Sanjay Gupta writes a sharp daily column on Asian business — banks, tycoons, listings, state capitalism. He writes for readers who treat the region's corporate news as a political story told with balance sheets.
Recent work
When Content Disappears Overnight, the Balance Sheet Bleeds
The removal of Satluj from ZEE5 two days after its release illustrates how content takedowns impose unrecoverable costs on OTT platforms — licensing fees, marketing spend, promotional infrastructure — with no compensation mechanism in sight. As India's streaming sector scales rapidly, the absence of a fast-track adjudication framework for takedown orders is quietly distorting content portfolios and chilling investment in historically and politically ambitious Indian cinema.
India's Aviation Duopoly Faces a Competition Reckoning at NCLAT
A consumer has appealed to the NCLAT after the CCI dismissed allegations that IndiGo and Air India impose excessive cancellation fees, despite the two carriers controlling over 90% of India's domestic aviation market. The case raises fundamental questions about whether India's competition architecture can govern a consolidated aviation sector where similar pricing behaviour escapes scrutiny under both the sector regulator and the horizontal competition watchdog. The outcome will shape how India balances post-privatisation market consolidation against its stated goal of affordable air connectivity.
India's Pharmacy Act Gets a 78-Year Overdue Burial
The Union government plans to repeal the Pharmacy Act, 1948 and replace it with the National Pharmacy Commission Bill, 2026. The new architecture — a central commission, four specialised boards, and a mandatory exit examination — mirrors the overhaul of medical education under the National Medical Commission Act, 2020. The bill affects over 500,000 pharmacy students across 8,000 colleges and carries direct consequences for India's pharmaceutical export credibility.
RBI Holds FRSB Rate at 8.05%, Revealing a Fault Line Between Savers and Monetary Policy
The Reserve Bank of India has confirmed the Floating Rate Savings Bond 2020 (Taxable) coupon remains at 8.05% for July–December 2026, unchanged from the previous half-year. The rate is mechanically derived from the National Savings Certificate rate of 7.70% plus a fixed spread of 35 basis points. While the announcement is routine on its face, it illuminates a deepening structural tension between the government's dependence on small savings mobilisation and the RBI's desire for faster monetary policy transmission through the banking system.
RBI Penalises Jalandhar Cooperative Bank Over Loan Limits and Cyber Gaps
The Reserve Bank of India has imposed a ₹5 lakh penalty on The Citizens Urban Cooperative Bank Ltd., Jalandhar, for sanctioning loans beyond regulatory limits to nominal members and failing to install two-factor authentication on its Core Banking Solution. The action, based on RBI's inspection of the bank's financial position as on March 31, 2025, arrives alongside similar penalties on cooperative banks in Karnataka and Hyderabad — signalling a coordinated supervisory sweep of the urban cooperative sector. The real story is not the quantum of the fine but what the dual violations, read together, reveal about the structural fragility of a banking tier that serves millions of small depositors.
India Advances Manufacturing Hub Strategy with ₹33,660 Crore Industrial Park Blitz
The Centre's flagship Bharat Audyogik Vikas Yojana allocates ₹33,660 crore for 100 industrial parks between FY27-FY32, featuring plug-and-play infrastructure and multimodal connectivity. The scheme positions India as a viable manufacturing alternative to China while deepening local supply chains and improving global value chain integration.
India's Payment Aggregators Navigate Beyond Transaction Fees Toward MSME Dominance
Payment aggregators like Cashfree and MobiKwik are shifting focus from large enterprises to startups and MSMEs, seeking revenue through value-added services rather than transaction fees. The move comes as UPI's zero-MDR regime and market saturation among top-tier clients erode traditional business models.
Digital Platforms Target Theatrical Returns as AI Reshapes Indian Cinema Economics
Digital-first companies like Kuku, TVF, and Collective Media Network are entering theatrical cinema, using data analytics and AI to reduce production risks. This shift signals a fundamental change in India's entertainment ecosystem, where platforms treat films as long-term intellectual property assets across multiple distribution channels.
RBI Drains ₹2.17 Lakh Crore as Money Markets Signal Policy Transmission Stress
RBI's daily money market operations show net liquidity absorption of ₹2.17 lakh crore through Standing Deposit Facility, with overnight rates at 5.06% indicating tight monetary conditions. The data reveals significant policy transmission pressure as the central bank manages excess liquidity while maintaining inflation targeting framework.
RBI Sets ₹15,102 Redemption Price for Sovereign Gold Bonds' First Exit Window
Reserve Bank of India announces ₹15,102 per unit redemption price for Sovereign Gold Bond 2018-19 Series-III holders seeking early exit after five years. The transparent pricing mechanism based on India Bullion and Jewellers Association rates demonstrates the maturity of India's gold digitization strategy while providing liquidity to retail investors.
European Financial Integration Push Could Reshape India's Capital Access
Luis de Guindos outlined the EU's progress toward financial integration, highlighting improved cross-border capital flows and reduced market fragmentation. The developments could significantly impact how Indian companies access European capital markets and institutional funding.