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By:

Bhaskar Nath Biswal

13 May 2026 at 8:30:30 pm

Why India’s Classrooms Must Teach Money

When Jio’s IPO drew a record one crore applications, the market celebrated a milestone. Millions of ordinary households, many of them first-time investors, are now willing to put their savings into the stock market. Yet in many classrooms, when a teacher mentions the news, students nod politely without understanding what an IPO is, why a share has a price or what one crore applications means. That gap between a nation that is investing and a generation that does not understand investing is...

Why India’s Classrooms Must Teach Money

When Jio’s IPO drew a record one crore applications, the market celebrated a milestone. Millions of ordinary households, many of them first-time investors, are now willing to put their savings into the stock market. Yet in many classrooms, when a teacher mentions the news, students nod politely without understanding what an IPO is, why a share has a price or what one crore applications means. That gap between a nation that is investing and a generation that does not understand investing is the real story here. Ineffective Education Financial education in India remains an afterthought. Our schools spend years on algebra, trigonometry and chemical equations, but a student can complete twelve years of schooling without learning how compound interest works, how a loan is priced or why inflation quietly erodes savings. Commerce and economics are electives, usually chosen by only a section of students, and even there, the treatment is often theoretical, built around definitions to memorise rather than decisions to make. Surveys by India’s financial regulators and independent agencies have repeatedly found that only about one in four adults is financially literate. Official bodies such as the Reserve Bank of India, SEBI and the National Centre for Financial Education have launched awareness drives and a national strategy, and these deserve credit. But awareness campaigns reach people after they have already started making money decisions, often badly. The IPO boom shows that finance is no longer a closed club of brokers in Mumbai. The sector now offers careers in wealth management, financial planning, equity research, risk analysis, insurance, banking, fintech, regulation and data-driven investing. Many of these roles need not be confined to metros or elite institutions but require trained, trustworthy people in every district, including smaller cities, where demand for honest financial guidance far exceeds supply. A student who learns early how markets work may become an analyst, a certified planner, an entrepreneur or a policymaker. Even a student who chooses a completely different path will benefit in daily life. A young person who understands budgeting, saving, insurance and credit is less likely to fall into a debt trap, a loan-app scam or a ‘guaranteed returns’ scheme sold on social media. At the national level, the case is stronger still. A financially aware population channels savings into productive investment instead of idle cash or unproductive gold, strengthens capital markets and becomes more resilient during economic shocks. A country aspiring to become a major economy cannot afford to have most of its citizens sitting out the system that drives that growth. Ground Reality The difficulty is that good intentions meet a crowded curriculum, overworked teachers and an examination-centred culture. Most teachers have never been trained to explain money matters, and textbooks that cover them can feel dry and disconnected from real life. Rural and small-town students face a further barrier, since access to practical exposure, such as a demat account, a mutual fund SIP or even a bank visit, is limited. There is also a risk running in the opposite direction. A wave of influencers now promotes trading as a shortcut to wealth, and young people, excited by stories of quick gains, rush into risky products without grasping them. The very surge that makes the Jio IPO so impressive could, without guidance, produce a generation burned by speculation and put off investing for life. India needs to move from occasional awareness camps to structured financial education that runs through schooling. Basic concepts such as saving, interest, budgeting and risk should be woven into mathematics and social science from the middle-school years, with a dedicated, practical subject in senior secondary classes. Colleges, whatever the stream, should offer a compulsory introductory course in personal finance so that engineers, artists and doctors alike leave with a working understanding of money. Regulators, banks and market institutions can partner with schools to provide trusted material in regional languages. Above all, the focus should be on judgement, not jargon: teaching young people to ask where returns come from, what the risks are and who benefits from the advice. One crore applications for a single IPO should inspire pride, but also responsibility. If we want such participation to be informed rather than impulsive, and our young people to see finance as a rewarding career rather than a mystery, we must begin where every lasting change begins: in the classroom. (The writer is a former college Principal and Founder of Supporting Shoulders, an Odisha-based non-profit Trust. Views personal.)

Keeping the ‘Hidden’ Silent

27 minutes ago
4 min read

India’s indigenous submarine AIP technology promises to sharpen stealth and strengthen the Navy’s capacity to deter threats in an increasingly contested Indo-Pacific.

In submarine warfare, silence is a weapon. The submarine that remains undetected retains the initiative, forcing an adversary to search an immense expanse of ocean for a threat that may be close at hand. Yet conventional diesel-electric submarines face an enduring operational constraint: sooner or later, they must replenish the energy that keeps them moving beneath the waves. Air Independent Propulsion (AIP) technology seeks to overcome precisely this vulnerability. For India, the development of an indigenous AIP system represents a significant advance in underwater warfare and maritime deterrence.

