply for a PAN card," 'Get a driver's license." I did it all—partly out of excitement, partly because I was the obedient eldest child. Once the account was set up, he began giving me pocket money and insisted I deposit it every month. And like the dutiful child I pretended to be, I made those bank visits, mostly.
What he didn't know was that I always skimmed 10% off the top, kept a little for myself before handing over the rest. I wasn't being rebellious, just a teenager tasting the first flavours of freedom. And freedom, of course, came with its own expenses.
Withdrawing money wasn't easy either. Sure, there were ATMs, but to my 18-year-old self, those machines felt intimidating—not because I didn't know how they worked, but because any mistake felt irreversible. So when relatives gave me cash, I quietly stashed it away instead of telling Dad—because I knew he'd ask me to deposit that too.
And then came UPI.
At first, only a few people used it, and most adults around us were sceptical. But fast forward to today, and cash feels almost inconvenient. Even auto-walas now refuse ₹500 notes, flashing their QR codes instead, with pride.
But it's not just the way we pay that's changed. The emotional currency of money in relationships has shifted too. A decade ago, I used to hide cash from my father. Today, when he gives me some, I hand it right back and ask him to UPI it instead. Even if it's just ₹100, the routine remains the same.
Honestly, I miss the simplicity of those earlier days. Physical cash created boundaries. It made us pause, budget, and weigh our choices. Now, with UPI at our fingertips, we've become impulsive QR-code scanners, even for the smallest things.
Funny how something that once felt so futuristic is now second nature. But somewhere between bank queues and barcodes, there's also a quiet role reversal with my father. And that says more than just 'times have changed." It shows we've changed—together.
On to the best of Mint's work from this week
Is GPT-5 going to blow our minds—or just mildly impress us? With Sam Altman teasing a launch, all eyes are on OpenAI to deliver real AGI breakthroughs: better memory, smarter reasoning, and more human-like autonomy. But can it rise above legal landmines, internal shake-ups, and fast-charging rivals like Google's Gemini and Meta's Llama 3? While ChatGPT clocks 5.2 billion visits monthly, a sluggish or buggy GPT-5 could flip the script. Especially when rivals are building faster, open-weight, customizable models. If GPT-5 doesn't drastically cut hallucinations and boost real-time performance, will it still matter—or be just another model in the race?
Bitcoin has smashed past $122,000, riding a Trump-fuelled crypto wave. With pro-crypto regulators, scrapped SEC crackdowns, and talk of a Strategic Bitcoin Reserve, is the US turning into a crypto haven, or a high-stakes experiment? Venture capital is flowing again, ETFs are booming, and stablecoins are going mainstream with PayPal, Visa, and Stripe jumping in. But are we ignoring the risks? Hacks, phishing scams, and Trump's own meme coin ($TRUMP) muddy the waters. As politics and policy blur into profit, will this crypto renaissance sustain—or snap with the next shock?
Ever imagined a company needing a football stadium to host its AGM? Back in 1985, that was Reliance—12,000 shareholders, restless excitement, and Dhirubhai Ambani at the mic. Fast forward to 2025, and that spirit still echoes—only louder. After a sleepy couple of years, Reliance has roared back with a 24% surge this year, massively outperforming the Nifty. What changed? It's not just oil anymore. Retail and Jio now drive half the profits, while New Energy and JioStar are writing the next chapter. But here's the real kicker: can a ₹20-trillion giant really still be in growth mode?
Is quick commerce finally breaking out of metro limits? A new Emkay report says yes—and this could be a game-changer. Tier-II cities, once thought too slow for 10-minute deliveries, are warming up to Blinkit, Zepto, and Instamart. Why? A wider product range, lower rents, and cheaper labour help offset smaller order volumes. Interestingly, breakeven is faster here—just 800 orders, compaerd to 1,300 in metros. But challenges like poor mapping, low average orders, and logistics snags still loom large. Still, one in four new users for Instamart in early 2025 came from these towns.
India's aviation rulebook is set for a major reboot. The draft Indian Aircraft Rules, 2025, aims to replace two colonial-era laws and align the sector with global norms under ICAO. But can relaxing pilot licensing rules and introducing fatigue management actually solve India's pilot crunch? For the first time, even Class 10 pass-outs from arts or commerce streams can aim for the skies. And with over 1,500 aircraft on order, the timing couldn't be better. Enhanced safety oversight and proper rest for crew could reshape flight operations—but will airlines embrace the cost? With public feedback open till 14 August, the question is: will these changes truly empower India's aviation future?
India's inflation is cooling fast. In June, retail inflation fell to 2.1%, its lowest in over five years, thanks to a rare bout of food deflation led by plunging vegetable prices. This marked the eighth straight month of easing inflation, offering a breather to the Reserve Bank after years of high prices. Core inflation remains sticky, and over 60% of items are costlier than the headline number suggests. So while the data paints a calm picture, the ground reality is more nuanced. Is this the bottom of India's inflation curve, or the calm before another spike?
As China tightens its grip on rare earth exports, India's mostly forgotten magnet makers are suddenly in demand. Auto parts giants like Sona Comstar and EV players such as Ather and Ola Electric are racing to cut reliance on Chinese heavy rare earths, either by switching to lighter alternatives like cerium and neodymium or eliminating magnets altogether. But doubts remain: can these alternatives match the efficiency and durability of heavy rare earth magnets, especially in high-performance vehicles?
After years of anticipation, Tesla has made its long-awaited debut in India, unveiling its Model Y SUV in Mumbai. Priced between ₹59.9 lakh and ₹67.9 lakh, the vehicle enters a nascent luxury EV segment dominated by brands like BYD, BMW, and Mercedes-Benz—while leaving mass-market players such as Tata and Mahindra largely untouched. The debut drew a flood of media and fans despite limited public access. The big question now: Will Tesla's brand pull help the premium EV segment break out of its niche?
Move over, Switzerland, Belgium and France, India wants to own its chocolate moment. At the heart of this transformation is Manam Chocolate, a homegrown brand that's part of a fast-growing tribe of Indian craft chocolate makers reinventing the bean-to-bar journey with local cacao, global technique, and luxury retail flair. From the cocoa farms of Andhra Pradesh to sleek cafes and experiential stores in Delhi and Hyderabad, these brands are reshaping what premium chocolate looks and tastes like in India—bold, artisanal, and unapologetically local. This Long Story takes a close look at the journey of Manam Chocolate, one of the many players in India's fast-growing local chocolate landscape.
India's taxpayer base is undergoing a quiet but significant transformation. A fast-growing segment of salaried individuals with capital gains, rental income from multiple properties, or foreign assets is reshaping the income tax landscape. ITR-2 filings, used by such individuals, have more than doubled since the FY21 assessment year, now making up 14% of all returns. The shift signals growing retail participation in stocks, mutual funds and property, and reflects a broader formalisation of incomes. As India's middle class gets wealthier and more financially savvy, what does this new class of investor-taxpayers mean for the future of tax policy?