Based on the sources provided, here is the reproduction of the article concerning Chief Economic Advisor (CEA) V. Anantha Nageswaran’s views on swadeshi and the Economic Survey 2025-26.
‘Swadeshi is key in a world that won’t supply all we need’
Swadeshi has to be achieved in a way that it becomes a springboard to strategic indispensability — V ANANTHA NAGESWARAN
Chief Economic Advisor V. Anantha Nageswaran has advocated swadeshi as a means of making India strategically indispensable, while stressing that global headwinds can be turned into a catalyst rather than a constraint. “Swadeshi is necessary. We need to indigenise because the world is not going to supply us everything we need, and supply chains are increasingly being weaponised,” Nageswaran said in an interview to businessline, following the tabling of the Economic Survey 2025-26 in Parliament.
Strategic Indispensability
Nageswaran emphasized that indigenisation must be done in a way that builds salience so that it becomes a springboard to strategic indispensability. However, he cautioned against open-ended protectionism, stating that trade barriers must be used to strengthen domestic capabilities rather than shield inefficiency. “Protection should be used to enhance our capabilities, not as a blank cheque to dump inferior goods in the domestic market,” he said, adding that any protection from external competition must be time-bound.
The End of “Naïve Globalisation”
The Economic Survey makes a strong case for swadeshi, noting that the global strategic environment has shifted decisively. Factors such as export controls, technology denial regimes, carbon border mechanisms, and industrial policy activism across advanced and emerging economies signal the end of “naïve globalisation”. “We now operate in an environment where access to inputs, technologies and markets cannot be assumed to be frictionless or permanent,” the Survey noted.
In this context, swadeshi becomes both a defensive and an offensive policy tool. It ensures continuity of production amid external shocks while building long-term national capabilities that reinforce economic sovereignty. The central policy challenge is not whether to encourage swadeshi, but how to do so without undermining efficiency, innovation, or global integration.
Turning Headwinds into Tailwinds
Nageswaran stated that global disruptions could be turned into tailwinds if approached strategically. He cited India’s recent push to sign free trade agreements (FTAs) with multiple regions as an example of using uncertainty as a spur to reform. He suggested that if the private sector invests in quality, R&D, and innovation, it can accept time-bound protection from external competition to "get our act together".
In the Survey’s preface, Nageswaran wrote that India’s economic ambitions can succeed if the State, private sector, and households align and commit to the required scale of adjustment.
Private Investment Outlook
Addressing concerns over weak private investment, the CEA stated that while FY25 investment numbers will be officially available in February 2026, granular corporate data suggests investment growth has been significant. “I think we are overstating the problem,” he remarked. He further noted that a gross fixed capital formation ratio of 30-31 per cent of GDP indicates that private sector investment is indeed growing. He conceded that geopolitical and trade uncertainties might require companies to locate production in countries with high tariffs, which exerts pressure on domestic capital spending. Nevertheless, he maintained that the current investment numbers are "very respectable".
Based on the sources provided, here is the reproduction of the article concerning US President Donald Trump’s nomination of Kevin Warsh to lead the Federal Reserve.
Trump picks Kevin Warsh to head Fed
Warsh succeeds Jerome Powell, whose term ends in May
US President Donald Trump has announced his intention to nominate former Federal Reserve governor Kevin Warsh to be the next Chair of the Federal Reserve. Trump made the announcement in a post on his Truth Social platform, writing, “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best”. He further described Warsh as “central casting” and assured supporters that Warsh “will never let you down”.
A Notable Comeback
Warsh, 55, previously served on the US central bank’s Board of Governors from 2006 to 2011. His selection marks a significant comeback, as Trump had passed him over for the top job in 2017 when he originally selected the current Chair, Jerome Powell. Trump has been at odds with Powell almost since he took the helm in 2018 and has recently lamented selecting him over Warsh.
Warsh was originally appointed to the Fed by President George W. Bush following stints on Wall Street and in the Bush White House. At the time, he was the youngest person to ever serve as a Fed Governor. He resigned in 2011 after the Fed embarked on a second round of bond purchases, an expansion of the balance sheet he has remained critical of since.
From Inflation Hawk to Policy Pivot
Historically, Warsh earned a reputation as an inflation hawk, consistently supporting higher interest rates during his previous tenure. However, he aligned himself with Trump in 2025 by arguing publicly for lower interest rates. This willingness to cut rates is viewed by some Fed watchers as a “litmus test” for the next Chair, raising concerns that it could undermine the central bank’s independence.
Warsh has recently advocated for a “regime change” at the institution, telling Fox News in July that “the way they’ve been doing business is not working”. He has criticized the Fed for underestimating the productivity potential of artificial intelligence to combat inflation and has called for an overhaul to slim the balance sheet and ease bank regulations.
