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21 February 2026 | BW BUSINESSWORLD | 51CREDIT WITH DISCIPLINESingh believes the sector must move away from aggressive expansion to sustainable, disciplined growth. “Microfinance today is fundamentally a business of collections and asset quality,” he says. According to him, growth without discipline weakens the very customers lenders aim to empower.He adds that financial inclusion cannot end with disbursement. “Our responsibility does not end at disbursement,” Singh notes, arguing that customers who build strong repayment records should see tangible benefits, including lower interest costs over time.Inclusive finance is ultimately about resilience for Singh, ensuring that one setback does not push families back into high-cost credit systems. TEAM BWFinancial inclusion is not just about extending loans to those at the bottom of the pyramid but also ensuring access to finance meaningfully improves their life and strengthens long-term economic stability,” says HP Singh. This philosophy shapes his focus on responsible lending, continuity of affordable credit and the building of resilience within the lending ecosystem. Singh emphasises that borrowing must support progress, not stress. “As an industry, we must encourage need-based and appropriate credit, ensuring that borrowing supports progress rather than creating stress,” he says.The emphasis has shifted from training as an event to training as a pathway leading to jobs, entrepreneurship or higher education.“We design programmes with a simple principle: skills must lead to dignity through jobs, internships, entrepreneurship, or higher education pathways,” Despande says. Programmes include industry-aligned curricula, hands-on projects, career-readiness modules and structured placement tracking.Scale, according to him, depends on partnerships. “Partnerships are not optional but the operating system for scale,” Deshpande explains, outlining how industry, government and civil society each play distinct roles in the ecosystem. TEAM BWSOCIAL IMPACTKetan Deshpande founded Friends Union for Energising Lives (FUEL) inspired by a simple observation — many bright students from rural and low-income backgrounds were falling behind simply due to a lack of guidance, exposure, and industry-ready skills. “Talent exists everywhere, but opportunity doesn’t,” Deshpande says.The focus has since evolved from access to outcomes. “Access without outcomes is not empowerment,” Deshpande notes, explaining how FUEL now works at the intersection of education, employability, equity and industry linkage. PATHWAYS TO DIGNIFIED WORKHP SINGH,Chairman & Managing Director (CMD), Satin Creditcare NetworkSector: NBFC - MFI, Financial & Economic InclusionKETAN DESHPANDE,Founder Chairman & Chief Executive Officer, Friends Union for Energising Lives (FUEL)Sector: Education & Skilling

52 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTMAKING CLASSROOMS MATTERWorking Inside the SystemRather than creating parallel models, Bharucha says the organisation works within public systems. “We balance innovation and scale by working inside the system, not around it,” she explains, adding that every intervention must be usable by government teachers and officials at scale.Teachers and school leaders, she notes, are central to long-term reform. “Classrooms are where change actually happens, and teachers are the single most important determinant of whether students learn,” Bharucha says. When principals shift from administrative roles to instructional leadership, she adds, reforms begin to sustain themselves. TEAM BWThe dominant narrative in Indian education was that access was a challenge, and that it had largely been solved,” says Kruti Bharucha. What was missing, she says, was engagement, the link between being present in a classroom and actually learning.For Bharucha, engagement is not a soft idea but the very foundation of learning. “Without engagement, children, especially those from underserved backgrounds, progress through grades without acquiring basic literacy and numeracy,” she says. Peepul’s work focuses on making classroom spaces where students are cognitively and emotionally involved, and where learning happens consistently.Changing MindsetsIytha identifies attitudinal barriers as the most persistent obstacle to economic participation. “Mindsets often determine access more than infrastructure,” he says, pointing out that opportunities frequently exist within closed networks where entry points are not equally accessible.Employers must rethink traditional definitions of productivity and talent. “Talent must be evaluated based on skill and output, not conformity to traditional workplace norms,” Iytha notes, adding, “Skill-building is transformative because it builds confidence alongside competence.” Once individuals begin taking on responsibilities and delivering in real markets, stereotypes are replaced by evidence of capability and leadership.TEAM BWMallikarjuna Iytha believes the language of disability must move beyond welfare and accommodation. “Inclusion is important, but it is only the starting point. The real shift happens when we begin speaking about active market participation and leadership,” Iytha says. Economic participation means persons with disabilities (PwDs) becoming contributors and decisionmakers, not just beneficiaries. He explains, “When PwDs are equipped with relevant entrepreneurial skills, incubation support, and market linkages, they transition from being perceived as beneficiaries to becoming job creators.” The focus should move from what support is needed to the value individuals can create in the marketplace.FROM WELFARE TO ENTERPRISEKRUTI BHARUCHA,Founder & Chief Executive Officer, PeepulSector: EducationMALLIKARJUNA IYTHAFounder & Chief Executive Officer, Inclusive Divyangjan Entrepreneur Association (IDEA)Sector: Disability LivelihoodsPhotograph by Naval Kishor

21 February 2026 | BW BUSINESSWORLD | 53DIGNITY THROUGH LIVELIHOODSthat inclusion drives loyalty, innovation and growth.From Sympathy to RespectShenoy points to accessibility and attitudes as the biggest barriers to livelihoods. While infrastructure gaps matter, she believes mindsets are the deeper challenge. “Disability is misunderstood, and difference is judged too quickly,” she says, urging society to embrace diversity as nature does. Skills, she agues, is the pivotal moment. “When skills lead directly to jobs, perception shifts from sympathy to respect.” For her, true success will be when persons with disabilities are counted in economic planning as a contributor to national progress. For Meera Shenoy, workforce participation is the real test of inclusion. “We move the needle when inclusion moves from charity to smart business strategy,” she says, noting how inclusive hiring can influence entire ecosystems of vendors and partners.She recalls a CEO who saw the outcome firsthand. “Why shouldn’t I hire persons with speech and hearing impairments? My cafés are thriving, repeat customers are higher than ever, and people feel their spending also supports a meaningful cause,” he told her. For Shenoy, stories like these show tween financial performance and long-term social outcomes, particularly when impact requires patient capital. “Meaningful social or environmental outcomes often require patient capital, deeper engagement, and early investments in governance and sustainability,” she says. The answer lies in integrating ESG directly into investment decisions.“When impact is treated as part of risk management and business resilience, rather than a parallel objective, it reinforces financial discipline,” Pandita notes. For the next phase, she believes the ecosystem must move towards standardised impact measurement and stronger coordination between investors, policymakers and institutions to unlock catalytic growth. TEAM BWSOCIAL IMPACTImpact capital in India has evolved into a core enabler of sustainable economic growth,” says Neelam Pandita, pointing to its expanding role across MSMEs, healthcare, climate transition and financial inclusion.She says such capital does a lot more than just fund underserved sectors. “Its real contribution lies in strengthening governance, embedding ESG discipline, and enabling businesses to grow responsibly,” she explains. In her view, impact capital today is as much about shaping behaviour and systems as it is about financing enterprises.Balancing Returns, OutcomesPandita acknowledges the tension beCAPITAL FOR SUSTAINABLE GROWTHMEERA SHENOYFounder-Chief Executive Officer, Youth4Jobs FoundationSector: Disability InclusionNEELAM PANDITAVice President - ESG and Investor Relations, Blacksoil CapitalSector: Impact InvestingPhotograph by Naval Kishor

54 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTBUILDING RESILIENT RURAL ECONOMIESnegotiation, risk-sharing, and collective bargaining,” he says. Their value was evident during the pandemic, when collective savings and shared assets helped withstand shocks.Khemariya cautions that immediate income support may ease distress, but lasting change requires sustained investments. “Long-term resilience comes from continuous capacity building and solving systemic issues,” he says. The way forward lies in climate-resilient agriculture, women-led institutions and collaborative models that align government, civil society and communities. TEAM BWPrasanna Khemariya sees rural livelihoods at a crossroads shaped by climate stress, migration and inequalities. “Climate change remains one of the biggest risks faced by small and marginal farmers,” he says. Demographic shifts are adding to the strain. Youth migration to cities has left agriculture in the hands of older farmers and women, while fragmented holdings, limited value addition and uneven access to government schemes continue to weaken income security, especially for women.For Khemariya, lasting economic outcomes rest on strong, community-owned institutions. “When self-help groups, producer collectives or water user groups are genuinely communityowned, they become platforms for through participatory approaches rather than top-down design. He points to the Price framework (Participatory, Relevant, Integrated, Collaborative and Efficiency-focused initiatives) as a way to create shared ownership. “This approach creates accountability, ownership and a shared long-term vision,” he says, noting that many initiatives fail because they are built on assumptions instead of shared priorities.He also observes a shift in how communities engage with social initiatives. “Most communities are now looking at social initiatives not as charity but rather as an effort to uplift their social and economic strata,” Krishnan says, adding that this rights-based outlook can drive deeper, sustained change. TEAM BWRajesh Krishnan views urban community development as a process shaped by participation rather than prescription. “Community development in urban environments is a balance between the wants and needs of the community,” Krishnan says, adding that these priorities must be understood through the community’s own lens.No single organisation can address the layered challenges of urban life. “Sustainability and impact should be seen as a collective effort of all the stakeholders,” he explains, pointing to the need for governments, civil society, corporates and communities to work together.Participation as StrategyKrishnan says alignment comes CITIES BUILT BY COMMUNITIESPRASANNA KHEMARIYA,Chief Executive Officer, Self Reliant Initiatives through Joint Action (SRIJAN)Sector: Rural LivelihoodsRAJESH KRISHNAN,Chief Executive Officer, United Way BengaluruSector: Community DevelopmentPhotograph by Naval Kishor

21 February 2026 | BW BUSINESSWORLD | 55SPEED WITH DIGNITYimmediate relief into long-term freedom.For Mehta, reaching the right beneficiaries at scale is as much a moral challenge as an operational one. “It demands deep local partnerships, simple, humane processes, and strong systems with human judgment,” he says. According to him, scale should amplify dignity rather than dilute it.“Modern humanitarian work is no longer just about helping people survive today but about ensuring they can stand, see, read, work, and dream tomorrow,” Mehta says. Responsible leadership must focus on trust rather than visibility. “It is leadership that acts fast, but thinks deeply, serves without ego, and builds systems, not dependency,” Mehta says. TEAM BWRajiv Mehta believes humanitarian work must combine urgency with respect. “Humanitarian organisations balance urgency with longterm dignity when they respond fast without humiliating,” Mehta says, adding that aid must deliver quality, build infrastructure and treat beneficiaries as partners.He argues that compassion and efficiency are not opposites. “Compassion does not have to be slow, and speed does not have to be shallow,” Mehta notes, stressing that systems built around empowerment can turn Healing the Whole JourneyAhluwalia believes families and caregivers play a central role in sustaining outcomes. “Families and caregivers play the most important role in supporting the patients through the stressful period of cancer treatment,” she says. The organisation works closely with caregivers through support groups and specialised training, recognising their own emotional and financial challenges.She also points to a policy gap. “The need of comprehensive cancer care has not been properly understood by the authorities,” Ahluwalia notes, emphasising that patientcentric leadership must address prevention, treatment and rehabilitation as a continuum. TEAM BWSOCIAL IMPACTRuby Ahluwalia’s work is centred on a gap often overlooked, life after diagnosis. While access to treatment has expanded, long-term patient support remains fragmented. “There is no integrated model that addresses healthcare across prevention, diagnosis, cure and rehabilitation,” she says. Her approach brings the the emotional and social dimensions of illness into care. Through a holistic healing programme, patients learn to manage the psychological and physical strain of treatment. “Patients learn the tools to work on themselves and understand the mind-body connect,” she explains.CARE BEYOND THE CURERUBY AHLUWALIA,Founder & Chairperson, Sanjeevani - Life Beyond CancerSector: HealthcareRAJIV MEHTA,Managing Trustee, Ratnanidhi Charitable TrustSector: Humanitarian AidPhotograph by Naval Kishor

