Startup
How focusing on startups can spur development in Tier II and III cities
India has about 65% plus population under the age of thirty-five. The demographic dividend which is expected to persist till the mid-2050s, will be an engine for economic growth if decent job opportunities are shaped up in all parts of India and not just the large cities.
Till 1990 India’s economic development centered around on three type of cities: port cities such as Mumbai, Kolkata, or Chennai, political capitals such as Delhi, Hyderabad and cities where large, planned capital investments were made by Industrial giants such as Jamnagar, Jamshedpur, and Bhilai.
Post 1990s as the share of services industries in GDP rose, many cities developed because of the technology clusters such as Bengaluru, Pune, and Gurugram. Manufacturing investments too centered around areas where there was a proximity to a seaport or large airport. This was because of the fact that the trade and supply chains in any industry became extremely globalised and hence connectivity aspect was quite important.
This nature of evolution of trade meant that no large city-based economic clusters such as Jamshedpur or Bhilai emerged in the hinterlands of India post-1990. And many such city economies declined or at best they survived at the same level.
A classic case in this regard is the city of Ludhiana in Punjab, which was once the epicenter of cycle manufacturing. But as trade was difficult in a place that was not a seaport and did not have a large airport in the proximity, the city’s industrial economy remained stagnant or could not experience the boom associated with other parts of India.
As various state governments grapple with economic growth for regions beyond these existing clusters, a set of harsh realities are slowly sinking in. While there is a resurgence in manufacturing because of the China plus one strategy of global firms, there are not many companies like Tatas that would holistically focus on the economic development of Tier-II or Tier-III cities.
Manufacturing has become extremely mechanised such that the skill level (and hence compensation) of workers in many manufacturing clusters are very low. The mobile phone factories that have emerged across India typically employ factory workers who are 10th or 12th pass with not-so-high salaries. While this employment is important for a country like India, the spillover benefits happen in a city only when there is a strong consumption-led growth.
A key ingredient of economic growth is the presence of a domestic population with strong spending power. This either needs a set of anchor industries or several smaller startups or innovation-centric firms.
One after-effect of COVID-19 has been that there is a general acceptance in the technology industry that work could happen from anywhere. Companies are OK with people being in different-places and convening physically once in a while. Today, a number of startups and larger firms across India operate in that way. As long as there’s talent, connectivity and ecosystem support, startups can emerge from Tier-II or Tier-III city locations.
A case in point is the economic development happening in Thenkasi in Tamil Nadu, which is the base of Zoho. Due the high earning captive employee base, the associated segments such as retail, real estate, hospitals etc. are witnessing growth.
Wayanad in Kerala, which made its name over the last 20-30 years as a tourist center now has a fledgling startup ecosystem with firms such as Vonnue. Fintech platform Razorpay was first started in Jaipur. Though it has moved its base to Bengaluru, the local innovation in the Jaipur ecosystem gained a strong fillip due to it and multiple firms are emerging in the city.
The long-term return for such innovation ecosystem development investment is massive. Beyond the first level of indirect benefit of boosting consumption, success breeds more success. Early-stage employees of a successful startup often launch new startups themselves. Cities such as Pune have seen evolution of multiple other startups from an initial set of successful startups such as MindTickle, FirstCry, Elastic Run and Rebel Foods.
While India had a three-level government structure (central, state, local self governments) for quite some time, barring a few powerful corporations such as Mumbai, Bengaluru etc., very few local self-governments had the sufficient resources to fund for economic growth. It is common in US for city corporations to lobby for companies to move in. They have more say in economic growth strategies. That situation is slowly coming to India as well with active participation from trade bodies.
Trade bodies such as the Malabar Chamber of Commerce have been at the forefront to market and develop the innovation ecosystem in Kozhikode area in Kerala. This region today has multinationals such as Tata Elxsi as well as niche ed-tech startups such was Interval, whose efforts were recently appreciated by the finance minister.
Innovation eco-system development initiatives are local. You need a trifecta of established companies, startups and the academic world to work together. Wherever necessary, Governments need to step in. For e.g., if a certain skillset is forecasted to be in demand to build a nascent industry cluster, it is essential for governments to step in and ensure that the required skills pipeline is built in the local ecosystem.
Similarly, if a nascent cluster of an innovative industry segment exists, it is the responsibility of Government to develop that cluster of innovation by appropriate market connects. If a venture capital ecosystem does not exist and startups have to move to other cities, the governments can step in and create that VC ecosystem by strategic investments.
There is a general misconception that innovation-based ecosystems are always technology industry based. That is not true. While technology is a great enabler, fundamental innovations can happen in any sector. For e.g., the port city of Cochin and surrounding areas had multiple MSME’s specialising in marine, spices and food processing.
A cluster of innovative firms such as Zaara Biotech – which specialise in algae-based food products have emerged in that cluster recently with the support of Kerala Startup Mission. As a testament to the city’s potential on food processing, Norway’s Orkla foods has recently bought out a majority stake in Eastern condiments. The fast-emerging innovative food and spices-based ecosystem in Cochin as well would have certainly attracted the Norwegian firm.
Traditionally when state governments plan economic growth, strategies have been focused on large infrastructure investments, industrial parks or getting some large industrial firm to set its base at best. These have large externalities. Most state governments are in a tight spot fiscally. And to get large firms, it is not just game of infrastructure, but also of subsidies and geopolitics.
