Wednesday, February 25, 2026

ATMA BODHA - A Personal experience (Part 1of 10)


Why This Blog: Self-Knowledge Is the Most Important Journey of My Life

Atma Bodha by Adi Shankaracharya | Bhashya by Swami Nikhilananda

There are moments in life — quiet, unremarkable moments — when the noise of the world suddenly recedes and something deeper stirs within. A question surfaces, not from the mind exactly, but from somewhere beyond it: Who am I, really? Not the role I play, not the name I carry, not the story I tell others at get-togethers, but truly — who or what is this awareness reading these words right now?

That question, deceptively simple and endlessly profound, is precisely what this blog series is about. And it has been asked — and answered — by one of the most luminous minds in human history: Adi Shankaracharya, the 8th-century philosopher-saint who wrote Atma Bodha, meaning 'Self-Knowledge' or 'Awakening to the Self.'

I have spent considerable time sitting with this text, returning to it not as an academic exercise but as a living inquiry into my own nature. I am not a scholar, nor a monk. I am someone who walks the same streets you do, navigates the same tensions of work and family, and yet finds in this ancient teaching an uncanny relevance to everything — to how I respond when someone cuts me off in traffic, to how I feel when a relationship unravels, to why the deep satisfaction I chase through achievement always seems to evaporate moments after I grasp it.

This blog series is my attempt to share what I am discovering.

The Urgency That Crosses Millennia

Adi Shankaracharya did not write Atma Bodha as an intellectual luxury. He wrote it because he saw something that urgently needed to be said. Around him, as around us, people were busy — worshipping, working, debating, striving. Yet amidst all this activity, something foundational was being missed. People were mistaking the costume for the actor. They were identifying with the body, the mind, the emotions, the social position — and suffering accordingly.

Swami Nikhilananda, whose magnificent bhashya (commentary) accompanies and enriches our exploration of this text, notes in his Preface that Atma Bodha was written specifically for those who have prepared themselves — who have cultivated a degree of discipline, discernment, and genuine desire to understand the nature of reality. It is not for the casually curious. It is for those who sense, however dimly, that there is something more to existence than the relentless accumulation of experiences.

And yet — this is what moves me so deeply — the text is utterly accessible. Shankaracharya uses 68 short verses, each a concentrated capsule of insight, to lead the sincere seeker from confusion to clarity. From bondage to freedom. From the surface of life to its very source.

Why Now? Why This? Why You?

We live in an age of extraordinary information and extraordinary confusion. We have access to more knowledge than any prior generation, yet anxiety, loneliness, and a pervasive sense of meaninglessness are at epidemic levels. We scroll through a thousand voices telling us how to be happy and feel emptier than before. We have unlocked the genome and cannot quite figure out why we feel so fundamentally incomplete.

This is not new. It is the oldest human predicament. Shankaracharya saw it in the 8th century. The Upanishads diagnosed it thousands of years before him. The young Nachiketa, in the Katha Upanishad, walked into the house of Yama — Death itself — and refused to be deflected by gifts, pleasures, or promises. He wanted only one thing: the truth about the Self. That audacity — to seek the deepest truth above all else — is precisely the spirit this blog series invites you into.

Because here is what I have come to understand: self-knowledge is not a luxury for spiritual retreats. It is the most practical thing in the world. Every relationship you navigate, every decision you make, every moment of suffering and every moment of joy — all of it is coloured and shaped by your understanding (or misunderstanding) of who you fundamentally are.

The Fabric of Our Daily Confusion

Let me offer you some everyday examples of what this text is pointing at. When someone criticises you harshly and you feel a stab of pain — what exactly is hurting? If you examine it closely, it is not your body that is injured. It is the idea you have constructed about yourself: the idea of being intelligent, or competent, or good. The Self is reacting as though it IS that idea. This is what the tradition calls identification — mistaking the temporary label for the eternal Self.

Or consider nature. A forest fire sweeps through, devastating and violent. But look again — the same forest that burned is the one that regrows, nourished by the very ash of what was lost. Nature has no existential crisis about this. It simply IS. It does not cling to a particular form. It is the expression of an intelligence far deeper than form. The Vedantic teaching asks: can you relate to your own life with the same quality of intelligence? Can you be the awareness that includes all your changing experiences without being trapped inside any one of them?

Or consider the ocean and its waves. Every wave is distinct, has its own shape, its own force, its own moment of cresting and crashing. But no wave is separate from the ocean. This is the essential image of our existence. We are each a wave — unique, real, beautiful in our particularity — and simultaneously, we ARE the ocean. The tragedy of human life, as Vedanta sees it, is that waves spend their brief existence believing themselves to be separate from the water.

About This Series

Over the next nine blogs, I will walk with you through the complete arc of Atma Bodha and Swami Nikhilananda's Bhashya. We will explore what Atma Bodha actually is and where it sits in the vast map of Vedic knowledge. We will examine the architecture of a human life as understood by this tradition — its stages, its vocations, its purpose. We will look carefully at the nature of ignorance (ajna) and how Maya weaves the spell of apparent separation. We will explore the cosmology that underpins this teaching, the five layers of the self, the meaning of liberation — not as death, but as a living freedom called Jivanmukta.

