Handpicked updates about India’s business and the business of India
Forget policy and economy for a moment, we have the most important question of the day answered. The triumphant Indian Women’s Cricket team met PM Modi, and amidst the discussions of historic wins and national pride, top-order batter Harleen Deol delivered the most unexpected off-spin to the PM: "What is your skincare routine because your skin glows" to which he replied “the love of a nation”. Control Modiji, control.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 6 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Nov 6th
The Indian stock market finished lower on Thursday, marking a second straight day of declines after October's rally. Losses in financial and metal stocks weighed on the Sensex and Nifty, with midcap and small-cap shares seeing steeper selling.
Business & Auto Industry
Japan’s Auto Giants Turn To India As New Manufacturing Hub
Image credits: Mint
Japanese automakers are making a decisive shift in their global production strategies, increasingly turning to India as a key manufacturing and export base. Companies like Toyota, Honda and Suzuki are collectively investing billions of dollars to expand operations in India, signalling a gradual but clear pivot away from China.
Why The Shift Away From China? Over the past few years, Japanese automakers have faced rising challenges in China, from intense competition in electric vehicles to shrinking margins and slower sales growth. According to industry estimates, Japanese investment in China’s transport sector has dropped sharply, declining over 80% between 2021 and 2024. Additionally, the geopolitical climate and China’s dominance in the EV supply chain have prompted companies to diversify their production bases. India has emerged as the most viable alternative, offering scale, skills, and cost advantages.
India’s Growing Appeal: India’s strengthening position is backed by a combination of government incentives, an expanding base of auto suppliers, and improving production quality. The country’s rapidly growing domestic market further adds to its attractiveness.
Policy Tailwinds: India’s automotive strategy which encourages local manufacturing and restricts direct investment from China indirectly benefits Japanese carmakers. This protection shields them from aggressive price competition seen in markets like Southeast Asia and China, allowing them to secure margins while scaling.
What This Means Going Forward: If this manufacturing shift continues at its current pace, India could become one of the central nodes in the global automotive supply chain, particularly for compact cars and hybrids. For Japan’s automakers, India provides both a vast consumer market and a cost-efficient export platform. For India, the move promises more jobs, deeper industrial capabilities, and greater relevance in global manufacturing.
Business & Technology
India’s Chip Ambitions: How Far Have We Come, And What Comes Next?
Image credits: ET
The global semiconductor race is intensifying, and India wants to build a chip manufacturing ecosystem of its own. The push follows years of dependence on imports and the recent global supply chain disruptions that showed how critical chips are to everything from smartphones to defence systems.
A Strong Starting Base In Design Talent: India today accounts for nearly 20% of the world’s chip design engineers. Large semiconductor companies, including Intel, AMD, Qualcomm and NVIDIA, already run sizeable R&D and design operations in the country. This provides India with a skilled talent base, a foundation that many new entrants did not have when they began their semiconductor journeys. Domestic demand is rising too. India’s semiconductor consumption is expected to cross $120 billion by 2030, driven by smartphones, EVs, consumer electronics and defense technologies. That demand itself becomes the economic justification for building local manufacturing capacity.
The Challenges Ahead: Building a chip ecosystem is capital-intensive, technologically complex and time-consuming. A modern leading-edge chip fab can cost upwards of $10 billion. Beyond the factories themselves, India will need: a deep vendor and component supply chain, reliable high-quality power and water infrastructure, long-term R&D investments and skilled manufacturing talent at scale. These are gaps that will require years of sustained work.
Business India: Dhanda Hai Yeh!
Image credits: TOI
Reliance Trying To Re-Sell Middle Eastern Crude: Reliance is offering to sell a cargo of Middle Eastern crude that it had initially bought for its own refining needs, a move traders say is unusual for the company. The offer hints at shifting refinery economics or changing demand patterns in its operations.
Bankers Value Jio At Up To $170 Billion: Investment banks working with Reliance are signaling a valuation range of roughly $150–$170 billion for Jio ahead of potential listing plans. The view reflects expectations of continued growth in mobile users, data services, and digital platforms under Jio’s ecosystem.
AWS Brings Marketplace To India: Amazon Web Services has launched its AWS Marketplace in India, allowing domestic businesses to buy and deploy third-party software directly via its cloud platform. The move is expected to streamline procurement for enterprises and startups, reducing integration hurdles.
India’s Seafood Exports To US Decline: India saw a 6% drop in seafood exports to the US, with stakeholders attributing the fall to higher tariffs and shifting market preferences. Exporters are pushing for diversification toward Europe, East Asia, and the Middle East to reduce dependence on one market. Rising compliance and sustainability requirements also pose challenges. Industry bodies are urging policy support to rebuild competitiveness.
Ola Electric Narrows Loss; Revenue Drops: Ola Electric reduced its net loss in Q2 to ₹418 crore, helped by cost controls and operating adjustments. However, revenue declined sharply by 43% as EV sales slowed and demand conditions weakened. The company continues preparing for its IPO, making financial performance closely watched. The numbers highlight the current volatility in India’s EV demand cycle.
World 🌏
U.S.-China Crypto Rivalry Heats Up
Image credits: CoinGeek
The competition between the U.S. and China is now extending beyond AI into cryptocurrencies, reflecting the growing geopolitical and economic stakes in digital assets. President Donald Trump, following his meeting with Chinese President Xi Jinping, stated his intent to “make crypto great for America,” emphasizing that he wants the U.S. to maintain global leadership in the sector.
