Can Indian Brands Compete Globally?

In today’s edition — How Indian brands are breaking global barriers; market valuation of top Indian private firms hits new record; market regulator SEBI deals blow to 19 venture capital firms for non-compliance; and Bengaluru’s water crisis may blow up further in 2025. 

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PODCAST

On Episode 512 of The Core Report, financial journalist Govindraj Ethiraj talks to Probal Sen, Senior Analyst, Indian Oil & Gas Sector at ICICI securities.

1. The markets are flat again and that’s a good sign.

2. Fresh upside targets set as Trump uncertainties drive up gold prices again.

3. India will import more LNG from the USA, what could that mean?

4. Making sense of Trump’s reciprocal tariffs on India, sectors hit and the hit.

5. Vietnam goes DOGE too, announces cut backs in Government.

6. Tesla is set to roll into India, on the back of unprecedented concessions.

FROM THE PERIPHERY

—⚠️ The Securities and Exchange Board of India (SEBI) has cancelled the registration of 19 Foreign Venture Capital Investors (FVCIs) based in Mauritius, Singapore, and Cyprus due to multiple regulatory violations. SEBI found that many of these entities with foreign ownership structure had been defunct for years, with 11 firms ceasing operations over five years ago and three more inactive for up to three years. The markets regulator said that failures to maintain their foreign incorporation status, non-filing of mandatory quarterly reports, and lack of compliance with eligibility norms led to the action.

—🚘 With minimal presence in India, Tesla has begun hiring for 13 roles, including customer-facing and backend jobs. This follows CEO Elon Musk’s meeting with Prime Minister Narendra Modi during his US visit. Openings include service technicians and advisory roles in Mumbai and Delhi, while others, like customer engagement manager, are Mumbai-based. Tesla had long avoided India due to high import duties but may reconsider after the country slashed the tariff from 110% to 70% for high-end EVs. In March, India cut duties for automakers investing $500 million locally, reigniting Tesla’s interest in the market.

—❓ India’s GDP is projected to grow at 6.4% in Q3 FY25, up from 5.4% in the previous quarter, driven by increased government spending, a turnaround in exports, and improved agricultural output, according to credit rating firm ICRA Ltd. Despite this uptick, GDP growth remains below Q1 FY25 levels, when it stood at 6.7%. Investment activity also improved, with government capital expenditure surging 47.7%, a six-quarter high. However, consumption remains uneven, with urban sentiment dipping slightly. The National Statistical Office will release official GDP data on February 28, and ICRA warns that growth may still lag initial estimates, highlighting ongoing economic uncertainties.

—📺 Since January 2025, the Advertising Standards Council of India (ASCI) has flagged 413 offshore betting ads and reviewed 12 real-money gaming (RMG) ads for violations. In the previous fiscal year (April 2023-March 2024), it identified 1,336 betting ads and 492 RMG ads, prompting regulatory action from the Ministry of Information and Broadcasting (MIB). To curb misleading gambling promotions, ASCI has signed various online gaming and RMG self-regulatory bodies, forming a monitoring cell to track offshore betting ads and ensure compliance with legal gaming norms. The initiative aims to distinguish regulated skill-based gaming from illegal offshore operators, in a hope to strengthen consumer protection.

😒 UGHH

Bengaluru is drying up, and the Bangalore Water Supply and Sewerage Board (BWSSB) is desperate. With the city’s groundwater vanishing, officials have now banned drinking water for anything “non-essential.” BWSSB has clamped down on water use, prohibiting residents from wasting precious drops on frivolities like washing cars, gardening, or construction. Malls can hydrate their patrons, but that’s it. Break the rules? A Rs 5,000 fine, plus Rs 500 per day if you persist in your aquatic crimes.

Bangalore's winter, including February, sees temperatures ranging from 21°C to 29°C, peaking around 30.9°C, resulting in lakes shrinking, and taps gasping out their final drops. Data compiled by WELL Labs showed that Bengaluru’s freshwater demand is about 2,632 million litres per day (MLD). In addition, the city also receives some 1,460 MLD of Cauvery River water supplied by the BWSSB. As of 2024 data, the city utilised an estimated 1,372 MLD of groundwater, which is almost half of its water requirements. The WELL labs report further estimated that the 12.6 million population in Bengaluru with an average per capita consumption of 150 litres per day, consumers up to 1,890 MLD, exceeding the provision from the Cauvery piped water connection. This means that the population especially in the outskirts of the city are forced to depend on tankers and other options for daily water consumption.

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