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.
World 🌏
57 Superhot Days And Counting
Image credits: Outlook Business
Rising Superhot Days: A new study by World Weather Attribution and Climate Central predicts that by 2100, the world will face an extra 57 “superhot days” annually. That amounts to nearly two months of dangerously high temperatures, even if current climate commitments are met. Pre-Paris Agreement projections suggested 114 extra superhot days, showing some progress but still a dangerous path ahead.
Heat Inequality Across Nations: The study illustrates a stark imbalance: small, ocean-dependent nations like Panama, Samoa, and the Solomon Islands could see the largest spikes in extreme heat, despite contributing barely 1% of global emissions. Meanwhile, top polluters—the US, China, and India—face far fewer additional superhot days, despite producing 42% of global carbon dioxide. Experts warn this “heat inequality” could fuel geopolitical instability.
Financing The Climate Fight: Ahead of COP30 in Brazil, 35 finance ministers proposed a $1.3 trillion annual climate finance plan. Recommendations include aligning lending policies with project risks, synchronizing carbon markets, and mainstreaming climate action in macroeconomic planning. While adoption is voluntary, the roadmap aims to help developing nations adapt and mitigate climate change impacts.
Urgency And Global Cooperation: Experts stress that every delayed action increases risks and costs. The combination of rising extreme heat and insufficient funding stresses the need for urgent, equitable, and coordinated global efforts to avoid catastrophic outcomes for millions worldwide.
DuniyaDIARY 🌏📒
Image credits: NewscastStudio
Russia Counters Trump’s Oil Sale Claims: Russia insists its energy partnership with India remains strong, despite US President Trump’s claims that India would halt purchases of Russian oil. Moscow says it continues to offer high-quality crude at competitive prices to key buyers, including countries Trump has courted. Officials describe trade relations with India as “on the upswing,” signalling confidence that bilateral energy ties will persist.
Nestlé Plans Major Job Cuts: Nestlé has announced plans to cut 16,000 jobs worldwide as its new CEO accelerates a company-wide turnaround strategy. The restructuring aims to streamline operations and boost efficiency, though the layoffs will affect employees across regions.
US Senate May Back Trump’s China Tariffs: The US Senate is poised to allow President Trump to impose up to 500% tariffs on China, targeting its role in Russian oil trade. The move signals growing bipartisan concern over energy geopolitics and attempts to pressure China on global energy dealings.
Switzerland Cuts Growth Forecast Amid Trump Tariffs: The Swiss government has lowered its GDP growth outlook, citing heavy economic pressure from proposed US tariffs. Officials warn that rising trade tensions could weigh on exports and overall economic momentum, prompting cautious fiscal planning.
NBC News Lays Off Staff: NBC News is cutting around 7% of its workforce as part of a restructuring effort. The layoffs aim to streamline operations and reduce costs amid evolving media consumption trends and a shifting broadcast industry.
Aur Batao 📰
Gold Smuggling Rises Ahead Of Festivals: India is witnessing a surge in gold smuggling as prices spike ahead of the festive season. Authorities warn that rising import costs and high domestic demand are driving illegal activity.
Sweden’s Cashless Society Faces Security Risks: Experts caution that Sweden’s heavily cashless economy could be vulnerable to hybrid warfare attacks. Dependence on digital payments makes critical infrastructure a potential target, raising concerns over financial resilience and national security.
Air Force Rises in Ranking: India’s Air Force now ranks ahead of China in the latest global power index, reflecting modernization, enhanced capabilities, and strategic readiness. Analysts say this marks a significant shift in the regional military balance in Asia.
First Household Income Survey in 50 Years: The Indian government will conduct its first nationwide household income survey in over five decades to assess the impact of welfare programs. Officials hope the survey will provide updated insights into income distribution and policy effectiveness.
The Cost of Shutdown: The US Treasury warns that a potential government shutdown could drain the economy by $15 billion per week. Disruptions to federal operations and financial markets are expected to hit both public services and business confidence.
South Korea’s Kospi Hits Record Amid Trade Optimism: South Korea’s Kospi index surged to a record high following optimism around a new trade deal and an upgraded IMF growth forecast. Investors welcomed improved economic prospects and stronger corporate earnings, boosting market sentiment.
EU Launches Defence Projects To Counter Drone Threats: The European Union has proposed “flagship” defence initiatives aimed at countering drone threats and bolstering security along its eastern borders. The projects focus on strengthening surveillance, rapid response capabilities, and regional defence coordination.
