UPI at 10: How India’s Digital Payment Revolution Became a Global Technology Story There was a time when paying for a cup of tea in India could involve searching for change, asking whether the shopkeeper had ₹10, and occasionally beginning a philosophical discussion about who had the correct amount. Then came UPI. Today, a customer can scan a QR code, enter a PIN and transfer money directly from a bank account in seconds. What began as a relatively modest digital-payment experiment has become one of India’s most important pieces of digital public infrastructure—and increasingly, a technology that India is taking beyond its own borders. In 2026, the Unified Payments Interface (UPI) completed a decade of operation. The numbers behind that decade are extraordinary: annual UPI transaction volume reached 24,162 crore transactions in FY2025–26, while annual transaction value reached about ₹314 lakh crore. By July 2026, 741 banks were live on the platform. And July itself produced a record: 2,366 crore transactions in a single month, worth about ₹29.88 lakh crore. That is no longer merely a payment app story. It is a technology story. What exactly is UPI? UPI was developed by the National Payments Corporation of India (NPCI) under

Why Indian IT Giants Put Their New York Offices in Midtown and the Financial District Walk through Midtown Manhattan or Lower Manhattan and you may notice something interesting: behind the glass façades and expensive office lobbies are some very familiar Indian names. TCS. Infosys. Wipro. HCLTech. For an Indian reader, there is something satisfying about seeing these companies occupying prime New York real estate. But why are Indian technology companies so heavily represented in Manhattan’s major business districts? The obvious answer is clients. The complete answer is considerably more interesting. It is not just about Wall Street New York is one of the world’s major financial centres. The city’s own economic-development authorities describe finance as one of its core industries, with more than 330,000 financial-services workers in the city. That matters enormously to technology-services companies. Large banks, insurers, investment firms and financial institutions require enormous amounts of technology: cloud infrastructure, cybersecurity, data management, artificial intelligence, software engineering, digital transformation, risk systems and customer platforms. Indian IT companies are major providers of these kinds of services. Therefore, being physically close to the corporate ecosystem they serve has obvious advantages. But saying that these companies are in Manhattan only because of Wall

From Ore to AI: How India and Australia Are Building a New Economic Corridor For decades, the India–Australia economic relationship was easy to describe. Australia supplied resources. India supplied services, students, professionals and a rapidly expanding consumer market. That description is now becoming too small. A more complicated economic corridor is taking shape—one that connects Australian minerals and energy resources with Indian manufacturing, technology, clean-energy ambitions and research. The transformation is being supported by the Australia–India Economic Cooperation and Trade Agreement (ECTA), which entered into force on 29 December 2022, while negotiations continue for a more comprehensive Comprehensive Economic Cooperation Agreement (CECA). Australian government data puts two-way trade in goods and services at A$50.2 billion in calendar 2025, while DFAT’s FY2024–25 measure puts it at A$54.4 billion. The interesting part is not simply that trade is growing. It is what the two countries increasingly want to trade and build together. ECTA Was the Beginning, Not the Finish Line ECTA was designed as an initial step toward a broader trade relationship. Under the agreement, more than 90 per cent of Australian goods exports by value to India will have tariffs eliminated or reduced, while Australian government guidance says more than 85

What America’s Extended Visa Fee Means for Indian Professionals The extended US H-1B restriction is not a ban on Indian professionals. But it could reshape how American companies recruit global talent — and make India an even more important technology base. For Indian technology professionals, the latest US H-1B announcement comes with a number that is difficult to ignore: $100,000. The Trump administration has extended for another year a proclamation requiring a $100,000 payment for certain H-1B workers seeking entry to the United States. The extension runs until September 21, 2027. The policy was first introduced in September 2025 and has faced legal challenges in US courts. The headline can easily become dramatic. But the reality requires considerably more fine print. This is not an American ban on Indian professionals, nor does it mean every Indian holding an H-1B visa suddenly has to pay $100,000. The important question is much more practical: Who is actually affected, and what happens to India’s enormous technology workforce if US companies find it more expensive to bring new employees into America? First, What Does the $100,000 Requirement Actually Cover? Under the current proclamation, the restriction applies to certain H-1B specialty-occupation workers who are outside

