In 2001, India’s first private FM station – Radio City, Bangalore – came on air, ending an era of state broadcasting that began in 1930. In the past decade, FM radio has enjoyed spectacular success: over 200 stations are now in operation, and the FM industry has seen spectacular growth in listenership and revenues. FM’s impact goes beyond economics; it is now a cultural signifier synonymous with modernity – as the ‘tagline’ for a popular FM network puts it ‘Radio Mirchi – it’s hot!’ FM, I argue in this article, represents a new kind of radio. The shift from state-controlled, nationwide AM transmission to corporate-owned local FM broadcasting signals a profound change in the very philosophy of radio in India. This article offers a brief account of the history of Indian radio and analyzes the social and economic factors that necessitated a change in modes of broadcasting. It also brings its claims into focus through using a case study that looks at the business structure, programming policies, and audience management strategies of one very popular FM station – Radio Mirchi, Kolkata – in order to demonstrate how these newly shaped practices are reinventing the role of radio in contemporary India.