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From Oil To AI: Indian Engineering Is Changing
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Good morning. In today’s edition — engineering roles evolve into multi-disciplinary powerhouses to address modern challenges; Foreign Portfolio Investors (FPIs) accelerate their equity sell-off, raising market concerns; hotel chains pivot to leasing over property ownership; and the high-stakes race to acquire TikTok’s US operations.
CORE CONVERSATIONS
Engineers India Ltd Journey From Oil Refineries To AI-Driven Infrastructure Projects
In a candid conversation with TheCore, Engineers India Ltd (EIL) Managing Director Vartika Shukla shared insights into how the company is redefining what it takes to excel in engineering roles. Ms. Shukla emphasised a paradigm shift in the public sector enterprise's approach to talent: "What we need today is people with innovation…Youngsters who are willing to move out of their conventional roles, take up challenges, and help build our strength in areas like digitalisation"
Shukla further emphasised EIL’s push to combine domain expertise in chemical, mechanical, or civil engineering with tools like computational simulations, data analytics, and advanced digital platforms.
She also reflected on EIL’s role as a pioneer in India’s energy and infrastructure sectors. Over the decades, the company has evolved from executing traditional oil and gas projects to tackling complex challenges like the Mongolian refinery—where engineers contend with temperatures as low as -40 degrees—and Rajasthan’s Barmer refinery, which involved designing foundations to withstand water with triple the salinity of seawater.
“It is only the strength of our multifunctional talent that allows us to bring innovative solutions to the table,” Shukla remarked, highlighting the value of site exposure and cross-disciplinary collaboration in EIL’s training programs.
EIL’s future focus lies in integrating advanced technologies like artificial intelligence (AI), predictive analytics, and digital twins to enhance decision-making and project efficiency. “We are looking at smart engineering tools to make processes more accurate, timely, and valuable for customers,” Shukla said. “Our engineers are working on everything from data centres and green hydrogen projects to sustainable aviation fuel plants.”
Shukla’s forward-looking strategy also prioritises continuous learning and adaptability. “Training and reskilling are integral to our culture. We post young engineers to project sites early so they understand the complexities on the ground. It’s about making them grounded professionals who can adapt to any challenge,” she added.
This conversation is brought to you by India Energy Week 2025. The conference is scheduled from February 11-14, 2024 in New Delhi. Register here.
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PODCAST
On Episode 491 of The Core Report, financial journalist Govindraj Ethiraj talks to Shankkar Aiyar, veteran economic journalist and author.
FIIs have sold close to $8 billion in January.
JP Morgan warns of sudden stop of foreign investment to emerging markets on account of better alternatives.
India keeps options on crude oil open after sanctions on Russia as there are many choices, says the Oil Minister.
Does India’s middle class have a voice when it comes to taxes?
The Trump Tariff Tracker: Another step back on China.
THE BUDGET WISHLIST
📝 E-Commerce Industry Leaders Eye Simplified Policies And Tax Relief
E-commerce industry leaders are looking to the Union Budget 2025 for measures that simplify compliance, provide tax relief, and drive inclusive growth. A key focus remains on easing goods and services tax (GST) slabs and reducing tax deducted at source (TDS) rates to improve liquidity for players in the sector.
"As we approach this year’s budget, we anticipate continued positive developments for the e-commerce sector, particularly in light of last year's impactful changes. We hope the government will further build on the reduction in the TDS rate from 1% to 0.1% for e-commerce operators, potentially extending additional support to enhance liquidity and simplify compliance processes," said Nilay Patel, Founder & Managing Director, Easy Pay.
“Towards this goal, in Budget 2025, we urge the consideration of a waiver of GST on all financial services offered at Business Correspondent outlets, which serve as the backbone of rural banking in India,” added Anand Kumar Bajaj, Founder, MD & CEO of PayNearby.
