India’s Battery Incentive A Dud?

In today’s edition — how to make the production-linked incentive scheme for advanced cell chemistry (ACC) battery storage actually work; a third airport near Mumbai; and Air India’s drainage woes. 

PODCAST

On Episode 528 of The Core Report, financial journalist Govindraj Ethiraj talks to Arvind Chari, Chief Investment Officer (CIO) at Q India UK (affiliate of Quantum Advisors India) as well as Vikash Agarwalla, Managing Director and Partner at Boston Consulting Group (BCG).

1. The US is headed into recession and India into recovery.

2. Why India stands to pull in more FII flows.

3. Inflation could go below 4%.

4. Oil prices continue to hold around $70.

5. Don’t ask for Tax Cuts, we will bring down your logistics costs, says India’s transport minister.

6. A new pharma research and manufacturing sector is opening up in India and can grow if we get it right.

CORE NUMBER

39,709

This is the total number of research papers published on chip design and fabrication by Indian researchers between 2018 and 2023. India now ranks third globally in semiconductor research output, surpassing Japan, South Korea, and Germany, per the Emerging Technology Observatory of Georgetown University. India’s contribution rose 26% over five years, reflecting the country's growing focus on the sector. However, China dominates with 1,60,852 papers, overtaking the U.S. Experts note that while India excels in back-end chip design, limited access to advanced software tools hinders progress.

FROM THE PERIPHERY

—⚡️ Ola Electric's stock continued its downward spiral, plunging another 5% to Rs 53.78—its lowest since listing—after reports of regulatory violations surfaced. A Bloomberg investigation revealed that 95% of Ola's showrooms lacked the necessary trade certificates, prompting raids, showroom closures, and vehicle seizures across multiple states. This regulatory turbulence adds to the company’s woes, with its stock now down 66% from its August peak of Rs 157.40 and trading 29% below its issue price of Rs 76. This sharp downturn is not just due to the latest issues with its stores, but also attributed to multiple challenges, notably widespread after-sales service complaints and regulatory investigations.

—📃 India has imposed an anti-dumping duty of up to $986 per tonne on 'Trichloro isocyanuric acid' — a water treatment chemical — imported from China and Japan, Business Standard reported. The five-year duty aims to protect domestic manufacturers from unfairly cheap imports, following the Directorate General of Trade Remedies (DGTR) recommendations. The DGTR found that dumping was causing "material injury" to local producers. While the WTO permits such duties to ensure fair trade, they are subject to review. This move strengthens India's trade defences while maintaining a level playing field for domestic industries.

—✈️ Another airport near Mumbai? Maharashtra's Deputy Chief Minister Ajit Pawar announced plans for it during the state's FY26 budget presentation, The Economic Times reported. The new airport, proposed near Vadhvan port in Palghar, will also be close to the Mumbai-Ahmedabad bullet train station. Currently, Mumbai has two airports — Chhatrapati Shivaji International Airport (CSMIAL) and the soon-to-be operational Navi Mumbai International Airport (NMIAL). Pawar revealed that 85% of NMIAL’s construction is complete, with trials finished. Vadhvan port will be operational by 2030, and a Metro will link both airports. Night landing at Shirdi airport is also on the cards.

UGHH

This is just the kind of nightmare you don’t sign up for when booking a long-haul flight. A Delhi-bound Air India flight on March 6 had to turn back to Chicago after nearly all its toilets got clogged — leaving 300 passengers with just one working loo in business class. The flight was forced to turn around mid trip, and the chaos was captured in viral videos. Air India called it a technical issue, offered refunds, and made alternative arrangements. A spokesperson from the airline told the media, “We would like to confirm that as part of our investigation into the incident, our teams found polythene bags, rags, and clothes that had been flushed down and stuck in the plumbing. This led the lavatories to become unserviceable.” The statement said that the airline has previously found “blankets, innerwear, and diapers, among other waste” on other flights and urged passengers to use the toilets only for the purpose they’re meant to be used.

Looks like Air India just can’t catch a break with technical glitches! And let’s be honest — the real turbulence isn’t just in the air but in the leadership too. With issues piling up faster than an overbooked flight, maybe it’s time for some serious cockpit-level changes..

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