Handpicked updates about India’s business and the business of India
Imagine casually watching Victoria’s Secret and suddenly you hear “Tere Mere Beech Mein” mashed up to Britney’s “Toxic.” No, that’s not your Spotify glitching—the show just made up the world’s boldest DJ collab. It’s globalisation with better rhythm and desi nostalgia joining the party. VS just went full Bollywood and, honestly, we’re here for it 🕺🏻
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 6 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Oct 16th
The Indian stock market witnessed healthy gains for a second straight session on Thursday, with the Sensex and Nifty 50 rising by over one percent each, tracking strong positive global cues.
Busiess & Energy
Ola Electric Bets Big On Batteries For Homes
Image credits: Business Standard
Ola Enters India’s Energy Storage Market: Ola Electric has taken a bold step beyond electric vehicles with the launch of Ola Shakti, its first residential battery energy storage system (BESS). The company aims to extend its EV battery technology to homes, enabling users to store and use clean energy intelligently. Chairman and MD Bhavish Aggarwal framed it as a step toward energy independence.
India’s BESS Opportunity: India’s BESS market is poised for explosive growth, expected to reach ₹3.5 lakh crore by FY2032. Renewable energy generation is surging, as solar, wind, and hydro projects coming online at record pace. The country recently hit a milestone, with 50% of its installed electricity capacity now coming from non-fossil fuel sources. However, as renewable output grows, energy storage has emerged as a critical bottleneck—a gap that solutions like Ola Shakti aim to fill.
Policy Push & Market Support: The Indian government has introduced several incentives to accelerate BESS adoption. These include the Viability Gap Funding (VGF) scheme for projects, customs duty waivers on battery imports, and production-linked incentives for manufacturers. Many states have also rolled out policies aimed at local deployment and capacity expansion, making the sector more attractive for both domestic and foreign players.
Big Projects Setting Benchmarks: Key utility-scale projects are demonstrating India’s BESS potential. The country’s first facility, led by the Global Energy Alliance for People and Planet in New Delhi, set new benchmarks by reducing tariffs. The Solar Energy Corporation of India’s 40 MW/120 MWh project in Rajnandgaon is operational, and a 180 MW/360 MWh facility in Gujarat, backed by the International Finance Corporation, is in the works. These projects illustrate the market’s growing scale and investor interest.
Key Players & Market Dynamics: India’s BESS ecosystem includes major domestic players such as Tata Power, ReNew Power, Adani Green Energy, Amara Raja, and Exide, alongside global entrants like ABB, Fluence, and Tesla. Joint ventures, such as Tata-Gotion, are demonstrating how international collaboration can boost local manufacturing. Still, challenges remain: project costs are high, financing options limited, and domestic refining infrastructure for key minerals like lithium remains underdeveloped. Investment in India’s BESS sector is projected to exceed USD 1 billion in 2025, and demand for residential and utility-scale storage will only intensify.
Technology & Fintech
UPI Goes Global, From Fintech Innovation To Financial Diplomacy
Images Credits: The Hindu
UPI Goes Global: India’s Unified Payments Interface (UPI) is moving beyond domestic borders, emerging as both a technological feat and a strategic economic tool. The momentum was clear at the Global Fintech Fest (GFF) in Mumbai, where PayPal announced the integration of UPI on its global platform, making UPI the first partner on PayPal’s World platform. PayPal CEO Alex Chriss hailed India’s growing fintech ecosystem, noting the convergence of talent, capital, and opportunity. Experts now call UPI’s overseas push “India’s fintech diplomacy.”
Expanding Footprints Abroad: UPI’s international rollout is gaining speed. India recently launched UPI in Qatar, its eighth overseas destination, enabling lower-cost, faster cross-border transactions. NPCI International Payments Ltd (NIPL) has signed a MoU with Japan’s NTT Data, allowing Indian tourists to pay via UPI at participating merchants, marking UPI’s first East Asia entry. By 2029, India aims to bring UPI to over 20 countries, linking it with platforms like Singapore’s PayNow and Thailand’s PromptPay, and facilitating global interoperability.
Economic And Remittance Impact: Beyond convenience, UPI is becoming an economic game-changer. India topped remittance inflows among low- and middle-income countries in 2024 at $129 billion, with remittances rising to $135.46 billion in FY25. Traditional banks charge hidden fees and mark-ups up to 3.5%, but UPI’s low-cost infrastructure could reduce transaction costs, make remittances more efficient, and boost current account balance. Experts note that growing cross-border payments, digital exports, and remittances are helping India maintain a current account deficit below 1% of GDP despite widening trade deficits.
Domestic Innovation Powers Global Ambition: UPI’s global success is anchored in strong domestic innovation. At GFF 2025, NPCI unveiled pilots for agentic AI payments, Reserve Pay, on-device biometric authentication, and IoT-enabled transactions. Domestic monthly volumes remain robust at 31% YoY—around 1,960 crore transactions in September.
Business India: Dhanda Hai Yeh!
Image credits: Product Monk
Infosys Q2 Results: Infosys posted a solid quarter, with net profit rising 13% YoY to ₹7,364 crore and revenue growing 9%. Strong performance across key business segments helped the IT giant sustain growth amid a competitive tech ecosystem. Analysts noted healthy demand from digital and cloud services.
Revenue Rockets, Profits Falter: Zomato’s parent company Eternal Ltd. saw its PAT plunge 63% YoY to ₹65 crore, even as revenue surged 183%. The widening gap reflects rising operational costs despite strong order growth. Experts say this highlights the challenges of scaling aggressively in India’s food-tech market.
China Pushes Back On India’s EV Playbook: China in its formal complaint to WTO has claimed that India’s EV manufacturing incentives closely resemble Chinese policies. The dispute reflects growing tensions in the global electric vehicle and green-tech race. Experts note that India’s push for domestic EV production, coupled with ambitious subsidies, has drawn international scrutiny—underscoring the delicate balance between fostering local industry and adhering to global trade rules.
India Expands FTA Outreach: Commerce Minister Piyush Goyal announced that India is actively pursuing free trade agreements with the US, EU, and Oman. The outreach aims to strengthen market access for Indian goods and services while boosting bilateral economic ties. Officials say the talks reflect India’s strategic push to diversify trade partnerships.
Blinkit’s Expansion Plans: Blinkit plans to scale its operations aggressively, targeting 3,000 dark stores across India by March 2027. The move is aimed at faster delivery, better logistics efficiency, and strengthening its position in the highly competitive quick-commerce segment. Analysts note this reflects rising demand for instant grocery services.
Homegrown Chips Make Their Way To The US: India has exported its first domestically manufactured chip module to US firm AOS, marking a milestone in the country’s semiconductor ambitions. The move highlights India’s growing capabilities in high-tech manufacturing and signals the potential for more global supply chain participation.
Tariffs Hit India-US Trade: Indian exports to the US fell sharply by 37.5% over four months, according to a GTRI report, citing new tariffs as the primary reason. The slowdown underscores the challenges Indian exporters face amid rising trade barriers and global protectionist measures.
