Mani Ratnam: Return of the Don

The filmmaker makes a comeback to gangster films with Thug Life

WHEN THE FIRST images from Thug Life surfaced—Kamal Haasan, caked in ash and menace, framed in the dim chiaroscuro of some unspeakable reckoning—it was clear Mani Ratnam was walking back into the genre he helped define, and perhaps, dismantle. The gangster film, in his hands, has never been about crime. It has been about conscience.

Ratnam has spent nearly four decades treading the fine line between lyricism and violence, between political cinema and personal longing, between auteurism and mass appeal. No other filmmaker in India has made such a consistent habit of looking beauty in the eye while refusing to look away from the bruise. Ratnam’s gangster films—Nayakan, Thalapathi and now Thug Life—are not about crime as a genre, but crime as a moral condition. His dons are Shakespearean, shaped not by villainy but by injustice. Their choices are not good or evil, but necessary. There is loyalty, yes, but it is frayed, sacrificial, almost spiritual. It’s not about money. It’s about motherlessness, marginalisation, memory.

Nearly four decades after Nayakan (1987), a portrait of a Dharavi don born from the wounds of injustice, Ratnam and Haasan have reunited, with the actor playing Rangaraya Sakthivel, a name that echoes both the royal and the renegade. The Thug Life cast is an ensemble of gravitas: Jayam Ravi, Trisha, Dulquer Salmaan. But it is clear that Haasan carries the myth.

Across his career, Ratnam has moved from political epics to quiet love stories to historical sagas (Ponniyin Selvan), but his camera has always returned to one question: What does it cost to belong? Thug Life may be his newest answer. And Haasan, ever the shapeshifter, looks ready to bleed for it.
(By V Shoba)

Noisemaker: Jairam Ramesh
Going Too Far

Congress communications in-charge Jairam Ramesh found himself at odds with senior party leaders like Shashi Tharoor, Anand Sharma and P Chidambaram over the government’s decision to send multi-party delegations to foreign countries to explain India’s stand on Operation Sindoor and the need to resort to military action in response to the terrorist outrage at Pahalgam. While Ramesh has said the outreach is a belated bid to correct Prime Minister Narendra Modi’s loss of image, senior Congress leaders do not endorse the viewpoint and remain supportive of the delegations travelling to different world capitals. Congress has taken the position that while the Indian Army did a splendid job, the government failed, ignoring the obvious contradiction—the armed forces could have achieved what they have only when they got the political backing.

The Big Picture

Kartavya Path, New Delhi, May 21, 2025 – Capital Storm – Temperatures kept rising well above 40 degrees Celsius in northern India till a severe storm with wind speeds of almost 80km per hour brought relief to the National Capital Region but also claimed at least five lives and caused largescale damage.(Photo: Getty Images)

 

Ideas
Disincentives

Cancellation by app-based taxi drivers is a common and frustrating issue that commuters face, especially in cities. The Maharashtra government has notified a policy for aggregator cab services and one clause says that if a driver cancels after confirmation, they will have to pay a fine of `100 that gets directly credited into the account of the person whose booking was cancelled. This is an example of how disincentives can be used as an instrument to ensure good behaviour.

Usually, competition in the market corrects such phenomenon. If taxi drivers cancel often in one app, passengers would move to another app. But when the number of players in the market is limited and everyone exhibits the same improper behavior, then regulation needs to step in and create disincentives. The taxi driver has the right to not take a booking but once he confirms it, he has opened an agreement to perform the service. To then cancel is him putting his convenience over professionalism. He does it because there is no cost attached to it. By creating a penalty every time he cancels, he will only do so for a genuine reason and is willing to bear the penalty.

Disincentives work best when automated. Technology allows it in this case because no mediation is necessary for the process to unfold once the government ensures the platform’s compliance. Such a disincentive should ideally also be imposed on standalone autorickshaws and taxis but without an app, enforcement is difficult.

Money Mantra
The Volatility Opportunity
Navigating choppy markets with composure and discipline

WHEN THE MARKETS become volatile, panic is often the first reaction. Prices swing dramatically, headlines scream of uncertainty, and the temptation to abandon in­vestment plans becomes strong. For a thoughtful investor, however, volatility isn’t just risk. It is also opportunity. Understanding how to navigate such turbulent periods with composure and discipline can set apart those who merely survive from those who actually thrive in the market.

Volatility can be triggered by geopolitical tensions, unexpected policy moves, global financial shocks, or earnings disappointments. But do these events change the fundamentals of long-term investing? The answer is no. They simply compress or distort market move­ments in the short term. For long-term investors, that short-term noise can often be a gift.

One of the most important rules to remember during periods of volatility is that price is not always equal to value. When fear takes over, investors often sell indiscriminately. In the process, even quality companies see their prices fall below intrinsic value. This creates a window for investors who are patient and willing to do the hard work needed for smart investing. A good business remains a good business, even if its stock price drops for reasons that have little to do with its future earnings potential. At the same time, volatility de­mands discipline. Emotional decisions can damage long-term wealth creation. That’s why having a clear investment process, rooted in understanding business fundamentals, is essential. Rather than reacting to every market swing, investors should revisit their thesis on individual companies: Has anything fundamentally changed? If not, a lower price may simply be an opportunity to accumulate more. During times of volatility, different asset classes behave differently. Fixed income, gold, or even certain global assets might act as a cush­ion. The idea is not to eliminate volatility altogether, but to manage its impact on the overall portfolio in a rational way.
(By Ramesh Singh)

Viral
More Than Cricket

On May 20, Vaibhav Suryavanshi, the 14-year-old cricketer of Rajasthan Royals, won hearts twice. He first cracked a blistering 57 runs in 33 balls to help his team defeat Chennai Super Kings (CSK) comfortably by six wickets in an Indian Premier League match. But the bigger buzz was in what happened after the match. As the two teams were doing the post-match handshakes and CSK captain Mahendra Singh Dhoni came face to face with Suryavanshi, the latter bent down and touched his feet in a mark of respect. Online, Indian cricket fans immediately started commenting on how this was a testament to Indian values, of youth honouring elders. Dhoni is from Jharkhand and Suryavanshi hails from the neighbouring state of Bihar. The gesture got further momentum when CSK posted a clip of the moment on their X account and wrote: “You won our hearts, Vaibhav!” The official IPL Instagram handle, too, uploaded the clip stating that this was what the tournament was all about.

cricketDelhi weatherIndian stock marketinvestmentJairam RameshMani Ratnamnewsmakers