Handpicked updates about India’s business and the business of India
Today we continue the entertaining global movement of CEOs doing sensible things in public. Piotr Szczerek, the millionaire CEO of a Polish paving company, went viral on social media for snatching a cap which was being signed for a young boy at the US Open. He didn’t just stop at the highly cringe act, but also came out swinging with a “life is first come, first served … if you were faster, you would have it” life lesson for all of us out here not getting hats. That is until web crusaders decided to review bomb his company into a one-star abyss. He’s since come out with a heartfelt apology saying he genuinely believed that Majchrzak (the tennis player) was handing the hat to me to give to my sons. Mmm …. k sir, we believe you. The Tennis star has since gifted the boy a new hat like a true legend.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 7 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Sept 1st
The stock market snapped a three-day losing streak due to better-than-expected first-quarter GDP growth of 7.8% boosting investors’ confidence.
International Relations
Putin-Modi Carpool Steals SCO Spotlight
Image Credits: India Today
The SCO Summit: PM Modi wrapped up a significant two-day visit to China during the SCO Summit in Tianjin, engaging in impactful bilateral talks with both President Xi Jinping and President Vladimir Putin. The visit carried strategic weight, especially amid rising tensions with the U.S. over tariffs.
Aaja Meri Gaadi Mein Baeth Ja: Carpool vibes were on full display as PM Modi hitched a ride with Vladimir Putin, a moment that went instantly viral. Beyond the optics, the gesture underlined India’s continued warmth with Russia, much to the dismay of Donald Trump, who recently ruffled feathers by strongly condemning India’s ongoing purchase of Russian oil. The bilateral meeting reaffirmed India–Russia's “special and privileged strategic partnership”.
Key Highlights & Takeaways:
China – India Reset: Modi and Xi reaffirmed cooperation, framing India–China as partners united by global welfare goals. Xi emphacised the need for the “Dragon” (China) and the “Elephant” (India) to come together, emphasizing their status as major global civilizations.
The Strategic Troika ‘India – Russia – China’: In a rare display of unity, Modi, Putin, and Xi shared handshakes, smiles, and a memorable moment where Modi pulled the two together symbolizing trilateral camaraderie.
Veiled Pushback on Connectivity: Modi took a subtle dig at China’s Belt and Road Initiative, stating that connectivity loses its value if it bypasses sovereignty. He stressed the importance of trust and sovereignty in regional infrastructure, citing India’s work on Chabahar and the North–South Economic Corridor.
What Xi Jinping Told the Summit
Bully on the global stage: Xi slammed what he termed “bullying behaviour” in international politics, interpreted as a critique of the U.S., urging SCO members to unite against such pressures.
Promoter of multipolarity: He called for deeper regional integration and economic coordination, including the idea of an SCO development bank and broader governance structures aiming to strengthen a multipolar world.
Trump’s reaction - “totally one sided disaster”: Trump, in a Truth Social post deemed as a reaction to the SCO summit, said the US sells little to India but India sells the US “massive amounts of goods, their biggest ‘client,’” slamming what he portrays as a lopsided trade relationship and a “totally one sided disaster”. He also claimed that India has since offered to cut tariffs on U.S. goods to “nothing.”
Markets
Jio IPO: The Mega listing
Image credits: Forbes
The Mega Listing That’s Turning Heads: The mother of all IPOs is about to hit Dalal Street. However, for 44 lakh Reliance Industries (RIL) shareholders, this blockbuster listing may feel a bit like watching the action from the sidelines. The IPO is primarily expected to serve as a profitable exit route for private equity funds, sovereign wealth funds and global technology players that invested heavily in Jio Platforms in 2020. RIL shareholders on the other hand won’t get direct Jio shares. Instead, their exposure remains via the parent company (~66% stake in Jio). Analysts noted that a spin-off could have unlocked more direct wealth for RIL shareholders, but Ambani has decided to retain majority control over Jio with this IPO structure.
Why It Still Matters: Even with the indirect structure, the IPO could still create significant value. Jio is expected to be India’s largest-ever public listing, with brokerages valuing it between $121 billion and $154 billion. Even if minority shareholders sell only 5% of the stake, the IPO could raise a staggering Rs 58,000–67,500 crore, easily surpassing the record set by Hyundai Motor India in 2024.
Strong Numbers Back the Buzz: Jio Platforms had a stellar Q1FY26: net profit surged nearly 25% YoY to Rs 7,110 crore, gross revenue rose 19% to Rs 41,054 crore, and EBITDA jumped 23.9% to Rs 18,135 crore. Its 5G base has topped 220 million subscribers, and the total subscriber base now exceeds 500 million, making Jio the world’s second-largest telecom operator after China Mobile.
Ownership Snapshot: RIL holds 66.3% of Jio Platforms, while Meta owns 10%, Google 7.7%, and private equity investors hold the remaining 16%. With the capital-intensive phase behind it, the IPO could largely be an offer-for-sale by minority shareholders, allowing Jio to shine while Ambani retains control.
Business India: Dhanda Hai Yeh!
Hitachi’s Powerplay: Hitachi Energy is investing ₹300 crore to expand its Mysuru plant, part of a larger ₹2,000 crore, 4–5 year plan to meet a surging global demand for transformer insulation materials. The increased production will not only supply India's growing grid but also international markets, including the U.A.E., Turkey, and South Korea, strengthening global supply chains.
₹ at record low: The Indian rupee has dropped to an all-time low of 88.33 against the U.S. dollar, mainly due to new U.S. tariffs on Indian goods which is expected to hurt India's export competitiveness. This has made foreign investors nervous, leading them to pull $2.4 billion from Indian stocks in the last three sessions.
