This video from The Quint (https://www.youtube.com/watch?v=JkNLUZa5INk) perfectly captures why Indian urban mobility is struggling: we are building isolated projects rather than an integrated ecosystem. To fix this, we must drastically increase bus fleets to support high-capacity Metro lines and transform stations into vibrant "Urban Hubs" filled with eateries and service businesses. Diversifying into non-fare revenue is the only way to keep tickets affordable for the masses while maintaining financial health. Most importantly, we need a "One City" approach where Metro authorities run their own dedicated feeder services and build seamless physical connections between different transit modes. Without solving the last-mile nightmare and unifying our transport systems, our cities will remain trapped in a cycle of congestion.
"Outside most stations, hitting that threshold is harder than it sounds. Autos that cluster at the exits often quote flat rates that make the last kilometre nearly as expensive as the metro ride itself. Feeder buses run so infrequently that waiting for one alone can push you past that 20-minute limit — and in many places, they barely exist. And even before you get to an auto or a bus, the footpaths outside most stations are broken, encroached upon, or simply don’t exist — making even the walk to the station exit harder than it should be."
This is so true. It is such big psychological hurdle.
Do not agree with the Ridership percentage shown for Mumbai Line 1. It's jam packed during peak hours almost like a Mumbai local. Transit Stations and stations with offices in vicinity have hardly any space to walk. And now with Line 3 connectivity at Marol the crowd has increased.
Yep, we missed this. The Aqua Line became fully operational only in October 2025. Average weekday ridership in October 2025 was 1.41 lakh — up from the 20,000 cited in the piece, which reflected only the partial stretch.
I don't know from where your source of "less than 20,000 riders on aqua line" came from. It is probably an old number before the full line opened. So yes, it is a huge error. The average ridership is well above 1.4L now. The trains are always full during peak hours. Let other lines open and see the rush then.
Hey guys - if time permits and sounds interesting, you should try looking into the Channel Tunnel project in Europe - initially the project was a failure (delays, cost overruns, low traffic) but now the usage of the channel has exceeded all previous expectations (only after 20-odd years ha). Economic benefits of the project are still debated though. Happy to share some info that I have on the subject, though it will not at all be enough to do a comprehensive story.
Also, in the second story - I had one question. One statement reads - But most of this growth is mechanical: as gold prices rise, the permissible loan amount per gram of collateral inflates as well, without the NBFCs requiring a single new customer. Wouldn't a company report AUM by the loan amount disbursed and not by the value of the gold collateral? As in the AUM growth will only materialize if the customer chooses to top-up their loan amount on the same quantity of gold and that should be good for the company (more business without acquisition cost). Nothing seems mechanical here.
Hi Dhiraj — on the second story, your observation is right. But the point still stands: the industry can grow without adding “a single new customer.”
You’re right that AUM only rises if customers actually top up their loans. The reason it starts to feel “mechanical” is that higher gold prices make those top-ups much easier to justify. The same gold suddenly supports a bigger permissible loan, so customers get more breathing room without pledging anything extra. And most people will try to squeeze more out of collateral they already gave. That’s the dynamic we meant — growth coming from existing customers, not fresh acquisition.
This video from The Quint (https://www.youtube.com/watch?v=JkNLUZa5INk) perfectly captures why Indian urban mobility is struggling: we are building isolated projects rather than an integrated ecosystem. To fix this, we must drastically increase bus fleets to support high-capacity Metro lines and transform stations into vibrant "Urban Hubs" filled with eateries and service businesses. Diversifying into non-fare revenue is the only way to keep tickets affordable for the masses while maintaining financial health. Most importantly, we need a "One City" approach where Metro authorities run their own dedicated feeder services and build seamless physical connections between different transit modes. Without solving the last-mile nightmare and unifying our transport systems, our cities will remain trapped in a cycle of congestion.
"Outside most stations, hitting that threshold is harder than it sounds. Autos that cluster at the exits often quote flat rates that make the last kilometre nearly as expensive as the metro ride itself. Feeder buses run so infrequently that waiting for one alone can push you past that 20-minute limit — and in many places, they barely exist. And even before you get to an auto or a bus, the footpaths outside most stations are broken, encroached upon, or simply don’t exist — making even the walk to the station exit harder than it should be."
This is so true. It is such big psychological hurdle.
Do not agree with the Ridership percentage shown for Mumbai Line 1. It's jam packed during peak hours almost like a Mumbai local. Transit Stations and stations with offices in vicinity have hardly any space to walk. And now with Line 3 connectivity at Marol the crowd has increased.
Yep, we missed this. The Aqua Line became fully operational only in October 2025. Average weekday ridership in October 2025 was 1.41 lakh — up from the 20,000 cited in the piece, which reflected only the partial stretch.
I don't know from where your source of "less than 20,000 riders on aqua line" came from. It is probably an old number before the full line opened. So yes, it is a huge error. The average ridership is well above 1.4L now. The trains are always full during peak hours. Let other lines open and see the rush then.
Hey guys - if time permits and sounds interesting, you should try looking into the Channel Tunnel project in Europe - initially the project was a failure (delays, cost overruns, low traffic) but now the usage of the channel has exceeded all previous expectations (only after 20-odd years ha). Economic benefits of the project are still debated though. Happy to share some info that I have on the subject, though it will not at all be enough to do a comprehensive story.
Also, in the second story - I had one question. One statement reads - But most of this growth is mechanical: as gold prices rise, the permissible loan amount per gram of collateral inflates as well, without the NBFCs requiring a single new customer. Wouldn't a company report AUM by the loan amount disbursed and not by the value of the gold collateral? As in the AUM growth will only materialize if the customer chooses to top-up their loan amount on the same quantity of gold and that should be good for the company (more business without acquisition cost). Nothing seems mechanical here.
Also, Aqua Line ridership seems to be doing well recently - https://indianexpress.com/article/cities/mumbai/mumbai-metro-3-ridership-more-than-doubles-after-cuffe-parade-stretch-opens-10464818/
Thanks again for bringing us these stories :)
Hi Dhiraj — on the second story, your observation is right. But the point still stands: the industry can grow without adding “a single new customer.”
You’re right that AUM only rises if customers actually top up their loans. The reason it starts to feel “mechanical” is that higher gold prices make those top-ups much easier to justify. The same gold suddenly supports a bigger permissible loan, so customers get more breathing room without pledging anything extra. And most people will try to squeeze more out of collateral they already gave. That’s the dynamic we meant — growth coming from existing customers, not fresh acquisition.