56 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTEMPLOYABILITY IN MOTIONworkplace readiness. “Too many programmes prioritise quantity over quality, with little attention to jobrelevant skills,” he says.Closing this gap requires meaningful collaboration among industry, academia and civil society. Effective collaboration requires moving beyond symbolism to integrated, accountable frameworks, with industry playing a direct role in shaping curricula and civil society supporting last-mile engagement, Ali explains.Adaptability, in his view, is the foundation of long-term employability. “The future belongs not to those who know the most today, but to those who can learn fastest tomorrow,” Ali says. TEAM BWFor Sajid Ali, employability is no longer defined by degrees or one-time certifications. As technology recasts work, career readiness now hinges on continuous adaptability. “Employability has shifted from possessing academic credentials to demonstrating learning agility and the ability to upskill,” he says. The workplace today demands both technical literacy and human skills. “Employability is nolonger something you possess, it is something you practice,” Ali says, adding that it as an ongoing process shaped by digital tools, critical thinking, creativity and emotional intelligence.Ali says a wide gap exists beteen skilling initiatives and Bano emphasises that education must lead to tangible opportunities. “Partial solutions don’t end exclusion, they only push it further downstream,” she says, explaining the need to work across admissions, retention, learning and transition into livelihoods.Partnerships are central to scaling impact. “For us, partnerships are not a nice-to-have. They are our core strategy,” Bano explains. Measuring impact, too, must go beyond individual success stories. “The most meaningful impact is when a child is a rightholder without needing an intermediary,” she says.Education reform’s next phase for Bano will depend less on schemes and more on better systems that deliver rights by default. TEAM BWIndia has strong education and skilling frameworks, yet access often depends on awareness, paperwork, influence, or luck,” says Samina Bano. Rights often existed on paper, while delivery remained uneven for families navigating complex systems.The organisation’s early work focused on helping children from marginalised communities secure admissions under the Right to Education Act. Over time, the challenge appeared more structural. “Policies existed, but systems were not able to deliver rights consistently at scale,” Bano notes. That realisation shifted the focus from facilitation to building institutional capacity, redesigning processes and embedding accountability into public systems.RIGHTS DELIVERED BY DESIGNSAJID ALIChief Operating Officer, Tech Mahindra FoundationSector: Skills & EmployabilitySAMINA BANO,Co-founder & Chief Executive Officer, RightWalkSector: Livelihoods & SkillingPhotograph by Naval KishorPhotograph by Naval Kishor

21 February 2026 | BW BUSINESSWORLD | 57LEARNING THAT LEADS FORWARDment to continuity, and from schooling to relevance. Today, education and skilling are treated as a connected journey, supported by healthcare, nutrition, family engagement and clear pathways to employment.From Schooling to Life OutcomesFor Mishra, outcomes must extend beyond attendance. “Access to learning matters only if it leads to real progress in a young person’s life,” he says. This requires aligning skilling programmes with employer needs and building communication, digital and workplace-readiness skills alongside technical training. Impact, he says, is measured over time. The goal is not just schooling, but a pathway that links learning to stable livelihoods and stronger communities. TEAM BWWhen Santanu Mishra cofounded Smile Foundation in 2002, access to education was a major challenge. “Our early work focused on addressing this issue,” Mishra says. Sustained engagement revealed deeper barriers — poor health, family instability and economic hardship — that prevented children from staying in school or progressing.That insight reshaped the organisation’s approach. “Access alone was not enough,” Mishra notes. This prompted a shift from enrolBhatt sees road safety as a public health and equity issue. “The most vulnerable bear the highest risk,” she says, emphasising the need for design that protects the human body. Lower speeds, wider footpaths and people-first planning can democratise streets.Changing mindsets, however, has been a challenge. “The biggest resistance is the belief that roads are exclusively for motorised vehicles,” Bhatt says. For her, the future lies in peoplefirst planning. “A truly vibrant city doesn’t just manage traffic; it manages life,” she says, envisioning streets as shared public spaces that prioritise safety, inclusion and everyday human activity. TEAM BWSOCIAL IMPACTSarika Panda Bhatt’s work in urban mobility began with a simple but unsettling observation. “Our cities were being designed for cars, not people,” Bhatt says, recalling how hostile streets restricted everyday freedom, particularly for women. For her, mobility is not about building wider roads, but about creating systems that allow people to move safely and with dignity.She points to the lived experience of commuters as the real test of any transport system. “If a woman doesn’t feel safe walking to a bus stop, the most advanced transit system in the world has failed,” Bhatt notes.STREETS FOR PEOPLESARIKA PANDA BHATTDirector, Nagarro & Cofounder Trustee, Raahgiri FoundationSector: Road SafetySANTANU MISHRACo-founder & Executive Trustee, Smile FoundationSector: Community DevelopmentPhotograph by Naval Kishor

58 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTCATALYSING FINANCIAL INCLUSIONLashkari identifies structural barriers as the biggest constraint to access credit. “Informality, lack of collateral, insufficient income proof, and inadequate documentation exclude millions,” she says, adding that these challenges are reinforced by limited trust in formal systems and income volatility. Addressing these gaps requires catalytic capital to graduate informal livelihoods into the formal economy. Through blended finance tools such as returnable grants and risk guarantees, she uses philanthropic capital to de-risk lending and help underserved populations access productive credit for longterm resilience. TEAM BWSaumya Lashkari believes that access to finance must be anchored in stable livelihoods. “Financial inclusion should be seen as a longterm effort to help people in the informal sector build sustainable livelihoods,” Lashkari says.She emphasises the need for complementary support systems -- working capital credit, and capabilities such as skill development, digital and financial literacy, and stronger links to markets and government services. “Financial inclusion works best when affordable and productive credit is layered onto capacity building that enables people to earn and grow sustainably,” Lashkari explains. When these elements work together, individuals and microenterprises can transition into formal economic participation. academic leaders determine whether learning actually happens,” she says, noting that clarity in teaching methods and regular academic support can improve outcomes.Working within public systems, she has found that scale depends on ownership. “Sustainable change happens when solutions are embedded inside government systems, not parallel to them,” Lall explains.Deep impact is visible when systems continue to improve after programme support reduces. “If teachers independently use structured pedagogy and mentors conduct meaningful academic conversations, we consider that deep change,” Lall says, underlining the long-term nature of foundational learning reform. TEAM BWIt is often assumed that children will pick it up naturally once they are in school,” says Shveta Lall. In reality, foundational literacy and numeracy require structured teaching and sustained support. Lall’s experience shows that many children progress through grades without mastering reading comprehension or basic number skills. “When early gaps are missed, they compound over time and become much harder and more expensive to fix later,” Lall explains, pointing to the daily practices inside classrooms as the real drivers of learning outcomes.Teachers at the CoreLall emphasises that curriculum and infrastructure only set the conditions for learning. “Teachers and FOUNDATIONS THAT SHAPE FUTURESSAUMYA LASHKARIDirector & Board Member, 360 One FoundationSector: Financial InclusionSHVETA LALLAssociate Director (CPD), Language & Learning Foundation Sector: EducationPhotograph by Naval KishorPhotograph by Naval Kishor

21 February 2026 | BW BUSINESSWORLD | 59LINKING SKILLS TO LIVELIHOODSrather a blend of competency, experience, and adaptability,” he explains, noting how digital inclusion and multilingual learning are reshaping opportunities across rural and semi-urban India.For Chaturvedi, the biggest gap in the ecosystem is between training and employment. “The ecosystem must shift its metrics from ‘training numbers’ to livelihood outcomes,” he says, emphasising jobs, income growth and enterprise creation as the true indicators of success. Local ecosystems are central to sustainable outcomes. “Livelihoods are generated in districts,” he says. For Chaturvedi, the future lies in future-ready skills, vernacular digital learning and district-level execution that turns training into a tangible economic opportunity. For Siddharth Chaturvedi, education, skills and livelihoods can no longer be treated as separate pathways. At AISECT (All India Society for Electronics and Computer Technology) Group, he has seen this insight evolve over decades. “Education, skills, and livelihoods are a single continuum shaping our economic future,” Chaturvedi says.AISECT has grown from spreading computer literacy in underserved regions into a broader ecosystem. “Degrees alone do not ensure employability, but munities who are often left out.Blending Technology with CareJoshi believes stigma reduces when support feels safe and private. “Many people are not ready to meet a therapist, but they are willing to speak to a compassionate, anonymous digital tool,” she says, describing AI as an entry point rather than a replacement for human care.Technology must be designed with empathy. “Inclusion is a design choice,” Joshi notes, emphasising lowbandwidth access, local languages and human oversight to ensure vulnerable groups are not excluded.For her, sustainable healthcare leadership is measured not by reach alone, but by genuine improvement in people’s lives. TEAM BWSOCIAL IMPACTThe biggest challenge in India’s mental health landscape is the gap between need and access. “We have growing awareness about mental health, but far too few doors through which people can walk to receive timely, affordable, culturally relevant support,” says Smriti Joshi, noting that much of this distress exists in classrooms, homes and workplaces rather than clinics.She also points to the absence of early intervention. “Mental health systems are largely crisis-driven rather than preventionfocused,” Joshi explains, adding that support must reach people earlier in their journey, especially young people, women and rural comMENTAL HEALTH WITHOUT BARRIERSSMRITI JOSHIChief of Clinical Services & Ops, WysaSector: Digital Mental HealthSIDDHARTH CHATURVEDIExecutive Vice President, AISECT GroupSector: Skill Development, Education, LivelihoodPhotograph by Naval Kishor

60 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTSYSTEMS FOR POVERTY EXITcomes, systems outcomes, and ecosystem outcomes,” he says, emphasising that durable change depends on government capacity, policy shifts and market linkages, not just household-level results.Long-term capital plays a critical role in enabling such transformation. “Catalytic philanthropic capital that unlocks billions in government funding delivers exponentially greater returns,” Sriram explains. For him, India’s next phase of poverty reduction will depend on coordinated, outcomefocused approaches that strengthen public systems and align the efforts of government, markets and civil society. TEAM BWSriram V. looks at poverty not as a single problem, but as a web of reinforcing deprivations. Isolated interventions, he argues, rarely rarely endure. “Poverty is a wicked problem — skills, assets or credit alone cannot break the cycle.Programmes falter when they address only one dimension. “A skills programme without market access or shock protection, or an asset transfer without financial literacy won’t generate sustainable returns,” he notes. For him, meaningful scale comes from changing systems rather than running standalone projects.Sriram believes impact must be measured across several layers. “We track direct outplatforms that bring patient voices directly into policy conversations.Technology with EquityPrasad believes technology can expand access, but only if designed inclusively. “Digital registries, telemedicine, and patient-reported outcome measures can expand reach and improve quality of care,” she says, while stressing that equity must remain at the core so rural and marginalised communities are not left behind.Sustainable healthcare leadership requires both fiscal and moral commitment. She describes it as “a commitment to safeguard lives and reduce suffering”, with a focus on survivor-led advocacy, equitable access to therapies and expanded cancer screening in the years ahead. TEAM BWUrvashi Prasad approaches public health through both evidence and lived experience. As Executive Director of ALK Positive India, and as someone wih Stage IV lung cancer, she highlights the structural gaps that continue to define India’s healthcare landscape. “Public health spending remains far below global averages,” Prasad says, pointing to underfunded primary care, uneven diagnostics and limited access to advanced therapies.She also draws attention to environmental risks and social stigma. “Environmental determinants such as air, water, and food pollution are driving rising rates of cancer,” Prasad notes, adding that silence and stereotypes often deepen challenges. Her work centres on survivor-led POLICY WITH A PATIENT VOICESRIRAM V.Managing Director, The/Nudge InstituteSector:Poverty AlleviationURVASHI PRASADExecutive Director, ALK Positive India Sector: Public Health PolicyPhotographs by Naval Kishor

JURY PANELThis event celebrates creative minds from the world of contemporary Indian art. We look at art across performance, video, installation, digital media, painting and sculpture.Artists | Curators | Art Writers | Art CollectorsArt Critics | Educators | Comms & PR | Business HeadsMARCH 27, 2026 | NEW DELHI#BWMasterpiece40u40 ART #BWMasterpieceArtExcellenceWORLD 2nd EditionPooja Iranna ArtistDr. Sanjeev Kishor GoutamDirector General, National Gallery of Modern Art (NGMA), New Delhi. Curator & Artist. Raghavendra RathoreLifestyle Designer & Heritage Brand Strategist, Raghavendra Rathore JodhpurSudarshan Shetty ArtistPradyumna VyasPresident, World Design Organisation (WDO)Dr Annurag BatraChairman & Editor-in-Chief,BW Businessworld & Founder,exchange4mediaJaya AsokanDirector, India Art FairV. SunilCo-founder, Motherland and Founding Trustee, Kochi Biennale FoundationKiran NadarFounder & Chairperson, Kiran Nadar Museum of ArtJURY CHAIREVENT PARTNERSKuldeep Prajapati, Community Outreach Associate, BW Businessworld+91 9873822794 | 9669860757 | [email protected] more information, please contact: Jyotsna Sharma, Deputy Editor, BW Businessworld | [email protected]