Political and Market Reaction
The nomination follows a months-long "public audition" where other contenders included White House adviser Kevin Hassett and Fed governor Christopher Waller. Warsh’s appointment requires Senate confirmation, which may prove challenging. Republican Senator Thom Tillis has stated he will not support any nominees while the Justice Department conducts a criminal probe into Jerome Powell—a probe Powell has called a pretext to pressure the Fed.
Following the announcement, US stocks slipped as some investors viewed Warsh as a hawkish pick who might support lower rates but stop short of aggressive monetary easing. Conversely, the precious metals complex plunged on Friday; gold and silver prices cooled as investors saw an end to the confrontation between Trump and the Fed.
While Warsh is a confidant of the President, his selection does not guarantee an immediate policy shift, as interest rates are set by a majority vote of the 12-member Federal Open Market Committee (FOMC).
Based on the sources provided, here is the reproduction of the article regarding the government's finalization of the PLI 2.0 scheme for the drone industry.
Govt finalises PLI 2.0 scheme for ‘a self-sustaining drone ecosystem’
FISCAL PUSH. An allocation of over ₹1,000 crore is under consideration for the scheme that may be announced in the Budget
Rohit Vaid — New Delhi
The Centre has finalised a Production-Linked Incentive (PLI) 2.0 scheme aimed at developing a self-sustaining drone ecosystem in the country. The proposed scheme is expected to incentivise the domestic manufacture of drones and their key components. The basic proposal for the PLI scheme for drones has moved from the Civil Aviation Ministry to the Finance Ministry, and the expectation is that it will be announced in the upcoming Union Budget, according to sources.
Building on PLI 1.0
The proposed PLI 2.0 scheme is expected to build on an earlier iteration of the incentive programme notified in 2021, which was aimed at boosting the manufacture of drones and components. The earlier PLI 1.0 scheme provided incentives worth ₹120 crore to Indian manufacturers based on value addition, calculated as annual sales revenue minus the purchase cost of inputs. Those incentives were spread over three financial years, beginning in 2021-22.
Expanding Scope and Localization
The new scheme will also cover allied services, including leasing and the sale of software used to operate unmanned aircraft systems (UAS). Sources stated that the scheme seeks to encourage Indian manufacturers to develop and produce critical drone components locally. Presently, up to 60 per cent of drone parts used in India are imported. The proposed framework aims to reverse this trend by increasing localisation levels to around 30 per cent of the total drone value.
Budgetary Allocation and Incentives
It is widely expected that a budgetary allocation of over ₹1,000 crore is under consideration for the scheme. Incentives are likely to be offered as a predetermined percentage of the total sale value of drones, the value addition, and the share of localised components.
Sources noted that the approach is designed to support the development of a comprehensive drone ecosystem by extending the scope to drone leasing models and the sale of software platforms used for operations.
Current Industry Outlook
At present, India has around 300 drone manufacturers producing various categories of UAS for applications in defence, agriculture, infrastructure development, and surveillance. Industry estimates point to sustained demand growth across these sectors, driven by increasing adoption in infrastructure monitoring and security-related activities.
Based on the provided sources, here is the reproduction of the article featuring Chief Economic Advisor (CEA) V. Anantha Nageswaran’s assessment of private sector investment in India.
‘It may be overstating the case that private sector investment is static’
Chief Economic Advisor V. Anantha Nageswaran says granular corporate data indicates significant growth in private sector investment.
Chief Economic Advisor V. Anantha Nageswaran has stated that the gross fixed capital formation (GFCF) ratio of GDP, which currently stands at 30-31 per per cent, is a clear indicator that private sector investment is growing. Speaking a day after the tabling of the Economic Survey in Parliament, the CEA sought to clarify the larger message behind the observations regarding India's investment climate.
Overstating the Situation
Addressing concerns that private investments have not scaled up in consonance with public capital expenditure, Nageswaran suggested that the problem may be exaggerated. "I think we are probably overstating the situation with regard to private capex," he remarked. While official investment numbers for FY25 will not be available until February 2026, he noted that granular corporate data shows investment growth in 2024-25 has already been significant.
Geopolitical and Trade Pressures
The CEA conceded that certain factors are exerting pressure on domestic capital spending. He pointed to geopolitical and trade-related uncertainties, as well as the presence of large manufacturing companies with excess capacity operating globally. Specifically, he noted that Indian companies sometimes find it necessary to locate production in countries that have imposed high tariffs on India to remain competitive in those markets, which naturally impacts domestic investment.
Despite these challenges, Nageswaran maintained that a 30-31 per cent GFCF ratio represents "very respectable numbers" under current global circumstances.
Turning Uncertainty into Reform
Nageswaran argued that global disruptions should be viewed as a catalyst for the private sector to "get its act together". He suggested that the private sector should use this period to invest in quality, R&D, and innovation. In return for time-bound protection from external competition, businesses can scale up their competitiveness to global standards.
