Sep 26: India Bids Farewell to MiG-21, Food Processing Ambition Boom

What’s common between Virat Kohli and a pre-revenue AI startup? Valuation. Kroll (who?) recently came out with the latest celebrity brand valuation rankings. Kohli leads the list with a cool $231million valuation. Following close behind are Ranveer Singh ($171M), SRK ($112M) and Alia Bhatt ($116M). Makes you wonder, if these stars were to go-public, whose shares would we buy ….

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 7 mins.

Sensex and Nifty 50 fell significantly on September 25, caused by a combination of weak global cues, sustained selling by FIIs, and concerns over valuations. The broader markets also fell, leading to a loss of nearly ₹3 lakh crore in market cap. 

On A High: India’s food processing sector is quietly scripting a transformation story that could redefine the country’s economic trajectory. Already valued at $336.4 billion in 2023 and projected to soar to $735.5 billion by 2032, this industry sits at the intersection of agriculture, manufacturing, and consumer demand. Ranked as the sixth-largest food processing industry in the world, it contributes about 32% of India’s total food market, making it one of the country’s most crucial growth engines. The sector is now attracting major investments from domestic and global players.

Reliance’s Mega Bet With Asia’s Largest Food Parks: Reliance Consumer Products, part of the Reliance Industries ecosystem, has inked a ₹40,000-crore MoU with the Government of India to build what could become Asia’s largest food park network. These integrated hubs aim to tackle some of India’s most persistent challenges, food waste, fragmented supply chains, and limited export readiness.

The Aim: By centralizing storage, processing, and distribution under one ecosystem, Reliance is positioning itself not only as a consumer goods powerhouse but also as an enabler of rural transformation. For farmers, these food parks could mean better market linkages and less post-harvest loss. For consumers, they promise safer, higher-quality, and potentially more affordable food products. And for India Inc., it signals Reliance’s determination to dominate the food value chain, from farm to fork.

Coca-Cola’s Big Pour: Coca-Cola bottlers’ recent announcement reflects global belief in India’s consumption story. The company’s partners plan to invest ₹25,760 crore across nine states, spanning both greenfield and brownfield projects in food processing. This investment dovetails with Coca-Cola’s broader strategy of deepening its India footprint, diversifying beyond beverages, and strengthening ties with local ecosystems. For India, it means not just capital inflows but also access to global best practices in supply chain management, food safety, and sustainability. Importantly, it illustrates India’s rising status as a food processing hub attractive enough for multinationals to make billion-dollar commitments.

The Bigger Picture: Together, these investments represent more than ₹65,000 crore in fresh commitments to India’s food processing sector and indicate how the industry is no longer just a back-end support system for agriculture but is evolving into a front-line driver of exports, job creation, and consumer transformation.  

Bowing Out: After more than six decades of dominating Indian skies, the MiG‑21, India’s first supersonic fighter, is retiring. On Friday, the aircraft will take its ceremonial final bow at the Chandigarh air base, marking the end of a chapter that shaped the Indian Air Force and generations of fighter pilots. For many, the MiG‑21 was more than a machine, it was a mentor in the skies. Serving and former pilots recall the jet’s needle-nosed fuselage, cramped cockpit, and unforgiving handling as both a challenge and a thrill.

A Supersonic Legacy: In India, the MiG‑21 entered service in 1963 and played a role in almost every major operation the IAF undertook, from the Indo-Pak wars of 1965 and 1971 to the Kargil conflict of 1999, when it destroyed Pakistani command centres at high altitudes. Two decades later, Wing Commander Abhinandan Varthaman shot down a Pakistani F-16 during the Balakot operation, proving that the legacy of this Cold War-era fighter was still relevant. Despite its iconic status, the aircraft earned the nickname “Flying Coffin” for its safety record. With 26.3 crashes per 1,00,000 flight hours, it was riskier than modern fighters but safer than contemporaries like the F-104 Starfighter in the USAF. Yet, its challenges only strengthened the bond between pilots and their machine.

The Final Salute: Friday’s ceremony will feature a final flypast in two formations — Badal and Panther, with the indigenous LCA Tejas flying alongside, symbolizing India’s shift to the next generation of fighters. The Chief of the Air Staff will personally take a MiG‑21 up for its last mission, indicating the historic moment.

