Arjun Sethuraman is a Mumbai-based business correspondent covering digital commerce, platform economies, and the globalisation of Indian enterprise. His analysis tracks how markets adapt to technology disruption.
Recent work
India's Gold Bond Exits Signal a Policy Paradox in Motion
The Reserve Bank of India has announced the premature redemption price for Sovereign Gold Bond 2020-21 Series XI, due on August 7, 2026. The announcement, routine in administrative terms, arrives at a moment when gold prices remain elevated globally, making these exits unusually lucrative for retail investors. The deeper question is whether strong redemption returns reinforce trust in sovereign financial instruments — or simply hand investors capital they promptly return to physical gold.
When Silence Costs More Than Speaking: India's Creator Economy at a Crossroads
The NEET student protests placed India's content creators at a sharp commercial and civic inflection point. Speaking up risked brand deals; staying silent eroded audience trust. The episode exposes a deeper structural tension: as India's creator economy scales commercially, the incentive architecture actively discourages the civic accountability functions that traditional media once performed.
ECB's Lane Signals Caution: What Euro Area Headwinds Mean for India's Export Engine
ECB Chief Economist Philip Lane has outlined a cautious growth outlook for the euro area, flagging demand softness and persistent uncertainty. For India, whose bilateral trade with the eurozone runs into hundreds of billions of euros annually, the signals carry direct consequences for IT services revenues, merchandise exports, and the timing of the India-EU Free Trade Agreement. The analysis argues India should read Lane's remarks not as a threat but as a window.
Seventeen Billion Dollars in Forty-Two Days: India's NRI Capital Machine Fires
Non-resident Indians have deposited $17.41 billion into Indian banks through the FCNR(B) scheme in just 42 days since its June 8 launch, with the RBI's total swap window drawing $20.72 billion by July 17. Economists see upside risk to their $50 billion inflow forecast. The episode raises a structural question: should India institutionalise its diaspora capital channel rather than activate it only under pressure.
India Builds the Labs Behind the Label: Toy Export Ambitions Get Infrastructure
Commerce Minister Piyush Goyal announced plans to establish modern toy testing laboratories across major manufacturing clusters, using BIS and the National Test House as the delivery vehicle. The move targets a structural gap that has long constrained Indian toy exporters — the absence of domestically accredited labs capable of certifying products to EU, US, and Japanese safety standards. This analysis examines why the testing bottleneck matters more than raw manufacturing capacity, and what conditions determine whether the labs deliver on their promise.
America's Payment Shift Reveals a Strategic Opening for UPI's Global Ambitions
The US Federal Reserve's 2025 triennial payments study shows noncash payments hit 236.6 billion in 2024, with cards dominant and ACH transfers claiming nearly three-quarters of value. Credit cards outgrew debit for the first time in nearly a decade. The findings carry direct implications for India's push to internationalise UPI and reduce remittance costs for the Indian diaspora in the United States.
India's Satellite Internet Deadlock Costs More Than Connectivity
Nearly four years after the first satellite internet licence was granted in India, commercial broadband services from Starlink, OneWeb, and Jio-SES remain grounded. The government has not finalised spectrum pricing or security clearances, leaving a market with enormous rural connectivity potential in regulatory limbo. The delay reflects a structural failure to modernise India's licensing architecture for low-earth-orbit satellite technology — and carries real costs for the country's digital ambitions.
India Reinforces Digital Commerce Sovereignty as AI Middlemen Emerge
AI-powered chatbots like ChatGPT are emerging as invisible middlemen in Indian e-commerce, potentially redirecting consumer purchases away from traditional platforms. India is advancing digital sovereignty measures to ensure domestic platforms retain competitive advantages while foreign AI intermediaries seek to capture transaction data and consumer insights.
India's Highway Boom Stalls at Warehouse Gates as Freight Speed Lags Global Standards
Despite massive highway investments, Indian trucks crawl at 37-38 kmph due to warehouse bottlenecks. A government study shows loading and unloading delays negate expressway benefits, prompting ministry action on time-bound delivery systems.
India's Digital Ad Regulators Face Offshore Platform Evasion Challenge
The Advertising Standards Council of India's latest annual report shows a surge in offshore platforms and wellness brands exploiting digital loopholes to evade Indian advertising regulations, with betting violations jumping from 1,336 to 6,933 cases in two years.
Network Slicing Debate Reshapes India's 5G Equity Framework
Bharti Airtel's new 5G network slicing plans have triggered debate over whether premium fast lanes contradict net neutrality principles, forcing Indian regulators to revisit frameworks designed for the 4G era.
RBI's Device-Locking Framework Reshapes India's Fintech Lending Architecture
The Reserve Bank of India has proposed allowing lenders to remotely lock financed mobile devices after 90-day defaults, introducing graduated restrictions and privacy safeguards. The framework aims to reduce default risks in India's expanding device financing sector while protecting essential services access.
Rapido's $3 Billion Valuation Signals India's Indigenous Mobility Revolution
Rapido's rise to a $3 billion valuation showcases India's ability to develop homegrown mobility solutions that outmaneuver international competitors. The company's success in bike taxis and subscription models reflects indigenous innovation tailored to Indian urban realities.
Federal Reserve's Warsh Era Shifts Dollar Dynamics as India Strengthens Multi-Currency Strategy
Kevin Warsh has taken the oath as Federal Reserve Chairman, marking a potential shift toward hawkish monetary policy. His Wall Street background and previous Fed experience position him to navigate inflation pressures through higher interest rates, creating spillover effects for emerging market currencies and capital flows.