Key Budget Expectations:
Relaxation in GST Slabs and Tax Benefits: E-commerce leaders are advocating for a waiver of GST on all financial services offered at Business Correspondent (BC) outlets and a dedicated 5% GST rate for startups focused on last-mile empowerment.
TDS Reduction: Extend lower TDS rates introduced last year to further improve liquidity.
Rural Fintech Collaboration: Incentivise partnerships between fintech and banks to boost rural financial inclusion.
Support for Innovation: Establish AI Centres of Excellence and offer R&D grants to strengthen competitiveness.
ONDC Expansion: Facilitate digital entrepreneurs and MSMEs to drive equitable economic growth.
CORE NUMBER
Rs 64,156 crore
This is the total value of Indian equities withdrawn by FPIs so far in January 2025, a sharp reversal from the net inflow of Rs 15,446 crore seen in December 2024. Analysts attribute this outflow to macroeconomic pressures, including currency depreciation, higher US bond yields offering better returns, and India's high market valuations amidst weak earnings forecasts.
The trend reflects a cautious stance from FPIs, who had scaled back investments significantly in 2024 with net inflows of just Rs 427 crore, contrasting sharply with the record Rs 1.71 lakh crore inflows in 2023 driven by optimism over India's economic fundamentals. In comparison, 2022 witnessed net outflows of Rs 1.21 lakh crore due to aggressive global rate hikes by global central banks, including the US Federal Reserve.
FROM THE PERIPHERY
—🏤 Leading hotel chains, including Royal Orchid, Samhi Hotels, Lemon Tree, and Ginger, are increasingly turning to long-term leasing models for expansion, shifting away from property acquisitions and ownership. Leasing offers a cost-effective and flexible alternative, allowing operators to focus on asset-light growth, The Economic Times reported on Sunday. For instance, Royal Orchid leased a 300-room property near Mumbai Airport under its Iconiqa brand. In 2024, hotel transactions gained momentum, with Bengaluru, Mumbai, and NCR leading the Rs 2,718 crore acquisition tally—a significant rise from 2023, according to data from hotel consultancy firm Noesis.
—🏦 After numerous complaints of harassment by microfinance institutions (MFIs) surfaced on social media and news outlets, the Karnataka government has taken action to address the issue. Chief Minister Siddaramaiah has criticised MFIs for employing coercive recovery tactics, including alleged use of goons, and has announced a helpline to enable borrowers to report such practices. This comes amidst heightened scrutiny by the Reserve Bank of India (RBI) on non-banking financial companies (NBFCs) over lending practices. Recently, the RBI lifted restrictions on Asirvad Micro Finance and DMI Finance, initially imposed in October 2024, after the firms ensured compliance with regulatory norms.
—🤝 The White House is negotiating a deal for TikTok’s U.S. operations amid national security concerns. Under the proposed terms, ByteDance, TikTok's China-based owner, would retain a minority stake, while Oracle would oversee algorithms, data collection, and software updates. This structure would give American investors majority ownership, though the terms remain fluid, NPR reported on Sunday. In 2020, a similar deal involving Oracle and Walmart collapsed, with Walmart now opting out over price concerns. Meanwhile, investor Frank McCourt and former U.S. Treasury Secretary Steven Mnuchin have expressed interest, with McCourt's consortium reportedly offering $20 billion for TikTok.
—🧑⚖️ A parliamentary committee is examining the Competition Commission of India’s (CCI) role in ensuring fair competition in the digital and startup economy, particularly given concerns about anti-competitive practices by dominant platforms. This intervention comes as the National Restaurant Association of India (NRAI) is reportedly preparing to file a complaint with the CCI against food delivery aggregators like Zomato and Swiggy for venturing into private labelling and dining-in services, allegedly drawing customers away from independent restaurants. Previously, the CCI has acted against companies like Oyo, MakeMyTrip, Meta, Zomato, and Swiggy for violating competitive laws. .
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✍️ Zinal Dedhia, Salman SH | ✂️ Rohini Chatterji | 🎧 Joshua Thomas