Ilya Strebulaev, a professor in the Venture Capital Initiative at Stanford Graduate School of Business, analysed data from 500 unicorns between 1997 and 2019. The dataset includes information on 1,078 founders, of whom 44% were identified as non-U.S.-born based on their places of birth.

“Nearly half of US unicorn founders were born outside the US. Immigrants are crucial for US innovation: our research revealed that 65 countries (apart from the US) have produced at least one founder of a US unicorn,” wrote Strebulaev on LinkedIn.

Indian-born founders form nearly one-fifth of all non-US-born unicorn founders, totalling 90 individuals from India. This is followed by Israel with 52 founders, Canada with 42, the UK with 31, and China with 27. In Asia, India leads the list of founders, followed by Israel, China, and Taiwan with 12 founders.

In Europe, the UK leads in the number of founders, followed by Germany with 18, France with 17, Russia with 14, Ukraine with 12, and Ireland with 10.

In Africa, South Africa has five non-US-born founders. In South and North America (excluding the US), Canada has the highest number of founders, followed by Brazil with 9 founders. In Australasia, no country reached double digits; Australia contributed eight founders, while New Zealand had six.

Countries with fewer than five unicorn founders include Switzerland (4), Japan (3), Sweden (2), Greece (2), and Turkey (2).

The study also concludes that relocating start-ups to the US significantly increases their chances of achieving unicorn status. Indian start-ups are 6.5 times more likely to reach unicorn status if they relocate from India to the US.

Whether this trend will continue is unclear. After all, immigration has been a significant debate issue in US politics for decades, and it remained a major concern in the 2024 election cycle. Presidential candidates Kamala Harris and Donald Trump clashed over immigration policy and disagreed on the economic benefits of immigration. Trump won the election, pledging to deport 20 million illegal immigrants and further tighten immigration rules for legal immigrants.

The $1 trillion-plus figure represents a milestone for India on its way to a higher profile in the global securities markets, and a bragging point for the Modi government’s push to liberalize investment rules. The Indian markets have provided high long-term returns over the past decade, ranking second behind the US. Ten-year annualized returns for the Sensex index, in US-dollar terms, stand at 8.5% compared to 9.7% for the Dow Jones Industrial Average.

As of September, the top five countries for foreign portfolio investment in India were the US, Singapore, Luxembourg, Ireland, and Mauritius. The US and Singapore were the main contributors to FPI inflows, together accounting for nearly $23 billion in net investments for the year, with inflows totaling $14.27 billion and $8.77 billion, respectively. FPIs invest mainly through primary markets, which include initial public offerings (IPOs), follow-on public offerings, rights issues, and qualified institutional placements.

While India still requires FPIs to report changes in registration, mergers, or ownership within seven working days, they now have 30 days rather than seven to submit the necessary documentation. And for minor changes within the investor group, FPIs now have 30 days to report and submit documents. India’s IPO market has been strong in 2024, with 50 companies raising $6 billion by August. Notable deals, including the first-ever public offering by Hyundai Motor India, have attracted FPI interest. The BSE (Bombay Stock Exchange) IPO index, which tracks newly listed companies, has surged 38% this year, and the recent 50-basis-point rate cut by the US Federal Reserve, along with expected further rate hikes this year by the Reserve Bank of India and the comparative stability of the Modi-led government, could attract more FPI inflows, observers say.

Noel’s appointment, given his surname, signals continuity at Tata Trusts, which holds a 66% stake in the Tata Group, the most valuable brand in India, with a valuation of $28.6 billion. Noel therefore faces the challenge of leading the $165 billion salt-to-software conglomerate.

With over 40 years’ experience at Tata Group, he currently serves on the boards of various Tata subsidiaries, including as chairman of Trent, Tata International, Voltas, and Tata Investment Corporation. He is also vice chairman of Tata Steel and Titan Company. Before his new appointment, he was a trustee of two other family philanthropies, Sir Dorabji Tata Trust and Sir Ratan Tata Trust.

As managing director of Tata International from 2010 to 2021, he grew the leather products and global trading company’s turnover from $500 million to over $3 billion. In 11 years as managing director of Trent, he expanded the retail operator from a single store in 1998 to some 875 today, producing a 6,000% increase in share price over the last decade.

Noel Tata is married to Aloo Mistry, the sister of Cyrus Mistry and daughter of billionaire Pallonji Mistry, whose family holds an 18.4% stake in Tata Sons. His new role as Tata Trusts chair is expected to improve the relations between the Tata family and the Shapoorji Pallonji Group, another Mumbai-based conglomerate. Noel’s children, Maya, Neville, and Leah, have been trustees of Tata family-linked charities since 2022.

The bonds, issued in 2021, were subscribed by countries including Egypt, Pakistan, South Africa and the UK. Sukuk bonds comply with Islamic law, offering investors a way to generate returns without violating the prohibition on interest. Investors reap a share of profits from the underlying financial instrument rather than interest payments upon expiration.