Furthermore, he emphasized that for India to reach its economic ambitions, the State, private sector, and households must align and commit to the scale of adjustment required to navigate external headwinds. He concluded that while the global environment remains uncertain, India’s preparedness and preparedness can turn those headwinds into tailwinds.
Based on the provided sources, here is the reproduction of the article featuring Chief Economic Advisor (CEA) V. Anantha Nageswaran’s assessment of private sector investment in India.
‘It may be overstating the case that private sector investment is static’
Chief Economic Advisor V. Anantha Nageswaran says granular corporate data indicates significant growth in private sector investment.
Chief Economic Advisor V. Anantha Nageswaran has stated that the gross fixed capital formation (GFCF) ratio of GDP, which currently stands at 30-31 per per cent, is a clear indicator that private sector investment is growing. Speaking a day after the tabling of the Economic Survey in Parliament, the CEA sought to clarify the larger message behind the observations regarding India's investment climate.
Overstating the Situation
Addressing concerns that private investments have not scaled up in consonance with public capital expenditure, Nageswaran suggested that the problem may be exaggerated. "I think we are probably overstating the situation with regard to private capex," he remarked. While official investment numbers for FY25 will not be available until February 2026, he noted that granular corporate data shows investment growth in 2024-25 has already been significant.
Geopolitical and Trade Pressures
The CEA conceded that certain factors are exerting pressure on domestic capital spending. He pointed to geopolitical and trade-related uncertainties, as well as the presence of large manufacturing companies with excess capacity operating globally. Specifically, he noted that Indian companies sometimes find it necessary to locate production in countries that have imposed high tariffs on India to remain competitive in those markets, which naturally impacts domestic investment.
Despite these challenges, Nageswaran maintained that a 30-31 per cent GFCF ratio represents "very respectable numbers" under current global circumstances.
Turning Uncertainty into Reform
Nageswaran argued that global disruptions should be viewed as a catalyst for the private sector to "get its act together". He suggested that the private sector should use this period to invest in quality, R&D, and innovation. In return for time-bound protection from external competition, businesses can scale up their competitiveness to global standards.
Furthermore, he emphasized that for India to reach its economic ambitions, the State, private sector, and households must align and commit to the scale of adjustment required to navigate external headwinds. He concluded that while the global environment remains uncertain, India’s preparedness and preparedness can turn those headwinds into tailwinds.
Based on the sources provided, here is the reproduction of the article regarding foreign institutional investor (FII) trends in the Indian equity market.
FII holdings in mid- and small-caps rise to multi-year high: Elara Capital
TACTICAL FLOWS. Pattern underscores rotation toward growth opportunities beyond frontline stocks.
Our Bureau — Bengaluru
Foreign institutional investors (FIIs) have increased their exposure to mid- and small-cap stocks to multi-year highs, even as their allocations to large-cap benchmarks have moderated, according to a report by Elara Capital. The report, titled ‘Ownership Mosaic’, which analyzes equity ownership trends across various investor classes, shows that FII participation in the Nifty Midcap 150 rose to 16.4 per cent by December 2025.
During the same period, FII exposure to the Nifty Smallcap 250 increased to approximately 14.2 per cent. In contrast, FII holdings in the large-cap Nifty 50 eased to around 25.5 per cent, down from a peak of over 28 per cent in FY21, reflecting a more selective risk appetite amid global volatility.
Sector-Level Reallocations
The brokerage noted that this pattern underscores tactical foreign flows, with investors rotating toward growth opportunities beyond frontline stocks rather than exiting the market entirely. This rise in mid- and small-cap exposure coincided with significant sector-level reallocations. Over the past year, FIIs have sharply raised stakes in the following sectors:
- Telecom (the biggest beneficiary of foreign inflows)
- Media
- Materials
- Metals
- Financials
Conversely, they trimmed positions in utilities (which saw the steepest year-on-year reduction), consumer staples, discretionary stocks, banks, and real estate.
Dominance of Domestic Investors
Domestic institutional investors (DIIs) continued to consolidate their role as the market’s dominant long-term capital base. Elara noted that DII ownership has climbed steadily across major indices since FY20, accelerating after FY22 and strengthening particularly in the Nifty 50 and Nifty 500.
DII buying has been concentrated in consumer discretionary, IT, and real estate, while they pared back exposure to materials, utilities, autos, and metals. The divergence between foreign and domestic positioning suggests increasingly nuanced views on sectoral prospects within the same market environment.
Institutional Interest Rising (Data Trends)
The following table illustrates the steady rise in institutional participation over the last year:
| Index / Investor Class | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 |
|---|---|---|---|---|---|
| Nifty Midcap 150 | |||||
| FII (%) | 15.7 | 15.4 | 15.9 | 16.1 | 16.4 |
| DII (%) | 16.4 | 16.3 | 16.2 | 16.6 | 17.3 |
| Nifty SmallCap 150 | |||||
| FII (%) | 14.1 | 14.2 | 14.7 | 14.3 | 14.2 |
| DII (%) | 15.0 | 14.6 | 13.9 | 14.5 | 14.6 |
Sources: BSE, Bloomberg, Ace Equity, Elara Securities Research.