New EV duo: Ashok Leyland has entered into a long-term, exclusive partnership with China's CALB, with an investment of over ₹5,000 crore over the next 7-10 years, to manufacture and develop next-generation batteries in India. This move is intended to localise the battery supply chain and help India achieve its green mobility goals.
OpenAI setting up data-centre in India: OpenAI is significantly expanding its presence in India, its second-largest user market. The company is exploring the setup of a 1 GW data centre in the country as part of its global 'Stargate' AI infrastructure initiative, which could involve investments of up to $500 billion.
GST stream: GST collections reached ₹1.86 lakh crore in August 2025, marking a 6.5% increase compared to the same month last year. While this is a strong performance, it is slightly lower than the ₹1.96 lakh crore collected in July.
World 🌏
Salesforce Slashes 4,000 Jobs
Image Credits: India Today
AI Led Layoff: Salesforce has laid off 4,000 customer support employees as AI increasingly handles its service operations. CEO Marc Benioff confirmed the cuts explaining that the support workforce has been reduced from 9,000 to 5,000 - nearly a 45% cut. Earlier in 2025, Benioff dismissed fears of AI-driven layoffs. In a July interview with Fortune, he insisted that “the humans are not going away” and that AI would augment, not replace, workers. But the latest reductions illustrate the rapid pace of automation in the tech industry.
AI Cuts Across Industries: Salesforce is not alone. In 2025, layoffs linked to AI have hit tech, media, finance, retail, manufacturing, and energy sectors. The World Economic Forum found that 41% of companies globally expect to reduce their workforce over the next five years because of AI. Companies like Oracle, CNN, Dropbox, and Block have already trimmed staff, while Amazon CEO Andy Jassy warned in June that AI will reduce some jobs in the future. At the same time, the WEF noted that jobs in big data, fintech, and AI are expected to double by 2030.
Global AI Layoff Numbers: The total number of AI-related layoffs worldwide remains unclear due to varying definitions and reporting standards. Some snapshots indicate that in the US, GenAI adoption by private employers led to over 10,000 job cuts in the first seven months of 2025. While a World Economic Forum survey indicates 41% of companies globally anticipate AI-related workforce reductions.
While these figures provide context, the actual number of AI-related layoffs is likely higher, considering unreported cases and differences in how companies define AI-driven reductions.
DuniyaDIARY 🌏📒
Image Credits: Reuters
US & Visa Policy: Starting September 2, 2025, the US State Department will require nearly all nonimmigrant visa applicants to attend in-person interviews, ending previous age-based exemptions and “drop box” renewals. The change affects students, business travelers, and frequent visitors, and could lead to longer wait times for visa appointments.
Powerful Quake In Afghanistan: A 6.0-magnitude earthquake struck eastern Afghanistan killing over 800 people and injuring 2,500. Most damage occurred in Kunar province, where remote villages with mud and brick homes were destroyed. Rescue teams are struggling to reach isolated communities, and the death toll is expected to rise.
US Revoked Chip Export: Shares of SK Hynix and Samsung Electronics fell after the US revoked authorisations allowing them to acquire semiconductor manufacturing equipment for their China-based plants. The move, effective in 120 days, could weaken their competitiveness in memory chip production. Analysts warn the restriction could affect upgrades and global chip supply.
Global Economies’ Manufacturing activity: Eurozone factory activity grew for the first time since mid-2022, with the HCOB Eurozone Manufacturing PMI rising to 50.7 in August, led by Greece and Spain. Germany’s manufacturing nearly reached growth territory at 49.8, supported by stronger domestic demand offsetting weak U.S. orders. In contrast, Asian manufacturing contracted, with Japan (49.7), South Korea (48.3), and Taiwan all shrinking due to higher U.S. tariffs and trade pressures. China showed mixed signals: S&P Global’s PMI indicated modest expansion at 50.5, conflicting with official data showing continued contraction. India remained an outlier, with manufacturing growing at its fastest pace in 17 years, although U.S. tariffs on goods like garments and gems pose a risk to future growth.
Aur Batao 📰
Petrol Plea Dismissed: The Supreme Court of India upheld the E20 petrol policy, rejecting a plea for an ethanol-free option. The decision supports the government's goals despite concerns over a 2–6% mileage drop and compatibility issues for older vehicles.
Cashless Treatment Halt: Niva Bupa Health Insurance has suspended cashless treatment at all Max Hospitals across India, effective August 16, 2025, due to a dispute over tariff revisions. Policyholders must now pay for treatment upfront and then seek reimbursement from the insurer.
Mumbai’s Realty Booming: Mumbai saw a record-breaking 99,869 property registrations from January to August, the fastest run towards the 1 lakh mark. This generated over ₹8,854 crore in revenue, an 11% increase year-on-year, despite a slight dip in August due to heavy rains.
US Visa Warning: The US Embassy in India has warned over 337,000 Indian students that breaking laws like overstaying visas could result in revocation, deportation, and a potential lifetime ban. The embassy emphasized that a US visa is a privilege, not a right.
ICC Mega Price Pool: The ICC has announced a record-breaking $13.88 million prize pool for the 2025 Women's Cricket World Cup. This surpasses the men's 2023 World Cup prize money of $10 million. Winners will receive $4.48 million, runners-up get $2.24 million, and losing semi-finalists each earn $1.12 million.
Ambanis Postpone NY Show: The Ambani family has postponed a New York cultural event due to "unforeseen circumstances" amid worsening India-US ties. This comes as the US has increased pressure on India over Russian oil purchases and doubled tariffs on imports.
