Table of contents for 11 August 2025 in India Today

For decades, the Indian middle class parked most of its savings in fixed deposits, gold or real estate. These investments may have brought lower returns, but were seen as low-risk comfort zones. Investing in shares was reserved for the bold, the wealthy, or the well-connected. Our cover story this week captures a silent but sweeping transformation in India’s capital markets. The middle class, once hesitant and risk-averse, is now at the centre of India’s financial engine. They are no longer watching from the sidelines. They are shaping the game and acting as a stabilising force that buffer the stock markets against global storms. And they are doing so with scale. The number of ‘demat’ accounts rose nearly five times from 41 million in FY20 to about 192 million by FY25,…

Aplace to cry your heart out? Amid people you don’t know. Well, that’s exactly what the Mumbai Crying Club, launched just last week, will allow you to do. Nor is it the only one. You may not think of Surat as a city in need of emotional release, but it has had a Healthy Crying Club since 2017, where those in need of a good cry can do so once a month. Metropolitan cities like Delhi, Bengaluru and Hyderabad have taken their cue from the Japanese rui‑katsu—communities that hold regular sob sessions—and have tear-sharing or vulnerability circles. But these are not formalised clubs, and exist only at the community level. “We encourage everyone to come and have a sob,” says Shruti Rao, a resident of Whitefield in Bengaluru. There is…

IT WAS A SUBLIMELY choreographed moment of political theatre, of the grandiose genre that has long been seen to befit the man. Prime Minister Narendra Modi at the ancient Brihadiswara Temple, holding a vessel of gangajal from Kashi, framed against the gopuram and the blue Tamil skies behind. That July 27 image from Gangaikonda Chozhapuram, tweeted by BJP leader H. Raja with the caption ‘Living Gangai Kondan’, went viral. The symbolism was thick, and hard to miss. Modi’s two-day visit to Tamil Nadu, beginning July 26, also brought the usual rain of inaugurations: infrastructure projects worth Rs 4,800 crore, including the expansion of the VO Chidambaranar Port, and a Rs 450-crore terminal at the airport. CULTURAL MESSAGING If all that is a necessary part of the script in the BJP’s…

RISING STOCK The market capitalisation of NSE-listed companies has grown fourfold over the past decade MARKET CAP (in Rs lakh cr.) WHO OWNS THE BOURSES Ownership across shareholder categories by total m-cap in NSE-listed companies (Figures in %) Source: CMIE Prowess, NSE EPR DEMAT DELUGE A record rise in demat account openings signals the mass entry of first-time retail investors THE BOLDER LOT Retail investors now account for nearly half of all trades in both equity and F&O markets—a dramatic rise since FY19 Source: NSE A SIP OF MARKET CHEER About 80–85% of SIP accounts have monthly contributions below Rs 5,000—underscoring the broad-based participation of small investors GRAND SAVING REALLOCATION The allocation of household financial assets to MFs has seen a steady rise, moving away from gold and bank fixed…

A quiet revolution has reshaped India’s financial landscape over the past five years. What began during the Covid-19 lockdown as a digital detour for bored young Indians has morphed into a full-fledged retail investing movement, fuelled by smartphone apps and financial influencers. Together, they’ve turned stock trading from a specialist’s game into a mass-market phenomenon—one that’s aspirational, but increasingly risky too. At the heart of this transformation are apps like Zerodha, Groww, Upstox, INDmoney and Angel One, which offered what banks and traditional brokers didn’t: instant eKYC and UPI-based transactions on slick, mobile-first interfaces. Groww’s clean, no-jargon design attracted millennials and first-time investors in Tier 2 and 3 cities, while Zerodha, which bootstrapped its way to prominence, offered a suite of tools that found favour with more serious traders. IN-Dmoney…

INDIA’S HIGHER EDUCATION SECTOR IS A BEHEMOTH IN FLUX. It’s ambitious, overcrowded and, paradoxically, under-resourced. Yet, it continues to produce islands of excellence amid the chaos. The india today-MDRA Best Universities Survey 2025 captures this complex terrain with an evaluative lens that is at once empirical and perceptive, rendering it the most credible assessment of the country’s university ecosystem. Now in its 16th year, the survey has become a benchmark for policymakers, recruiters, students and university leaders alike, not just for its rankings, but for what those rankings reveal about direction, aspiration and institutional agility. At its core, the survey offers more than a ranking. It demonstrates that excellence in Indian universities is an ongoing project—constantly being built, reimagined and, often, rediscovered. That’s what the university rankings in the general category…