Each blog is written from the inside — from my own encounter with these ideas, not from a position of having arrived anywhere, but from the honest and sometimes humbling practice of inquiry. If you read a passage and think 'but that doesn't fit my experience' — good. That friction is exactly the place to look.

All I ask is that you bring the same spirit Nachiketa brought to the house of Death: a sincere desire to know, above comfort, above approval, above the fear of what you might discover. Because what you will discover, if Shankaracharya is to be believed — and I am increasingly convinced he is — is something infinitely more vast and more peaceful than anything you have been looking for in the outside world.

 

📖 Learning Aspect

The most urgent question is not 'What should I do with my life?' but 'Who is it that is living?' Every tradition, every sincere seeker, every moment of genuine quiet has gestured toward this inquiry. Atma Bodha is one of the most precise and beautiful maps ever created for this journey. The map, however, is not the territory. We must walk.

🌿 Connecting Theme to Self

Right now, as you read this, something is aware. It is aware of the words, aware of any reaction arising, aware of the ambient sounds around you. That awareness — silent, effortless, always present — is what this entire series is pointing toward. You don't need to acquire it. You already are it. The journey of self-knowledge is not the addition of something new but the recognition of what has always been here.                                                                                               (contd...)

Sunday, February 1, 2026

What the Economic Survey 2025–26 Really Tells Me About Our Money, Work, and Society – Post2/2

 Post 1 closed with a simple idea: growth alone is no longer enough. In a volatile world, resilience determines how long growth can be sustained—and who benefits from it.

Post 2 turns to the mechanisms that shape that resilience. It looks at how technology is changing productivity and risk, why capital remains expensive even when inflation eases, and how policy and social reforms—from jobs and skills to cities and AI governance—will ultimately decide whether India’s economic progress translates into stable businesses, secure incomes, and durable household wealth.

 Bucket 5: Technology — Promise, Productivity, and Financial Excess

I appreciated the Survey’s honesty here.

India is pushing AI and digital public infrastructure aggressively—and rightly so. But the Survey also warns of global financial excess, citing over USD 120 billion of AI-related data-centre investment moved off balance sheets globally.

Technology adoption is necessary—but blind optimism is dangerous.

Corporates must focus on applied AI with measurable productivity gains.

SMEs benefit enormously from digital rails—but only if technology adoption is paired with process discipline, such as clear workflows, basic financial controls, compliance, and customer management. Technology amplifies strengths, but it also amplifies weaknesses.

Working individuals should expect role changes, not mass job loss—but reskilling is non-negotiable.

Families should expect volatility in tech-heavy assets and avoid treating technology themes as one-way bets. Long-term value is more likely to come from diversified exposure to applied technology rather than concentrated bets on narratives.

 Long-term value lies in boring, applied technology.


Bucket 6: Interest Rates — Why Capital Will Stay Expensive

One of the Survey’s most important insights is this: India’s high cost of capital is structural, not cyclical.

As long as India runs a current account deficit and depends on foreign savings, it must pay a risk premium. RBI easing can help at the margin—but capital will not become sustainably cheap like it is in surplus economies.

Corporates must prioritise ROCE over leverage.

SMEs will find credit selective, not abundant.

Working individuals Working individuals should avoid over-optimising loan timing and instead focus on borrowing discipline—loan tenure, repayment capacity, and risk buffers—since interest rates are unlikely to become structurally low for long periods.

Families should stop assuming debt-fuelled asset appreciation as a default wealth strategy and place greater emphasis on cash-flow resilience, diversification, and the ability to withstand periods of higher interest rates or slower asset price growth.


Bucket 7: Policy & Social Reforms — The Invisible Foundations of Growth

This is where the Survey becomes quietly profound—and where ambiguity matters most. It makes one thing clear: growth without social and institutional reform will stall.

What stood out to me

  • Manufacturing alone will require ~1.9 crore additional skilled workers, but skill pipelines remain uneven.
  • Employment growth must come from private-sector-led job creation, not public absorption.
  • Poverty has reduced materially, but vulnerability remains high near the threshold.
  • AI needs governance, data stewardship, and human capital—not just compute.
  • Urban India suffers from governance deficits affecting 30–40% of city dwellers, especially in housing, mobility, sanitation, and municipal capacity.

Where ambiguity remains

  • Labour codes: Implementation timelines remain unclear. Even a 5–10% compliance cost increase could materially affect SMEs.
  • Environmental easing: Relaxed green norms may improve ease of doing business—but long-term health and urban liveability trade-offs are unresolved.
  • Urban governance: Cities lack fiscal and administrative autonomy despite driving growth.
  • AI & jobs: Direction is clear, but transition timelines are not.

For policy enthusiasts, this bucket is critical: India’s next growth phase depends less on announcing reforms and more on execution, sequencing, and trade-offs—especially where short-term economic gains intersect with long-term health, employment quality, and urban liveability.