62 | BW BUSINESSWORLD | 21 February 2026SOCIAL IMPACTZaheer Adenwala has watched social giving in India shift from institutional drives to individual, digital participation. “Donating has become simple thanks to the growth of mobile payments, UPI, and crowdfunding platforms,” Adenwala notes, adding that thousands of small contributions can now come together to support healthcare or disaster relief.Adenwala notes that storytelling and social media have changed how causes gain traction. “Emotional stories shared through reels, posts, and forwards often turn casual interest into donations,” he says. At the same time, he emphasises the importance of transparency. “Donors increasingly expect verified campaigns and real-time updates,” he says.Building trust is the central responsibility of online platforms. “Scaling trust requires finding a balance between business demands and moral commitments,” he says, stressing the need for verification, clear updates and safeguards against misinformation. Balancing urgency with due diligence is another critical challenge. “In emergencies, it’s imperative to move quickly,” Adenwala notes, but he adds that verification and transparent reporting must run in parallel to preserve credibility.Individuals now play a more direct role in social impact. “People create momentum and personalise causes,” Adenwala says.TEAM BWDeepika Narayan Bhardwaj has built her work around issues that rarely enter mainstream conversations. Through her foundation and media projects, she focuses on men facing false accusations, domestic abuse and custody battles. Bhardwaj says her work centres on “the forgotten gender”.Her approach combines research, storytelling and legal intervention, often driven by digital platforms where victims first reach out. “Our work is heavily dependent on technology plus human understanding,” she explains. Bhardwaj continues to push conversations on gender justice beyond conventional narratives, drawing attention to overlooked victims and systemic gaps. TEAM BWVOICE FOR FORGOTTEN MENZAHEER ADENWALA,Co-founder & Chief Operating Officer, Ketto Online VenturesSector: Healthcare FundraisingDEEPIKA NARAYAN BHARDWAJ,Journalist, Documentary Filmmaker & Social ActivistGender Justice Impact Leader of the YearGIVING IN THE DIGITAL AGESanjana Sanghi uses her public platform to amplify youth concerns on mental health, climate anxiety and social entrepreneurship. Representing young people at global forums, she describes her address at the UN General Assembly as a defining moment. “We were able to talk about a lot of the work we did and make some very simple but specific demands to people in positions of power,” Sanghi says.For Sanghi, impact is not measured in online engagement but in real-world outcomes. Her advocacy also focuses on the mental health effects of the climate crisis, encouraging open conversations and youthled solutions that move beyond awareness into action. TEAM BWCHANGE BEYOND THE STAGESANJANA SANGHI,Actor and UNDP Youth ChampionYouth Impact Icon of the YearPhotograph by Naval KishorPhotograph by Naval Kishor

21 February 2026 | BW BUSINESSWORLD | 63SOCIAL IMPACTCARE BEYOND NUMBERSMADAN CHAWLA,Founder & Director, GIFT - Globally Integrated Foundation for ThalassaemiaSector: HealthcareCHILD-FIRST IMPACTYOUTH POLICY CATALYSTSAMAYA CHAUHANFounder, Policy Leadership Advocacy Action Network for Youth (PLAN Y)Sector: Youth Mental HealthMadan Chawla founded the Globally Integrated Foundation for Thalassaemia to address the everyday realities of families living with chronic blood disorders. His work centres not on scale or visibility, but on the human impact behind each intervention. Reflecting on his journey, Chawla says he had to unlearn the idea that recognition depends on size or wealth.Social innovation must stay grounded in human responsibility, not technological optimism. Reflecting on the growing use of artificial intelligence in child-focused initiatives, Santanu Chakraborty says, “Solving problems only through AI is not possible. It is the human responsibility to adapt AI for solving problems for children.” His As a young humanitarian leader, Samaya Chauhan focuses on moving social impact from relief to empowerment. She believes urgency and dignity must work together. “Humanitarian For him, the most important measure of success rarely appears in reports. “More than anything, it is about the impact that you can make for the patients’ families,” Chawla explains, highlighting the emotional and social dimensions of healthcare support.He also stresses that technology cannot replace compassion. “Empathy comes at the top,” Chawla says, arguing that humanitarian healthcare must remain rooted in human connection even as systems scale. TEAM BWwork centres on responsible deployment of technology, ensuring that innovation strengthens protection, education and welfare systems rather than replacing them.For Chakraborty, the organisation’s internal compass is not a financial metric but a shared sense of purpose. “Passion always keeps us motivated to do more for children,” he says. He believes the future of child development lies in combining ethical innovation with community-driven implementation, with technology as an enabler for impact. TEAM BWwork balances urgency with dignity when it moves from helping people to helping people help themselves,” she says. Her work centres on youth-led policy engagement, gender justice and legal reform. Chauhan notes that crises today are more complex and prolonged, requiring responses that combine relief with education, livelihoods and psychosocial support. Partnerships with communities, institutions and civil society, she adds, are critical because they “do not just expand reach; they deepen impact by combining scale with local relevance.” TEAM BWSANTANU CHAKRABORTY, Chief Executive Officer, Bal Raksha BharatSector: Child DevelopmentPhotograph by Naval KishorPhotograph by Naval Kishor

How Odisha is hedging its bets on chips, manufacturing, AI and human capital as multiple growth engines as it eyes $500- billion economy goal by 2036By Rohit ChintapaliSPOTLIGHT ODISHATHE NEXT ACTPhotograph byWirestockPhotograph bySmsarfarazalam64 | BW BUSINESSWORLD | 21 February 2026

tor projects, rising to 50 per cent for the first five investments, with customised incentive packages available for large-scale projects, Dev said.Odisha already has three semiconductor-related projects underway and another three in the pipeline. The state is in talks with several Malaysian semiconductor companies, primarily assembly, testing, marking and packaging (ATMP) and outsourced semiconductor assembly and test (OSAT) players, to develop an electronics and semiconductor park soon.Among the projects already approved is a Rs 2,200-crore investment by US-based 3D Glass Solutions, through its Indian subsidiary HIPS, for advanced glass substrate packaging technology. The project has received clearance under the India Semiconductor Mission (ISM), Dev said, adding that Intel CEO Lip-Bu Tan is among the promoters of the company.Odisha has also introduced a top-up incentive scheme aligned with the central government’s Electronics Component Manufacturing Scheme (ECMS), offering additional benefits to projects approved by New Delhi that choose to locate in the state.S MOST states race to attract technology capital, Odisha is placing a multipronged bet on semiconductors, advanced manufacturing, artificial intelligence (AI) and large-scale skilling as it works towards a $500-billion economy by 2036.The state, long associated with mining and metals, is seeking to reposition itself as a low-cost, fiscally stable destination for electronics manufacturing, data centres and global capability centres (GCCs), Odisha’s senior officials said at GFTN’s Black Swan Summit.“We are a power-surplus state and we have the cheapest power tariff in the country,” Vishal Kumar Dev, Additional Chief Secretary, Electronics and IT, Government of Odisha, told BW Businessworld in an interview on the sidelines of the summit. Industrial power tariffs in Odisha stand at about Rs 5.70 per unit, compared with Rs 10-12 in some southern states, Dev said, which makes Odisha attractive for power-intensive investments such as data centres and semiconductor units.Odisha’s strategy comes as competition among states like Gujarat, Karnataka, Tamil Nadu, Telangana, Andhra Pradesh and Assam intensifies for electronics and chip manufacturing projects under India’s broader push to build domestic supply chains and reduce dependence on imports.Semiconductor PushSemiconductors have been designated a ‘thrust sector’ under Odisha’s policy framework, attracting the highest level of incentives within the state’s IT and electronics portfolio.The state offers a 30 per cent capital investment subsidy for semiconducAEMERGENT ODISHA:The eastern state has transitioned from a resource-led economy to one anchored in manufacturing, technology and skillsPhotograph bySambathdara95 Photograph byFreepik Photograph byLalalandstd21 February 2026 | BW BUSINESSWORLD | 65

66 | BW BUSINESSWORLD | 21 February 2026DROUPADI MURMU, President“I am pleased to note that the Government of Odisha has launched the BharatNetra initiative to build a future-ready workforce and innovation ecosystem in digital, financial and insurance technology sectors”ANU GARG,Chief Secretary, Government of Odisha“We want to have 10 million jobs by 2047 and we want to be 5 per cent of the national GDP by 2047”form, Sushasan Sahayak, that allows officials to query financial and administrative rules using machine-readable data, shared Dev.Bet on Services GrowthWhile Odisha is betting on services-led growth, the transition has not been linear. The state’s services share declined from 38.5 per cent to 34.9 per cent in recent years, according to the “While semiconductor investments are gaining momentum across India, Odisha is among the states that has been actively shaping policy to support the creation of a strong semiconductor ecosystem,” said Anshuman Tripathi, Tech Evangelist and former member of the National Security Advisory Board.Power, Compute SurplusAt the summit, the Odisha govin the state,” Pratyush Kumar, Cofounder at Sarvam AI told BW Businessworld. “It is about service delivery, building talent, and attracting startups and GCCs. Growing from a power-surplus state to a compute-surplus state. That is the vision.”Odisha was the first Indian state to roll out an AI policy aligned with the IndiaAI Mission and has launched its own Odisha AI MisEconomic Survey 2026-27, challenging assumptions of a oneway shift towards services.Dev, however, said the state aims to raise the services share of gross state value added (GSVA) to 52 per cent over the next two decades, from about 39 per cent currently, with IT, electronics and fintech expected to play a central role.ernment signed a memorandum of understanding (MoU) with Sarvam AI to build sovereign AI park in the state for $2.3 billion, signalling its intent to extend its energy advantage into digital infrastructure. The project will host nearly 25,000 Nvidia Blackwell GPUs and generate thousands of high-skilled direct and indirect jobs, as per the state government.“This is a joint commitment to build sovereign AI infrastructure sion. Two centres of excellence (CoE) are under development, with pilot projects planned across healthcare, education, agriculture and disaster management.AI is also being deployed internally to improve government productivity, including tools that generate meeting minutes automatically and an in-house platSPOTLIGHT ODISHA

21 February 2026 | BW BUSINESSWORLD | 67senior-level manpower for companies shifting operations from established hubs such as Bengaluru.“When we give a commitment, we also have the ability to honour it,” Dev said.That confidence, he says, rests on Odisha’s fiscal position. The state has recorded revenue surpluses for two decades and began the current financial year with a surplus of Rs 31,800 crore. Niti Aayog has ranked Odisha at the top of its fiscal health index among Indian states.Chief Secretary Anu Garg said Odisha has emerged as a $112 billion economy, supported by a workOdisha’s Net State Domestic Product rose to an estimated Rs 7.90 lakh crore in 2024-25 from Rs 6.99 lakh crore a year earlier, with growth accelerating to 13.04 per cent, the survey showed. Bank deposits have climbed to Rs 5.83 lakh crore, pointing to expanding financial inclusion and improved fiscal capacity.Skilling & Talent Retention Talent remains a key pillar of Odisha’s strategy. The state produces around two lakh graduates annually, including about one lakh engineers, and has invested heavily in vocational training through ITIs and polytechnics. Last week, GFTN, a non-profit established by Monetary Authority of Singapore (MAS), committed to train 7,000 people in the state under a FinTech and InsurTech training programme. Also, ANT International formed a partnership with GFTN to support women entrepreneurs in Odisha in scaling digital commerce and accessing global markets.“Odisha is witnessing a Black Swan moment, and through the BharatNetra strategy, we are laying the foundation for a long-term shift from a mining economy to a mind economy. This is about building skills, innovation, global mindshare, and GCCs so that jobs are created sustainably, women and youth are meaningfully included in the workforce, and Odisha emerges as a trusted global hub serving Asia and beyond,” said Sopnendu Mohanty, Group CEO, GFTN.To curb brain drain and attract GCCs, Odisha has also embedded relocation incentives into its IT and GCC policies, covering costs related to equipment, machinery and even VISHAL KUMAR DEV, Additional Chief Secretary, Electronics and IT, Government of Odisha“Odisha is a revenuesurplus state, growing faster than the national average, and began this financial year with a surplus of Rs 31,800 crore. We honour all our commitments”SOPNENDU MOHANTY,Group CEO, GFTN“Odisha is witnessing a Black Swan moment, and through the BharatNetra strategy, we are laying the foundation for a longterm shift from a mining economy to a mind economy”ing-age population of nearly 69 per cent and expanding infrastructure. The state aims to create 10 million jobs by 2027 and scale to a $1.5 trillion economy by 2047.For Odisha, the transition from a resource-led economy to one anchored in manufacturing, technology and skills is no longer aspirational rhetoric, officials say, but a calculated hedge, which is spread across semiconductors, AI and talent to secure its next phase of growth. [email protected]