Over the past two years, the University of Delhi has embarked on a remarkable journey of transformation, driven by a vision to elevate its stature as a premier institution of higher education in India. One of the most significant achievements has been the recruitment of nearly 5,000 faculty members. This faculty strengthening drives academic quality and research excellence, providing students with a stable and enriched learning environment. Complementing this is the ongoing recruitment of non-teaching staff, ensuring better administrative support and smoother functioning across the university’s sprawling network of 91 colleges and around 500 academic programmes. Infrastructure upgrades have been a priority, with an unprecedented Rs 2,000 crore investment aimed at renovating existing facilities and constructing new buildings equipped with modern amenities such as smart classrooms, WiFi connectivity, CCTV surveillance…

I have been associated with SRMIST since its inception as an affiliated college in 1985. Our commitment remains rooted in three pillars: academic rigour, innovation and social impact. In the past year, we have introduced programmes in cutting-edge areas like AI, robotics, digital health, quantum computing, climate science and clean energy. We also run forward-looking courses on design thinking, innovation, intellectual property rights, and entrepreneurship. Faculty training has been key. We have invested heavily in capacity-building, conducting training in-house and sending our faculty to universities here and abroad to learn best practices. While this is an ongoing process, it has already transformed the quality of teaching at SRMIST. Our students benefit from the multidisciplinary nature of the institute. Students are encouraged to take courses beyond their core disciplines, broadening…

The founding mission of AIIMS Delhi included achieving self-reliance in advanced medical education. Education and research are conducted across nearly 100 disciplines. In 2024 alone, the institute managed 906 extramural research projects funded by national and international organisations and supported 269 intramural research initiatives, with a cumulative grant value exceeding Rs 208 crore. AIIMS Delhi students receive exposure to a diverse array of clinical cases and cuttingedge diagnostic and therapeutic technologies. Responding to evolving healthcare needs, AIIMS has introduced new academic programmes—including a DM in Psychosomatic Medicine under the Department of Psychiatry. The institute places strong emphasis on student wellness. The Department of Psychiatry operates an oncampus wellness centre for students. Recently, an intramural research funding scheme specificallydesigned to empower postgraduate researchers, was launched. “AIIMS Delhi is making strides…

This has been an eventful year. After nearly 12-13 years, we have completely revamped our curriculum. The changes are centred on flexibility, hands-on learning and preparing students for interdisciplinary careers. Every student—whether in undergraduate, master’s or doctoral programmes—will now engage with concepts in Artificial Intelligence and sustainability, essential for any future career. At the master’s level, students will now take part in a capstone project, fostering teamwork and real-world problem-solving. There is also an increased focus on communication, internships with industry and a recalibrated credit structure to enhance academic depth. PhD programmes have similarly evolved. While depth in research remains central, the structure now includes elements of breadth—ranging from teaching practicum to research communication. Our goal is to ensure that doctoral candidates are not only strong researchers but are also…

Over the past three years, NLSIU has transformed its PhD programmes. First, we reshaped the PhD (Law), PhD (Public Policy) and PhD (Inter-disciplinary) around four core disciplines—Law, Social Sciences, Humanities and Public Policy. The PhD’s realignment along these lines will increase its rigour and improve professional opportunities for students. In 2025, we received nearly 70 per cent more PhD applications than in 2024, and made offers to students from different disciplines, including a historian, an economist, a sociologist and a lawyer. “We recently celebrated the 10th anniversary of our Master’s in Public Policy programme, designed to be globally competitive…” Second, we introduced doctoral fellowships in 2025 for all selected full-time PhD scholars at NL-SIU. These fellowships start at Rs 50,000 per month in the first year and include annual increments…

In a tiny, sparse studio in Versova with no props and sets, theatre director Sunil Shanbag is busy imagining first-century Rome. There’s some neighing and galloping, a bit of singing, and excitable parents who want to marry their daughter off to a horse. Shanbag watches, giving directions to actors like Akash Khurana and Neil Bhoopalam on entry and exits, bringing to life Hungarian playwright Julius Hay’s The Horse. It’s a play that has stayed with him since he first read it in 1982. When Aadyam, an initiative of the Aditya Birla Group, approached him to develop a play for its seventh season, Shanbag found himself returning to the political satire which, as per the synopsis, offers an “unsettling look at ambition, delusion, herd mentality, and the absurd circus of power”.…