 

Diesel-electric submarines are formidable platforms, but their conventional propulsion systems impose a limitation. While submerged, they draw power from batteries to drive their electric motors. Once battery reserves are depleted, the submarine must raise its snorkel to obtain atmospheric oxygen and operate its diesel engines to recharge. The frequency of this requirement depends on operational conditions, speed, battery capacity and the submarine’s design.

 

Strategic Vulnerabilities

The snorkelling phase is particularly hazardous. Although the submarine may remain largely below the surface, its raised mast and associated emissions can expose it to detection by radar, electronic surveillance and anti-submarine warfare assets. It becomes vulnerable at precisely the moment it must replenish its energy reserves.

 

AIP offers a way out of this predicament. By enabling a conventional submarine to generate power underwater without continuously drawing atmospheric oxygen, it reduces the need to snorkel and allows the vessel to remain submerged for substantially longer periods. Depending on the technology, platform and operating conditions, underwater endurance can extend from days to several weeks.

 

It substantially narrows the operational gap between conventional and nuclear submarines, particularly in missions where discretion and persistence matter more than sustained high speed.

 

AIP is not a single technology but a family of propulsion solutions. Fuel-cell systems generate electricity through electrochemical reactions, typically involving hydrogen and oxygen, producing water with very little mechanical noise. Their quiet operation makes them particularly attractive for stealth-oriented missions.

 

Stirling engines, employed in Swedish submarine designs, use an external heat source in a closed cycle to generate mechanical power. Closed-cycle diesel systems adapt conventional engines to operate with stored oxygen and managed exhaust gases, while closed-cycle steam systems, such as France’s MESMA, use stored reactants to generate steam and drive turbines.

 

Each approach involves trade-offs in efficiency, complexity, maintenance, energy density and operational safety. The choice depends on the submarine’s design and intended role.


An AIP-equipped submarine can remain concealed for longer, conduct persistent surveillance, gather intelligence and threaten hostile surface vessels without repeatedly exposing itself to the risks associated with snorkelling. These attributes are particularly valuable in littoral waters, maritime choke points and contested coastal approaches, where geography can compress the battlespace and magnify the consequences of detection.

 

Indigenous Answer

India’s AIP programme reflects the recognition that advanced submarine capability cannot rest entirely on imported technology. The Defence Research and Development Organisation’s Naval Materials Research Laboratory (NMRL) has developed an indigenous, fuel-cell-based AIP system intended to enhance the underwater endurance of the Indian Navy’s conventional submarines.

 

A distinctive feature of the system is its approach to hydrogen supply. Rather than relying on carrying large quantities of stored hydrogen, the design generates hydrogen onboard as required. This addresses an important engineering and safety challenge in the confined environment of a submarine, although it does not eliminate the need for rigorous management of hydrogen, oxygen and associated systems.

 

Larsen & Toubro, the programme’s principal industrial partner, has worked with DRDO on the technology for more than a decade. In 2023, the two organisations formalised work on two AIP system modules for the Navy’s Kalvari-class submarines. The energy modules incorporate fuel cells and the arrangements required for onboard hydrogen generation.


The programme illustrates the importance of sustained collaboration between scientific institutions and industry. Submarine propulsion technology demands much more than a promising laboratory demonstration: it must withstand demanding operating conditions, integrate with existing platform architecture and satisfy exacting standards of reliability, maintainability and safety.

 

The system’s fuel cells produce water as a reaction by-product, an attractive characteristic from an environmental perspective. But its larger national significance lies in mastering the underlying technology, building domestic expertise and reducing dependence on foreign suppliers for a critical component of underwater combat capability.

 

The indigenous AIP programme has now reached an important stage. Recently, the Setting to Work Phase-2 activity was inaugurated at Larsen & Toubro’s AM Naik Heavy Engineering Complex in Hazira, Gujarat.

 

The next critical step is the transition from successful development and testing to integration and operational service. The module is slated for handover to Mazagon Dock Shipbuilders Limited for integration into a Kalvari-class submarine in early 2027. That milestone will be important, but platform integration, qualification and subsequent operational validation will determine the system’s ultimate effectiveness.

 

The expanding presence of Chinese naval forces across the Indo-Pacific, the importance of sea lines of communication and the persistent requirement to monitor developments across the Indian Ocean all underline the value of a capable conventional submarine fleet.

 

AIP-equipped submarines can complicate an adversary’s planning, strengthen sea-denial operations and provide commanders with greater flexibility in selecting patrol areas and mission durations. They are not a substitute for nuclear-powered submarines, nor can a single technological advance compensate for shortcomings in fleet numbers, maintenance, training or sensors. Rather, AIP is one component of a wider underwater warfare architecture.

 

For a nation whose security and prosperity are inseparable from the sea, the ability to remain unseen beneath it carries consequences far beyond the engine room. India’s indigenous AIP programme is a milestone worth celebrating as evidence that persistent scientific effort and industrial partnership can strengthen the country’s strategic autonomy.

 

(The writer is a retired naval aviation officer and defence and geopolitical analyst. Views personal.)

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