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Economic Times
5 hours ago
- Business
- Economic Times
Corner Office Conversation: Pawan Goenka, Chairman, IN-SPACe
Corner Office Conversation (ET Bureau) Pawan Goenka, Chairman, IN-SPACe Anirban Chowdhury and Nirmal John | 36:34 Min | July 22, 2025, 10:43 AM IST LISTEN 36:34 LISTENING... Corner Office Conversation is The Economic Times' flagship interview podcast featuring unfiltered, one-on-one conversations with some of India and the world's most powerful business leaders. Hosted by ET's top journalists and editors, this fortnightly show goes beyond headlines and press releases to explore how CEOs and founders think, decide, and lead in an era of disruption. From Marc Benioff (Salesforce), Dara Khosrowshahi (Uber), and Roland Busch (Siemens) to Adar Poonawalla (Serum Institute), Suresh Narayanan (Nestlé India), and Ravi Kumar S (Cognizant), these conversations uncover personal leadership playbooks, global strategy pivots, lessons from failures, and bold visions for the future — across industries like tech, healthcare, manufacturing, finance, and consumer goods. New episodes drop alternate Monday.
Time of India
a day ago
- General
- Time of India
From warhorse to legend: MiG-21 to bow out after 62 years in Indian skies
ET Bureau Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel After more than six decades of service, which saw the combat aircraft taking part in all major Indian conflicts, the MiG 21 fighter jet is finally set to fly into the sunset, with a ceremonial farewell planned for last aircraft are part of the 23 squadron, also known as the Panthers, and will be sent off on September 19 at a ceremony planned at the Chandigarh airbase. The fighters will leave with a mixed legacy -- from being the first supersonic jets that gave India an edge in the 1960s and '70s to being plagued with accidents in later years that earned it the 'Flying Coffin' its departure -- Sq 23 is being number plated -- the Air Force will fall to a historic low of only 29 combat squadrons. This is the lowest combat strength the Air Force has since the 1960s -- even during the 1965 war, the Air Force had 32 fighter jet in 1963, the fighter jets in its many variants have been in service with the Indian Air Force for 62 years and has taken part in the 1965 war against Pakistan, the liberation of Bangladesh in 1971, Kargil operations of 1999 and the Balakot strikes in 2019. Even during the ongoing Operation Sindoor, the last remaining MiG 21 squadron has been on operational alert."No other fighter has been associated with the IAF for as long as the MiG-21 - an incredible two-thirds of the IAF's 93-year history is inextricably linked to this jet. It has served in every combat action since 1965, through to Op Sindoor, and has touched the career of nearly every Indian fighter pilot alive today, in some form or another. There is no doubt this will be an emotional farewell to a legend of Indian skies," aviation expert Angad Singh said the farewell will see the senior Air Force leadership and veterans who have been associated with the fleet over the years, with flypasts and static displays planned to mark the holding the record for the longest-ever service in the Air Force, the MiG 21 fleet was also the biggest to be ever operated by India. In all, India acquired more than 850 aircraft of the MiG 21 family, including trainers. Almost 600 of these were made in India by Hindustan Aeronautics Limited (HAL).While the operational life of the fighters has long been deemed to be over, the Air Force has been giving the remaining fleet life extensions as adequate modern fighter jets have not been ordered or made available to make up squadron numbers. Originally, the last few MiG 21 squadrons were supposed to be replaced by the Light Combat Aircraft (LCA Mk1A) but deliveries of the indigenous fighter jets have been delayed over the years.
Economic Times
a day ago
- Business
- Economic Times
Valuations may be high, but India's long-term story remains unshaken: Swarup Mohanty
ET Bureau We have to grow at 6% is our house commentary, but that 6% versus 2 and that is something which people need to internalise. "While there is an impact of tariffs, we can be on our own in our own capacity and then that is something which we need to realise that our cars can be consumed by our own people," says Swarup Mohanty, VC & CEO, Mirae Asset Investment Managers. So, much work goes on behind what you do, I mean 17 years old fund, I was just looking at that, 45 number of schemes and an aum size of over two lakh crores. What does it feel like to have this kind of journey clocked in in 17 years. Swarup Mohanty: No, it is a very humbling experience. First of all, always a humbling experience to be in a fiduciary role. I mean to enjoy the trust of somebody else's money is very overwhelming to start with and then when we started as a global asset manager, today we stand in India as the only organic global asset manager in the country. It has not been very easy for global asset managers and then to be sitting with over 70 lakh folios is something which we had not thought of. Maybe AUM we would have thought of, but to be enjoying so many investors trust is pretty overwhelming. One is… That is the India story right, rising with India. Swarup Mohanty: Yes, absolutely, rising with India. But this 17 years of experience, you are a Korean company, India as a market was something that I do not think so Korean at that time must have thought that will flourish like this. I really want to understand the transition in last 17 years as an Indian investor as a Korean company that you have witnessed. Swarup Mohanty: I must tell you that our chairman Mr Hyeon Joo Park is a fund manager himself. He started the mutual fund industry in South Korea. We are probably the first financial company to set out of South Korea to build base. We came in 2006-2007 and when the team came to India and then there was this call from here to our chairman why are we here, there is nothing here, the reply was that is exactly why we are here. Trust me and I got the chance to narrate the same story to the prime minister of this country is that sometimes I wonder what they see in India that we do not see. They are so one-sided in their view on the structural growth of this country is incredible to sort of note because I have sat in rooms of 200 people, 199 Koreans and me the only Indian and on stage our chairman says that only one country will flourish in the next 10 years. One country when you single out, you sort of think what is happening. Maybe they can see things more in a neutral manner from the outside, some things we get a little biased about. We were just discussing the more boring the more biased you make it, the better the outcome. But having said that in the last 17 years and we must give credit where it is due, the Indian investor also has come a long way. I mean, 17 years back who would have thought that your fund alone is going to manage the AUM size that you have. Having