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The Quint

The Quint’s editor-in-chief Raghav Bahl speaks on business, politics and policies.

Raghav's Take

In the 1970s, Richard Nixon paved the way for China’s economic rise by making a strategic alliance with the country. Fast forward to 2025, and now Donald Trump is unknowingly helping China reclaim its global dominance once more.
In this episode of Raghav's take, we explore how Trump’s isolationist policies, high tariffs, and withdrawal from global alliances are inadvertently enabling China to fill the geopolitical vacuum left by the U.S. under his leadership. Watch as we dive deep into China’s extraordinary rise — from a strategic partnership with the U.S. to now becoming America's chief competitor.
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Just Like Nixon, Trump is Making China Great Again! | The Quint

The Democratic National Convention (DNC) nominated Joe Biden and Kamala Harris for the November elections in a uniquely spectacular manner. The fact that it was a COVID-induced ‘virtual event’ was perhaps the least of it.

But the parade of Republican heavyweights at a Democratic convention was unprecedented, from Colin Powell, John Kasich to Cindy McCain. I shudder to think what legal convolutions would have gotten triggered if India’s moth-ridden anti-defection law was applied to these worthies!

Tune in to the podcast!

Music: Big Bang Fuzz
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Will India Do Better Or Worse Under ‘Centrists’ Biden & Harris?

India taxes ESOPs, ie employees stock options, harshly, very harshly. Let me give you a quick history lesson.

When I founded TV18 in the early 90s, we had given generous stock options to our critical team members. In that sense, we belonged to a clutch of ESOP pioneers in India. And since we were leaders in business news, we also drilled hard into issues around entrepreneurship, taxation and union budgets.

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Budget 2020: Despite ‘Fixing’, ESOP Remains A Much-Abused Acronym

It’s a familiar cacophony. Cut taxes. Invert the inverted duty structure. Control the fiscal deficit. Be honest about your arithmetic. Abolish equity taxes. Step up government expenditure, the fisc be damned. Bring back investment allowance. Slap inheritance taxes... And on it goes, a laundry list of standard policy tactics which could revive India’s economy.

Frankly, the time for budget quick-fixes is over. If PM Modi genuinely wants to rejuvenate, he’s got to create ‘TRUST’ for India’s private enterprise which accounts for 90% of the economy.

India’s bureaucracy has always been deeply suspicious of well-regulated markets. Which is why they love to micro-manage outcomes. But this time, their quest has become maniacal. If you create truly competitive markets, ‘super profits’ will vanish on their own — when will our policy-makers understand that?

We should have learned from Ben Bernanke, who authored TARP (Troubled Assets Reconstruction Program) and saved America’s economy in 2008.

The ‘criminalisation’ of business has now become quite outrageous. 
Therefore, it has also had the most harmful impact on India’s economy.

Host: Raghav Bahl
Editor: Mohammad Ibrahim
Producer: Sonal Gupta

Read the story on The Quint 
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Budget 2020: Don’t Give Tax & Fiscal Cuts — Just Give Us ‘TRUST’

For over five years, I’ve criticised ‘state creep’ on Prime Minister Modi’s watch. This tendency hit a crescendo on 5 July 2019, when the second Modi regime’s first budget was read out in parliament. While that document was riddled with state over-reach, I will remind you only of the most egregious measure: a voluntary contribution under CSR (corporate social responsibility) was converted into a criminal liability! Mercifully, it was quickly aborted, but not before it had betrayed the underlying instinct.

Inevitably, the sentiment, markets and financial indicators tanked after the Fifth July Budget. A concerned Modi tried to ‘talk up’ the economy by feting ‘wealth creators’ in his Independence Day speech, but it fell on deaf years. The markets continued to plummet.

Tune in to this podcast for the full story!
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Terrific Reforms, But Beware of ‘BABU-JAAL’ — Bureaucratic Cobwebs

The Shiv Sena, NCP and Congress coalition in Maharashtra is perhaps the second most ‘unthinkable’ political alliance in India, next only to the most incompatible BJP-PDP coalition in Jammu & Kashmir, that ended with devastating consequences.