India’s Jewellery Industry Goes Global: From Diamond Cutting Hub to Design Powerhouse India’s gems and jewellery industry exported about US$27.72 billion worth of products in FY2025–26. But the more interesting story is not the size of the number. It is what is happening underneath it: Indian companies are increasingly trying to move from being the world’s manufacturing workshop to becoming a design, branding and value-creation powerhouse. India has an unusual relationship with jewellery. For millions of families, it is tradition. For investors, it can be an asset. For artisans, it is a livelihood. For exporters, it is a global business. And for the international jewellery industry, India has long been one of the places where an enormous share of the world’s diamonds gets transformed from rough stones into finished gems. Now the industry wants to change the perception again. Not merely: “Made in India.” But increasingly: “Designed, crafted and created in India.” $27.72 billion—but not a simple boom India’s gross gems and jewellery exports reached approximately US$27.72 billion in FY2025–26, according to GJEPC and IBEF. That is an enormous number. But there is an important qualification. Dollar-denominated exports actually declined 3.32% from the previous year, while rupee-denominated exports increased modestly.

India’s Global Indians Just Gave the Rupee a $127 Billion Cushion In 2026, that power has taken a striking new form: more than $127 billion in foreign-currency deposits flowed into Indian banks under a special Reserve Bank of India facility, helping rebuild India’s foreign-exchange firepower. For years, the familiar story of Indians abroad was simple: work overseas, send money home, support parents and children, buy a house, invest in gold and perhaps return one day. That story is changing. The latest numbers suggest that India’s global community is increasingly becoming part of the country’s financial architecture, not merely its remittance economy. The $127-billion surprise In June 2026, the Reserve Bank of India introduced a special USD-INR foreign-exchange swap facility covering foreign-currency deposits by non-resident Indians, along with certain overseas borrowings. The response was extraordinary. By the end of August, the programme had attracted about $136.38 billion in total foreign-currency inflows. Of that, approximately $127.23 billion came through Foreign Currency Non-Resident (Bank), or FCNR(B), deposits. Another $3.89 billion came through external commercial borrowings and about $5.26 billion through overseas foreign-currency borrowings. In other words, the headline number is not simply “Indians abroad deposited $127 billion into Indian banks.” It represents a

What the Upgrade Really Says About the Indian Economy For decades, India wanted to join the club. Not the G7. Not the World Cup. Not even the rather mysterious club of countries whose citizens can discuss GDP over dinner without everyone changing the subject. This was the A-rated sovereign club—the group of economies considered to have relatively strong creditworthiness. On September 2, 2026, India moved closer to that club when the Japan Credit Rating Agency (JCR) upgraded India’s sovereign credit rating from BBB+ to A-, while maintaining a Stable outlook. It was not merely a symbolic change in an alphabetical table. A sovereign credit rating is ultimately a judgement about a country’s ability and willingness to meet its financial obligations. And JCR’s decision offers an interesting external assessment of India’s economic transformation. Why did JCR upgrade India? JCR pointed to several developments. The agency noted that India has maintained a high rate of economic growth, supported by robust private consumption and public investment. It also highlighted the government’s continued implementation of policies aimed at improving productivity and the foundations for long-term growth, including digital public infrastructure and the Goods and Services Tax (GST). The agency also saw improvement in the

India’s Trade Deficit Narrows in August, But Oil Could Quickly Change the Story India’s latest trade figures offer a mixed but important message: the country’s merchandise trade deficit narrowed sharply in August, but the improvement may be vulnerable to a renewed rise in crude oil prices. India’s merchandise trade deficit fell to $26.86 billion in August 2026, from about $31.98 billion in July. The improvement came as imports dropped substantially, particularly gold imports, while exports remained strong. At first glance, that sounds like straightforward good news. It isn’t quite that simple. The August numbers show that India’s external trade position can improve when imports moderate and exports remain resilient. But they also expose a familiar vulnerability: India remains highly sensitive to international energy prices. And this time, the warning light is coming from the Middle East. A smaller trade gap—but why? India exported goods worth $43.81 billion in August, slightly below July’s $44.24 billion but still the highest August export figure in a decade, according to Reuters’ report based on the latest trade data. Imports, meanwhile, fell to $70.67 billion, from $76.22 billion in July. That difference produces the merchandise trade deficit: $70.67 billion − $43.81 billion = $26.86 billion.