Based on the sources provided, here is the reproduction of the article by Paran Balakrishnan regarding the shifting geopolitical landscape under the Trump administration.
Canada breaks away, India hedges its bets
The US President’s belligerence and erratic policymaking is splintering alliances and redrawing new ones
By Paran Balakrishnan
The “Trump Effect” has forced allies and rivals alike to reassess a US that now appears erratic, transactional, and coercive. Across global capitals, from Ottawa to New Delhi, the damage to America’s standing abroad is becoming plain. No country has felt this rupture more keenly than Canada, a nation Trump has repeatedly mused about making the 51st state.
The End of the Old Order
Speaking at Davos, Canadian Prime Minister Mark Carney tolled the death knell of the old global order, stating that the post-war system of open trade and shared rules is over. Carney argued that in this harsher, more fragmented world, middle powers like Canada must diversify trading partners and build new coalitions rather than relying on a single superpower. This stance reportedly infuriated Trump, who mocked the Prime Minister as “Governor Carney”.
The fallout in Canada has been significant:
- Canadian travel to the US is down 40 per cent.
- US alcohol has been stripped from Canadian shelves, leading bourbon maker Jim Beam to shut its main distillery for a year.
- Canadian supermarkets have begun carrying labels to identify domestically made products.
The “Board of Peace” and India’s Stance
Trump has attempted to sideline the UN with a personal creation called the “Board of Peace”. Membership comes with a $1-billion price tag, a move critics view more as a "cash grab" than diplomacy. While a clutch of authoritarian regimes has shown interest, India has steered well clear of this project.
India’s Strategic Dilemma
India finds itself in a difficult position, acting as a middle power while the US behaves as a "class bully" that spares Russia but stomps on allies. Ever since the 2020 Galwan clash, India has struggled to stand up to an aggressive China, and the uncomfortable truth is that New Delhi still needs US backing to counter Beijing.
Hopes that the Quad (US, India, Australia, and Japan) could provide ballast have been dampened by suspicions that Trump has little interest in the grouping. Furthermore, despite PM Modi’s visit to China, progress remains uneven, and Chinese companies remain wary of being caught in the crosshairs of future tensions.
Hedges and New Alliances
To manage these risks, India is pursuing a strategy of deeper engagement with other middle powers, particularly in South-East Asia. This includes:
- Strengthening ties with Indonesia, Thailand, Malaysia, and the Philippines.
- Participating in naval exercises with the Philippine Navy.
- Securing a new free trade deal with Europe.
A Perilous Future
The situation is complicated by Trump’s apparent vision of dividing the world into spheres of influence, where China dominates Asia, Russia looms over Europe, and Washington controls the Americas. For India, this raises stark questions about how dependable US backing would truly be in a confrontation with China. As Carney warned, the damage to trust is enduring, and no country is likely to place the same faith in the US that they did for the eight decades following World War II. The resulting international order is one that is far more uncertain, fragmented, and perilous.
Based on the sources provided, here is the reproduction of the article by Anita Rao Kashi regarding the cuisine of Laos.
Eat your way through Laos
Distinct and diverse, the cuisine packs a punch with fresh salads, stews and sausages
By Anita Rao Kashi
On a humid July morning near Luang Prabang, the cultural capital of Laos, rice terraces stretch to the horizon. At the Living Land Farm, a local collective, visitors can experience the clumsy effort of planting rice saplings. Rice is a permanent fixture on the Laotian table, and sticky rice (khao niew) is the essential staple. It is steamed in a conical bamboo basket called a thip khao, then flipped until it forms a solid mass the size of a football. Fistfuls are then plucked, shaped into smaller balls, and served in small bamboo pockets.
Distinct Flavours
Laotian cuisine is simple and fresh, utilizing bold spices, herbs, and condiments such as chilli, lime, and fish sauce. While it contains influences from Thailand, Vietnam, Cambodia, China, and Myanmar, it remains distinct. Locals frequently forage for ingredients, including catfish, river crabs, birds, frogs, lemongrass, and wild mushrooms.
National Dishes
Considered the country’s national dish, larb (or laab) is a minced meat salad typically made with pork, chicken, beef, or fish. It can also include mushrooms, tofu, or banana flowers, mixed with lime juice, fresh herbs, and roasted rice powder for crunch. It is usually eaten with sticky rice and raw cabbage or lettuce leaves to temper the heat of the chillies.
Another prominent dish is tam mak hoong (papaya salad). Unlike the Thai som tam, the Laotian version has a distinct fermented flavour derived from fish sauce, combining slivers of papaya with tomatoes, lime, chilli, and garlic for a bold mix of spicy, sour, sweet, and salty.
