Ruchir Sharma, the noted economist during his conversation with Fareed Zakaria, on CNN warned that the surge in investments in artificial intelligence is showing all the classic signs of a financial bubble. Sharma, Chairman of Rockefeller International, described the current AI boom as potentially the “most hated bubble in history”, noting that the frenzy around AI stocks is driven by overvaluation, over-investment, over-leverage, and over-ownership – the four traditional indicators of a bubble. He pointed out that tech giants like Meta, Microsoft and Google are pouring billions into AI, inflating market expectations far beyond sustainable earnings. Drawing parallels to past episodes such as the dot-com crash of 1999 and even the 1929 Great Depression, Sharma cautioned that today’s valuations in AI are alarmingly high with investors chasing AI as though it were a gold rush. Sharma emphasised that while the timing is impossible to predict, the structural excesses are already visible. In his view, the AI rally may be setting up equity markets for long term volatility, underscoring that bubbles, no matter how celebrated or feared, eventually deflate. The meteoric rise of Artificial Intelligence has captivated investors, policymakers, and the public alike. Yet beneath the excitement, seasoned observers warn that the AI boom may be inflating into a bubble. Tech giants are pouring billions into AI infrastructure, while valuations soar to levels reminiscent of the dot-com era. From a governance perspective, this raises critical questions: are capital markets allocating resources prudently, or are they chasing hype at the expense of long-term stability? Investor psychology plays a central role here – the fear of missing out drives capital into AI ventures, even when revenue models remain untested. History reminds us that bubbles often emerge when innovation collides with speculative excess, whether in railroads, dot-com startups, or housing. Yet the paradox is that AI is not merely speculative. Unlike past bubbles, AI is already embedded in daily life – powering search engines, enterprise tools, and productivity platforms. This duality makes the current moment complex. AI may be both a genuine revolution and a speculative bubble at once. If adoption continues to justify investment, the boom could evolve into lasting transformation. But if expectations remain unrealistic, the correction could be sharp, exposing systemic vulnerabilities in tech-heavy markets. For compliance and governance professionals, the lesson is clear: monitor the structural risks while acknowledging the transformative potential. The AI surge is not just about technology – it is a test of how markets, regulators and organisations balance innovation with prudence.
The Canadian patent for the drug Semaglutide expired because Novo Nordisk, the inventor of this diabetic drug did not pay the annual maintenance fee and also missed the opportunity to pay a late fee within the grace period. This lapse meant that the company lost two years of patent protection that could have been obtained via a supplementary protection certificate, which is also now ineffective. This lapse means that generic and biosimilar versions of Semaglutide-based drugs are expected to enter the Canadian market as early as January 2026, significantly increasing competition and reducing prices for patients. While Novo Nordisk maintains that the decision was strategic rather than accidental, the episode has drawn scrutiny as Canada is one of the largest markets for Semaglutide, and the loss of exclusivity may cost the company billions in revenue. The early termination of patent protection for Semaglutide in India is expected to have a transformative effect on the domestic pharmaceutical sector and patient access to weight-loss and diabetes treatments. With the primary composition patent expiring in March 2026, Indian companies like Dr. Reddy’s Laboratories and Biocon are preparing to launch affordable generic versions of Ozempic and Wegovy, which could drastically reduce prices and increase availability for millions of patients. This development is likely to ignite a multi-billion-dollar generics boom, positioning India as a key global supplier of low-cost Semaglutide, especially for emerging markets where obesity and diabetes are major public health concerns. However, ongoing litigation and potential enforcement of formulation patents could still pose legal hurdles for domestic manufacturers, particularly regarding the sale and export of generic Semaglutide within India. Overall, the patent expiry is all set to democratise access to these life-changing drugs and could mark a pivotal moment in India’s fight against obesity and diabetes. We being the diabetic capital of the world this news is welcome, however tragic it is for the manufacturers.
Nobody wants to be in the shoes of Nicolas Maduro, President of Venezuela. Maduro finds himself in a precarious position when confronted with an antagonistic U.S. President, as the nation’s already fragile economy and political system are further strained by sanctions, diplomatic isolation and heightened geopolitical pressure. Washington’s hardline stance often translates into restrictions on Venezuela’s vital oil exports, cutting off access to international financial markets and exacerbating shortages of food, medicine, and basic goods. This antagonism also deepens Venezuela’s dependence on alternative allies such as Russia, China and Iran creating a polarised international environment that limits its manoeuvrability. Internally, the government faces mounting challenges in maintaining legitimacy and stability, while ordinary citizens bear the brunt of inflation, unemployment, and humanitarian crises. In essence, U.S. hostility compounds Venezuela’s domestic struggles, leaving the country caught between external pressures and internal fragility. The US has ‘advised’ the Venezuelan President to flee his country! As if he does not know, he has been told to take asylum in Russia. Our world has become a strange place. The elected functionaries of countries can stay in power only as long as the US President allows them to! Earlier it was the turn of Bolsonaro, the erstwhile President of Brazil. Then came the request to the people of Israel to pardon Netanyahu from corruption charges. Who will be next?