68 | BW BUSINESSWORLD | 21 February 2026Rather than radically reorient growth strategy, the budget chose to deepen existing reforms, protect macroeconomic stability, and reinforce medium-term growth drivers ByManoranjan Sharmaexcessively on exports and must be anchored in robust domestic demand and internal shock absorbers.Key Fiscal HighlightsGross Tax Revenue (GTR) growth for FY27 (BE) is budgeted at 8 per cent over FY26 (RE), implying a slight decline in tax buoyancy. Direct taxes are projected to grow a healthy 11.4 per cent, reflecting confidence in income and corporate profitability trends. In contrast, indirect tax growth is budgeted at a modest 3 per cent, largely due to a contraction in GST revenues, underscoring lingering demand and compliance challenges.Total Union expenditure is pegged at Rs 53.5 lakh crore, indicating refiscal statement of the new government’s mandate. Expectations of structural reform, fiscal prudence, and inclusive growth have been steadily building, and the budget responds by emphasising consolidation rather than disruption.In a world characterised by inflation risks, geopolitical fragmentation, and uneven recovery, the government has consciously chosen stability over surprise. The absence of dramatic policy shifts should not be mistaken for inertia; rather, it reflects a strategic decision to deepen earlier reforms, maintain policy credibility, and focus on long-term growth drivers instead of short-term populism.Stability Over SpectacleCOLUMN An Economist’s Perspective on Budget 2026-27tion strategies. However, gains are tempered by volatile capital flows, weak global demand, and tight global liquidity. The IMF and World Bank caution that external demand may stay subdued, even as services and digital exports remain more resilient.Accordingly, the budget’s focus on strengthening domestic growth drivers—public investment, crowding in private capex, productivity-led consumption, and structural reforms—is well conceived. The message is clear: near-term growth cannot rely straint rather than expansionary excess. Capital expenditure is maintained at Rs 12.2 lakh crore (3.1 per cent of GDP), while revenue expenditure growth is limited to 6.6 per cent. Importantly, Rs 1.4 lakh crore has been allocated for tax devolution to states, in line with the 16th Finance Commission’s recommendations, reaffirming the government’s commitment to cooperative federalism.Continuity & ConsolidationThis budget marks the first full-year THE UNION Budget 2026–27, presented on February 1, 2026, was formulated against a backdrop of elevated global uncertainty, evolving domestic macroeconomic priorities, and India’s determination to consolidate its status as the fastestgrowing major economy. Eschewing headline-grabbing populism, the budget adopts a tone of continuity, predictability, and calibrated reform. This approach reflects confidence in the broad policy direction pursued over the past few years, while recognising the constraints imposed by fiscal realities and an unsettled global environment.Rather than attempting to radically reorient growth strategy, the government chose to deepen existing reforms, protect macroeconomic stability, and reinforce mediumterm growth drivers. This is a pragmatic budget, prioritising resilience and execution over dramatic policy shifts.Global, Geopolitical ContextThe global economy entering 2026 remains fragile and uneven. World growth is projected at about 3.3 per cent, below historical averages. Although inflation has eased in some advanced economies, it remains sticky elsewhere, keeping interest rates higher for longer and weighing on investment and financial conditions.Geopolitical risks are elevated. Conflicts in Eastern Europe and West Asia continue to disrupt energy markets and trade routes, while the US–China strategic rivalry has entrenched geo-economic fragmentation. Protectionism, industrial policy activism, and supply-chain realignments are now structural features of the global economy.Amid this uncertainty, India is seen as a relatively stable and credible economic partner, benefiting from “China-plus-one” diversifica-

21 February 2026 | BW BUSINESSWORLD | 69India’s experience highlights risks related to land acquisition delays, regulatory bottlenecks, cost overruns, and financing sustainability. Without parallel reforms in project governance, contract enforcement, and institutional accountability, higher allocations alone may not deliver commensurate economic returns.Tax Policy: Stability is KeyTax policy certainty, as maintained by me consistently over the years, is a prerequisite to development. Hence, the budget’s focus on predictability and administrative refinement is welcome. There are no major changes to personal income tax rates, a departure from earlier budgets that focused on middle-class relief. While this may dampen consumption sentiment in the short run, it reflects fiscal constraints and a conscious decision to avoid revenue volatility.Procedural easing, such as staggered return-filing timelines and incremental compliance simplification, is welcome, particularly for salaried taxpayers and small businesses. Yet, in an environment of rising living costs and uneven real wage growth, targeted and calibrated tax relief could have supported consumption without undermining fiscal discipline. The government’s choice suggests a clear preference for investment-led growth over consumptionled stimulus in the near term.Manufacturing Gets SupportI have cogently argued that moving to a higher growth orbit requires a manufacturing renaissance. The budget reinforces India’s manufacturing through targeted strategic support, e.g., expansion of the India The budget is articulated around a “three-Kartavya” framework—accelerating growth, empowering citizens, and enhancing inclusivity. This framework seeks to reconcile macroeconomic discipline with developmental aspirations. While the intent is well calibrated, the real test will lie in execution, inter-governmental coordination, and the translation of budgetary allocations into tangible outcomes.CapEx-led GrowthI have consistently demonstrated in my writings, published in India and abroad, for well over three decades, that infrastructure is central to accelerated growth and structural transformation. With capex rising by around 8-9 per cent year-on-year, the government justifiably continues to rely on infrastructure investment as a high-multiplier tool for job creation, productivity enhancement, and private investment crowd-in.Investments in transport, urban infrastructure, logistics, and regional connectivity are expected to ease supply-side constraints. The announcement of seven high-speed rail corridors linking major economic hubs, such as Mumbai-Pune, PuneHyderabad, and Chennai-Bengaluru, signals an ambition to modernise India’s transport ecosystem and reduce logistics costs.However, these projects are capital-intensive and long-gestation. The Union Budget represents continuity with calibrated change. It prioritises fiscal discipline, capex-led growth, and strategic sectoral support while consciously avoiding populist excesses

70 | BW BUSINESSWORLD | 21 February 2026Semiconductor Mission (ISM 2.0), development of rare-earth corridors, and incentives for biopharma, chemicals, and textiles, aligning with the objective of deeper integration into global value chains and reduced import dependence.While strengthening technological self-reliance and high-quality job creation, fiscal incentives alone cannot ensure manufacturing competitiveness. Persistent structural constraints, viz., labour market rigidities, power reliability, logistics efficiency, regulatory predictability, and contract enforcement, must be addressed to achieve scale and global competitiveness.Skills & Workforce Recognising the dominance of services in India’s growth model, the budget proposes an Education-toEmployment-andEnterprise (E2E) standing committee to align education outcomes with labour market needs and expand India’s share of global services exports. Yet committees must translate their work into action through curriculum reform, expanded vocational training, industry-academia collaboration, and continuous skill upgrading. Without tangible improvements in employability and productivity, India’s demographic dividend risks turning into a demographic liability.The proposed Rs 10,000-crore SME Growth Fund acknowledges the central role of MSMEs in employment, exports, and innovation. Access to patient capital can help firms scale, adopt technology, and integrate into global markets. But finance is only one constraint. Regulatory complexity, delayed payments, compliance costs, and limited digital adoption continue to impede MSME growth. The fund’s effectiveness will depend on governance quality, transparent allocation, and outcome-based monitoring.Social Sectors & Rural EconomyThe budget includes measures aimed at social inclusion and rural income enhancement, viz., girls’ hostels in every district, farm diversification, productivity improvement, and formal integration of fisheries into value chains, reflecting a long-term human capital perspective. Given the humungous challenges in healthcare, education, nutrition, and employment, allocations appear modest. As always, outcomes will hinge on implementation capacity at the state and district levels.Fiscal DisciplineProposals to review banking sector reforms and refine foreign investment frameworks signal intent to strengthen financial stability and attract long-term capital. The fiscal deficit is projected to decline from 4.4 per cent of GDP in FY26 to 4.3 per cent in FY27, and the existing public debt from 56.1 per cent to 55.6 per cent of the GDP, keeping India on track toward a sub-4 per cent target over the medium term, and 51 per cent by 2031, respectively. This disciplined glide path reassures rating agencies, bond markets, and foreign investors, helps contain bond yields, prevents crowding out of private credit, and anchors long-term inflation expectations.ConclusionThe Union Budget represents continuity with calibrated change. It prioritises fiscal discipline, capex-led growth, and strategic sectoral support while consciously avoiding populist excesses. Its focus on infrastructure, manufacturing, services, MSMEs, and human capital has the potential to strengthen India’s medium-to-long-term growth prospects in an uncertain global environment.Ultimately, the budget’s success will depend less on intent and allocations and more on execution—institutional capacity, reform followthrough, and cooperative federalism. If policy stability is matched by effective delivery, this budget could provide a durable foundation for resilient, inclusive, and sustainable growth. The author is Chief Economist at Infomerics RatingsThe absence of dramatic policy shifts should not be mistaken for inertia; rather, it reflects a strategic decision to deepen earlier reforms, maintain policy credibility, and focus on long-term growth drivers instead of short-term populismPhotograph by PIB55 %COLUMN An Economist’s Perspective on Budget 2026-27

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72 | BW BUSINESSWORLD | 21 February 2026By focusing on the FMCG ecosystem as a whole, the government lays a longterm growth architecture for sectors spanning food, beauty, personal care and packaged goods By Kishan SinghTHE Union Budget 2026-27 may not have unveiled headline-grabbing incentives for the fastmoving consumer goods (FMCG) sector, but it has quietly strengthened the very foundations on which the industry runs. Instead of direct sops, the Centre has targeted the ecosystem that feeds FMCG, farmers producing higherquality inputs, MSMEs manufacturing ingredients and packaging, distributors dependent on liquidity and cold-chain and freight networks that move goods to India’s expanding Tier-2 and Tier-3 consumption centres. Measures such as the Rs 10,000 crore SME Growth Fund, expansion of Trade Receivables Discounting System (TReDS) for invoice discounting, investments in freight corridors and cold-chain infrastructure, agriculture budget at Rs 1.32 lakh crore, and digital infrastructure upgrades together form an indirect Building The BackboneFMCG Budget ImpactPhotograph by Indianfaces

21 February 2026 | BW BUSINESSWORLD | 73ease working capital constraints for small sellers, particularly in Tier-2 and Tier-3 markets where ecommerce is growing rapidly,” noted Vidit Aatrey, Co-founder, MD and CEO, Meesho.Value-added AgricultureThe Budget moves away from a volume-centric view of agriculture towards improving the quality, value and traceability of farm output. The Centre has proposed a dedicated programme for horticulture to expand high density cultivation of walnuts, pine and almonds. For animal husbandry, there is provision for providing a loan-linked capital subsidy support scheme and supporting entrepreneurship and facilitating job creation. “The government’s push towards credit-linked support for animal husbandry, development of Farmer-Producer Organisations (FPOs) and integrated approaches to but powerful growth architecture for consumer-facing sectors spanning food, beauty, personal care and packaged goods. “The Union Budget 2026-27 strikes a well-calibrated balance between growth and stability. With higher capital expenditure, disciplined fiscal management and simplified taxation, it strengthens job creation and consumption while reinforcing India’s long-term global competitiveness,” stated N Venkataraman, Executive Director and Chief Financial Officer, Britannia Industries.FMCG’s Vendor BackboneThe proposed Rs 10,000 crore SME Growth Fund, expanded credit guarantees and deeper integration of TReDS into the payment ecosystem aim to address one of the sector’s working capital stress. FMCG value chains are inherently cash-cycle intensive, with payments often staggered across suppliers, distributors and retailers. “The expansion of TReDS and improved credit access will alleviate working capital pressures for distributors and contract manufacturers, fortifying the entire FMCG ecosystem. For the sector, the Viksit Bharat agenda serves as a vital catalyst by synchronising demand and supplyside enablers,” highlighted Rajiv Kumar, Vice Chairman, DS Group. By reducing financial friction at the MSME level, the Budget helps reinforce the reliability of supply chains that large FMCG compaN VENKATARAMAN, Executive Director & CFO, Britannia Industries“With higher capital expenditure, disciplined fiscal management and simplified taxation, Budget strengthens job creation and consumption while reinforcing India’s long-term global competitiveness”RAJIV KUMAR, Vice Chairman, DS Group“The expansion of TReDS and improved credit access will alleviate working capital pressures for distributors and contract manufacturers, fortifying the entire FMCG ecosystem”nies depend on but do not directly control. As compliance processes simplify and more small enterprises enter the formal setup, the sector stands to gain from a more predictable, scalable and quality-driven vendor ecosystem. “Initiatives such as the Rs 10,000 crore SME Growth Fund, deeper integration of TReDS with GeM, and stronger credit guarantees will meaningfully