Warming Stews and Street Food
Or lam is a slow-cooked stew often enjoyed during Mekong river cruises. It features a melange of vegetables and herbs, made particularly interesting by the addition of Lao chilli wood, a vine that provides a peppery flavour that can numb the tongue. This fiery dish is often chased with chunks of mango and sweet sticky rice.
In Luang Prabang’s night market on Sisavangvong Road, food stalls draw crowds with sai oua (Laotian sausages). Made with minced pork, these sausages are incredibly savoury due to the addition of local herbs and spices.
For a complete meal, many turn to khao poun, a noodle soup made with rice vermicelli dunked in a savoury broth of coconut milk. Its complex flavours are drawn from lime leaves, garlic, galangal, and fish sauce, and it is served with fresh herbs, lime wedges, crispy noodles, and fried onions for added texture. In many ways, the satisfying complexity of this dish epitomises Laos itself.
Anita Rao Kashi is an independent journalist based in Bengaluru.
Based on the sources provided, here is the reproduction of the article concerning India's role in the production of AI-generated content.
Inside India’s AI slop economy
India is one of the biggest producers of AI-generated shorts. Lounge meets their creators.
By Shephali Bhatt
In late 2024, tech journalist Casey Newton coined the term “AI slop” to describe the flood of quickly produced, AI-generated content quietly overwhelming the internet. By June 2025, the phenomenon had gained such traction that comedian John Oliver dedicated a segment to it, specifically naming India as one of the top producers. “AI slop” was eventually named the word of the year by the Merriam-Webster dictionary in 2025.
The Rise of “Hulku” and Boltu
The most visible side of this fast-growing creator economy features bizarre, fantastical narratives often starring anthropomorphized animals or repurposed pop-culture icons. A particularly popular figure is “Hulku” (or “Hulkeshwar”), a reborn version of the Marvel superhero typically depicted as an Indian villager bullied by a frail grandmother or teased by local elders.
The most successful AI channel globally is India-based Bandar Apna Dost, which features a monkey named Boltu. In November 2025, a global report by the platform Kapwing identified it as the “AI slop” channel with the most views in the world, clocking in at 2.65 billion views to date. Kapwing estimated the channel’s annual revenue at approximately $4.25 million.
The Creator’s Pivot
For creators like 23-year-old Surajit Karmakar from Bongaon, Assam, AI has provided a way to rebuild after setbacks. Karmakar previously ran a successful live-action comedy channel that was shut down due to copyright strikes. He pivoted to Google’s Veo 3 in 2024 to create AI videos solo, initially uploading 20-25 monkey videos a day to find success.
Similarly, Bengaluru-based Prajwal Rai, a former video editor and ad filmmaker, has pivoted almost entirely to AI content. Rai earns significantly by creating AI-generated films for landmark events like weddings, 50th birthdays, and anniversaries, with monthly earnings exceeding ₹3 lakh.
The Education and Coaching Ecosystem
The ecosystem now includes content coaches like Tanishaa Bhansali, who has taught over 40,000 people how to use AI tools. Current trends involve AI cloning, where influencers and podcasters create digital replicas of their physical forms and voices to churn out content without being physically present for shoots. Bhansali emphasizes that as AI quality improves, the skill lies in “negative prompting”—telling the AI what not to do, such as ensuring skin textures do not look “plastic”.
Platform Paradox: Tools vs. Monetization
There is a growing tension at the heart of platforms like Instagram and YouTube. While they aggressively push generative AI tools—such as YouTube’s Dream Screen or Instagram’s AI stickers—they are simultaneously tightening monetization rules. In July 2025, YouTube updated its policies to label “repetitious content” as “inauthentic content”. To qualify for the YouTube Partner Program (YPP), AI videos must now be original, high-value, and not easily replicated at scale.
From “Cringe” to Authenticity
Cultural critics note a shift in how this content is consumed. What was once dismissed by urban audiences as “cringe” is being re-evaluated. Instagram head Adam Mosseri recently noted that people are increasingly gravitating toward a “raw aesthetic” and that in a world of AI perfection, “imperfection becomes a signal” of authenticity.
However, some fear this is a new form of the gig economy. As agencies and brand managers step in to manage small-town creators, concerns are rising that the creators will do the labour while platforms and agents control the distribution and budgets.
Based on the sources provided, here is the reproduction of the article regarding Kutch's return to traditional earthquake-resistant architecture.
Kutch returns to quake-resistant ‘bhunga’ houses
Twenty-five years after the 2001 earthquake, Kutch has transformed tragedy into a blueprint for resilience, blending the knowledge of ‘bhunga’ mud huts with modern engineering to redefine community-led rehabilitation.