Q. Take us through the inspiration and creative process behind your upcoming couture collection, ‘East’. ‘East’ draws from the romance of the 18th century, when the West viewed the East as a land of mystery and cultural depth. I explored the heritage of the Balkans, the artistry of the Far East, and India’s legacy. Q. Much of your work feels timeless yet rooted in the present. How do you maintain that balance between heritage and relevance? True luxury isn’t driven by trends, it’s meant to endure. Brides often return with decades-old Valaya ensembles once worn by their mothers, asking us to simply resize or refresh them. The quality remains impeccable. Q. You’ve spoken before about taking a hard reset in 2017, closing everything down. How did that moment change your…

IF COINCIDENCE IS EVER WORTHY OF historical recall, it was here. After a hunt of 96 days—and, as it happened, exactly before a Parliament debate was to start on national security issues flowing from the April 22 Pahalgam massacre—the Pakistani terrorists who executed it were tracked down and killed in Kashmir. Their end came in the Dachigam forests near Srinagar, on the morning of July 28. Forensics confirmed their identity in another day, and the news broke just as Parliament started a two-day debate on Pahalgam and Operation Sindoor, the Indian military’s retaliation against Pakistan. Naturally, that blunted the Opposition’s artillery, which had expected to fire away from a position of advantage, with a focused critique of lapses in intelligence, operational strategy and foreign policy. In the event, the Narendra Modi…

WHAT INDIA GAINS Ninety-nine per cent zero tariff access to UK markets will boost exports, presently at $23 billion TEXTILES & APPAREL Potential gains: 30-45% export growth LEATHER & FOOTWEAR Potential gains: MSME acceleration GEMS, JEWELLERY, SPORTS GOODS Potential gains: Doubling of exports PHARMA & MEDICAL DEVICES Potential gains: <£1 bn market expansion due to price drop ENGINEERING GOODS, AUTO PARTS, CHEMICALS Potential gains: 30-40% sectoral growth; exports double IT & BUSINESS SERVICES Potential gains: 15-20% export boost due to gains in labour mobility AGRICULTURE & MARINE PRODUCTS Potential gains: Basmati & seafood production surge RENEWABLE ENERGY COMPONENTS Potential gains: $500 mn+ exports by 2027 EDUCATION & SKILL SERVICES Potential gains: Students benefit, services rise due to lesser certifications PROCESSED FOOD & BEVERAGES Potential gains: 20-30% export growth *2-6% on…

IT HAS BEEN full of twists, real and imagined. Caution had filled the April air as the Siddaramaiah regime dusted off Karnataka’s 2015 caste survey report. Tense cabinet meets ensued, amid a feared backlash from the Lingayat-Vokkaliga caste duopoly. Meanwhile, a googly came from the Centre: on April 30, after years of holding out, it relented on including a national caste count in the 2026 census. The Congress claimed credit for forcing the U-turn, but soon made one of its own. Karnataka effectively junked the 2015 report. Instead, between September 22 and October 7, some 165,000 enumerators will fan out with handheld devices for a de novo sorting of the state’s 70-odd million. WHY ALL OVER AGAIN? What ordained a fresh caste survey? The 2015 one, a pet Siddaramaiah project,…

KOUSAR JAN USED TO SAY, as a little kid, that she would grow up to be a doctor. But then, while still in Class II, her life was plunged into a perverse negative of the paradise outside. Hapatnar, her village in Pahalgam, means the ‘land of bears’, yet it was the wolves that came for them. On a summer night in 2002, their home was burnt down and her father with an extra serving of brutality: his head and bullet-pierced body were found on two opposite banks of a water stream. “No one came forward to help. Not even relatives,” Kousar tells india today. “We were shattered and homeless. I remember taking refuge under a broken tin shed.” Fear of the gun kept everyone away. Also, the social stigma that…