To aid the island republic, the State Bank of India (SBI) has subscribed to $50 million in government Treasury bills issued by the Ministry of Finance of the Maldives, rolling over a one-year T-bill following the maturity of the previous subscription on September 19. In May, the SBI lent the Maldives $50 million to roll over a short-term bond.

That leaves the government on the hook to repay over $500 million in debt in 2025 and $1 billion in 2026, when the $500 million Sukuk issue matures.

The Maldives Monetary Authority is arranging a $400 million foreign currency swap with the Reserve Bank of India to bolster its financial position and ease concerns of an immediate default.

The loan and currency swap represent a renewal of India-Maldives ties after a period of strain when Maldivian President Mohamed Muizzu, asked India to withdraw military personnel earlier this year. India and China are among the nation’s biggest creditors.

Despite a recovery in tourism, the Maldives faces a foreign exchange crisis due to high external borrowings to finance tourism projects. The South Asian country relies heavily on imports, has limited exports and faces high debt repayment bills. Some experts remain concerned that the 2021 Sukuk issue may become the Maldives’ first bond offering to default, making it the first government ever to default on a Sukuk payment. As of March, the Maldives had a high debt-to-GDP ratio of 110%. Fitch and Moody’s have downgraded its rating from CCC+ to CC and from Caa1 to Caa2, respectively.       

Ola is a pure electrical vehicle (EV) brand with a leadership position in scooters and motorcycles, claiming a 49% market share in the E2W space in India. Founded in 2017, it is India’s first E2W maker, the first Indian automaker in two decades to establish itself successfully, and now the biggest debut this year in the Indian equity markets.

The SoftBank-backed company’s shares surged nearly 82% in less than two weeks after the IPO, rising 20% over its initial share price of 91 cents on August 16, to lift its market capitalization across the $7 billion mark after it announced the launch of new electric motorcycles and that it would manufacture its own batteries to cut costs. A portion of the IPO net proceeds—$141 million—will be used to expand the manufacturing capacity Ola’s gigafactory in Tamil Nadu.

The sudden surge in Ola’s shares, without any obvious reason, surprised analysts; the company incurred a net loss of $189 million in the fiscal year 2024. This loss increased to $41 million in the first quarter, from $32 million in the same period a year earlier.

That Ola’s IPO defied these numbers was attributed to investors looking to add a high-potential stock to their portfolio and significant liquidity flows into the market. The latter trend then suddenly reversed, indicating high volatility.

India’s EV sector relies heavily on government subsidies. Government schemes like Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), the Production Linked Incentive scheme for the automobile and auto components industries, and a national program in advanced-chemistry cell battery storage have made EV products more competitive. Ola Electric also receives subsidies from the government of Tamil Nadu, and customers receive goods-and-services tax concessions as an incentive.

A scale-back of government subsidies, then, could weaken EV producers’ competitive advantage compared to makers of internal combustion engine vehicles. Despite the government’s efforts, concerns about vehicle range, insufficient charging infrastructure, and low resale value have emerged as disincentives for buying EVs.

Though RBI has collaborated with seven countries to link the Unified Payments Interface (UPI) for bilateral payments, this is the first time it has joined a multilateral project, and will connect a potentially large user base
to UPI.

Project Nexus is designed to connect the Faster Payment Systems of four Association of Southeast Asian Nations (ASEAN) countries—Malaysia, the Philippines, Singapore, Thailand—and India and has the potential to add more countries. The five participating countries will be the founding members and first movers of this platform, and have signed an agreement with BIS to this effect in Basel, Switzerland.

The recently completed third phase of Project Nexus involved the participation of the central banks of the four ASEAN nations, domestic IPS operators, and Bank Indonesia, which has special observer status. As part of its fourth phase, RBI will also join the project.

The platform creates an affordable instant payment system, serving as an alternative to global instant payment players that have high transaction costs. It aims to lower costs and expedite international remittances between countries, promoting financial inclusion, economic integration, and scalability, thereby contributing to the G20 Roadmap for Enhancing Cross-border Payments.

Project Nexus standardizes domestic IPS connections, allowing operators to make one connection to Nexus instead of custom connections to each country. Thus, the IPS is connected to all the countries in the network.

To manage the live implementation, the participating central banks and IPS operators will work toward establishing a new entity called the Nexus Scheme Organization, owned by central banks, the IPS operators or both. Finally, BIS will move toward a technical advisory role to enhance cooperation among its members and participants.

UPI is an instant payment platform that enables inter-bank transactions through mobile devices 24/7. With a single mobile application and two-factor authentication, users can access multiple bank accounts, conduct fund transfers and make merchant payments.

NPCI developed and launched its UPI in 2016. The platform has since become India’s most popular payment solution, with more than 117 billion transactions in 2023 and useable for payments in seven countries.

This partnership aims to boost inclusive economic growth and modernize Namibia’s financial system by improving connectivity with domestic and international networks.