By Avantika Bhuyan — Bhuj
On the morning of 26 January 2001, Gujarat was rocked by a 7.7 magnitude earthquake with its epicentre near Chaubari village in Kutch. The disaster resulted in 13,805 casualties and destroyed more than 90 per cent of homes in the region. However, while modern reinforced cement concrete (RCC) buildings were reduced to rubble, a survey revealed that traditional round mud structures, known as bhungas, remained standing.
Age-Old Wisdom
The tradition of the bhunga dates back to a devastating quake in 1819, which led the Meghwals, an agropastoralist community, to reimagine their dwellings. Instead of square or rectangular spaces, they built circular huts.
Architect and environmentalist Sandeep Virmani explains the engineering behind this choice: “In a square structure, when the earth moves sideways, a crack develops in the corner... Whereas in a circular structure, the energy just keeps going round and round, and then slowly dissipates back into the ground.” These structures are also suited to the desert climate, remaining cool in summer and warm in winter.
Community-Led Rehabilitation
Following the 2001 disaster, the collective Hunnarshala worked to adapt this traditional knowledge for modern recovery. Master artisans from the Meghwal community collaborated with engineers to evolve the design, replacing conical thatch with octagonal tiled roofs.
The Kutch Mahila Vikas Sangathan (KMVS) played a pivotal role, spearheading the construction of approximately 2,000 bhungas for 1,200 families in the Banni Pacham area. Women from the community were instrumental in developing stabilised earth paints and adapting designs to ensure the houses were resilient yet manageable.
Evolution and Tourism
The bhunga has since become a symbol of Kutch’s identity and a boost to its tourism industry. The village of Hodka features a resort made of bhungas, and the annual Rann Utsav is filled with these structures equipped with modern amenities.
To meet modern needs, many houses have shifted from dried grass thatch to Mangalore tiles to reduce maintenance time. Despite these changes, the youth in Kutch continue to carry this traditional architectural knowledge forward.
A Blueprint for the Future
The lessons from Kutch are now being applied elsewhere. The Hunnarshala research team is documenting 12 different styles of traditional earthquake-resilient architecture in the Himalayas, a region now designated as Zone VI—the highest seismic-hazard category.
In Bhuj, the Karigarshala (started in 2011) provides an 18-month course for young artisans, combining traditional earth technologies with formal pedagogy. As the demand for low-carbon, earthquake-safe buildings grows, these students are bridging the gap between ancient wisdom and modern engineering.
Seismological Progress
Since 2001, monitoring capabilities have expanded significantly. While there was only one seismological station in Kutch during the 2001 quake, today there are 110 stations across Gujarat, providing near real-time data to the Institute of Seismological Research (ISR). This continuous monitoring and extensive research over the last 25 years now enable faster relief and rescue operations.
Based on the sources provided, here is the reproduction of the article concerning Brian Armstrong, CEO of Coinbase, and his intensifying conflict with traditional banking leaders.
The crypto CEO who’s become enemy no. 1 on Wall Street
Coinbase chief Armstrong is clashing with Jamie Dimon and other bank stewards over the future of finance.
By Amrith Ramkumar, Dylan Tokar & Gina Heeb
Brian Armstrong, CEO of the largest U.S. crypto company, was having coffee with former U.K. Prime Minister Tony Blair at the World Economic Forum in Davos last week when JPMorgan Chase’s Jamie Dimon cut in. “You are full of s—,” Dimon said, pointing his finger squarely at Armstrong’s face, essentially telling him to stop lying on TV.
This confrontation underscores a significant shift: as crypto moves into the mainstream, Wall Street heavyweights are beginning to view it as a direct threat to their core business—consumer deposits.
The Fight Over "Rewards"
The central point of contention is whether crypto exchanges should be allowed to offer consumers regular payouts for holding digital tokens. These “rewards” pay holders of stablecoins (digital assets pegged to real-world currency) a recurring fee, such as 3.5%.
Banks argue these payouts are effectively interest. Because traditional banks typically offer yields under 0.1% for checking accounts, they fear consumers will shift their money into crypto in droves, compromising community banks and business lending. Armstrong maintains that the free market should reign and banks can simply increase their interest rates to compete.
The "Clarity Act" and Political Lobbying
This dispute has moved to Washington, centered on legislation known as the Clarity Act, which could shape the future of everyday financial services. Armstrong has become a powerful voice in this debate, famously posting on X (formerly Twitter) that he would rather have “no bill than a bad bill”. Following his pushback, a Senate committee vote that could have effectively banned Coinbase from offering yields was abruptly postponed.
Armstrong’s influence is backed by significant capital; Coinbase poured approximately $75 million into the 2024 election to fight skeptical candidates. He praised Donald Trump’s victory as the “dawn of a new crypto era” and has since become a regular suited visitor to Capitol Hill.
"Bank Replacement" Ambitions
Armstrong, who studied at Houston’s Rice University, was an early convert to blockchain after reading the original bitcoin white paper. He founded Coinbase in 2012 to provide a place for people to store digital assets.