With 655 general, 79 medical, 192 technical and 27 law universities to choose from, the India Today Group’s annual ranking of Best Universities has a special place in the country’s academic calendar. It not only makes critical career decision easier for aspirants based on rich information and data, but also provides an overview of the state of university education to other stakeholders—recruiters, parents, alumni, policy makers and people at large. INDIA TODAY’S knowledge partner Marketing and Development Research Associates (MDRA), a reputed research agency, followed a rigorous methodology while doing this survey between March-July 2025. During objective ranking, MDRA has carefully attuned 125+ attributes to provide the most comprehensive and balanced comparison of universities. These performance indicators were clubbed into five broad parameters—‘Reputation & Governance’, ‘Academic & Research Excellence’, ‘Infrastructure…

After completing my BSc (Hons) in Chemistry from Hindu College, I dedicated myself to preparing for the UPSC Civil Services Exam, reaching the interview stage in February this year. However, over time, I began to realise that while public policy fascinated me, I also wanted to experience its application from a corporate lens. That’s when the Faculty of Management Studies (FMS) became my natural next step. FMS offered everything I needed: academic excellence, flexibility, an unbeatable alumni network and, most importantly, the Delhi location, which allowed me to manage my UPSC attempt alongside my course studies. “FMS offered everything I needed: academic excellence, flexibility, an unbeatable alumni network, besides the Delhi location” Academically, FMS keeps us on our toes. We tackle diverse courses—finance, IT, marketing, strategy—before specialising in year two.…

I completed my Bachelor’s in Design with a specialisation in Interior Design here at SRMIST. The four years I spent as an undergraduate gave me such a strong foundation that I decided to do my Master’s here as well. What I love is that SRM gives equal importance to academics, research and cultural activities. As an architecture student, I have access to excellent infrastructure, including the Fab Lab and its wide range of machines and tools. Working on projects there, collaborating with the lab team and bringing our ideas to life has been a game-changer. SRM’s cultural life is just as exciting. I have been part of Prachodaya, our department’s architecture fest, experienced the energy of Aaruush, our flagship techno fest, and Milan, of course, our iconic cultural festival that’s…

Stepping upon the lush expanse of AIIMS Delhi feels transformative, and I consider myself privileged to live and learn within India’s most prestigious medical campus. During the week, I find myself immersed in the weekly Journal Club, guest lectures and interactive sessions where faculty and students engage freely in critical discussions. My academic duties include leading case-based discussions, problem-based learning sessions and practicals for MBBS students. These are designed to embed basic biochemical ideas in patient-centred settings, allowing future physicians to relate textbook learning with real-life clinical scenarios. Perhaps the most intriguing portion is thesis work. Our substantial MD projects are driven by complex approaches and continuous trial and error. AIIMS supports this deeply: labs and equipment are accessible 24×7, enabling flexible work schedules. AIIMS can be considered a microcosm…

IIT Delhi is my home away from home. The postgraduate experience here is like no other; there is a culture and community that rewards the practice of excellence. This, in my opinion, is the primary purpose of any education. The avenues and exposure that IIT Delhi offers are unparalleled. From hands-on work in worldclass labs to collaboration with the most productive labs across the globe, the research environment helps students thrive in their respective fields. “In every walk of life, IIT Delhi continues to reward focused effort, which is the most important lesson a student can take away from an institute” Apart from the department-wise labs, the institute boasts three campus-wide facilities: the Central Research Facility (CRF), with 90+ working facilities and 8,500+ users; the Nanoscale Research Facility (NRF), with…

What attracted me to the NLSIU MPP programme, alongside the fact that it is one of the oldest in the country, were the professors. They have truly been the biggest highlight of the programme for me. Not only are they highly accomplished; a lot of them are policy practitioners and activists. This has really enhanced the learning experience for me as it allows for a deeper interrogation of theories that we learn in class, and an active engagement with real problems persistent in the world today. Oftentimes, the faculty will be working on interesting projects that you can become part of. I have approached a few myself and worked with them. Along with this, the mandatory rural immersion internship was an important part of the programme for me, as it…

When it arrived on our telescreens on July 3, 2000, Kaun Banega Crorepati changed the face of Indian television. Amitabh Bachchan, seemingly on the last leg of his superstardom, stormed into our homes in a brand-new avatar as a game show host, extending his career by a quarter century. Suddenly, a knowledge-based quiz show became the most watched television programme in India. “KBC isn’t just an entertainment show, but a show that gives Indians hope, a belief that they too can make it big in life on the basis of the knowledge and life lessons they have accrued,” says Arun Sheshkumar, the show’s director. “Because, unlike other reality shows, KBC is not casted. The contestants have to go through a rigorous competition to make it to the hot seat.” Sheshkumar…