Saudi Oil Pipeline Attack: A pipeline in the Saudi Arabian desert may sound like a problem thousands of kilometres away from India. It isn’t. When the East-West Pipeline, also known as the Petroline, was hit by drone attacks on September 10, the immediate concern was Saudi Arabia’s ability to move crude from its oil-producing east to the Red Sea. But the consequences extend much further — into international oil prices, shipping routes, freight costs and eventually the economics of one of the world’s largest oil-importing countries: India. The important point, however, is not that India suddenly faces an oil shortage. The bigger risk is that getting the oil India needs could become more expensive. What happened to Saudi Arabia’s oil route? Saudi Arabia temporarily shut its roughly 1,200-kilometre East-West Pipeline after attacks struck two pumping stations in the Riyadh and Madinah regions on September 10. The pipeline runs from the kingdom’s eastern oil-producing region towards Yanbu, a major Red Sea export facility. Its nominal capacity is about 7 million barrels of crude a day, although the quantity actually being transported has been significantly lower. Recent reporting estimates that around 4 million barrels per day had been moving through the route

China’s Memory-Chip Breakthrough: Why India’s Semiconductor Ambition Is Watching Closely As China pushes deeper into advanced memory manufacturing, India is trying to build something larger than a chip factory — an entire semiconductor ecosystem. The semiconductor race is entering a more complicated phase. It is no longer simply a contest over who can manufacture the fastest processor or build the world’s most advanced fabrication plant. Memory chips, advanced packaging, semiconductor equipment, materials, chip design and supply-chain resilience are becoming equally important pieces of the global technology puzzle. That is why a fresh development from China deserves attention in India. Chinese memory-chip manufacturer ChangXin Memory Technologies (CXMT) has announced that its fifth-generation DRAM technology platform has entered mass production. The company says its new process improves memory density, power efficiency and production yields, strengthening its ability to compete in a global memory market dominated by Samsung, SK hynix and Micron. For India, this is not simply another China technology story. It is a reminder of how quickly the global semiconductor map is changing while India is attempting to establish its own place within it. The Memory-Chip Race Is Getting Serious DRAM is the working memory used by computers, smartphones, servers and

India Is Becoming the Global Office Behind the World’s Biggest Companies Walgreens’ Chennai move highlights how India’s Global Capability Centres are evolving from back offices into strategic engines of global business A few decades ago, when a multinational company moved work to India, the conversation was usually about one thing: cost. Today, that explanation is becoming increasingly incomplete. The latest example comes from Chennai, where US-based healthcare and pharmacy company Walgreens plans to establish its first Global Capability Centre (GCC) in India, with more than 250 jobs expected in the centre’s first year. The facility will focus on technology and business services and is planned for DLF Downtown in Taramani. On the surface, 250 jobs may look modest against India’s enormous employment market. But the more interesting story is what those jobs represent. India’s GCC industry has moved far beyond the traditional image of an offshore back office. According to the latest NASSCOM-Zinnov GCC Landscape Report, India had 2,117 GCCs operating across 3,728 units and employing about 2.36 million professionals in FY2026. The ecosystem generated an estimated $98.4 billion in revenue. That is no longer merely an outsourcing story. It is a story about where global companies choose to build

Is America’s Skilled-Worker Door Getting Narrower? For years, the H-1B visa has been one of the most important bridges between India and the United States. An engineer could study in India, build a career, receive an opportunity from an American company and eventually move across the world to work on technology, finance, healthcare or research. For thousands of Indian professionals, that journey became almost routine. In 2026, it is anything but routine. The United States has tightened the H-1B system through higher costs, greater scrutiny and a new wage-weighted selection process. At the same time, visa-stamping backlogs in India have created another problem: even professionals with approved status can face uncertainty when they need to travel and obtain a visa stamp. The result is not simply a visa-policy story. It is becoming a story about India’s skilled workforce, American competitiveness and the future of global technology talent. H-1B Visa Changes and Indians The answer is simple: Indians are the largest group of H-1B beneficiaries. According to U.S. Citizenship and Immigration Services data, 71% of approved H-1B petitions in FY2024 were for beneficiaries born in India, compared with about 12% for China. That does not mean 71% of every H-1B application