While former colleagues once described him as shy or even “Vulcan” in his stoicism, Armstrong has been far from bashful about his ambitions. “Ultimately we want to be a bank replacement for people,” he stated last year. He intends for Coinbase to become a “super app” providing all types of financial services, including electronic payments and stock trades.
Friction at the Top
The tension was palpable during other Davos meetings:
- Bank of America CEO Brian Moynihan told Armstrong: “If you want to be a bank, just be a bank... If you want to be a money-market fund, just be a money-market fund”.
- Citigroup’s Jane Fraser gave Armstrong less than a minute of her time.
- Wells Fargo CEO Charlie Scharf told Armstrong there was “nothing for them to talk about” while Dimon idled nearby.
Despite the friction, Armstrong has proposed a compromise: a new class of stablecoin issuers that could pay rewards if they meet tighter regulatory standards, potentially allowing banks to enter the game on a level playing field. However, for now, the industry is increasingly defined as Coinbase vs. the banks.
Based on the sources provided, here is the reproduction of the article concerning the surge in funding for India's spacetech sector in 2025.
India’s spacetech funding hits inflection point in 2025
Of the top 10 deals in spacetech in 2025, just three went to late-stage incumbents
By Rwit Ghosh — Bengaluru
India’s spacetech sector crossed a quiet but consequential threshold in 2025. After years of cautious capital and long gestation bets, investors—encouraged by early incumbents moving towards tangible milestones—have begun funding the sector with a confidence not seen before.
Data from Venture Intelligence shows that $276 million of venture capital poured in across 33 deals in 2025, more than the $262 million across 28 deals for the previous two years combined. Of the top 10 deals in spacetech in 2025, just three went to late-stage incumbents, with the rest going to younger firms. This simultaneous flow of capital to first-time founders and late-stage incumbents suggests rising conviction across the sector’s lifecycle.
Inflection Point of Talent
“Early incumbents in the sector have been able to raise capital, which in turn has created confidence in the entrepreneurial community that the investing ecosystem is there to support them,” said Pratik Agarwal, partner at global venture capital firm Accel. “There’s also been an inflection point of talent.”
For instance, Chennai-headquartered Agnikul Cosmos and Hyderabad-based Skyroot, which were launched in 2017 and 2018, respectively, initially focused on building space infrastructure. Both companies are now approaching their debut commercial launches, most likely sometime in 2026.
Attracting New Funds
That progress has begun to attract funds that have historically avoided deeptech. One example is Arkam Ventures, a Bengaluru-based early-stage fund that is now evaluating spacetech actively. The firm is looking to make between four and five bets from its second fund, which was announced in 2023 with a target corpus of $180 million. The firm previously invested in Skyroot in 2024 through its first fund.
“We learnt a lot about spacetech with that investment including how deep the supply chain is, what are the critical components, what are the advantages India has in the sector,” said Rahul Chandra, managing director at Arkam Ventures.
Zerodha-backed Rainmatter Capital is also stepping up deeptech investments and has been meeting more spacetech companies than in prior years. The firm made an early bet on Agnikul Cosmos and participated in satellite startup Galaxeye’s $6.5 million round in 2024. “We’re looking at companies more from a lens of how India can diversify away from dependencies on other countries,” said Dinesh Pai, who heads investments at the firm.
Major Deals and Outliers
In the $276-million funding for the sector in 2025, Noida-based drone maker Raphem Phibr did the heavy lifting, raising $100 million in a round led by General Catalyst. There were only three other rounds above $10 million:
- Digantara (Bengaluru-based): $50 million
- EtherealX: $21 million (Series A)
- Agnikul Cosmos: $17.5 million (Series C)
EtherealX was noted as a significant outlier, raising a large Series A cheque led by TDK Ventures and BIG Capital. Two years ago, such a large early-stage cheque for the sector was practically unheard of.
Rising Competitiveness
While pre-seed and seed cheque sizes have remained steady at around $3 million, investors note that some cheques for high-quality deals are reaching $5 million. Examples include:
- Catalyx Space (Ahmedabad/San Francisco): $5 million
- TakeMe2Space: $5 million
- SpaceFields: $5 million
These larger cheques come with high expectations regarding founder background and technical depth. Atharva Shah, senior associate at Rockstud Capital, noted that rounds are "really competitive" for founders who have been working on their technology for years. Manu Iyer, co-founder of Bluehill.vc, added that competition for high-quality deals has risen by 100%, with relatively good quality deals seeing four to five funds making a play.
