Handpicked updates about India’s business and the business of India
China may be taking the phrase spice of life a little too literally. Tourists in Chongqing can now soak in a giant hotpot bath, complete with red and white sections, floating fake chilli peppers, and vegetables. Apart from the fact that it makes for a great (not true at all) instagram story, the ‘ingredients’ are believed to have health benefits. A ticket costs around ₹2,300 which includes access to the hotpot bath, a sauna experience and a buffet meal. All in all, not bad, chalega.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 6 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Oct 28th
The Indian market ended higher today, fuelled by optimism over anticipated US Federal Reserve decisions and the possibility of renewed US-China trade agreements. Analysts remain focused on upcoming global market events.
Global Trade & Policy
Déjà Vu Deals: Can India Count On Trump This Time?
Image credits: TOI
A Familiar Promise, A Familiar Playbook: Donald Trump has once again dangled the promise of a trade deal with India, calling it “soon,” “beautiful,” and “beneficial.” For New Delhi, weary of tariff shocks and diplomatic whiplash, it’s a cautiously hopeful headline. But between the optimism and the fine print lies the same uncertainty that has defined Trump’s trade playbook: unpredictability dressed as negotiation.
Praise, Tariffs, And Mixed Signals: In his recent remarks, Trump praised Prime Minister Modi and hinted at a renewed friendship between the two countries. Yet, he also reminded everyone - he had slapped tariffs ranging from 25% to 75% on Indian exports - a move that rattled sectors from textiles to pharmaceuticals. This time, even as talk of a “new trade deal” circulates, many in India are asking the same question: will the tariff blow fall again?
Why Indian Exporters Are Watching Closely: Indian exporters, especially in labour-intensive sectors like apparel, engineering goods, and chemicals, have been waiting for tariff relief that could restore their edge in the US market. A friendlier trade environment could boost not just exports but also investor sentiment at a time when India is vying to position itself as a manufacturing alternative to China. However, Trump’s style of dealmaking has never been about predictability. Trade agreements under him often blur into political leverage - one tweet away from tariffs, one speech away from sanctions. That’s why New Delhi’s negotiators are pushing for more than just a handshake and photo-op; they want built-in safeguards that prevent unilateral tariff hikes after the ink dries.
Lessons From Europe’s Experience: The caution isn’t misplaced. Even the European Union, despite having negotiated “tariff ceilings” with Washington, has seen such commitments tested. The fine print of any US-India deal will matter far more than its headlines because Trump’s brand of economics is driven less by global norms and more by domestic optics. Still, for all the skepticism, the renewed conversation signals something important: Washington’s recognition that India is too strategic a partner to alienate in today’s geopolitical arena. The symbolism of a deal, even if partial, could strengthen trade momentum, encourage cross-border investment, and temper some of the uncertainty hanging over global supply chains.
Environment & Climate
Delhi’s Smog Problem Is Beyond Cloud-Seeding
Image credits: Business Standard
A City That Can’t Breathe Through The Drizzle: As of today, Delhi’s air quality remains in the Severe zone, the skyline may look blurred, but it’s not fog, it’s a thick cocktail of dust, smoke, and diesel fumes. The Delhi government recently turned to cloud seeding, a technique that sprinkles silver iodide into clouds to trigger artificial rain, hoping droplets would drag down the dust and particulate matter. Experts have long warned that Delhi’s pollution isn’t a seasonal annoyance - it’s structural. Vehicle emissions, industrial smoke, coal-based power, and stubble burning combine into a year-round chemical fog. Artificial rain, at best, offers a cosmetic rinse. It’s like spraying deodorant over years of neglect.
The Danger Of Rain Optimism: The obsession with short-term fixes risks blurring focus on real solutions: cleaner fuels, strict emission controls, and sustainable urban design. Treating rain as redemption only numbs the urgency. Beneath the damp relief, the city’s health crisis persists, from spiking asthma cases to children growing up thinking grey skies are normal.
What Delhi Really Needs: Delhi doesn’t need divine intervention; it needs policy intervention. That means cutting emissions at the source, investing in clean energy, and building a city that can breathe on its own. Rain may soothe the dust for a day, but until governance matches the scale of the problem, every drizzle will remain what it is — a momentary illusion in a choking winter.
Business India: Dhanda Hai Yeh!
Image credits: Mint
PSU Bank Stocks Stage Record Comeback: Public sector banks have pulled off one of the biggest rallies of 2025, adding nearly ₹2.3 lakh crore in market value in just two months. The surge comes on the back of strong credit growth, record profits, and government-led reforms to boost capital efficiency.
Adani Group Stocks Add ₹48,550 Crore In A Day: Adani Group stocks went on a tear, gaining nearly ₹48,550 crore in market capitalization in a single day, a move that’s turning heads on Dalal Street. The rally is being driven by strong operational performance, easing regulatory concerns, and growing foreign investor interest. With sectors like energy, logistics, and ports showing consistent growth, the group’s comeback narrative seems to be gathering serious momentum.
Suzuki Bets Big On India’s SUV Boom: Suzuki Motor is shifting gears in India, announcing plans to launch eight new SUVs over the next six years. The move marks the Japanese automaker’s bold attempt to reclaim lost ground in the country’s fastest-growing car segment. With competition intensifying from Tata, Hyundai, and Mahindra, Suzuki is betting on a fresh SUV lineup.
Canada’s CPP Investments Eyes Bigger India Play: Canada’s largest pension fund, CPP Investments, is planning to expand its footprint in India after tripling its portfolio in the country over the past few years. With assets now exceeding $13 billion, India has become one of CPP’s top emerging-market bets. The fund is eyeing opportunities in infrastructure, renewables, and financial services. signalling long-term confidence in India’s growth story despite global economic uncertainty.