74 | BW BUSINESSWORLD | 21 February 2026improving farmer incomes will go a long way in reinforcing resilient, future-ready food value chains. Continued investment in agricultural infrastructure, innovation, and manufacturing capabilities not only empowers farmers but also enables food brands to deliver safe, nutritious, and responsibly produced food to Indian households,” pointed out Abhay Parnerkar, CEO, Godrej Foods. “Finance Minister Nirmala Sitharaman stressed on the importance of high-value agriculture, allied sectors and technology-led farming. In her Budget speech, proposing targeted interventions to boost farmer incomes, create rural employment and modernise agricultural practices, all of which will contribute to the growth of organisations as ours and India’s overall food and beverage sector,” noted Ajay Mariwala, MD, Food Service India (FSIPL). According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), between January 2000 to September 2025, Food Processing Industries attracted FDI inflows of US$ 15.50 billion, the SBI report added. The Next Consumption EngineA recurring theme across the Union Budget 2026-27 is the push to deepen economic activity beyond metros, positioning tier-2 and 3 cities as the next drivers of consumption growth. Improved freight corridors, better last-mile connectivity and expanded cold-chain infrastructure reduce the cost and complexity of servicing nonmetro markets. “The food processing and frozen food (FFPF) sector will require faster, more predictable movement of products and improved port connectivity to enable companies to grow exports, reduce discarded product and bolster resilient cold chains to support supply networks,” highlighted Haresh Karamchandani, MD and Group CEO, HyFun Foods. Importantly, inclusion-led initiatives such as ‘She Marts’, which aim to expand market access for women-led micro-enterprises, add a new dimension to this consumption story. These community-owned retail outlets, to be set up within cluster-level federations, will provide structured and sustained market access for products manufactured by women-led SelfHelp Groups (SHGs). “For large retail and brand-led businesses, these measures create the right environment to expand responsibly into tier2, 3 and rural markets, unlock new consumer demand and accelerate the creation of globally competitive Indian brands,” stated Rahul Shanker, Group CEO, Quest Retail (The Body Shop India).“We particularly welcome the MAT credit set-off being allowed up to 25 per cent of the tax liability under the new tax regime. This move improves cash flows and makes the new tax regime smoother for companies with accumulated credits, freeing up capital for reinvestment into growth and consumption-led categories,” said Sudhir Sitapati, MD and CEO, Godrej Consumer Products (GCPL). Taken together, the Budget signals a shift in approach from sectorspecific incentives to strengthening the underlying architecture that supports consumption. For consumer goods companies, the gains may not be immediate, but over time, a more resilient supplier base, smoother capital cycles and lower distribution friction could prove more transformative than direct fiscal sops. [email protected] Budget ImpactHARESH KARAMCHANDANI,MD & Group CEO, HyFun Foods“The food processing and frozen food sector will require faster, more predictable movement of products and improved port connectivity to enable companies to grow exports”ABHAY PARNERKAR, CEO, Godrej Foods“The push towards creditlinked support for animal husbandry, development of FPOs and integrated approaches to improving farmer incomes will go a long way in reinforcing resilient, future-ready food value chains”

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76 | BW BUSINESSWORLD | 21 February 2026The Budget aims to reduce import dependence, upgrade manufacturing ecosystems, support traditional crafts and position India strongly in global textiles value chain By Kishan SinghTH E Un i o n B u d ge t 2026–27 places the labour-intensive textile sector at the core of its jobs and exports strategy, rolling out an integrated framework that spans the value chain, from fibre and cluster modernisation to skilling, sustainability and global market access. With a Rs 1,500-crore outlay under a fivepart programme, the government aims to reduce import dependence, upgrade manufacturing ecosystems, support traditional crafts and position India strongly in green and technical textiles. Alongside this, the Budget addresses two chronic bottlenecks, infrastructure gaps and working capital stress. New Mega Textile Parks, a wider export obligation window and reforms to the Trade Receivables Discounting System (TReDS) are aimed at boosting scale efficiencies, improving MSME liquidity and sharpening India’s competitiveness in global textile and apparel trade. The integrated programme for textile in the budget coupled with Free Trade Agreement with EU will boost the growth of financing in this sector along with trade finance and export credit growth, as per a State Bank of India (SBI) report. The Ministry of Textiles has been allocated Rs 5,279.01 crore in this year’s budget, lower than last year’s revised outlay of Rs 5,766.68 crore. However, funding for the Textiles Focused Research, Assessment, Monitoring and Promotion Scheme The Great UpgradeTEXTILES Budget ImpactPhotograph by Sanjay Sakaria

21 February 2026 | BW BUSINESSWORLD | 77(Tex-Ramps) has doubled to Rs 50 crore from Rs 25 crore previously. “The Budget scores 8/10 and sends a clear and encouraging message for the Indian textile sector, with a renewed focus on strengthening the value chain from fibre to finished products. By prioritising integrated development through proposed development of mega textile parks, technology upgradation, skilling, and sustainability, the Budget reinforces textiles as a longterm growth engine for employment, exports, and manufacturing resilience,” highlighted Sammir Dattani, Executive Director, Sanathan Textiles.Integrated Programme To enhance competitiveness, selfreliance and employment, the Centre has proposed an integrated programme for the textile sector. Aimed at achieving self-reliance across the fibre spectrum, a National Fibre Scheme will support natural fibres such as silk, wool and jute, man-made fibres and new-age fibres. This initiative will strengthen domestic fibre availability, reduce import dependence and support innovation in advanced textile materials.“The scheme focused on selfreliance in natural fibres as well as man-made and special-use fibres, is an important step toward securing reliable raw material supplies and reducing import dependency. SAMMIR DATTANI, Executive Director, Sanathan Textiles“The budget scores 8/10 and sends a clear and encouraging message for the Indian textile sector, with a renewed focus on strengthening the value chain from fibre to finished products”SIDHANT KESHWANI,Founder & CEO, Libas“The new text-eco initiative and modernisation schemes directly address the industry’s need for better technology and global competitiveness”Complementing this, the Mission for Cotton Productivity aims to raise yields, promote extra-long staple varieties, and deliver science and technology support to farmers, which will improve farm incomes and provide steadier, higher-quality cotton for industry use,” noted Santosh Katariya, President, Clothing Manufacturers Association of India (CMAI).The textile expansion and employment scheme component focuses on modernisation of traditional textile clusters through capital support for machinery, technology upgradation and establishment of common testing and certification centres. The scheme is expected to enhance productivity, quality compliance and largescale employment generation, the Centre added. “The focus on fibre security in natural, man-made, and new fibres tackles the existing challenge in the industry regarding input volatility and quality, which is essential for capacity planning and export competitiveness. On the other hand, the call for the modernisation of the traditional textile sector through technology upgradation, joint testing facilities, and certification assistance will ensure that the gap between the country’s manufacturing capabilities and new global standards is bridged,” highlighted Suketu Shah, CEO, Vishal Fabrics.Textile Eco InitiativeSustainability and global standards receive necessary attention through the Textile Eco Initiative, which aims to build world-class, environmentally sustainable textiles and garments. The initiative aims to promote globally competitive, environmentally sustainable textiles and apparel manufacturing, aligning the Indian textile

78 | BW BUSINESSWORLD | 21 February 2026industry with international sustainability standards and emerging green market opportunities.“The focus on export enablement, duty rationalisation for leather and synthetic goods and the removal of the courier export value cap will significantly benefit brands and manufacturers looking to scale internationally. The integrated approach towards fibres, skilling, cluster modernisation, sustainability, and technical textiles reflects a long-term vision that supports both innovation and employment,” highlighted Siddharth Dungarwal, Founder, Snitch. This, along with the planned establishment of new mega textile parks in mission mode, will attract investment, improve compliance and traceability and create integrated hubs for scale, quality control and exports. “The new text-eco initiative and modernisation schemes directly address the industry’s need for better technology and global competitiveness. Furthermore, programmes like Samarth 2.0 and the Mahatma Gandhi Gram Swaraj Initiative will empower our artisans, linking traditional crafts with global markets,” stated Sidhant Keshwani, Founder and CEO, Libas. The upgraded skilling programme (Samarth 2.0) will modernise the textile skill ecosystem through deeper collaboration with industry and academic institutions, ensuring availability of industry-ready skilled manpower.Global Market LinkageTo strengthen khadi, handloom and handicrafts, the Mahatma Gandhi Gram Swaraj Initiative will will focus on global market linkage, branding, streamlined training, skilling, quality improvement and process modernisation. It will benefit weavers, village industries, rural youth and support the One District One Product (ODOP) initiative. “Securing inputs in natural fibres through the national fibre scheme will help de-risk exports from disruptions in global supply chains. The Textile Expansion and Employment Scheme will help improve the competitiveness of the sector to cater to new opportunities enabled by trade agreements with the European Union, UK and other countries,” pointed out Anand Ramanathan, Partner & Consumer Industry Leader, Deloitte India. In a major boost to exports of textiles, leather and marine products, the Budget has notified the extension of the export obligation period from six months to 12 months for exporters of textile garments, leather garments, leather or synthetic footwear and other leather products manufactured using duty-free imported inputs. This measure will provide greater operational flexibility, ease of compliance and improved working capital management for exporters.To further strengthen liquidity access for textile MSMEs, the government has announced key measures to enhance the effectiveness of the Trade Receivables Discounting System (TReDS), under which over Rs 7 lakh crore has already been facilitated. A dedicated Rs 10,000 crore small and medium enterprises (SME) Growth Fund has been introduced to create future Champions, incentivising enterprises based on select criteria.By linking fibre security, cluster modernisation, green manufacturing, skilling and liquidity reforms, the government is attempting to future-proof a sector that supports millions of livelihoods yet faces rising global compliance, cost and scale pressures. The real test, however, will lie in execution speed, coordination between Centre and states, and the ability of small businesses and traditional clusters to absorb technology and sustainability upgrades. [email protected] KATARIYA,President, Clothing Manufacturers Association of India (CMAI)“The scheme focused on self-reliance in natural fibres as well as man-made and special-use fibres is an important step toward securing reliable raw material supplies and reducing import dependency”TEXTILES Budget ImpactPhotograph by Sanjay Sakaria

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80 | BW BUSINESSWORLD | 21 February 2026The Union Budget 2026-27 sets a long-term vision for India’s workforce, but delivery will define its real impact By Savi Khanna & Shibul PavithranTHIS year’s Budget was not built around headline grabbing welfare schemes or short-term employment promises. Instead, it laid out a structural vision that places human capital at the heart of economic infrastructure, with a strong emphasis on skilling, formalisation, technology adoption, and long-term workforce readiness. The focus was on execution-led capability building across sectors rather than isolated interventions. For HR leaders, this marks a decisive shift from policy announcements to accountability on outcomes.Human Capital as Key InfraAmit Sharma, Chief Human Resources Officer (CHRO) at Gokaldas Exports, said the budget places equal weight on employment generation and skill development, particularly across manufacturing and services. It emphasises on building capabilities that allow individuals to sustain employment and, over time, generate opportunities for others, rather than merely creating jobs through schemes. Also, unlike earlier budgets, there is a strong focus on long-term skilling and structured development of the nations’s human resources rather than temporary relief measures, Sharma added. This perspective was echoed by Ruhie Pande, Group CHRO & CMO, Serentica, Resonia and Sterlite Electric, who highlighted the importance of the government’s sustained focus on manufacturing. She noted that sectors such as manufacturing require a five-to-ten-year horizon to show results, making long-term A Structural ResetCHRO LENS / Budget ImpactPhotograph by Supatman

21 February 2026 | BW BUSINESSWORLD | 81lessly, noting that some states have already built strong talent ecosystems that others could replicate.IT Act & Compliance ReformsReferring to the compliance reforms, including simplified TDS norms and the proposed new Income Tax Act, Sharma said these changes could significantly reduce friction for both employees and employers. Easier return filing, improved correction mechanisms, and interest waivers in certain appeal cases, he noted, make compliance more accessible and encourage higher adherence. Changing Role of CHROsLooking ahead, Nair argued that the budget fundamentally reshapes the role of the CHRO. He suggested that HR leaders must evolve from being talent consumers to talent producers, actively shaping curricula, training programmes, and career pathways. Digitisation and automation will also require CHROs to anticipate job changes, identify roles at risk, and reskill employees early rather than reacting after displacement occurs. Missed OpportunitiesSharma praised the focus on mental health infrastructure, including plans to expand national mental health institutions, but flagged the absence of a stronger social security framework for workers affected by layoffs. Nair pointed to ESOP taxation and long-term planning around retirement age as areas that warrant future attention. The Budget has laid a strong structural foundation. Whether it delivers lasting impact will depend not on policy intent, but on execution, coordination, and how organisations choose to reimagine talent, learning, and leadership in the years ahead. [email protected] [email protected] investments essential rather than optional. Pande lauded the creation of ‘Education-to-Employment’ committees with their focus on execution. The emphasis on STEM, AI, technical skills, compliance simplification, and MSME formalisation, she said, has been widely welcomed across industry.For HR leaders, a key question is whether the renewed push on manufacturing will translate into sustained, high-quality employment or remain tied to cyclical capital expenditure. The breadth of initiatives points to a longer-term intent. These include new institutes, textile parks, revived manufacturing clusters, industrial townships linked to universities, design institutes, and targeted MSME support. Sharma described the approach as comprehensive, spanning infrastructure, training, investment, and ease of doing business. Execution Biggest ChallengeDespite broad agreement on intent, execution emerged as the most significant concern. Pande identified several potential challenges, including how easily companies can access subsidies, how effectively the Centre and states coordination functions, and how simple it is for individuals to enrol in skilling programmes.Pande also raised questions around curriculum relevance, asking whether success will be measured by enrolment numbers alone or by actual employment outcomes. Initiatives such as regional talent clusters are a step in the right direction. Prashanth Nair, CHRO at Crompton Greaves Consumer Electricals, said that execution will ultimately depend on alignment at the state, district, and city level, where companies and workers actually operate. He emphasised the need for platforms that allow talent and industry to connect seamAMIT SHARMA,CHRO, Gokaldas Exports“The budget emphasises on building capabilities that allow individuals to sustain employment and, over time, generate opportunities for others, rather than merely creating jobs through schemes”PRASHANTH NAIR,CHRO, Crompton Greaves Consumer Electricals“Execution will ultimately depend on alignment at the state, district, and city level, where companies and workers actually operate”