Lucknow may only be left with kebabs to claim as its own. Chikankari—synonymous with the city—may have originated in Murshidabad and travelled there, writes historian Rosie Lewellyn-Jones in her essay in Textiles from Bengal: A Shared Legacy. The editors of this book, Sonia Ashmore, Tirthankar Roy and Niaz Zaman, are unafraid to iron out a few creases in the fabric history of India. The coffeetable book aims to restore Bengal fabric’s reputation rightfully as that which once ‘clothed the world’. Written by historians and practitioners, and retrieved from archives and collections, this is a public history of cloth from Bengal that dominated the world. Muslin might have been the original power dressing for the world. Marie Antoinette was clad in a muslin chemise from Bengal in her portrait by artist…

The Union government’s initiative to introduce the National Sports Governance Bill, 2025, in the Lok Sabha is a significant stride in reforming the functioning of National Sports Federations (NSFs). While the Bill is intended to apply uniformly across all recognised NSFs, its implications are particularly pronounced in the context of the Board of Control for Cricket in India (BCCI), which has historically repelled governmental oversight due to cricket’s popularity and financial dominance. The BCCI has maintained that since it does not take any financial grant from the government, it is not subject to policies applicable to other sporting federations. This stand has met with challenges, notably in the landmark BCCI vs the Cricket Association of Bihar 2016 judgment, where the Supreme Court held that the BCCI functions due to a…

Lunchbreaks are when Anjali Mehta, a 29-year-old schoolteacher in Kanpur, finds time to think about her investments. She checks the latest options on her cell phone and recently earmarked Rs 5,000 for her fifth contribution to a mutual fund this year. The amount was small. But the decision was anything but casual. “I consider these investments as my future,” she says. “Banks give nothing, gold is too slow. The stock market is where the real action is.” Anjali is not an exception. She’s part of a fast-growing tribe of middle-class Indians who are rewriting the rules of personal finance and, in the process, changing the face of India’s resilient stock market. In the past five years, India has witnessed a quiet revolution in household investing, with the number of dematerialised…

NO.1 UNIVERSITY OF DELHI, New Delhi ESTABLISHED IN 1922 AREA 407 ACRES FACULTY MEMBERS* 1,169 STUDENT-TEACHER* 19:1 DEPTS 86 SCHOOLS / INSTITUTES 23 RESEARCH PAPERS 5,200 (2024) PLACEMENTS* 1,725 (2024) * For PG programmes FROM ITS MODEST BEGINNINGS in May 1922 through an Act of the central legislature, the University of Delhi today has evolved into a world-class institution of higher learning in India. In its inaugural year, the university comprised two faculties, Arts and Science, and offered a limited number of undergraduate and postgraduate programmes through its three founding colleges: St. Stephen’s (1881), Hindu College (1899) and Ramjas College (1917). It began with eight departments: Sanskrit, History, Economics, English, Arabic, Persian, Physics and Chemistry, and the university library was established with a donation of 1,380 books, symbolising the early spirit of learning and…

NO.1 SRM INSTITUTE OF SCIENCE AND TECHNOLOGY, Chennai ESTABLISHED IN 1985 STUDENT STRENGTH 70,000 AREA* 460 ACRES DEPARTMENTS 12 CAMPUSES 4 FACULTY 4,500+ RESEARCH PAPERS# 24,387 PLACEMENT RECORD 12,925 (job offers in 2024-25) FROM THE TIME IT WAS FOUNDED IN 1985 to its present status as one of India’s leading multidisciplinary universities, the SRM Institute of Science and Technology (SRMIST) has always been defined by its ambition to fuse research, innovation and higher learning. A deemed university since 2002, today it is home to more than 70,000 students and 4,500 faculty members across six campuses, encompassing 15 million square feet of built-up space. Its global reach is equally impressive, with over 1,000 international students from 40 countries and 260 exchange students on academic visits. The 460-acre campus at Katangalathur, 40 km from Chennai, reflects the…

