How cars are changing due to climate change

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, 20 August 2024. My name is Nelson John. Let's get started.

On Monday, the Sensex was down by 0.02 percent, while the Nifty edged up by 0.13 percent.

Women's safety is a prominent issue right now, and corporate India is trying to protect half its workforce. Indian companies are enhancing office safety measures to protect female employees. Priyamvada C and Devina Sengupta write about these Initiatives, which include more helplines, safer travel options like hotel stays near airports during assignments, self-defence training, and gender sensitization classes. Amidst rising harassment cases, firms are now more focused on gender diversity and safety, with measures such as SOS applications and secure transportation partnerships. The importance of creating a safe and inclusive work environment is underscored by reports of women contemplating leaving their jobs due to various workplace challenges.

The National Payments Corporation of India, or NPCI, has announced that it would hive off Bharat Interface for Money (BHIM), a payment app based on UPI, into a separate subsidiary. The move aims to boost BHIM’s market position amid competition from other UPI apps like Google Pay and PhonePe. The NPCI hopes that with a dedicated team focusing on its development, BHIM's market share will improve. Additionally, BHIM is looking to increase its user base by foraying into the e-commerce sector via the Open Network for Digital Commerce (ONDC), explains Gopika Gopakumar.

During his Independence Day speech, Prime Minister Narendra Modi reaffirmed India's aim to achieve 500 gigawatts of non-fossil energy capacity by 2030. This includes renewables and nuclear power. Despite missing a previous target, recent progress indicates India is on track, having added 15 gigawatts in the first half of 2024 alone. Manjul Paul writes that the government's plan to invite bids for 50 gigawatts annually until 2027-28 supports this ambition. With renewables now accounting for 33 percent of India's energy capacity — up from 18% in 2017 — the push towards a greener grid is evident. However, meeting the 2030 goal also requires overcoming challenges like India's reliance on coal and ensuring budget allocations are fully utilized.

After leaving his position as CEO of PayU India in 2019, Amrish Rau envisioned starting afresh in India's fintech scene. He approached Sequoia Capital for funding. Instead of funds, he was offered the leadership of Pine Labs by Shailendra Singh, a company well-established in the payments industry with a key focus on point-of-sale terminals and solutions. Samikha Goel writes that Rau was Initially hesitant to build a new venture. But he accepted, recognizing the growth potential and existing 1.6 billion dollar valuation. Under his leadership since March 2020, Pine Labs has soared to a 5 billion dollar valuation, positioning itself as India's fourth-largest fintech firm and contemplating a billion-dollar IPO. This would potentially raise its valuation over 6 billion dollars, marking a significant milestone in India's fintech landscape.

As climate change intensifies, it's impacting vehicle reliability. This is pushing the automotive industry to adapt. Manufacturers now prioritize rigorous testing of air conditioning systems and tyres to ensure they withstand extreme weather conditions. For instance, Subros, a leading car AC maker in India, tests products in temperatures up to 55°C, while tyre manufacturers like JK Tyre address challenges in natural rubber production due to weather impacts by initiating projects to secure quality rubber supplies. Alisha Sachdev writes that the rise of electric vehicles adds another layer of complexity, requiring effective heat management for their numerous electronic components to maintain performance and longevity. This industry-wide push towards resilience and sustainability reflects a proactive response to our changing climate.

Show notes:

Dressing Pine Labs for IPO: What ‘fintech bully’ Amrish Rau can learn from Paytm

Transport, timings, SOS: How India Inc is trying to keep women staff safe

What is NPCI’s game plan for BHIM app?

Your car’s AC and tyres need a climate-driven upgrade. Here's why

Data explainer: India’s green energy goals face stiff test