Mandates thatmoved the needle.

Context

A state government facing a structural fiscal deficit engaged Sutra to diagnose the underlying causes and design a credible path to consolidation — without compromising capital expenditure commitments that were central to the administration's mandate.

Challenge

The state's revenue projections had been consistently optimistic for six consecutive years. Expenditure commitments were locked in through multi-year schemes. The political economy of reform was deeply constrained, with any visible cuts carrying significant electoral risk.

Approach

We conducted a granular expenditure review across all departments, identifying ₹4,200 crore in non-statutory, low-priority spending that could be deferred or restructured without programme disruption. We then designed a medium-term fiscal framework that front-loaded revenue measures and back-loaded expenditure rationalisation, giving the administration political cover while restoring credibility with the market.

Context

A mid-tier private sector bank, facing margin compression and a deteriorating competitive position in its core retail segment, engaged Sutra to develop a five-year strategic plan and advise the board on its execution.

Challenge

The bank had grown rapidly through branch expansion but lacked a coherent customer segmentation strategy. Its product mix was undifferentiated, its cost-to-income ratio was among the highest in its peer group, and its digital capabilities were two to three years behind the market leaders.

Approach

We facilitated a structured strategic review with the board and senior management, using a combination of customer analytics, competitive benchmarking, and scenario modelling. The resulting strategy concentrated the bank's resources on three customer segments where it had defensible advantages, exited four product lines that were diluting returns, and defined a phased digital investment roadmap with clear milestones and accountability.

Context

A metropolitan development authority sought transaction advisory support for the development of a light rail transit corridor under a PPP framework — one of the first such projects in the country to be structured under the revised model concession agreement.

Challenge

The project had stalled twice in earlier iterations due to disagreements between the authority and prospective private partners on revenue risk allocation. The viability gap funding envelope was constrained, and the authority was under pressure to demonstrate financial closure within a defined political window.

Approach

We redesigned the risk allocation framework, shifting from a fixed-ridership guarantee model to a hybrid revenue-sharing structure that gave private partners downside protection without requiring the authority to underwrite demand risk. We also restructured the land monetisation component to improve project IRR without increasing the public subsidy requirement.

Context

A central ministry responsible for overseeing a rapidly growing technology-enabled sector engaged Sutra to design a fit-for-purpose regulatory framework — one that could accommodate innovation while addressing consumer protection and systemic risk concerns.

Challenge

Existing legislation was designed for a pre-digital operating environment and was being applied inconsistently across the sector. Industry participants were operating under regulatory uncertainty, which was beginning to constrain investment. Consumer complaints were rising, and there was political pressure to act quickly.

Approach

We conducted a comparative analysis of regulatory approaches across eight jurisdictions, facilitated structured consultations with industry, consumer groups, and enforcement agencies, and developed a principles-based framework that separated conduct regulation from prudential oversight. We also designed the institutional architecture for a new regulatory body, including its mandate, governance structure, and staffing model.

Context

A global energy company seeking to expand its India presence engaged Sutra to develop an entry strategy for a new business line — one that required navigating a complex regulatory environment and building relationships with both central and state government stakeholders.

Challenge

The company had strong technical capabilities but limited understanding of the Indian regulatory landscape and the informal dynamics that shape approvals and partnerships in the sector. Previous attempts to enter the market had stalled at the regulatory clearance stage.

Approach

We mapped the full regulatory pathway, identified the key decision-makers and influencers at each stage, and developed a stakeholder engagement strategy that was calibrated to the company's governance standards. We also advised on partnership structures that would give the company the local credibility it needed without compromising its operational control.

Context

A state health department with an ambitious PPP programme for district hospital upgrades engaged Sutra after the programme had stalled — with three concessions signed but none operational, and private partners threatening to invoke dispute resolution clauses.

Challenge

The programme had been designed with unrealistic assumptions about private partners' ability to generate revenue from a predominantly low-income patient base. The concession agreements contained ambiguous provisions on government support obligations, which had led to disputes on multiple fronts simultaneously.

Approach

We conducted a rapid diagnostic of each concession, identifying the specific contractual and operational issues driving the disputes. We then facilitated a structured renegotiation process, developing a revised support framework that addressed private partners' viability concerns while protecting the government's core service delivery objectives. We also redesigned the monitoring and governance framework to prevent similar disputes in future concessions.