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By:

Suhas B Naik-Satam

25 November 2025 at 2:24:38 pm

The Institution That Shaped Modern Indian Science

A journey from Mahendra Lal Sircar's vision to global scientific excellence. The year 2026 marks the sesquicentennial of the Indian Association for the Cultivation of Science (IACS), Kolkata, the oldest institution in India devoted exclusively to fundamental scientific research. Founded on 29 July 1876 by the visionary physician and educationist Dr Mahendra Lal Sircar, IACS emerged when India lacked institutions dedicated to experimental science. Convinced that scientific inquiry was...

The Institution That Shaped Modern Indian Science

A journey from Mahendra Lal Sircar's vision to global scientific excellence. The year 2026 marks the sesquicentennial of the Indian Association for the Cultivation of Science (IACS), Kolkata, the oldest institution in India devoted exclusively to fundamental scientific research. Founded on 29 July 1876 by the visionary physician and educationist Dr Mahendra Lal Sircar, IACS emerged when India lacked institutions dedicated to experimental science. Convinced that scientific inquiry was indispensable for national progress, Sircar established an institution to nurture original research by Indians while promoting scientific knowledge among the public. One hundred and fifty years later, IACS remains one of India's foremost research institutions, its history closely intertwined with the evolution of modern science in the country. The genesis of IACS reflected the intellectual ferment of the Bengal Renaissance. Trained in Western medicine yet deeply committed to India's intellectual emancipation, Sircar argued that science should be cultivated through experimentation and discovery rather than merely imported through textbooks. Inspired by institutions such as the Royal Institution of Great Britain, he envisioned a publicly supported national laboratory where Indians could pursue independent scientific research. At a time when such opportunities were scarce under colonial rule, IACS became the country's first permanent home for fundamental scientific investigation. During its early decades, the Association combined public lectures and scientific demonstrations with laboratory research, fostering an interdisciplinary culture spanning physics, chemistry and the natural sciences. Though modest in resources, it established an enduring tradition of curiosity-driven research. The defining chapter in IACS history began with the arrival of Chandrasekhara Venkata Raman in 1907. While serving in the Indian Finance Department, Raman spent his evenings and holidays conducting experiments at IACS on acoustics, optics and the scattering of light. On 28 February 1928, he and his collaborators announced the discovery of the inelastic scattering of light by molecules—the Raman Effect—creating a powerful spectroscopic technique that transformed the study of molecular structure. Today, Raman spectroscopy is indispensable across chemistry, materials science, biology, medicine, pharmaceuticals, environmental monitoring and planetary exploration. For this achievement, Raman received the 1930 Nobel Prize in Physics, becoming the first Asian to win a Nobel Prize in the sciences for work conducted entirely in India. His success demonstrated that world-class scientific research could emerge from Indian laboratories. Yet IACS's scientific legacy extends far beyond Raman. Kedareswar Banerjee advanced crystallographic research through pioneering X-ray crystallography, while Satyendra Nath Bose's association with IACS enriched the intellectual environment that fostered advances in quantum physics. Meghnad Saha's theory of thermal ionisation transformed astrophysics, and together Raman, Bose and Saha established Kolkata as one of Asia's leading scientific centres. The institution also made major contributions to chemistry through Jnan Chandra Ghosh, whose work in physical chemistry laid foundations for modern chemical research in India. Following Independence, IACS expanded into chemical sciences, materials science, biological sciences and theoretical physics, reflecting the increasingly interdisciplinary nature of scientific inquiry. Among its distinguished scientists was Asima Chatterjee, whose pioneering research on natural products chemistry and medicinal plant alkaloids transformed phytochemistry and contributed significantly to pharmaceutical science. Ajoy Ghatak further strengthened IACS's reputation through his work in fibre optics, waveguides and laser physics, while his textbooks educated generations of physicists and engineers. More recently, IACS researchers have advanced ultrafast spectroscopy, nanomaterials, renewable energy, molecular electronics, quantum materials and computational biology. Today, IACS functions as a deemed-to-be university under the Department of Science and Technology, Government of India. Its interdisciplinary research spans the chemical, physical and biological sciences, supported by advanced facilities in spectroscopy, microscopy, X-ray diffraction, electron microscopy, computational modelling and materials characterisation. Its doctoral and postdoctoral programmes continue to produce scientists who contribute to universities, research laboratories and industry worldwide. The institution's enduring strength lies in its commitment to curiosity-driven research. Unlike organisations established primarily for technological development or industrial applications, IACS has consistently recognised that transformative innovation begins with fundamental scientific understanding. This philosophy, articulated by Mahendra Lal Sircar nearly 150 years ago, remains especially relevant in an era defined by quantum technologies, artificial intelligence, sustainable energy and molecular medicine. The sesquicentennial of IACS celebrates not only a remarkable institution but also the evolution of Indian science. From its modest beginnings in colonial Calcutta to its emergence as an internationally respected research institution, IACS has nurtured Nobel laureates, pioneering physicists, eminent chemists and generations of young researchers who continue to expand the frontiers of knowledge. As IACS enters its second century and a half, it carries forward Mahendra Lal Sircar's vision that science should be pursued with intellectual freedom, experimental rigour and an unwavering commitment to the advancement of humanity. Its 150-year legacy remains a powerful reminder that the greatest scientific discoveries begin with curiosity and flourish in institutions dedicated to excellence. (The writer is the Chief Executive for National Centre for Science Communicators, Mumbai. Views personal.)