Festive Gig Wave: A report by NLB Services forecasts up to 2 lakh new jobs in India's 2025 festive season, with a substantial 70% in gig roles. This marks a 20-25% year-over-year increase, driven by demand in quick commerce, e-commerce, and logistics. A significant trend is the growth in smaller cities like Indore and Surat, which could see gig hiring increase by 30-40%, with their share of the total gig workforce potentially reaching 50% by FY26.

India 3PL Magnet: India is a top pick for expansion among Asia-Pacific third-party logistics (3PL) firms, with nearly 70% planning to grow their footprint. According to a CBRE report, 80% of India-based players plan to expand their portfolios by more than 10% over the next 2-5 years. The surge is fuelled by e-commerce and quick commerce.

EV Battery Partnership: India’s Ashok Leyland has partnered with China’s CALB to assemble lithium-ion battery packs in India. The exclusive 20-year pact involves an investment of $563 million over 7-10 years. The plan is to start with imported cells and domestic pack assembly by FY27, with the long-term goal of manufacturing full cells in India within five years.

Nothing’s Bet: UK-based tech company Nothing has formed a joint venture with Optiemus Infracom to expand smartphone manufacturing in India. The partnership will invest over $100 million and create 1,800 jobs over the next three years, in addition to the $200 million already invested in the country. The company's affordable sub-brand, CMF, will be spun off as a new subsidiary with its global headquarters in India, with an aim to make the country a hub for R&D and manufacturing.

Indian iPhone Exports Soar: India's iPhone exports are hitting a new record, largely fuelled by fears of future tariffs from the US. According to the ICEA, smartphone exports to the US surged by 190% to $8.4 billion between April and August 2025. This record growth, driven by manufacturers like Foxconn and the Tata Group, shows success of the government's production-linked incentive scheme. 

JLR Cyber Shock: A cyberattack on September 2 forced Tata Motors' subsidiary, Jaguar Land Rover (JLR), to halt production at its three UK factories, with the shutdown extended to October 1. The potential losses are estimated at up to £2 billion, exceeding JLR's FY25 profit of £1.8 billion. With no cyber insurance in place, the company is losing an estimated £50 million per week, affecting 33,000 staff and a supply chain supporting 104,000 jobs. JLR's revenue accounts for approximately 70% of Tata Motors' consolidated revenue, and the news caused a 3.4% intraday drop in Tata Motors' shares to ₹659.55.

LG India’s IPO: LG Electronics India is reportedly launching its initial public offering in October to raise approximately $1.3 billion, according to Bloomberg. The company secured regulatory approval for an updated prospectus after a previous delay due to market volatility. The IPO will be a pure offer-for-sale of a 15% stake by the parent company, with a valuation of around $9 billion, a significant reduction from the initial $15 billion target.

Store Closures & Layoffs: Starbucks Corporation has announced a major restructuring plan amid declining sales, closing over 150 stores across North America and laying off approximately 900 corporate employees as part of a $1 billion initiative. The closures include the flagship Seattle roastery and a unionized store in Chicago, targeting locations lacking profitability or the desired customer environment. Employees will be offered transfers where possible, with severance for those impacted. Starbucks’ plan also includes renovating over 1,000 branches to enhance the “coffeehouse” experience and improve service times. However, labor unions have criticized the company for limited employee input in decision-making, especially at unionized locations.

Layoff Wave: The restructuring aligns with broader industry trends in 2025. Major corporations have announced large-scale layoffs: Intel cut 24,000 jobs, UPS eliminated 20,000 positions and closed 73 facilities, while tech giants Amazon, Alphabet, Microsoft, and Meta collectively cut over 50,000 jobs in three months. These moves reflect a shift toward automation and efficiency amid changing market conditions. 

The Appeal: Launched in 2015 as a chat platform for gamers, Discord has evolved into one of the most popular digital hangouts for Generation Z. By 2025, it boasts over 200 million monthly active users globally, including students, coders, K-pop fans, podcasters, anime enthusiasts, and niche interest communities. Its appeal lies in creating spaces away from mainstream social media, where parental oversight is limited and users can freely express themselves.

