Handpicked updates about India’s business and the business of India
Good morning! Pakistan’s Defence Minister Khawaja Asif may have just invented the world’s first “DIY flood kit”: scoop up the water, pack it in containers, and voilà—problem solved. Forget about homes underwater or fields washed away; apparently, all you need is a few buckets and toxic optimism. Calling the deluge a “blessing,” he urged citizens to store the water like it’s Rooh Afza concentrate for the apocalypse. Relief camps? That’s old school. This disaster management is purely BYOB (Bring Your Own Bucket).
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 7 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Sept 2nd
The Indian market experienced a decline on Tuesday due to profit booking in the final hour of trading, weak global cues, and ongoing concerns over US tariffs.
Business & Economy
India’s Online Gaming Ban Triggers Mass Layoffs
Image Credits: Mondo
Real-money gaming (RMG) apps are struggling after the Promotion and Regulation of Online Gaming Bill, 2025, was introduced on August 20 and swiftly passed into law. Daily downloads for popular apps like Zupee, Winzo, Mobile Premier League (MPL), and PokerBaazi have dropped sharply by 60%–95%. Between August 20 and 30, Winzo’s downloads fell nearly 70% to 45,900 per day, while Zupee’s installs plummeted to just 3,490, a 95% decrease. MPL’s rummy and fantasy titles saw a 73% drop to 367 daily installs. In contrast, Dream11 rebounded after an initial dip, reaching 48,500 daily downloads—almost double its previous average. The new law enforces a blanket ban on all real-money online games, including fantasy sports, forcing operators to pivot to free-to-play formats or seek opportunities abroad.
Legal Battle Brews: Head Digital Works (A23) is the first operator to challenge the law in the Karnataka High Court, while other companies remain undecided about pursuing legal action.
Layoffs Sweep Industry: The ban has triggered widespread layoffs. MPL announced plans to cut 60% of its India workforce—300 out of 500 employees—and will focus on overseas markets and free-to-play models domestically. Games24x7 and Baazi Games are halving staff, while Zupee and Probo have discontinued their RMG offerings. Industry insiders warn that more layoffs are likely as companies struggle to sustain costs without monetisation.
What Lies Ahead: The government remains firm, citing addiction, social harm, and financial losses as reasons for the ban. With India now off-limits for real-money gaming, the industry faces an uncertain future, hinging on global expansion, innovation in free-to-play formats, and survival in an unforgiving regulatory climate.
Business India: Dhanda Hai Yeh!
Image Credits: Mint
Tesla’s Indian speedbump: Tesla's much-hyped entry into India seems to be stuck in first gear. Since mid-July, the company has managed just over 600 bookings, with plans to ship only 350 to 500 cars this year to Mumbai, Delhi, Pune, and Gurugram. Steep import duties push the Model Y’s price above ₹60 lakh—almost triple the average Indian EV price—shrinking Tesla’s addressable market, where EVs make up just 5% of sales. Meanwhile, competitor BYD is gaining traction, selling about 1,200 Sealion 7 units in the first half of 2025. Rising U.S.–India trade tensions are dimming any hopes for tariff relief.
IPO frenzy hits the market: SEBI has greenlit a record 13 IPOs in a single week, signalling a listings rush across various sectors from tech to infrastructure. Notable companies include Urban Company, aiming to raise ₹1,900 crore, and boAt's parent company, Imagine Marketing, with a plan for a ₹2,000 crore public issue. Other approvals include Juniper Green Energy's ₹3,000 crore target and Ravi Infrabuild's ₹1,100 crore plan indicating robust and diverse activity in the Indian primary market and reflecting strong investor confidence and business growth.
China’s shift, Reliance’s lift: According to Morgan Stanley, Reliance Industries stands to gain from China's "anti-involution" push to curb overcapacity, particularly in energy and solar supply chains. Combined with Reliance's own restructuring, this could slash energy costs by up to 40% by 2030, with new energy sources contributing approximately 13% to earnings by 2027. The brokerage estimates a $20 billion bump to Reliance’s net asset value and a 17% lift in FY28 earnings, maintaining an “Overweight” rating. Nuvama is bullish too.
Deutsche Bank packs up: Deutsche Bank has reportedly put its India retail banking business up for sale, having invited non-binding bids by August 29. The move is part of a global profitability push, including branch closures and cutting around 2,000 retail jobs in 2025. The sale covers all 17 branches and echoes similar exits by foreign banks like Citi, which sold its India retail unit in 2022.
New routes, new risk: India is diversifying its pharmaceutical export markets to reduce dependence on the United States, its largest market, amid tariff concerns. India and the UAE are reviewing their Comprehensive Economic Partnership Agreement (CEPA) and have committed to facilitating pharma and healthcare trade. Simultaneously, India is targeting markets like Russia, Brazil, and the Netherlands to grow exports, diversifying away from the U.S., which currently accounts for over a third of shipments.