India's Balance Sheet and the Middle-Class Reality

A strong national balance sheet ultimately strengthens household balance sheets.

On budget mornings, millions of middle-class families across India do the same mental math: Will income tax fall? Will daily life become cheaper? Can we save more this year? The Union Budget is often reduced to these immediate questions. But if we step back and read Budget 2026 the way a chartered accountant reads a balance sheet, a deeper story emerges—one about the country’s financial strength, future earning capacity, and the sustainability of its growth.


National Financial Statement

A company’s balance sheet shows what it owns, what it owes, what it earns, and how it invests. The Union Budget does the same for the nation. Capital expenditure on infrastructure, digital public platforms, manufacturing, the energy transition, and logistics forms the asset side of India’s balance sheet. These are not routine expenses; they are long-term investments meant to generate jobs, improve productivity, and attract private investment.


When highways reduce travel time, freight corridors cut logistics costs, and digital systems make compliance seamless, the economic benefit eventually reaches the middle class — through better jobs, higher business efficiency, and a better quality of life.


Debt Is a Concern — But Also a Tool

The fiscal deficit and rising public debt often dominate headlines. But in finance, borrowing is not inherently negative. The real question is: is the money creating assets or merely funding consumption? Budget 2026 continues its emphasis on capital expenditure, signalling that debt is being used to build long-term economic capacity. It is the equivalent of taking a home loan to buy a house, not a personal loan to fund daily expenses.


This distinction is critical for India’s financial credibility and for keeping inflation and interest rates under control — two factors that directly shape EMIs, savings, and household budgets.


Structural Shift in Taxation

Another significant trend is the move toward widening the tax base instead of raising tax rates. Technology-driven compliance, data integration, and simplified systems are making taxation more transparent and efficient. For honest taxpayers, this is a long-term positive. A wider base means the burden is more evenly distributed and the system becomes fairer.


Spending: Consumption vs Wealth Creation

In personal finance, we are advised to spend less on consumption and more on asset creation. Governments face the same challenge. Budget 2026 walks this tightrope by continuing welfare support while keeping a strong push toward infrastructure and economic expansion. This balance is essential. Welfare sustains the present; capital expenditure builds the future.


What It Means for the Middle Class

The impact may not always be immediate, but it is deeply structural.


Likely Positives

* Better infrastructure leading to lower logistics and travel costs

* Increased formal job creation through manufacturing and services growth

* More digital and simplified financial compliance

* Greater long-term economic stability, supporting income growth


Areas Where Costs May Rise

* Consumption linked to luxury or non-essential goods

* Sectors where import dependence remains high

* Items affected by rationalisation of subsidies or duty restructuring


The Real Benefit: Stability and Opportunity

While headline tax relief may be limited, the larger gain for the middle class lies in macroeconomic stability. Controlled inflation, stable interest rates, higher capital formation, and sustained growth create an environment where salaries rise, businesses expand, and investments perform better.


In other words, a strong national balance sheet ultimately strengthens household balance sheets.


Credibility of the Numbers Matters

In accounting, projections are only as good as the assumptions behind them. GDP growth estimates, revenue targets, and disinvestment numbers must be realistic. Fiscal discipline enhances India’s global credibility, attracts investment, and keeps borrowing costs in check. This directly affects home loan rates, education loan affordability, and returns on savings.


Why This Budget Is About the Long Term

Budget 2026 does not appear designed for short-term applause. Instead, it reflects a strategy focused on capacity creation, formalisation of the economy, and sustained growth. That may not deliver instant gratification, but it strengthens the foundation on which future income and employment will grow.


The Final Balance

For a chartered accountant, the principle is simple: financial health is not judged by one year’s profit but by the strength of the balance sheet. The same applies to a nation.


Budget 2026 may not dramatically change monthly tax outflows for every salaried individual, but it aims to build an economy where incomes are more secure, opportunities are wider, and growth is sustainable.


In the long run, that is the kind of balance sheet every middle-class household benefits from — even if the impact is not visible the very next morning.


(The writer is a Chartered Accountant based in Thane. Views personal.)


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