Despite having a mature telecommunications market, Namibia is lagging behind its peers in adopting digital technologies. Its financial services sector also continues to lag. The use of online banking is limited, inhibiting access to credit and leading to a dual economy—a highly developed modern sector coexisting with an informal, subsistence-oriented one.

A UPI-like payment system will facilitate real-time payment transactions, along with person-to-person and merchant payment transactions, promoting financial inclusion and reducing cash dependency for underserved populations in rural and informal sectors. It will also help underserved micro, small, and midsize enterprises access finance.

Johannes Gawaxab, the governor of the Bank of Namibia, notes that the central bank aims to enhance accessibility and affordability for underserved populations by achieving full interoperability of payment instruments, modernizing the financial sector, and ensuring a secure national payment system by 2025.

The development of an instant payment system aligns with the bank’s Strategic Plan and National Payment System Vision and Strategy 2025. This reduces infrastructure costs for financial institutions and ensures the sustainability and affordability of instant payment solutions for end users. It also connects individuals, businesses and government entities to support the growth of digital entrepreneurship in Namibia.      

Each time, it has bounced back.

The latest such episode started in 2019 with the ongoing debt crisis, followed by a currency collapse and, in 2022, the fall of the scandal-ridden government of Rajapaksa. Since then, Rajapaksa’s successor, President Ranil Wickremesinghe has presided over yet another tentative economic recovery.

The government’s economic reform plans, including fiscal belt-tightening, foreign-debt restructuring and measures to attract foreign investment, received a vote of confidence in September 2022 when IMF staff and the Sri Lankan authorities reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under an Extended Fund Facility of about $2.9 billion. By the third quarter of 2023, after six successive quarters of negative growth, the economy saw a positive turn. The country reported a current account surplus, disinflation, increased revenue and growing remittances from citizens working abroad.

India’s Chandrayaan-3 mission created history by landing safely on the moon at 6:03 PM on August 23, making it the first country to touch the polar region of the moon and the fourth country after the US, Russia, and China to enter the moon.

It is the cheapest mission ($75 million) compared to the Russia’s Luna-25 ($200 million), China’s Chang’e ($219 million) and USA’s Apollo 11 ($152 billion).

“It will have long-term benefits for the economy, especially the private sector to invest and fund new technologies,” says Nitin Sarin, Managing Partner, Sarin&Co.

Future projects like the return to Mars, the study of Venus, and carrying humans into low earth orbit, portends a bright future for the Indian space sector. The country is an inexpensive launchpad for foreign countries. It launched 424 foreign satellites, and earned a revenue of $174 million and €256 million.

The ‘Make in India’ and ‘Atmanirbhar Bharat’ enhancing campaigns self-reliance, will get a boost. The government is likely to increase budgetary allocation towards the space sector. Indian Space Research Organization (ISRO) is turning towards domestic manufacturers like Larsen and Toubro (L&T) and Bharat Heavy Electricals, to provide vital supplies for its projects. The stock prices of 13 companies that supplied materials for the mission surged.

The space sector was thrown open to private companies in 2020. There are currently 400 companies, including 140 space tech startups. Skyroot became the first private company to launch a rocket in India and South Asia. In August 2023, government extended the Goods and Services Tax (GST) exemption for private companies that launch rockets in India.

The first Chandrayaan mission inspired me to start my own Space company, says Sanjay Nekkanti, CEO & co-founder, Dhruva Space. “I see the impact bolstering space business in India; there are many opportunities to meet the growing demand customers have to not just launch one satellite, but a constellation of satellites at once.”

India’s global space economy, was valued at $9.6 billion with a share of 2%-3% in 2020. It is expected to reach $13 billion by 2025, 10% by 2030.

When India’s largest mortgage lender, Housing Development Finance Corporation (HDFC), merged with its subsidiary HDFC Bank on July 1, it became the largest in India’s corporate history. The $40 billion all-stock merger resulted in the creation of the fourth-largest bank in the world. Only JPMorgan Chase, the Industrial and Commercial Bank of China and Bank of America remain larger.

The resulting institution also is the most valuable Indian company, with an approximately $157 billion market capitalization, beating out Reliance Industries and the State Bank of India, India’s second-largest bank. HDFC Bank has $390 billion in assets, more than double the size of ICICI Bank ($190 billion) but smaller than SBI ($670 billion). The capital will enable the bank to deliver big-ticket loans for infrastructure and growth of the country while posing a challenge to the dominance of 12 public sector banks.

As part of the reverse merger, it will strip the bank of its promoter and the parent company, HDFC Ltd. But the merger’s synergies include an extensive distribution network, which will enable the cross-selling of everything from insurance to mutual funds to the 70% of HDFC customers who do not have accounts with the HDFC Bank. It will also provide mortgages for 93% of the 71 million customers of HDFC Bank who haven’t opened a mortgage account.

Another incentive for the merger is that merger costs have been reduced: The reserve ratios of banks declined from 27% to 22.5%, the interest rates have spreads on reserves, acceptance of priority sector lending (PSL) certificates and long-tenor affordable housing bonds are exempt from reserve ratios and PSL.