82 | BW BUSINESSWORLD | 21 February 2026THE sustainability decade has entered its execution phase. The Union Budget 2026–27 reflects this transition, signalling a move away from broad ambition towards economically grounded sustainability action.Narayan P.S., Global Head–Sustainability and Societal Initiatives at Wipro, framed this shift in practical terms. “The direct thrust of this Budget is clearly on overarching economic parameters. But in today’s world, you cannot avoid sustainability intersections. Whether it is carbon capture, nuclear energy or artificial intelligence, sustainability has to be addressed in one way or the other,” he says. Sustainability is no longer presented as a parallel agenda or a standalone climate push. Instead, it is embedded within economic priorities such as industrial competitiveness, technological capability and capital formation. At the same time, global conditions are forcing a similar shift. Carbon border mechanisms, supply-chain disclosures and climate-linked financing norms are beginning to reshape trade and investment flows. Multinational buyers are demanding cleaner, more transparent supply chains. For the Indian industry, sustainability is therefore no longer just a policy discussion. It is becoming a market requirement, a cost consideration and, increasingly, a competitive differentiator. The Budget’s posture reinforces this shift, positioning sustainability as a component of economic strength rather than a standalone environmental agenda.The End of the Ambition EraToday, the gap between ambition and outcome remains stark. Resource pressures are intensifying, emissions remain high, and businesses are increasingly confronting the operational costs of environmental stress. Against this backdrop, the Budget’s emphasis on fiscal discipline and industrial capacity-building appears intenAs Sustainability Moves From Targets to ActionSUSTAINABILITY 2026 / OUTCOMES IN DEPTHAs policy signals narrow and capital discipline tightens, 2026 becomes the year sustainability is tested on the groundBy Team BWPhotograph by Deeangelo

21 February 2026 | BW BUSINESSWORLD | 83Capital, Compliance and the Cost QuestionThe coming phase of sustainability will be shaped not by pledges, but by capital. Today, the conversation has shifted decisively towards investment decisions, cost structures and long-term competitiveness.In high-impact sectors, sustainability is no longer a specialist function or a reporting exercise. It is influencing core business decisions -- energy sourcing, supply-chain design, plant operations, product development and capital expenditure. The companies best positioned for the transition are those embedding sustainability into their strategic and financial decisions, rather than treating it as an external obligation.This shift is also altering the nature of sustainability leadership. Boards and CXOs are increasingly being asked to tional. Rather than presenting a sweeping climate agenda, it focuses on targeted interventions linked to competitiveness, manufacturing, infrastructure and technology.Prabodh Acharya, Chief Sustainability Officer at JSW Group, describes the moment as a turning point. “This year’s Budget signals a shift from policy-led ambition to enterpriseled delivery. The government has aligned fiscal priorities with India’s long-term climate commitments and green industrial growth. Now it is for India Inc. to deliver,” he explains. That statement captures the core transition underway. The sustainability conversation is no longer centred on what governments intend to do by 2030 or 2070. Instead, the focus is shifting towards what companies and institutions are executing today, and how those actions translate into measurable outcomes.

84 | BW BUSINESSWORLD | 21 February 2026make decisions on decarbonisation, supply-chain accountability and climate risk without the luxury of treating these issues as peripheral. The Budget’s posture reinforces this reality. By prioritising capital expenditure, industrial growth and infrastructure development, it places responsibility squarely on enterprises to align sustainability with economic logic.This alignment is becoming critical as global markets attach financial consequences to environmental performance. Access to capital, export markets and strategic partnerships is increasingly tied to credible transition pathways. Companies that integrate sustainability into their investment decisions are finding lower financing costs, stronger customer relationships and more resilient supply chains. Those that delay the transition risk stranded assets, regulatory penalties and loss of market access. In that context, the Budget’s emphasis on economic fundamentals sends a clear signal: sustainability will have to prove its value through productivity, efficiency and competitiveness.will be shaped as much by workforce transitions as by technological innovation.New green value chains are emerging across renewable energy, circular economy models, climate technology, digital infrastructure and sustainable manufacturing. These sectors demand new skills, new leadership mindsets and more inclusive talent pipelines. The sustainability transition is therefore also a workforce transformation.Across industries, companies are recognising that sustainability succeeds or fails not in policy documents, but in people and systems. When it is embedded into organisational culture, skilling programmes and leadership incentives, it begins to reshape business outcomes.Narayan emphasises this people-first perspective in the discussion’s closing remarks. He argues that economic, technological and environmental goals must translate into better outcomes for citizens and workers. Improving education, skills and worker productivity, he says, is essential to fill the SUSTAINABILITY 2026 / OUTCOMES“In today’s world, you cannot avoid sustainability intersections. Whether it is carbon capture, nuclear energy or artificial intelligence, sustainability has to be addressed in one way or the other”NARAYAN P.S. Global Head–Sustainability and Societal Initiatives, WiproAnkit Todi, Chief Sustainability Officer, Mahindra Group, notes how the Budget reflects this shift in approach. “That tells you the checker is more empowered. Compliance will be stricter, and sustainability will increasingly be delivered by core business functions, not sustainability teams alone,” he says. Sustainability is moving out of specialised departments and into the heart of operational and financial decisionmaking. The discipline is becoming less about reporting and more about execution across functions, from procurement and production to logistics and finance.The Inclusion ImperativeExecution at scale requires more than capital and policy. It requires people. The future of India’s sustainability journey IN DEPTHPhotograph by Rawpixel

21 February 2026 | BW BUSINESSWORLD | 85used more efficiently? Are communities benefiting from industrial growth?Ram Vaidyanathan, AVP Good & Green at Godrej Industries Group, offers a cautionary perspective on the Budget’s ambition. “The principles are right, but it is not ambitious enough. We are underestimating how critical the situation really is. We cannot afford to ramp up sustainability efforts slowly anymore,” he states. His warning highlights the tension at the heart of the current moment. While the Budget sets the direction, the scale and urgency of action will ultimately determine outcomes. Execution is essential, but so is the speed and intensity of that execution.The Year of AccountabilityTaken together, the signals from the Budget and the perspectives of industry leaders point to a common conclusion. The sustainability decade has entered its implementation phase. Three shifts define this moment. Execution is overtaking ambition as the primary measure of credibility; capital allocation decisions are becoming the central sustainability lever; and workforce transitions and inclusive skilling are emerging as critical enablers. For governments, this means aligning fiscal priorities with long-term environmental resilience. For companies, it means embedding sustainability into everyday business decisions rather than treating it as a reporting exercise. For investors, it means reassessing how climate risk and opportunity are priced into capital.2026 is when sustainability moved from policy intent to enterprise delivery, from conference rooms to factory floors, from commitments to consequences. It is the year when ambition met accountability, and when the real work began. “missing middle” as the economy grows.This view reflects a broader shift in sustainability thinking. The green transition is no longer just about emissions or energy systems. It is about building an inclusive workforce capable of delivering new industrial and technological models. The quality of jobs, access to skills and distribution of opportunities will increasingly define the success of sustainability policies.The Budget’s focus on skilling, manufacturing and infrastructure development aligns with this reality. It recognises that sustainability is not only an environmental objective, but also an economic and employment strategy.Beyond Net ZeroA defining shift in 2026 is the move from targets to tangible outcomes. Net-zero announcements served an important purpose. They brought environmental issues into boardroom conversations and set long-term direction. But targets alone do not change realities on the ground.Across India, environmental stress is already influencing business operations. Water tables are falling, energy costs are rising, waste systems are under strain and weather patterns are becoming more unpredictable. This is why the sustainability conversation is expanding beyond emission reductions towards resource security and nature-positive strategies. Companies are beginning to ask deeper questions: Are operations restoring the ecosystems they depend on? Are resources being “Compliance will be stricter, and sustainability will increasingly be delivered by core business functions, not sustainability teams alone”ANKIT TODI Chief Sustainability Officer,Mahindra Group“The government has aligned fiscal priorities with India’s long-term climate commitments and green industrial growth. Now it is for India Inc. to deliver”PRABODH ACHARYAChief Sustainability Officer, JSW Group

86 | BW BUSINESSWORLD | 21 February 2026SUSTAINABILITY leadership in high-impact industries is undergoing a decisive shift, from a compliance-driven function to a strategic force shaping business performance. This transition offers sustainability professionals an unprecedented opportunity to lead with purpose and influence. The most resilient, future-ready companies are those that embed social, environmental and governance priorities at the core of decision making. When diverse perspectives inform planning and execution, sustainability moves from dashboard reporting to a genuine driver of business strategy. This mindset is deeply embedded in us, and we continue to see clear, measurable benefits of such leadership.The cement sector is a foundational engine of societal progress, providing the material backbone of nation-building. Its influence spans nearly every aspect of daily life. With many plants situated alongside active communities, the sector requires a leadership approach that views people, ecosystems and business performance as one interconnected system. Long-term success depends on inclusivity, understanding Building Future-Ready & Inclusive Sustainability LeadershipSUSTAINABILITY 2026 / STRATEGY GUEST COLUMN BY LOVISH AHUJAHow high-impact industries are turning sustainability into a strategic leadership discipline anchored in science, operations, governance and community trustthat thriving companies cannot exist without thriving communities and a healthy environment.Sustainability leadership is not an occasional effort but a daily discipline. It demands belief, accountability and consistent commitment across every level of the organisation. As a company, we have invested in building genuine buy-in among employees, contract workmen and business partners, ensuring progress is shared and purposeful. We consistently see the impact of diverse voices in problem solving, whether frontline operators, safety teams, procurement managers or facility leaders. Their insights improve decisions, reduce risk and accelerate performance. Likewise, our water stewardship efforts involve close collaboration with local self-help groups to map wells, monitor water quality, and co-create solutions that protect community access to clean water while meeting operational needs. Such inclusion transforms insight into ownership and drives system-level optimisation.Drawing from these experiences, we believe that building future-ready and inclusive sustainability leadership rests on a few essential anchors.Science-aligned AmbitionScience-aligned ambition is the bedrock of a credible sustainability strategy. Long-term targets must be rooted in scientific evidence and directly connected to a company’s vision and

21 February 2026 | BW BUSINESSWORLD | 87business imperatives. In our case, carbon intensity and circularity goals are strategic, time-bound and embedded into capital allocation decisions.We proactively track emerging technologies and materials capable of accelerating our sustainability outcomes. Our investments in renewables, waste heat recovery and process innovation follow a long-term approach. Product development decisions are guided by a clear objective to reduce embodied carbon while delivering superior performance.Operational Excellence at ScaleEmbedding sustainability into operational excellence requires simplicity, discipline and continuous awareness of technological advances. It means keeping fundamentals strong while enabling every employee, regardless of role or technical depth, to act on sustainability priorities. This begins with KPIs that are integrated, intuitive, and outcomefocused.Sustainability is part of our daily operating rhythm. Our core KPIs include clinker factor reduction, alternative fuel substitution, energy efficiency metrics, renewable energy generation, logistics optimisation and Health & Safety performance. Shift supervisors monitor energy use and quality in real time. Procurement teams secure recycled and alternative inputs with precise specifications. Sales teams guide customers through mix designs and performance data to lower embodied carbon. Finance teams price risk with long-term sustainability implications in mind.Inclusive GovernanceGovernance is the backbone of sustainability. Our governing board receives regular updates on climate performance, social impact and emerging risks, embedding sustainability at the highest level of strategic oversight.Leadership incentives are tied to safety, environmental progress and community well-being, anchoring responsibility into performance culture. Our grievance mechanisms remain accessible to workers, contractors and community members, promoting trust and responsiveness. Where possible, prioritise local businesses, vendors and transport partners, supported by capability building initiatives that foster shared, long term growth.Transparency is a virtue, where we voluntarily seek reasonable assurance for our sustainability disclosures.Industry is inseparable from the social fabric -- communities are central to a company’s growth, resilience and long term survivability. They provide local knowledge, skills and critical resources that keep operations running. This symbiotic relationship requires continuous nurturing; a social licence to operate is not a milestone but an enduring commitment.We work closely with local communities to enable shared, holistic progress. Our belief is that skilled, confident and empowered communities can thrive anywhere. We invest deeply in livelihood creation, capacity building and interventions that foster dignity, capability and pride.We maintain open and accessible grievance redressal systems to understand concerns arising from our operations, and we routinely share key environmental monitoring data to uphold transparency and trust.Having spent more than 23 years in the sustainability domain, I have seen this field evolve from a peripheral support function into a core driver of long term business resilience and value creation. Today, sustainability professionals stand at a defining inflexion point. In a world shaped by unprecedented uncertainty, our role is not just relevant but indispensable.With direct access to senior leadership, we must elevate the right conversations and ensure sustainability is never reduced to slogans or symbolism. It must remain a strategic lens, sharpening competitiveness, strengthening agility and enabling inclusive business models that define an organisation’s future success. The author isChief Sustainability Officer, Dalmia Cement (Bharat)Embedding sustainability into operational excellence requires simplicity, discipline and continuous awareness of technological advances