A Platform Beyond Gaming: While Discord started with gamers in mind, its versatility has attracted a wide range of communities. In India, young users leverage it for study sessions, coding collaborations, music discussions, and fandom interactions. Features like voice channels, custom servers, bots, and community moderation tools enhance engagement and foster micro-communities that feel personal and secure.

Safety Concerns & Controversies: Despite its benefits, Discord’s anonymity has led to misuse. The platform has occasionally been linked to cyberbullying, political unrest, and misinformation, prompting discussions about digital literacy and safety measures. Experts emphasize the need for parental awareness and responsible engagement to ensure a positive experience.

Trump Eyes Tariffs on Robotics, Medical Gear: President Donald Trump threatened tariffs under Section 232 on imported robotics and medical devices, citing national security concerns. The move could disrupt supply chains and increase costs for U.S. manufacturers and consumers. While a 200% tariff is not yet enacted, this signals ongoing protectionist pressures that could impact both domestic industries and international trade relations.

China Leads Global Climate Action: At the United Nations Climate Leaders' Summit, Chinese President Xi Jinping announced that China aims to reduce its greenhouse gas emissions by 7% to 10% from peak levels by 2035. This marks China's first commitment to absolute emissions cuts, moving beyond previous targets focused solely on emissions intensity.

Disney Investors Question Kimmel Suspension: Several Disney investors, including the American Federation of Teachers and Reporters Without Borders, have formally requested internal documents regarding the suspension of "Jimmy Kimmel Live!" The suspension followed Kimmel's controversial remarks about the accused killer of right-wing activist Charlie Kirk, which led to public backlash and pressure from the Trump administration.

French Debt Reaches $4 Trillion: France's public debt has surged to a record €3.4 trillion ($4 trillion), equating to 115.6% of GDP in Q2 2025. This escalating financial strain intensifies pressure on newly appointed Prime Minister Sebastien Lecornu, who faces widespread protests against austerity measures.  

IAF Jet deal: The Ministry of Defence has signed a ₹62,370 crore deal with Hindustan Aeronautics Limited for 97 LCA Mk1A jets for the Indian Air Force. Deliveries will start in 2027. These multi-role jets will replace the IAF's ageing MiG-21 fleet, bolstering the country's air power and featuring over 64% indigenous machines.

India’s Jet plan B: New Delhi is exploring a potential partnership with France's Safran for Tejas Mk-2 jet engines, as local manufacturing talks with the US on the GE F-414 have slowed. The move is crucial to ensure nearly 200 jets are ready to replace retiring Jaguar and Mirage-2000 fleets. This comes amid ongoing tensions with Pakistan and a 50% US tariff backdrop, even as a $4 billion surveillance aircraft deal shows US-India defence ties remain active.

UNGA meetings: External Affairs Minister S. Jaishankar held bilateral meetings with his counterparts from Mexico, Cyprus, and Pacific Island nations at the UN General Assembly. He discussed strengthening bilateral ties, reaffirmed support for an UN-mandated settlement of the "Cyprus Question," and reiterated India's commitment to the Pacific region.

India’s upcoming test squad: The BCCI has announced the 15-member squad for the upcoming Test series against the West Indies, starting October 2. Shubman Gill will lead the team, with Ravindra Jadeja named as vice-captain in the absence of Rishabh Pant, who is still recovering from a foot injury. Jasprit Bumrah returns to the squad, while Karun Nair has been dropped.

Ashwin joins BBL: Ravichandran Ashwin has become the first Indian male cricketer to join Australia’s Big Bash League, signing with Sydney Thunder. Having retired from international cricket and the IPL, the veteran spinner will join the team in January for the latter part of the season. The Thunder called it their biggest overseas signing ever.

Ladakh flashpoint: Leh saw its deadliest unrest in years as statehood protests turned violent, several people died, and dozens were injured, including 30 security and 40 police personnel. The government blamed activist Sonam Wangchuk for the unrest, but he denied it, calling the government's claim a distraction.

THAT’S ALL FOR TODAY!

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