So, what are the lessons from this most unusual, 80-hour-long Maharashtra political fiasco?

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Let’s Not Waste a Good Maharashtra Political Crisis

India’s economy today can be described by a four-letter word. Oh c’mon, it’s not what you are thinking… Even the sarkari (government-owned) State Bank of India says that GDP growth could fall to around four percent when the July-September number is revealed, that’s what!

And as usually happens in an acute crisis, everybody and her aunt is offering solutions. Fix this, increase that, cut here… If anything, Prime Minister Modi is getting buried under a million “miracle ideas”. But sadly, too many good fixes also become a bad thing, because only a bit of this and a bit of that gets done, and the problem never goes away.

So let’s answer a small quiz. I will throw ten options at you. All of these are critical actions required to pull India’s economy out of its current funk. At the end, I will ask you one final question. Check if you’ve really got it figured out in your head.

Listen to the podcast for the rest!
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Dear PM Modi: Crack This Quiz & Fix the Economy

Coal output crashes by over 20 percent. Overall, eight core sectors lose a stunning 5.2 percent year-on-year over September 2018, contracting to an 8-year low. GDP hits a 6-year low. And yet, India’s stock markets hit an all-time high!

Why, you ask?

To understand this conundrum, let’s dial back a few months, to May 2019. Everybody thought that a struggling economy would dent Prime Minister Modi’s 2014 mandate. But he shocked the whole world by improving upon his tally, crossing a breath-taking 300 seats in Lok Sabha. The markets broke into a euphoric dance of crazy expectations. Surely, he would use his vastly enhanced political capital to finally essay deep, difficult reforms to unshackle the economy, once and for all, right?
Full the full story tune in to the podcast!
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Soaring Markets & Slowdown Caused by Lingering Confusion in Policy

I know that adjectives like “milestone”, “game changer” and “watershed” are frequently used after polls that throw up contrarian, unexpected results. But even adjusting for this caveat, I would call the October 2019 mini national elections a “juggernaut stopper”. Tune in to this podcast for my six takeaways from the recent state elections.
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Why I Call Maha, Haryana Polls ‘Juggernaut-Stoppers’: 6 Takeaways

The PMC Bank scam was more audacious than any Bonnie and Clyde heist. A high-living father-son duo, Rakesh and Sarang Wadhawan, had 44 bank accounts in a loosely regulated outfit in Mumbai called Punjab & Maharashtra Cooperative Bank. 

They used these accounts to suck out nearly Rs 6500 crore, a mind-boggling 73% of the total loan book of the ill-fated bank.

This robbery took place right under the noses of RBI and the auditors. How?

The 44 Wadhawan accounts were “masked” by 21,000 – yes, get this, twenty-one thousand – fictitious accounts, many in the names of dead depositors. Allegedly, the bank allowed overdraft draw downs, with the cash travelling via hawala (laundering) channels to Dubai. 

The tainted money was “washed back” clean into PMC accounts as deposits.

While loans were given to the Wadhawans in the hidden-but-real ledgers, the fake loan accounts of 21,000 depositors were sent in the Advanced Master Indent to RBI. That’s “masking”, got it?

Now listen to the podcast for the rest of the story!

Host: Raghav Bahl
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PMC Scam: Shameful to Promise Just Rs 1 Lakh Insurance to Victims

By not going for a TARP-like bailout, Prime Minister Modi has given an extra gain of Rs 30,000 cr to crony capitalists who allowed IL&FS to crash, while levying an extra tax of Rs 2,00,000 cr on ordinary/innocent investors, like you and me. 

The above is very simple arithmetic, but a team of IAS babus (bureaucrats) will never understand it, because it is deeply suspicious of market forces. And Prime Minister Modi has surrendered his economic policies to them, keeping entrepreneurs, tailors and firemen out.
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Did PM Modi Unwittingly Help Cronies, Punish Investors Over IL&FS?

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