These may not work for every state. Instead of that, states can focus on emerging tangents of innovation in different regions and make focused efforts to develop it. Such innovation ecosystem efforts along with strong governance mechanisms focused on ease of living and overall quality of life can attract talent and firms into such Tier-II or Tier-III cities.
Internationally, Catalonia region in Spain – other than the city of Barcelona – has a number of semi-urban or rural areas which has seen strong economic growth because of the innovation centric economic policies adopted by regional Governments. These include a set of initiatives such as developing the industry – academia collaboration, giving pilot projects to startups, developing circular economy initiatives, developing market connect for local firms etc.
The local governments in the region has been quite good at exploring synergies between local competencies, national government policies to get government grants and support for various projects. These initiatives are low-cost initiatives unlike large infrastructure development initiatives. These are focused work streams to develop the market and the region’s brand.
One cannot discount infrastructure investments, but the underlying point from these examples is that there exists a path for economic development by cultivating an innovation ecosystem through focused efforts.
Essentially, in this world of AI and technology impacting multiple sectors, the approach to economic development needs to be local. Governments need to keep an eye on what kind of innovation vectors are emerging in different regions and need to develop those into competitive advantages through strategic investments and ecosystem initiatives. The associated emergence of high-earning and high-spending professionals will give a strong boost to the local economy in the medium to long term.
Prasad Unnikrishnan, Partner, Grant Thornton Bharat & Ajith Prasad Balakrishnan, Director
Grant Thornton Bharat
Startup
Workplace boundaries: 5 things not to share with coworkers
In today’s workplace, building relationships and open communication are highly encouraged. A collaborative environment can foster trust, creativity, and productivity among colleagues. However, there is a fine line between being friendly and sharing too much. Revealing certain personal information to your coworkers can blur professional boundaries and even affect your career negatively. In a world where first impressions and professionalism matter, knowing what to keep private is crucial to maintaining respect and credibility.
This guide highlights five essential things you should never share with colleagues. From sensitive financial details to personal beliefs, these are boundaries that every professional should respect for the sake of both personal privacy and workplace harmony.
1. Financial information
Discussing your financial situation at work—whether it’s your salary, debts, or even that new loan you’ve taken out—can lead to misunderstandings, envy, or resentment. Salary disparities, in particular, are a sensitive topic and can create friction in the workplace if colleagues perceive unfairness. Moreover, sharing details about your finances could unintentionally set you up for gossip or judgment from others, which could alter their view of your professionalism. If you’re asked directly, a polite but firm response, such as “I prefer not to discuss personal finances,” can help maintain boundaries.
2. Political and religious beliefs
In an era of heightened political polarisation and strong opinions on various social issues, discussing your political or religious beliefs at work can be risky. Even casual remarks can lead to disagreements and, in worst cases, workplace conflicts. This doesn’t mean you should hide your identity, but it’s wise to avoid diving into discussions that might alienate or offend others. Maintaining a neutral stance on sensitive topics can help create a respectful, inclusive work environment.
3. Personal health issues
Your health is deeply personal, and sharing too much about any physical or mental health challenges can lead to unintended consequences. While close friends may share personal health information, colleagues don’t need to know the specifics of your medical history. Revealing health information might result in unwanted sympathy, awkwardness, or even doubt about your ability to perform your job effectively.
4. Negative opinions about colleagues or management
It might feel cathartic to vent about a difficult coworker or a strict manager, but sharing these thoughts with other colleagues can easily backfire. Not only can it damage your reputation, but it could also harm your professional relationships if your words get back to the person in question. Criticising team members or managers can make you seem untrustworthy or negative, both of which can hinder your career progression. Maintaining a neutral or positive stance will reflect professionalism and emotional maturity.
5. Ambitions for a new job or career move
Sharing your plans to apply for a new job or change careers might seem harmless, but it could shift how your colleagues or managers view your commitment. If your supervisor learns that you’re planning to leave, it could lead to fewer opportunities or even less favourable treatment as they prepare for your departure. To protect your current position, focus on your work, and wait to share the news until you’re ready to make a formal exit.
Conclusion
In a professional setting, boundaries are essential for a healthy work environment. While sharing parts of your personal life can help build connections, knowing where to draw the line is equally important. By keeping your financial matters, health concerns, personal beliefs, and career ambitions private, you’ll be better able to maintain a positive reputation, foster respectful relationships, and ultimately advance your career without unnecessary complications.
Remember, in the workplace, less can often be more. Protect your privacy, and you’ll find it easier to focus on what truly matters—your professional growth and contributions.
Startup
Taming the restless ‘Monkey Mind’: 6 signs and calming tips
Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.
Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.
6 Telltale signs of a monkey mind
1. Constant overthinking
A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.
Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.
2. Difficulty focusing on a task
If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.
Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.
3. Procrastination and avoidance
A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.
Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.
4. Heightened anxiety or stress
With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.
Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.
5. Trouble sleeping
If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.
Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.
6. Feeling constantly distracted
A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.
Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.
Conclusion
Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.
By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.
Startup
Swiggy IPO gets oversubscribed led by QIB bids
Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.
Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.
According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.
The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.
On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.
Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.
The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.
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