88 | BW BUSINESSWORLD | 21 February 2026T HE YEAR 2025 marked a decisive acceleration in India’s sustainability journey. Across industries, the transition to a low-carbon economy has moved from ambition to execution, anchored in renewable energy expansion, digital innovation and strong ESG (environment, social, governance). At the heart of this transformation stand women who are redefining the contours of sustainable growth. From policy design and finance to climate technology and circular value chains, women leaders are shaping a green economy that is both resilient and equitable. As someone deeply engaged in this journey, I am proud to be among the many women driving this change. The data affirms this momentum. According to industry reports, women account for 63 per cent of sustainability executives globally, with rising representation among Chief Sustainability Officers in leading corporations. In India, the Ministry of New and Renewable Energy (MNRE) reports a steady increase in women heading renewable-energy projects and sustainability initiatives. India’s next phase of growth will depend on how effectively it embeds gender equity into the core of its green transition. Women at the Centre of India’s Green EconomySUSTAINABILITY 2026 / WORKFORCE GUEST COLUMN Breaking BarriersDespite clear progress, women’s representation across India’s green sectors remains limited. Industry reports show that women currently make up around 11 per cent of the renewable-energy workforce, compared with a global average of 32 per cent. The reasons are structural, ranging from uneven access to STEM education to limited mobility and safety in field roles.The response to these barriers, however, is gaining strength. Enterprises are re-architecting their talent strategies to integrate gender diversity targets, mentorship frameworks and re-entry programmes. Importantly, the technology sector is playing a catalytic role by promoting STEM education, investing in infrastructure for underserved schools and offering scholarships that build a future-ready, inclusive talent pipeline. These measures go beyond compliance, establishing inclusion as a source of innovation advantage. By creating transparent progression structures and investing in technical skilling, companies are enabling women to participate fully in high-growth domains such as solar engineering, waste-to-energy, ESG data reporting and assurance, and climate-finance analytics. This shift from How women’s leadership and digital skilling will reshape India’s green workforce and drive the next phase of inclusive growthBY CHITRA BYREGOWDA

21 February 2026 | BW BUSINESSWORLD | 89awareness to accountability is already changing organisational DNA. Inclusion is an essential lever of business and environmental performance.Sectors Driving Women’s InclusionThe green economy now spans a wide range of industries, each opening new possibilities for women’s participation. In clean energy, the rise of distributed solar and wind projects has created roles in design, project management and digital monitoring that align with women’s growing technical expertise. Programmes like Namo Drone Didi showcase how technology can empower women in precision agriculture, enhancing both productivity and sustainability outcomes.In the circular economy, women-led enterprises are transforming waste into value. Recycling, upcycling and resource recovery are becoming viable green-collar careers, supported ingly being recognised as the equaliser that can democratise opportunity and accelerate gender parity in sustainability roles.Beyond the Workplace: The Ripple EffectWomen’s leadership in sustainability delivers measurable dividends across economic and social outcomes. Women-led renewable energy enterprises have reduced rural operating costs while improving local productivity and income stability. In parallel, women professionals and entrepreneurs are increasingly leading innovation in clean energy, circular economy and community resilience initiatives, advancing solutions that create long-term value for both people and the planet.As India advances its green transition, the key question is how this wave of opportunity can evolve into meaningful The author is Senior Vice President and Global Head of Sustainability & ESG at Persistent SystemsWomen-led renewable energy enterprises have reduced rural operating costs while improving local productivity and income stabilitypathways for women to lead and thrive. We see three imperatives emerging. First, policy frameworks must embed gender inclusion across green incentives and the industry roadmap. Second, corporations need to link diversity metrics directly to ESG outcomes and leadership evaluations. Third, AI-enabled skilling must bridge access gaps across regions, ensuring that every capable woman can participate in the green workforce.Placing women at the centre of this transition transforms inclusion into a strategy, turning gender equity from aspiration into India’s most powerful growth multiplier. In the year ahead, India has the opportunity to demonstrate that sustainability and inclusion are not parallel agendas, but two dimensions of the same competitive advantage. by initiatives such as Powering Livelihoods, which link entrepreneurship with environmental and social impact. By connecting these sectors through coordinated skilling and policy alignment, India can convert its demographic dividend into a gender-diverse, climate-ready talent base that fuels both growth and innovation.AI and Digital TransformationAI and digital platforms are emerging as powerful catalysts for sustainability and inclusion. AI-enabled ecosystems will redefine access, transparency and capability in the green workforce in the coming years. Virtual training and remote-learning platforms are expanding access to high-demand green skills and sustainability-focused education, allowing women in rural regions to acquire market-relevant capabilities. Predictive analytics in recruitment is minimising bias, ensuring that opportunities are aligned with skills rather than stereotypes. Meanwhile, AI-driven ESG dashboards are driving gender equity by providing real-time insights into diversity metrics. This empowers inclusive and data-led decision-making across enterprises.Globally, the deployment of digital technologies is increas-

90 | BW BUSINESSWORLD | 21 February 2026In 2019, I attended the an‑nual meeting of the World Business Council for Sus‑tainable Development, the largest global conven‑ing of companies commit‑ted to sustainable growth, collec‑tively representing nearly 25 per cent of global emissions. During one of the plenary sessions, as leaders shared progress on emis‑sions reduction and climate com‑mitments, American journalist and author Anand Giridharadas posed a question that altered the tone of the room entirely.He said, “Over the last two days, I have heard all of you speak about the commendable work you are doing to reduce emis‑sions and minimise your envi‑ronmental impact. If all of you are performing so well against your targets, why are we not see‑ing this reflected in global emis‑sions data?”What followed was not a re‑buttal, but silence. It was a mo‑ment of collective discomfort, and more importantly, collective introspection. That question has stayed with me ever since.The Unequivocal Science The Paris Agreement aims to keep warming “well below 2°C” and pursue efforts to limit it to 1.5°C above pre‑industrial lev‑The Buck Stops Where?Why we are Failing to Tackle Climate ChangeSUSTAINABILITY 2026 / ACCOUNTABILITY GUEST COLUMN els. Yet, current policies place the world on a trajectory of approxi‑mately 2.6 to 2.8°C warming by 2100. If all current national pledges (NDCs), including con‑ditional elements, were fully im‑plemented, projected warming improves but still lands around 2.3–2.5°C. Scenarios that opti‑mistically assume full achieve‑ment of long‑term net‑zero tar‑gets continue to cluster near or just under 2°C, still misaligned with a robust 1.5°C pathway.Scientific pathways consistent with 1.5°C required global emis‑sions to have peaked in 2025 and fall roughly 42‑43 per cent by 2030 compared with 2019 levels, and by about 57 per cent by 2035. For 2°C, required reductions are smaller but still steep: around 28 per cent by 2030 compared with 2019. Sadly, global emissions hit a new record of about 57 GtCO2e in 2023, increasing rather than declining.This raises a fundamental question. Why, despite unprec‑edented awareness, capital, and technological capability, has meaningful progress remained elusive?The Uncomfortable TruthOver the past five years, I have reflected on this paradox. Ex‑Why climate action is failing despite ambition, and how capital allocation will determine the planet’s futureBY RAMNATH VAIDYANATHAN

21 February 2026 | BW BUSINESSWORLD | 91planations range from short‑term political cycles and geopo‑litical blame games to public distrust, the perceived distance of climate risks, and the difficulty of linking climate change to tangible economic outcomes such as food inflation. There is also a persistent belief that time remains on our side and that solutions will inevitably emerge.Yet beneath these explanations lies a more uncomfortable truth. When pushed, the sentiment often reduces to a single belief: climate change is seen as too expensive to solve. At its core, this is not a failure of science or technology. It is a failure of capital allocation. It is about how those who control finan‑cial resources decide where to deploy them, and why climate action continues to fall short of investment thresholds.To address this, we must begin by redefining how success itself is measured. For decades, stock prices and short‑term financial returns have been treated as sufficient indicators of performance. Impacts on people and the planet have been relegated to the margins, labelled as intangibles, or framed as matters of altruism and legacy. This framing is fundamentally flawed. Sus‑tainability is not peripheral to economic success; it is inseparable from long‑term human survival.These impacts are not intangible. We simply do not evaluate them with the same seriousness we ap‑ply to other decisions in our lives. Instead of treating carbon and water solely through the lens of taxes and pricing mechanisms, perhaps it is time to rec‑ognise them as the cost of long‑term human surviv‑al. There may even be a role for artificial intelligence in helping quantify the economic value of planetary stability, but the moral logic already exists.The Misallocation CrisisWe are approaching a point of no return. While adaptation will be necessary, there is no meaningful adaptation to a 3°C world. Mitigation must remain the primary focus. This does not require abandoning markets or capitalism, but it does demand a fundamental rethinking of how incentives are structured and how capital is deployed.Global capital is not scarce; what we face is a crisis of misal‑location. More than $1 trillion still flows annually into fossil fuel projects. For every dollar directed toward fossil energy capital expenditure, only about 48 cents go into low‑carbon energy. A 1.5°C pathway would require a clean‑to‑fossil invest‑ment ratio of roughly 4.8:1 by 2030.The pathway forward is therefore clear, if challenging. We must transform the financial system itself. This includes lowering the cost of capital for clean energy projects, par‑ticularly in emerging markets; aligning disclosure norms and prudential regulations with the Paris Agreement; and deploying blended finance and guarantees at scale. Equally important is the re‑introduction of purpose and moral responsibility into decision‑making. Climate change is no longer merely a scientific or political issue. It is a humani‑tarian one.I will conclude where I began, with a ques‑tion. What can be achieved with $100 billion that cannot be achieved with $80 billion? The answer to that question, and how decisively we act upon it, will determine far more than balance sheets. It will determine the future of humankind. The author is AVP – Good & Green, Godrej Industries GroupWe are approaching a point of no return. While adaptation will be necessary, there is no meaningful adaptation to a 3°C world. Mitigation must remain the primary focus

92 | BW BUSINESSWORLD | 21 February 2026AS INDIA navigates a complex sustainability landscape, the question facing corporate leaders is how sustainability is led. Climate risks, regulatory scrutiny, disclosure requirements, investor expectations, and community needs are converging at a dynamic pace. By 2030, compliance checklists and disclosures will no longer define sustainability leadership, and it will be shaped by the ability to build culture, capability, and financially sustainable impact across organisations.Having spent over two decades at the intersection of communications, CSR, and advocacy across consulting, real estate, edtech, and social development spaces, I have seen firsthand that sustainability succeeds or fails not in policy documents, but in people and systems.The Leadership Gap Many organisations today treat sustainability as a specialist function, often siloed within ESG, CSR, or compliance teams. This approach overlooks a critical truth that sustainability is a leadership challenge before it is a technical one.Boards and CXOs are being asked to make decisions on Compliance To Culture:Inclusive Sustainability Leadership in IndiaSUSTAINABILITY 2026 / INCLUSION GUEST COLUMN decarbonisation, supply-chain accountability, climate risk, and social equity, often without a shared language to understand these issues beyond metrics and mandates. This gap has created what I call the ‘translation deficit’ in sustainability leadership, a disconnect between policy intent, business priorities, and human action.Future-ready sustainability leaders will need to evolve into connecting leaders who can link climate and ESG goals to capital decisions, employee engagement, community outcomes, and long-term enterprise value.The Inclusion ImperativeIn the context of India, sustainability cannot be separated from inclusion. With a vast workforce, informal supply chains, and deep socio-economic diversity, ESG strategies that ignore people risk becoming performative. Inclusive sustainability leadership would like to invest in education, skilling, and employability as part of long-term resilience; view communities not as beneficiaries, but as partners in impact, and recognise employees, stakeholders and volunteers as active sustainability agents.In my experience, programmes that embed inclusion into their design are more likely to achieve scale and financial Why India’s next wave of sustainability leadership must move beyond compliance to culture, inclusion, and financially viable impactBY TANISH DANG MAHESHWARI

