Isha Chakraborty writes on Indian business at the top of the curve — the founders building the next ten-billion-dollar companies, the family capital shaping the country's industrial base, and the financial history that explains how a five-trillion-dollar economy got here. Her beat is the business leader as subject, with the patience for the long arc of a career or an enterprise.
Recent work
Hardware Inflation Rewrites the Rules of India's IT Playbook
India's IT services majors are confronting a new and uncomfortable reality: hardware costs are rising fast enough to hollow out the economics of large managed-services and AI-integration contracts. With two chief executives already signalling they will not absorb hardware price inflation on behalf of clients, the industry faces a reckoning with a cost structure it never fully owned. The deeper problem is structural — Indian IT is a services integrator in an era that rewards hardware-owning platforms.
The Fed's AML Overhaul and the Remittance Corridor India Cannot Afford to Ignore
The US Federal Reserve has proposed amendments to bank anti-money laundering program requirements, seeking alignment with four other regulatory agencies and a greater emphasis on risk-based compliance. For Indian banks with US operations — and for the millions in the Indian diaspora who depend on those banking channels — the proposal's final shape will determine whether compliance costs rise or whether rationalized expectations finally reduce the uncertainty that has long shadowed correspondent banking relationships.
ECB Carbon Portfolio Cuts Signal Central Bank Climate Shift India Monitors
The European Central Bank's fourth climate disclosure shows continued emissions reductions in monetary policy portfolios, introducing inflation-adjusted metrics for transparency. The ECB remains on track to meet Paris Agreement targets while acknowledging future progress depends on corporate action rather than portfolio tilting.
UPI's Decade-Long Success Sparks Sustainability Debate as Infrastructure Costs Mount
Ten years after its launch, UPI's zero-cost model faces scrutiny as infrastructure costs outpace government incentives. The merchant discount rate debate reflects broader questions about sustaining public digital infrastructure at scale while preserving India's fintech leadership globally.
India's Microdrama Revolution Reshapes Mobile-First Entertainment Consumption
Microdramas are emerging as a significant force in India's digital entertainment landscape, with concentrated viewership among 18-34 year olds consuming emotionally charged, mobile-first content during commutes and break sessions. The format represents a shift from passive television and lean-back OTT viewing toward active, personal engagement.
Amazon's India Struggle Validates Digital Commerce Sovereignty Strategy
Amazon's failure to dominate India's e-commerce market despite massive investments demonstrates how regulatory frameworks and local innovation can successfully challenge global tech giants. The company's struggles in quick commerce and cricket rights highlight the limits of capital-heavy expansion strategies in India's protected digital economy.
India's Cotton Import Duty Waiver Deepens Industrial-Agricultural Policy Divide
India exempts cotton imports from customs duty for five months, aiming to boost textile industry competitiveness amid declining exports. The move highlights tension between supporting mills and protecting domestic farmers as India navigates agricultural-industrial policy trade-offs.
India's ₹1.7 Trillion Oil Import Bill Exposes Strategic Food Vulnerability
India's massive ₹1.7 trillion edible oil import bill in FY26 reflects a strategic dependency that undermines food security and drains foreign exchange. The country imports 60% of its cooking oil needs despite achieving near self-sufficiency three decades ago, creating vulnerabilities to global supply shocks and geopolitical disruptions.
Bollywood Stars Reclaim Legacy Films as Streaming Drives IP Gold Rush
A growing trend of Bollywood actors acquiring rights to their legacy films reflects the entertainment industry's shift toward IP-driven value creation. Stars like Sanjay Dutt and Shah Rukh Khan are purchasing rights from original producers, banking on streaming demand and franchise potential.
Airlines Challenge Airport Tariffs as India's Aviation Growth Faces Cost Pressure
Major carriers warn that proposed tariff increases of up to 45% at India's newest airports could price out passengers and slow aviation sector growth. The dispute highlights tensions between infrastructure cost recovery and the government's affordability goals.
SGB Redemptions Begin: India's Gold Strategy Delivers First Returns
The RBI has set the redemption price at ₹14,901 per unit for the first SGB series maturing in May 2026, marking a crucial test of India's strategy to reduce gold import dependency through financial instruments. The systematic redemption process validates the government's commitment to gold-backed securities as an alternative to physical holdings.
India's Export Reset: Reading the February Tariff Cut After Three Years
The February 2026 US tariff reduction on Indian goods creates the first major export opportunity in three years, with Goldman Sachs projecting India's GDP growth above consensus at 6.9% for 2026. The April trade talks will determine whether Indian exporters can convert tariff room into lasting market share.