 My Closing Reflection: What I’m Personally Watching

  • As a citizen: skills and health are the real safety net.
  • As a taxpayer: fiscal discipline is encouraging—but state-level slippage worries me.
  • As a business observer: productivity, exports, and capital discipline are the only durable moats.
  • As a family wealth planner: I’m focusing less on returns and more on resilience—currency diversification, human capital, and avoiding leverage excess.

The Economic Survey 2025–26 doesn’t promise comfort. It asks for maturity.

In a world that rewards resilience over speed, India must keep running the marathon like a sprint—without tripping.

 

Bucket

Theme

One-Line Standout Takeaway

Bucket 1

Revenue Generation

India’s future incomes will grow less from consumption alone and more from productivity, formalisation, and participation in real economic value chains.

Bucket 2

Exports & Imports

Without stronger manufacturing exports, India’s growth will remain exposed to currency swings and global capital moods, regardless of services performance.

Bucket 3

Productivity, People & Risks

Infrastructure has improved, but India’s biggest growth constraint is now people—skills, health, and productivity determine who pulls ahead and who falls behind.

Bucket 4

Exchange Rate

In a geopolitically uncertain world, currency volatility is structural, and individuals, businesses, and families must plan for it rather than expect stability.

Bucket 5

Technology

Technology will reward disciplined adopters and punish hype-driven bets—productivity, not novelty, is the real differentiator.

Bucket 6

Interest Rates

Capital in India is likely to remain expensive, making cash-flow discipline and resilience more important than leverage or rate timing.

Bucket 7

Policy & Social Reforms

India’s next phase of growth will depend less on new announcements and more on execution, sequencing, and managing social trade-offs.

 

Annexures:

Economic Survey 2025–26: Key Numbers, Trade-offs and Watchpoints

ANNEXURE A: Macro Stability & Growth

Table A1: India’s Growth & Fiscal Consolidation Path

Indicator

FY21

FY23

FY25 (RE)

FY26 (BE)

Real GDP Growth (%)

-5.8

7.2

~7.0

~7.0

Fiscal Deficit (% of GDP)

9.2

6.4

4.8

4.4

Inflation (CPI avg, %)

6.2

6.7

~5.4

~4.5

Public Capex Growth (%)

+33

+28

+17


📈 GDP Growth vs Fiscal Deficit (FY21–FY26)
➡️ Shows India growing while tightening fiscally, unlike most EM peers.

 

ANNEXURE B: Revenue & Export Structure

Table B1: Export Growth Composition (2020–25 CAGR)

Export Category

CAGR (%)

Merchandise Exports

~6.4

Services Exports

~10–11

Total Exports

~9.4

 

Table B2: What Strong-Currency Countries Have in Common

Country

Manufacturing Export Strength

Currency Stability

Germany

Very High

Very Stable

Japan

High

Stable

South Korea

High

Stable

India

Moderate

Volatile


📊 Services vs Manufacturing Exports – India vs Peers
➡️ Highlights why services alone cannot anchor the rupee.

 

 

ANNEXURE C: Productivity, Jobs & Human Capital

Table C1: Workforce Stress Points

Area

Survey Insight

Manufacturing jobs

~1.9 crore skilled workers needed

Female LFPR

Improving but still structurally low

Skill mismatch

Binding constraint for MSMEs

Health risks

Obesity & NCDs flagged as productivity risks


👷 Job Creation vs Skill Readiness Gap
➡️ Shows demand racing ahead of capability.

 

India’s current Female Labour Force Participation Rate (LFPR) for ages 15+ stands at 35.3% (December 2025), based on the latest available monthly data from the Periodic Labour Force Survey.

 

ANNEXURE D: Exchange Rate & Cost of Capital

Table D1: Sovereign Yield Comparison (2025)

Country

Credit Rating

10Y Bond Yield (%)

India

BBB

~6.7

Indonesia

BBB

~6.3

USA

AA+

~4.0

 

Table D2: Structural Drivers of Rupee Volatility

Factor

Structural / Cyclical

Goods trade deficit

Structural

Capital flow dependence

Structural

Inflation

Cyclical

Oil prices

Cyclical


💱 Growth vs Currency Performance (Selected Countries)

 

 

ANNEXURE E: Technology & Financial Risk

Table E1: Technology Opportunity vs Risk

Area

Opportunity

Risk

AI adoption

Productivity gains

Over-leveraged capex

DPI

Inclusion & efficiency

Governance gaps

Automation

Cost control

Job transition stress

 

 

 

$ Over USD 120 bn of global AI infra spending shifted off balance sheets systemic risk if expectations reset.

 

ANNEXURE F: Policy & Social Reforms

Table F1: Reform Areas & Ambiguities

Area

Reform Intent

Ambiguity

Labour codes

Flexibility

Timeline unclear

Compliance costs

Formalisation

5–10% cost impact

Environment norms

Ease of doing biz

Health trade-offs

Urban governance

Efficiency

Fiscal autonomy is missing

AI governance

Roadmap

Execution capacity is unclear

ATMA BODHA - A Personal experience (Part 1of 10)

Why This Blog: Self-Knowledge Is the Most Important Journey of My Life Atma Bodha by Adi Shankaracharya | Bhashya by Swami Nikhilananda ...