21 February 2026 | BW BUSINESSWORLD | 93The future of sustainability leadership lies in financially sustainable social initiatives with models that balance purpose with performancecorporate foundation.The partnership strengthened Tech Mahindra Foundation’s Smart Academies, enabling them to scale vocational education and training for disadvantaged urban youth while maintaining financial viability. By integrating global development expertise with industry-aligned curricula, digital tools, and structured implementation models, this approach moves beyond just a skilling program to a more robust and sustainable skilling ecosystem.This shift from spend-based CSR to systems-based sustainability requires leaders and organisations who understand both social outcomes and organisational economics.The Role of StorytellingSustainability will not scale unless it is understood. This is where leadership communication becomes strategic, and storytelling serves as a powerful enabler. From beneficiary stories to newsletters to development films, narratives, and advocacy campaigns can humanise complex ESG agendas and translate abstract goals into lived experiences. In the time ahead, sustainability leaders must invest in narrative-building as seriously as they invest in reporting metrics and measurement frameworks.The next generation of sustainability leadership in India Inc will not come from a single discipline but will emerge from leaders who can bridge policy, business, and people; embed inclusion as a growth strategy; build financially viable impact models and communicate with credibility and clarity. sustainability. Conversations with non-profit organisations revealed that small and grassroots organisations often lacked access to structured, skilled volunteering support, despite having clearly articulated needs. This insight led to the introduction of skill-based volunteering, in which volunteers could contribute their professional strengths through mentorship, communication, digital skills, or subject expertise. At the same time, non-profits explicitly outlined the gaps they wanted volunteers to address. This lead to a volunteer model that created value for both parties. Sustainable Models and ImpactOne of the most persistent myths in sustainability is that impact and financial discipline exist in opposition. In reality, the future of sustainability leadership lies in financially sustainable social initiatives with models that balance purpose with performance. Whether through public-private partnerships, blended finance, or scalable platforms, leaders must ask -- can this initiative sustain beyond annual budgets? Can it unlock long-term value for communities and the business? Can it attract partners, co-investors, or ecosystem support?A clear illustration of financially sustainable impact can be seen in the ASCENT (Alliance for Skill & Capacity ENhancement with Technology) initiative, which I anchored during my tenure at Tech Mahindra Foundation. Conceptualised as a public–private partnership with GIZ India, ASCENT was designed to align the development priorities of an international development agency with the long-term skilling strategy of a The author is Head, Communications & Advocacy, DLF Foundation

94 | BW BUSINESSWORLD | 21 February 2026MANY companies began with sustain -ability targ e t s l i k e net-zero dates, percentage reductions, and long-term plans. This phase is necessary. It helped organisations understand their impact and brought environmental issues into conversations that were often absent. The year so far shows that targets alone do not change realities on the ground -- execution of the plan is vital.Across India and globally, environmental stress is already affecting everyday life. Groundwater levels are falling, air quality is deteriorating, waste systems struggle to cope, weather patterns have become unpredictable, and communities feel the strain. For businesses, these are not abstracts but operational realities and risks.This is why the conversation is slowly moving beyond net-zero towards what many now call climate-positive and nature-positive action, strategies that not only do less harm but actively contribute positively to ecosystems and communities. Studies and practitioners argue that net-zero must be a steppingstone rather than a destination in our quest to sustain natural systems and long-term economic resilience.Reducing emissions and improving resource efficiency Beyond Net-Zero:Doing More Than ‘Less Harm’ Will Matter in 2026SUSTAINABILITY 2026 / REGENERATION GUEST COLUMN will always matter. These actions are essential first steps. But in a country like India, where natural resources are already stretched thin, simply slowing the rate of emission and improving resource efficiency is not enough. In many cases, it only prolongs the decline of ecosystems.Nature-positive thinking asks a more fundamental question: are businesses helping restore what they depend on? This means not only reducing impact but actively participating in regeneration, whether that is revitalising watersheds, rebuilding soil health, or enhancing biodiversity. Globally, organisations are increasingly recognising that nature-positive strategies push companies to make decisions that give more to nature than they take away. This shift requires a different mindset. Sustainability can no longer sit on the margins as a reporting exercise. It needs to influence everyday operational choices, even when the answers are not simple.Water Brings the Challenge into Sharp FocusIn parts of India, water scarcity directly affects agriculture, communities, and industrial operations. Internal plant efficiency and reduced consumption are necessary, but they do not address the larger issue of declining aquiWhy sustainability leadership must move beyond net-zero targets to restore ecosystems, secure resources, and build long-term business resilienceBY K GANESH

21 February 2026 | BW BUSINESSWORLD | 95fers and seasonal water stress.What matters is whether companies are contributing to improving water availability in the areas where they operate. This means investing in recharge and restoration and building long-term water security in partnership with local communities and institutions. Such work is slow and sometimes invisible, but it builds resilience.Experts emphasise that nature-positive strategies must factor in the protection and restoration of vital resources in order to be credible and long-lasting.Plastic CircularityPlastic waste remains a visible global environmental challenge. While single-use plastics are banned, the management of recyclable plastics such as PET is also necessary to tackle pollution. Nature-positive action in this space means building systems that work on the ground. It means working with citizens, waste workers, local bodies, and institutions to make segregation possible and recycling viable. It also means recognising that behavioural change takes time and trust.When recycled materials return to communities as fabric, benches, furniture, or everyday products, the narrative shifts. People can see the outcome of their effort. Waste stops being invisible. Its value becomes tangible. These small, practical results often matter more to people’s behaviour than campaigns or broad messaging.One of the most significant shifts expected by 2026 is the evaluation of leadership. Proclamations and objectives will hold less significance than steady and practical measures. Nature-positive strategies do not always offer quick wins. They require patience, collaboration, and a willingness to navigate ambiguity. But this is where real change happens. Long-term, systemic resilience cannot be measured only through short-term metrics or one-off headlines. It is validated through progress, impact and target achievement. Many business schools and sustainability thought leaders now emphasise that organisations need to be netpositive i.e. doing better for the environment than harm.Looking AheadAs the sustainability conversation matures, Indian companies have an opportunity to lead in ways that reflect local realities. Moving beyond net-zero is not about ambition for its own sake but recognising that growth, resilience, and environmental responsibility are deeply connected.By 2026, corporate leadership will be defined less by how targets are framed and focus more on how resources and natural systems are managed, whether water tables are stabilised, whether waste is kept in circulation rather than landfills, and whether communities feel the benefits of shared water & environment stewardship.Trust is the most valuable asset any business can have in a world where environmental limits are now evident. Only companies that focus on restoring ecosystems, strengthening communities, and thinking long-term will earn it. The author isDirector - Sustainability & Corporate Affairs, Bisleri InternationalMoving beyond net-zero is not about ambition for its own sake but recognising that growth, resilience, and environmental responsibility are deeply connectedPhotograph by Sai Guitars

96 | BW BUSINESSWORLD | 21 February 2026BY THE time Kevin Pietersen walks into a gleaming new terminal at Bengaluru’s airport in early February, he has lived several lives. There was the boy from Pietermaritzburg who chose England over South Africa. The audacious right-hander who redefined 360-degree batting before the term became cliché. The former England captain scaled cricket’s highest peaks and then exited international circuit abruptly, painfully, and far earlier than expected. And now, at 45, there is Pietersen the investor, who is measured, wary of hype and deeply conscious that life after sport can last longer than the sport itself.“I left international cricket so early, it was a slap in the face,” says Pietersen. “A wake-up call. You still have 40, 50 years to live. You need to be very smart with what you do.”That sentence, calm and reflective, almost blunt, distils the essence of Pietersen’s second innings. Gone is the perpetual motion of the crease, the swagger that once unsettled bowlers from Mumbai to Melbourne. In its place is something quieter: a philosophy built on losses as much as wins, on patience earned the hard way, and on an acute understanding of risk.When the Money ArrivedFor much of Pietersen’s early career, cricket was not the financial juggernaut it is today. Central contracts were modest. Endorsements were selective. The real inflection point came around 2010-11, when at the Indian Premier League (IPL) Pietersen was picked up by Royal Challengers Bangalore for around $1.5 million, a huge sum at the time, and suddenly, the calculus of a cricketer’s life changed.“You sit with a catalogue of opportunities that get presented to you,” he recalls. “And you’ve got to start thinking, my career is going to finish in however many years. I’ve got to be smart about securing my family’s future.”It was also the period when Pietersen, already England’s talisman across formats, began to understand that fame and capital were fleeting advantages. Cricket, like business, could be brutal. Form dipped. Injuries came. And eventually, in 2014, his international career ended in controversy, leaving him with time, perspective, and a sense of unfinished purpose.Learning by LosingIf Pietersen’s batting was defined by fearless innovation, his early investing years were anything but smooth. His first major foray, an F&B beach club in Dubai around 2010, failed completely. “I lost all my money,” he says without drama. “But I never invest what I’m not comfortable losing. That’s a principle I stand by.”The loss seemingly proved formative. Pietersen says he learned that capital alone is useless without understanding, that glossy pitch decks can seduce even seasoned professionals, and that distance from dayto-day operations is dangerous. “If you’re not hands-on, if you don’t understand the nuances of the business, don’t get involved,” he says. “It has to make me want another phone call tomorrow. If it doesn’t, it’s not for me.”Why India Still Pulls Him BackPietersen’s relationship with India is almost as old as his professional career. He first arrived in 2004, when infrastructure was patchy and fiveFrom boundary-rider to brand builder, former England captain Kevin Pietersen is betting on India, whisky and the long game By Rohit ChintapaliAn Ardent InvestorPROFILE Kevin Pietersen

“India is the biggest whisky-drinking market in the world. I’d be foolish not to try and build the right brand here”21 February 2026 | BW BUSINESSWORLD | 97

98 | BW BUSINESSWORLD | 21 February 2026star hotels were few. Over two decades later, he marvels at what he sees.“Landing in Bangalore this morning, the UK wishes it had an airport like that,” he says, laughing. “Incredibly modern. Incredibly efficient.”India, for Pietersen, is more than nostalgia or opportunity. It is familiarity. He understands its cricketing obsession, its aspirational consumer, and its scale. “The biggest democratic country in the world,” he says. “As a developing country, it’s as good as it gets.”That long view, watching a nation grow in real time, has shaped his investing lens. Which is why, when the opportunity to invest in Ardent Alcobev came across his desk, he paid attention.Betting on WhiskyIndia is the world’s largest whisky-drinking market. Pietersen states the fact plainly, as if any other conclusion would be illogical.“I’d be foolish not to try and own the right whisky brand,” he says. “Bottled offshore, exported into India, sold at a competitive price. I’d be stupid not to do it.”Ardent Alcobev, an early-stage Indian spirits company, appealed to Pietersen not because it was fashionable, but because it was familiar. He understood alcohol as a consumer category. He understood branding. And crucially, he trusted the people behind it, industry veterans with two decades of experience navigating India’s fragmented, tightly regulated alcobev market.“This is a startup by numbers, not by experience,” explains Pietersen. “My partners have built some of the biggest brands. They know how to navigate these waters.”Beyond being the marquee investor in Ardent, Pietersen says he has worked closely on branding and on the liquid itself. He recalls spending days in Scotland with his partners, sampling and debating the profile of what would eventually become Dram Bell whisky, long before it reached Indian shelves.“I’ve been involved ever since the first drop,” he says.A Long Game, Not FlipDespite being an investor, Pietersen bristles at the idea of quick exits. Ardent is already present in eight Indian states, with ambitions to expand further, but he insists the focus remains on trust and quality.“I don’t think about tomorrow,” he says. “I think about today, (about) building the brand, building trust, making people love the liquid.”The analogy he reaches for is cricket. Hundreds and ducks. Form and failure. What matters, in the end, is the average. “You finish with an average of 50,” he says, smiling, “you’re happy.”Pietersen admits that the values he brings to investing today are not the ones he had at 25. Age, fatherhood, and experience have softened his edges.“I ask more questions now. I’m more patient,” he says. “The shotgun approach of my twenties—that’s something I’ve learned from.”He, however, worries about younger generations growing up in times of social media and AI, about shortcuts replacing critical thinking. He pushes his own children to question answers, even those produced by machines.“Not everything is correct with these AI machines,” he says. “You’ve got to be smart enough to know that.”Sport, he believes, still offers something irreplaceable: the ability to lose, to win, to look someone in the eye and shake their hand. It is a lesson Pietersen learned early, and one he now applies far from the boundary rope.Unconventional ApproachPietersen was never a conventional cricketer. He did not play safe shots, and he did not live by consensus. It is fitting, then, that his post-cricket life is similarly unconventional, less about celebrity endorsements and more about calculated bets, patient brand-building, and faith in markets he truly understands.“I’m not a billionaire businessman,” he says. “But I’ve learned who I want to get into business with, and how I want to do it.”For a man who once made a career out of defying bowlers’ expectations, that may be the most radical evolution of all. [email protected]“I never invest what I’m not comfortable losing. That’s a principle I stand by”PROFILE Kevin Pietersen

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100 | BW BUSINESSWORLD | 21 February 2026“WE EXPECT TO BE CLOSE TO A RS 100CR VALUATION IN THE NEXT THREE TO FOUR YEARS”Founded by the motherson duo, Anu and Shivam Bajaj, Evolve, the wellness club for women, offers movement, recovery, contemporary therapeutic practices, nutrition and community-led experiences through services such as ayurveda consultation, meditation programmes, dosha analysis, spa therapies, sound healing, gym, yoga, Pilates, nutrition consultations and much more. They envision this space to be a sanctuary for women who want a moment of pause from their hectic lives. Shivam Bajaj, the Co-founder AFTER HOURS WellnessEvolve, a wellness club for women launched this February at the Dhanmill Compound in New Delhi, has been designed to create a space that allows women to explore activities and services that promote physical and emotional well-being. At BW Businessworld, we spoke with Co-founder Shivam Bajaj to gain insight into their vision By Jyotsna SharmaShivam Bajaj, Co-founder, Evolve