Raising Capital: Top 10 VC Deals in Spacetech (2025)
| Company | Investor | Amount ($M) | Date/Stage |
|---|---|---|---|
| Raphem Phibr | General Catalysts, Amal Parikh, Think Investments | 100 | Jun 2025 / Series B |
| Digantara | Peak XV Partners, Kalaari Capital, 360 ONE, SBI Investment, others | 50 | Dec 2025 / Series B |
| EtherealX | Accel India, YourNest, Prosus Ventures, TDK Ventures, BIG Capital, others | 21 | Oct 2025 / Series A |
| AgniKul Cosmos | Pratithi Investments, Artha India Ventures, HDFC Bank, others | 17 | Nov 2025 / Series C |
| Airbound | Lightspeed Ventures, others | 9 | Oct 2025 / Seed |
| Sisir Radar | 360 ONE, Shastra VC | 7 | Sep 2025 / Seed |
| Catalyx Space | Arka Venture Labs, Together Fund, others | 5 | Sep 2025 / Seed |
| TakeMe2Space | Chiratae Ventures, Unicorn India Ventures, SEA Fund, others | 5 | Jan 2026 / Seed |
| SpaceFields | SIDBI VC, Rainmatter Capital, Rockstud Capital, others | 5 | Oct 2025 / Seed |
| Cosmoserve Space | AUM Ventures, others | 3 | Dec 2025 / Series A |
(Source: Venture Intelligence Data till 23 Jan 2026)
Based on the sources provided, here is the reproduction of the article concerning the World Bank's partnership with India for job creation.
World Bank to fuel India job creation
The new plan took effect from start of 2026 and will continue for about five years.
Manas Pimpalkhare — New Delhi
The World Bank Group announced on Friday that it has formed a new partnership with the government of India to support job creation across both urban and rural areas. The agreement involves $8-10 billion in annual financing over the next five years.
Expanding Financial Support
This new plan represents an increase in funding compared to the previous strategy, which ran from FY18 to FY22 and was extended to December 2025 due to the pandemic. That earlier plan had an annual outlay of $6-7 billion. The current partnership officially took effect at the start of 2026 and is expected to continue for approximately five years.
Target Sectors and Projects
The World Bank's focus will be on sectors capable of generating local jobs at scale. These priority areas include:
- Infrastructure and energy
- Agribusiness
- Healthcare and tourism
- Value-added manufacturing
Specifically, the funds will be deployed through various schemes, such as the Pradhan Mantri Skilling and Employability Transformation, the Maharashtra Project on Resilient Agriculture, the Kerala Health Systems Improvement Program, and initiatives for e-mobility.
Alignment with National Vision
Finance Minister Nirmala Sitharaman stated that the World Bank's support would have a “sustainable impact” on Indian employment and is fully aligned with the government's “Viksit Bharat” vision of becoming a developed economy by 2047.
The Minister emphasized that the key to achieving this impact at both speed and scale lies in leveraging public funds with private capital and enriching domestic projects with the Bank Group’s global knowledge.
Based on the sources provided, here is the reproduction of the article concerning Indian Oil Corporation’s (IOC) plans to expand its operations in Canada.
IOC plans to boost production in Canada
Indian Oil Corp. Ltd (IOC) plans to step up exploration and production activity in Canada and explore sourcing crude oil and liquefied natural gas (LNG) from the country, chairman and managing director Arvinder Singh Sahney said in an interview.
Arvinder Singh Sahney stated that IOC intends to be one of the major Indian companies operating in Canada. The company is currently working on several areas with the country, including the sourcing of crude, sourcing of LNG, and increased exploration. Sahney noted that IOC generally moves ahead with a local partner for global exploration and expects to do more such work in Canada.
A Strategic Reset
This push comes as India and Canada work on a strategic reset following a change in leadership in Canada, with Prime Minister Mark Carney assuming office. Ties between the two nations have revived over the past year after a period of strain. Additionally, both countries are navigating new US tariffs and seek to deepen their energy partnerships.
Earlier in the week, the two nations launched a renewed Ministerial Energy Dialogue, where both sides stressed the importance of energy security and diversity of supply. While Canada is currently not supplying energy to India, it is the world’s fourth-largest oil producer, with an output exceeding 5 million barrels per day as of 2024. It also holds the fourth-largest proven oil reserves at 163 billion barrels, most of which are in oil sands.
Increasing Engagement
When asked if IOC would make further investments in its Canadian subsidiary, IndOil Montney Ltd, Sahney confirmed the intent to increase engagement as new projects come along. This expansion is vital for India, which is the world’s third-largest oil buyer and imports nearly 90 per cent of its crude oil needs. Last fiscal year, India sourced oil worth $161 billion, which accounted for approximately a quarter of the country’s total import bill.
IOC’s Refining Prowess
India is the world's fourth-largest refiner with a total capacity of 258.1 million tonnes per annum (mtpa). IOC is the country's largest refiner, accounting for roughly 31 per cent of this capacity at 87.5 mtpa. In FY25, the company reported an upstream output of 4.45 million tonnes of oil equivalent (Mtoe), an increase from 4.26 Mtoe the previous year. In its annual report, IOC attributed part of this growth to higher production from the Pacific North-West LNG project in Canada.
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