Sometimes facts tend to become stranger than fiction. In Muzaffarnagar, when Awadhesh Rana politely pushed away the thaal stacked with 31 lakhs in cash, the wedding hall went silent as if someone had announced the Wi‑Fi was down. Aunties froze mid‑gossip, uncles adjusted their pagdis in disbelief and one distant relative allegedly asked whether he had recently joined some strange “honesty start‑up.” Instead of negotiating add‑ons like bikes, gold, a plot of land, Awadhesh said he would settle for Re 1 as shagun and a lifetime subscription to mutual respect. The local crowd, used to such transactions being treated like a compulsory “Wedding GST,” suddenly found themselves clapping for the only man in the room who had managed to turn a routine dowry deal into a breaking‑news scandal of decency, just as the newspapers keep claiming that these customs are “social evils” in every second headline. This episode is like getting awarded as the best driver in town for driving on the left side of the road in India! Damn it. Dowry cannot be abolished in India by law. It can only be done with such gestures by people like Awadhesh!
India’s economy posted a robust 8.20% year-on-year growth in the July-September quarter of 2025-26, marking the highest quarterly expansion in six quarters and surpassing market expectations of 7.3%. This surge, driven by strong manufacturing and services activity, helped the country achieve an average growth of 8% in the first half of the fiscal year, up from 6.1% in the same period last year. The government credited the growth to pro-growth policies and reforms, with real Gross Value Added (GVA) also rising by 8.1% in the quarter. India’s nominal GDP growth was 8.7%, while the non-agricultural, non-government segment expanded by 8.6% highlighting broad-based economic momentum. This performance reinforces India’s position as the world’s fastest-growing major economy heading into the second half of FY26 – something that you can write home about.
When Ratan Tata, the most celebrated industrialist from the most celebrated industrial house from India died last year, several books made their appearance on the first anniversary of his death, by various authors and it indeed was a problem to decide which one to pick up to read. My final choice fell on the book “Ratan Tata: A Life” by Thomas Mathew primarily because of the number of pages in the book (more than 700) and not by any relative comparison among the books on the Tatas. The author is not a well-known writer yet and you do not have a lot to write home about his writing style either. However, once you pick up the book, it keeps you engrossed and engaged at the same time. But during his book promotion tours the author talked a lot about anecdotal milestones that lent further credence to some of the important events that the author covers in his book. However, the author and the publishers could have done a better job of tackling sloppy editing in the book. The book is broadly structured in three parts – one part is about the family background of Ratan Tata, then short histories of the major events in Tata companies (though here the author has not done justice to Tata Tea) and some major events that had taken place under Ratan Tata’s watch that affected the Tata companies in general. The book succeeds in offering an authentic portrayal of Ratan Tata as a business leader with uncompromising ethics, a humanist and a patriot deeply invested in India’s progress. However, the author’s take on the initial years of Tata is extremely sketchy. The authors meandering style of writing in certain places looks quite contrived and at times, totally unnecessary like when he goes out of the way to describe the standoff between the Tatas and the Assamese rebels in Tata Tea, the Chapter on Tata Trusts and some others. The book seeks to explore Tata’s challenges, setbacks, values and achievements, including the transformation of the Tata Group into a modern conglomerate and his lifelong commitment to philanthropy, free markets, and social upliftment. The author could have covered a little more ground after the Bombay blasts and the way the Taj responded to it. It covers some grounds of the company’s stand on corruption and how Ratan Tata made a mark there. The protagonist is known as a reclusive and reticent person though he is also projected as a complex, warm and compassionate person. The book covers Tata’s childhood struggles, his Cornell years, his early assignments in the Tata Group. The book gives examples of his leadership style (Tata’s consultative, values-based approach), culture building within a large conglomerate, challenges in managing legacy companies and employee relations. It provides illustrations of how an Indian conglomerate navigated economic liberalisation, globalisation, diversification and how it helped the evolution of corporate governance in India. There are important takeaways from the Tata story for today’s corporate India. In the autobiography, “Straight from the Guts”, Jack Welch, the Chair and CEO makes us aware of how picking a successor is far more important than any other managerial task for a top corporate honcho. Ratan Tata failed spectacularly when he threw in the towel and walked away from the task of selecting his successor, only to come back from retirement to repair the damage done. This act of Mr. Ratan Tata for not wanting to be part of the selection committee for identifying his successor is nothing short of plain abdication on his part. All said and done, the book is a detailed, well-researched biography of a major Indian business figure; good for understanding the broad arc of his life and the development of the Tata Group under his leadership. It is useful for future leaders on corporate governance The book has done exhaustive research with balanced perspectives and a comprehensive portrayal of one of India’s most influential industrialists. The author’s idolatry of Ratan Tata, the book’s protagonist makes the reader suspicious of the author’s objectivity. The book is a sure-shot recommendation.
Just when Indians, in general, and subject experts in particular had given up hopes of the much-touted Labour Law Codes that had already been passed long back by the Parliament and had also received the President’s assent, here comes the news that the Government had notified the Codes much to the surprise of all. On 21st November 2025, the Government of India officially notified the implementation of the four long-anticipated Labour Codes, marking a transformative moment in the country’s labour law framework. These codes – the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health and Working Conditions Code, 2020 would consolidate and replace 29 existing central labour laws, simplify compliances, expand social security coverage and modernise employment regulations for both organised and unorganised sectors. By unifying fragmented labour legislations, the new Codes seek to create a more cohesive, transparent and inclusive labour ecosystem offering improved protections for workers while streamlining regulatory processes for employers across India. You will find a small handbook with this issue on the new Labour Codes, now awaiting formulation of relevant Rules under these Codes.
Thank you.
Venkat R Venkitachalam