China’s Crypto Landscape: While mainland China has banned domestic crypto transactions since 2021, Hong Kong has maintained a managed crypto ecosystem that encourages digital asset development. Recently, Hong Kong relaxed regulations, allowing licensed trading platforms to connect directly with global exchanges and list new digital assets and regulated stablecoins without a 12-month track record requirement.
Hong Kong As An Asian Crypto Hub: Hong Kong has quickly positioned itself as a regional gateway for digital assets. The city approved spot Bitcoin ETFs last year and spot Ether ETFs even before the U.S., signaling a proactive approach. The Ethereum Foundation has also launched the Ethereum Hong Kong Hub, a co-working and incubation space for startups. Attendance at Hong Kong crypto events is increasingly dominated by traditional finance professionals rather than developers, indicating mainstream institutional adoption. Major conferences like Consensus have expanded into Hong Kong, reflecting growing global interest.
Investor Trends And Market Volatility: Despite rising adoption, cryptocurrencies remain small compared to global equities, with a total value below $4.5 trillion versus $101 trillion in stock markets. Bitcoin recently fell below $100,000 amid U.S.-China trade tensions and frothy AI stock valuations. Investors appear to move fluidly between AI and crypto, with funds like NextGen Digital Venture posting strong gains despite selloffs, demonstrating sustained interest from wealthy Asian investors.
DuniyaDIARY 🌏📒
Image credits: BBC
AstraZeneca Q3 Profit Jumps: AstraZeneca posted a 77% increase in Q3 net profit, reaching $2.53 billion, powered by strong sales of its cancer drugs and expansion in the U.S. market. The company’s focus on specialty therapeutics and key geographies underpinned the robust results.
U.S. October Job Cuts Hit 22-Year High: U.S. employers announced roughly 153,000 job cuts in October, the highest level for the month since 2003. Layoffs rose sharply year-on-year, driven by cost-cutting measures, automation, and cautious corporate spending. Experts note this could signal softening labour market conditions and potential pressure on consumer demand.
Asia-Pacific Markets Rebound: Equity markets across the Asia-Pacific region rose, following gains on Wall Street and a rebound in AI-linked stocks. Japan’s Nikkei and Hong Kong’s Hang Seng led regional advances, driven largely by renewed investor appetite for technology and AI sectors.
Qatar Airways Sells Cathay Pacific Stake: Qatar Airways has sold its entire stake in Cathay Pacific for $897 million, exiting its investment in the Hong Kong-based airline. The move marks a shift in Qatar Airways’ portfolio strategy, as the carrier adjusts to changing market dynamics post-pandemic.
Meta Profits From Fraudulent Ads: Documents reveal that Meta has earned substantial revenue from a large volume of fraudulent advertisements on its platforms. Despite efforts to curb scams, the social media giant continues to profit from ads that mislead or defraud users. Investigations show systemic challenges in policing digital ad ecosystems and the potential reputational risks for Meta.
Tesla Investors Approve Musk Pay Package: Tesla shareholders have voted to approve an $878 billion compensation package for Elon Musk, encompassing stock options and performance incentives. The package is tied to ambitious growth and sustainability targets, linking Musk’s rewards to the company’s long-term performance.
Google Plans AI Data Centre On Remote Australian Island: Google is planning to build a high-powered AI data centre on Christmas Island, a small Australian territory in the Indian Ocean. The facility is expected to support advanced artificial intelligence workloads and strengthen Google’s cloud infrastructure in the Asia-Pacific region.
Aur Batao 📰
ED Attaches Raina, Dhawan Assets In Betting Probe: India’s Enforcement Directorate has attached assets worth ₹11.14 crore belonging to cricketers Suresh Raina and Shikhar Dhawan in connection with an online betting and money laundering investigation. The action follows allegations of financial misconduct linked to digital gambling platforms.
BTS’ Jungkook To Bring Solo Exhibition To India: BTS member Jungkook is set to open his solo exhibition, Golden: The Moments, in India, offering fans a chance to experience his personal work and curated moments. Tickets, dates, and venue details have been released, generating excitement among local and regional fan communities. The event marks a high-profile cultural moment for BTS’ global influence in India.
India Blocks China-Linked Satellites: India has blocked access to several China-linked satellites, citing national security concerns. The move aims to prevent potential surveillance and protect critical communications infrastructure. Officials noted that the action strengthens India’s space security framework amid growing geopolitical tensions.
Aishwarya Rai Bachchan Wins Income Tax Battle: Aishwarya Rai Bachchan has won a ₹4 crore income tax dispute at ITAT Mumbai. The tribunal ruled in her favor regarding previously disallowed income, clarifying how certain earnings and deductions are treated under Indian tax law.
Ranjan Pai Eyes Byju’s Parent Acquisition: Ranjan Pai, head of the Manipal Group, has expressed interest in bidding for the bankrupt parent company of Byju’s. The move comes as the edtech giant faces restructuring and creditor pressures after financial struggles. Pai’s potential acquisition could bring strategic investment and operational turnaround to the company.
FM Sitharaman Calls For World-Class Banks In India: Finance Minister Nirmala Sitharaman emphasized the need for large, globally competitive banks to strengthen India’s financial ecosystem. She stated that bigger banks would support infrastructure funding, economic growth, and international competitiveness. Experts say this signals potential policy focus on consolidation and reforms in the banking sector.