Bira 91’s Ankur Jain Takes Legal Battle to Delhi HC: Bira 91 founder Ankur Jain has approached the Delhi High Court against the acquisition of Beer Cafe by Japan’s Kirin Holdings and Anicut Capital. The move comes amid concerns over alleged undervaluation and operational control.
Amazon To Cut Up To 1,000 Jobs In India: Amazon is reportedly preparing to slash around 1,000 jobs across its India operations as part of a larger global restructuring drive. The layoffs are expected to impact divisions such as cloud computing, advertising, and logistics.
World 🌏
Trump’s Crypto Empire: Big Profits, Bigger Questions
Image credits: Financial Times
Trump’s Crypto Empire: Donald Trump’s growing crypto fortune is stirring as much curiosity as it is controversy. Once a critic of digital currencies, the US President has now found himself at the centre of one of the year’s most profitable and politically charged crypto stories. His crypto-linked ventures have surged in value, but so have the questions about who’s investing, what’s driving the boom, and what it means for the political landscape ahead of 2026.
From Skeptic to Crypto Mogul: Not long ago, Trump dismissed cryptocurrencies as “thin air.” Today, his personal holdings, tied largely to Trump Media & Technology Group’s crypto-linked token DJT, have ballooned into a multimillion-dollar empire. The pivot reflects not just financial opportunism but also a keen understanding of his political brand, one that blends populism, anti-establishment rhetoric, and market spectacle.
The Money Trail: The mystery deepens around the type of investors fuelling Trump’s crypto surge. Analysts suggest that a portion of the backing may come from politically motivated supporters who view investing in Trump-linked tokens as both financial and ideological loyalty. Others see it as speculative trading riding on Trump’s election prospects and media attention rather than crypto fundamentals. Either way, the line between politics and investment has never looked blurrier.
DuniyaDIARY 🌏📒
Image credits: Fox News
Soybean Stand-Off Leaves US Farmers In A Bind: As China scales back soybean imports amid its ongoing trade spat with Donald Trump, American farmers are left sitting on massive stockpiles with dwindling buyers. Prices have slumped, and storage costs are mounting, deepening the strain on rural economies.
Adidas Feels The Tariff Pinch: Adidas has warned of a $140 million hit to its operating profit due to rising US import tariffs, especially on footwear and apparel. The company said it may have to hike prices or shift production to non-tariff regions to stay competitive. The tariff war’s ripple effects are now hitting even global brands that once seemed immune.
UPS Axes 48,000 Jobs Amid Tariff Turbulence: UPS is cutting 48,000 jobs worldwide as it struggles with slowing e-commerce demand and the growing fallout from Trump’s tariff policies. The logistics giant said the move will streamline operations and protect profitability, but analysts warn it reflects broader weakness in global trade flows.
Apple Joins The $4 Trillion Club: Apple has hit a record $4 trillion market valuation for the first time, driven by renewed investor optimism around its AI push and steady iPhone demand. The milestone makes it the world’s most valuable company once again. Analysts say Apple’s strong ecosystem and upcoming AI-integrated devices are fuelling the rally and Wall Street’s faith.
Amazon Bets Big On South Korea’s AI Boom: Amazon Web Services plans to invest $5 billion in South Korea’s artificial intelligence sector by 2031, marking one of its largest Asian tech commitments yet. The investment will expand cloud infrastructure and AI training centres across the region. For Seoul, it’s a major boost in its ambition to become a regional AI powerhouse.
Nvidia Buys Into Nokia’s AI Future: Nvidia will invest $1 billion for a 2.9% stake in Nokia, indicating its aggressive expansion beyond chips into telecom and AI infrastructure. The deal aims to leverage Nokia’s network expertise with Nvidia’s AI computing power. Analysts view it as a strategic move to position Nvidia at the heart of next-gen 5G and AI ecosystems.
Trump, Japan Seal Rare Earth Pact: Donald Trump and Japan’s Economy Minister Sanae Takaichi have inked a new agreement on rare earth minerals, reaffirming their commitment to existing trade pacts. The deal seeks to counter China’s dominance in the critical minerals supply chain. Both nations called it a strategic step toward securing future tech and defense industries.
Aur Batao 📰
ISI’s Eastern Play Raises Alarm For India: Pakistan’s spy agency ISI is reportedly building new operational links in Bangladesh through covert arrangements with local groups, a move that could threaten India’s eastern border security. Intelligence reports suggest renewed efforts to destabilize India’s Northeast using Bangladeshi soil.
EFTA Pact Promises $100 Billion Boost For India’s Trade: Commerce Minister Piyush Goyal said the India–EFTA trade pact could unlock over $100 billion in investments across sectors ranging from seafood to software. The deal, inked with Switzerland, Norway, Iceland, and Liechtenstein, aims to enhance exports and manufacturing. Officials believe it will strengthen India’s position as a trusted global supply chain partner.
Metro Steps On Bata’s Turf And Its Profits: Metro Brands is fast catching up to Bata, challenging the footwear giant’s dominance in India’s mid-premium market. With stronger margins and better store economics, Metro’s rise has investors rethinking old loyalties. Analysts say this retail rivalry could reshape India’s footwear sector, one step at a time.
Electronics Overhaul: India is waking up to the reality that its electronics supply chain remains heavily reliant on China, especially for components. The government is now pushing local production incentives and import-substitution strategies to rebuild hardware security. It’s a major step in the “Make in India” journey but full autonomy will be a long haul.
₹1 Lakh-Crore Bailout Plan For India’s Power Grid: India is considering a ₹1 lakh-crore ($12 billion) rescue package for state-run power distribution firms but access to funds comes with strings: states must privatise or list the utilities. The move aims to tackle a sector hurting under ₹7-8 trillion in losses and debt.