Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, December 17, 2024. This is Nelson John, let's get started.

Sanjay Malhotra recently took charge as the 26th governor of the Reserve Bank of India, and he's facing some tricky challenges right off the bat. The Indian economy, which had been growing robustly at over 8% just last year, has now slowed to a growth rate of 5.4% in the second quarter of FY25. This slowdown is part of what's shaping up to be a period of stagflation —in which slow growth is coupled with high inflation, complicating policy decisions considerably. N Madhavan explains that if Malhotra decides to cut interest rates to spur growth, he risks increasing prices further, with inflation already above the RBI’s target of 4%. On the flip side, maintaining the current interest rates could slow economic growth even more.

Ustad Zakir Hussain is celebrated not just as a tabla virtuoso but as a magician of music. Hussain transformed every performance into a vibrant narrative, weaving stories through the rhythmic syllables of the tabla. Descended from the esteemed Ustad Alla Rakha, and known for his innovative collaborations across diverse genres and cultures, Hussain transcended musical boundaries. Beyond his global acclaim and numerous accolades, his true legacy lies in the joy and passion he brought to his art, making his music a universal language of emotion and storytelling. In this poignantly penned tribute, Raja Sen celebrates the maestro’s legacy.

As the year winds down, villa rental companies are gearing up for a busy season, thanks to Christmas and New Year's Eve landing smack in the middle of the week. Devendra Parulekar from SaffronStays told Varuni Khosla that because these holidays fall on weekdays this year, people are extending their stays. Instead of the typical two-night stay, many are making bookings for three or four nights, giving occupancy rates a nice bump. Ritwik Khare from Elivaas noticed that bookings really picked up after Diwali, especially from Gujarati travelers, which helped balance out a slower October. But in Goa, there's a bit of a squeeze on nightly rates because the villa supply has shot up by as much as 60-70% over the past year. That's a lot of new options for travelers!

When Pune-based Persistent Systems crossed $1 billion in revenue in FY23, founder Anand Deshpande credited the achievement to CEO Sandeep Kalra and his team. Kalra, who joined in 2019, revamped the company's strategy, focusing on key sectors and partnerships with major vendors such as Microsoft and Amazon Web Services, and boosting revenue from $501 million in FY20 to $1.18 billion in FY24. Similarly, Coforge saw significant growth under CEO Sudhir Singh, increasing its CAGR to 16% by FY24. These examples highlight how strategic leadership changes at mid-tier tech firms such as Persistent and Coforge are driving rapid growth and helping these companies compete effectively in the IT services industry. Shelley Singh takes a deep dive into how strategic leadership changes at mid-tier tech companies are changing the game.

Global investment firm Actis is considering selling its Indian renewable energy platform, BluePine Energy, due to increased investor interest in clean-energy assets. The company, part of a larger movement in the renewables sector, is potentially valued around $1 billion, Sneha Shah and Nehal Chaliawala report. BluePine, which boasts of about 2.6 gigawatts of solar and wind assets in India, could benefit from Actis's experience in acquiring significant renewable assets. This potential sale highlights the dynamic market activity, which includes other notable assets and acquisitions, reflecting a robust interest in sustainable investments amid India's push for clean energy.

Baptism by fire for new RBI Governor

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