NO.1 ALL INDIA INSTITUTE OF MEDICAL SCIENCES, New Delhi ESTABLISHED IN 1956 STUDENT STRENGTH 2,233 (PG Courses) AREA 213 ACRES DEPARTMENTS/CENTRES 43 FACULTY 825 RESEARCH PAPERS 3,584 (2024) PLACEMENT RECORD 100 (per cent) THE ALL INDIA INSTITUTE OF MEDICAL SCI- ENCES (AIIMS), was conceived as an institution of excellence that embodied the hopes of a new India, and it has stayed true to that vision. Established in 1956 as an institution of national importance, it was envisioned by then prime minister Jawaharlal Nehru and spearheaded by Union health minister Rajkumari Amrit Kaur. Over the decades, AIIMS Delhi has emerged as India’s premier medical institution, renowned for its cutting-edge research, high patient turnover, and specialised treatment facilities. While an MBBS degree from here is much coveted, a PG degree is no less sought after. Postgraduate education at…

NO.1 INDIAN INSTITUTE OF TECHNOLOGY DELHI, New Delhi ESTABLISHED IN 1961 AREA 373 ACRES STUDENT STRENGTH 2,319 (PG) FACULTY 659 (PG) DEPTS 16 SCHOOLS / CENTRES 17 SPREAD ACROSS 373 ACRES IN THE HEART OF INDIA’S CAPITAL, IIT Delhi stands as one of the country’s 23 premier institutions for training, research and development in science, engineering and technology. Established in 1961 and declared an ‘Institution of National Importance’ under the Institutes of Technology (Amendment) Act, 1963, it earned the coveted tag of ‘Institute of Eminence’ (IoE) in 2018. Over the decades, IIT Delhi has steadily built a reputation for academic excellence and cutting-edge research. In the latest QS World University Rankings by Subject (2025), it climbed to 26th place globally in engineering & technology—up from 45th last year—making it the highest-ranked Indian institution in this…

NO.1 NLSIU, Bengaluru ESTABLISHED IN 1986 STUDENT STRENGTH 1,734 AREA 23 ACRES DEPARTMENTS AND SCHOOLS 13 CENTRES FACULTY AROUND 150 RESEARCH PAPERS 107 (2024) AN INFRASTRUCTURAL RE- VAMP IS UNDERWAY AT THE NATIONAL LAW SCHOOL OF INDIA UNIVERSITY (NLSIU) to complement the academic expansion of the past few years during which it increased student intake. The number of students overall has increased from 550 in 2019 to 1,734 currently. Now, two academic blocks on the 23-acre campus in Bengaluru will get an upgrade, while the university also plans to develop an adjoining 7 acre-parcel the Karnataka government granted it recently. The law school plans to spend Rs 100 crore towards the redevelopment of the two academic blocks over the next two years. “What we are going through this year and which will…

GENERAL (GOVERNMENT) RANKS & SCORES OF UNIVERSITIES GENERAL (GOVERNMENT) RANKS & SCORES OF UNIVERSITIES GENERAL (PRIVATE) RANKS & SCORES OF UNIVERSITIES GENERAL (PRIVATE) RANKS & SCORES OF UNIVERSITIES GENERAL (PRIVATE) RANKS & SCORES OF UNIVERSITIES MEDICAL RANKS & SCORES OF UNIVERSITIES MEDICAL RANKS & SCORES OF UNIVERSITIES TECHNICAL RANKS & SCORES OF UNIVERSITIES TECHNICAL RANKS & SCORES OF UNIVERSITIES LAW RANKS & SCORES OF UNIVERSITIES 1. Ranking is based on objective data and perceptual survey data; 2. Only universities that submitted their objective data have been ranked. Universities such as IIT Madras, BHU, IISc Bangalore, NALSAR, NLU Delhi that either did not submit their objective data on time or did not participate have not been ranked. IIT Bombay and IIT Kharagpur could not submit their data. Hence, they were ranked…

It is not easy to find words that will do justice to Srinath Raghavan’s book on how the decisions that Indira Gandhi took during her two stints as India’s prime minister—from 1966 till 1977, and 1980 till October 31, 1984—shaped India’s development as a democracy. Mrs Gandhi became PM when the country was in the grip of an unprecedented crisis. India had run out of foreign exchange a decade earlier, suffered a severe failure of the southwest monsoons in 1965, and a second failure in 1966 was on the way. The decisions she had to take—a 57 per cent devaluation of the rupee, and asking the US to back a loan of almost a billion dollars—put her at odds with the seasoned leaders of the organisational wing of the party,…