said that, the Indian investor always gets edgy with the news headlines and all the noise around. What is it that you are making of all that is happening right now, this concern around what is going to happen with the tariffs, what is going to happen on the global slowdown front and of course, the India story wherein valuations are always a question mark. Swarup Mohanty: Yes, one, of course, when a country like the US starts changing in behaviour, everybody else's behaviour also starts changing, we are in that phase. But as this I mean tenure starts expanding, people will accept that and form their own opinion. I personally feel that from defence to capital markets every country is now reworking its own strategy, that is the time and such a phenomenal time to be sitting in the world at this moment and then probably each country will start defining their own style in the world and then probably India will shine in that is my bet on it. The second part is from the investors. I mean today if you look at the market and all of you kind of talk about it many times is that the market shifted to that single retail investors who have come together and piled this 26,000, 27,000 crores of support to the market on a monthly basis and that is where is the behavioural shift. I had not thought that I would see this before my retirement. I would joke about it, but it is so fascinating to see that and as the demography is shifting, right now three generations are investing together which had never happened in my career. My father's generation, my generation, my sons, my sons' generation is something which will turn it around. I am extremely bullish of their behaviour. I am very confident of their ability to see the long-termness if there is a word like that of the India story and good days ahead is what I can say. But what do you make of the current market construct? Like we are saying with all the talk around tariffs and still question mark on which way the tariffs are going to go for India and we are still awaiting that 'letter' and valuations which are not really as comfortable as we have seen in the past. What is the next one year looking like with all the uncertainties around? Swarup Mohanty: My personal take is India is a structural growth story that is a given globally. If there is a growth story, it is India. So, based on that India will definitely have its own negotiation powers, negotiation levers when it comes to that negotiation table for the tariffs. I mean, the fact is every country would like to participate in this country because wealth is being created at an individual level as we speak and it will be the largest consumption market a third probably to US, China we are there. So, while there is an impact of tariffs, we can be on our own in our own capacity and then that is something which we need to realise that our cars can be consumed by our own people. Our produce can be consumed by our own people. So, net-net we are at this moment a very isolated story from the rest of the world. When you do the headlines compare whether those headlines appeal to our country, it is very strange to say that India will remain isolated on data points and strong consistent data points. While some of us get disappointed when growth comes down to 6%, world is growing at 2-3%. It is not good. But we get disappointed at 6%. We have to grow at 6% is our house commentary, but that 6% versus 2 and that is something which people need to internalise. But we need to have high benchmarks for our market. Swarup Mohanty: We should.
Time of India
4 days ago
- Business
- Time of India
CIBIL-style score, green fund in works to meet textile sector's credit needs
The government is considering establishing a credit rating system and a common green fund to address the credit access issues of the textile sector, especially smaller units, and help meet its financing needs for sustainable production. The textiles ministry has sought suggestions from industry on ways to grade the performance of enterprises in the sector and assess their creditworthiness, officials said. "Banks are overcautious in extending credit to the textile sector and a CIBIL score kind of a protocol will help them understand the sector's requirements," said an official, who did not wish to be identified. The CIBIL score, compiled by Credit Information Bureau (India) Limited, is a credit score that reflects an individual's creditworthiness, with a higher score indicating lower risk for lenders. Explore courses from Top Institutes in Select a Course Category Such a protocol in the textile sector would take into account issues such as long payment cycles and job work requirements of the industry. ET Bureau Though there are separate funds for various financing needs for sustainable production such as for energy efficiency and water management, a combined green fund would make it procedurally easier for the units to access credit and attract investments, the official said. The measure is crucial as India is aiming at a threefold increase in textile exports to ₹9 lakh crore by 2030. India's textile sector expanded 7% last year, making the country the world's sixth largest textile exporter. "The recognition that textiles is a high impact sector and their credit needs are a challenge, is an important initiative. We are looking at ways to ensure that the working capital needs of the textile industry are met," said Chandrima Chatterjee, secretary general, Confederation of Indian Textile Industry. The ministry has also asked industry about the issues it faces in accessing the Credit Guarantee Fund Trust for Micro and Small Enterprises and suggested monitoring of the disbursements under the fund to understand the utilisation and make it more efficient for the textile industry. "Discussions are also ongoing over whether credit facilitation centres can be set up in textile clusters. All these are being discussed to improve the credit risk perception of the sector," the official added.
Economic Times
6 days ago
- Entertainment
- Economic Times
Morning Brief Podcast: Inspiration vs Appropriation: Why Global Fashion Still Doesn't Credit Indian Craft
Morning Brief Podcast (ET Bureau) Inspiration vs Appropriation: Why Global Fashion Still Doesn't Credit Indian Craft Apoorva Mittal | 19:19 Min | July 17, 2025, 8:00 AM IST LISTEN 19:19 LISTENING... India's aesthetic legacy is lighting up luxury runways across Paris and Milan from Louis Vuitton's 'Voyage to India' to Prada's controversial Kolhapuri-inspired sandals. But behind the global admiration lies a deeper story: one of borrowed beauty, blurred boundaries, and battles for credit. We explore the fine line between celebration and exploitation. Fashion scholar Phyllida Jay joins host Apoorva Mittal to unpack how India stands between being endlessly mined for design and finally demanding recognition. With GI tags, artisan invisibility, and IP inequalities at the forefront, this is a look at what happens when the world wears India without saying her name. Credits: Louis Vuitton.
