MeitY plots data leap; BlueStone IPO opens
Also in the letter:
MeitY reboots data centre policy after five years
Driving the news:
Why now:
Even with infrastructure status granted to facilities above 5 MW, building a data centre still needs over 30 separate approvals, slowing expansion.
MeitY is reviewing 10 state-level policies to simplify permissions and align incentives.
The big picture:
BlueStone IPO opens to lukewarm interest; early subscription at just 39%
By investor class:
Qualified institutional buyers (QIBs), who typically bid late, swept up 57% of their allotted shares.
Retail investors picked up 38% of their allotment.
Non-institutional investors took just 4%.
Deal structure:
Rs 820 crore in fresh issue
1.39 crore shares in an offer-for-sale from existing investors, including Accel, Saama, Kalaari, Iron Pillar, and Sunil Kant Munjal
At the top price band, BlueStone commands a valuation of Rs 7,823 crore.
Financials:
Also Read:
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Why it matters:
The opportunity:
Reach a highly engaged audience of decision-makers.
Boost your brand's visibility among the tech-savvy community.
Custom sponsorship options to align with your brand's goals.
What's next:
Awfis profit rises threefold in Q1
Financials:
Net profit: Rs 10 crore (Rs 3 crore last year).
Sequential change: down 11% from January-March (Rs 11 crore).
Total expenses: Rs 343 crore (up from Rs 265 crore a year earlier)
Operating Ebitda: Rs 127 crore, up 60% year-on-year.
Company's take:
Yes, and:
CEO Sumit Lakhani said around 18,000 seats had been signed and were said to be taken up in the second and third quarters.
Axiom Space deepens India partnership
What's next:
Cost factor:
Why it matters:
Zoom out:
Nvidia, AMD to pay US 15% on AI chip sales to China
Driving the news:
The big deal:
Nvidia can now export its 'H20' chips, built to meet US export control limits.
AMD also gets the green light to sell its MI308 chips.
The US government could collect more than $2 billion via this arrangement, the New York Times reported.
Why it's unusual:
The move also represents a quick U-turn by the Trump administration, which had banned the exports of these chips to China in April.
Market context:
India's IT ministry has resumed discussions on a national data centre policy after five years. This and more in today's ETtech Top 5.■ Awfis Q1 earnings report■ Axiom's India flight■ Washington cashes on chipsThe Ministry of Electronics and IT (MeitY) has revived plans for a national data centre policy , first proposed in 2020, but never rolled out. Last week, officials met a select group of industry stakeholders in New Delhi, with feedback due this week.The draft policy outlines faster single-window clearances, incentives for domestic hardware manufacturing, and four dedicated Data Centre Economic Zones (DCEZs). The aim is to spread capacity beyond Mumbai, Chennai, and Delhi-NCR, which together account for 80% of India's current 1,263 MW.A surge in AI adoption is driving demand for high-capacity, low-latency facilities. Colliers India estimates capacity will cross 4,500 MW by 2030, supported by $20–25 billion in new investment.India aims to establish itself as a global hub for AI and cloud services. Industry executives believe the DCEZ model, when combined with hyperscalers, cloud providers, R&D units, and edge facilities, could serve as a catalyst for scale and efficiency.BlueStone Jewellery and Lifestyle's Rs 1,541 crore initial public offering (IPO) made a slow start on Monday , drawing just 39% subscription by the end of the day. The grey market premium (GMP) was Rs 9, signalling a modest 1.74% gain on the upper price band of Rs 517.The offer closes on August 13.Revenue surged to Rs 1,770 crore in FY25 from Rs 771 crore in FY23, a CAGR of about 52%. Losses widened to Rs 222 crore as the company poured money into store rollouts and marketing, though gross margins improved to 37.94%.As ET had reported last week, BlueStone had trimmed its issue size from the Rs 1,000 crore fresh issue originally planned to Rs 820 crore.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.Flexible workspace provider Awfis Space Solutions posted a sharp rise in quarterly earnings, with net profit for April-June tripling year-on-year.Chairman and managing director Amit Ramani attributed the margin lift to 'better occupancy, enhanced operating leverage, improved cost efficiencies, and disciplined execution across segments' during an analyst call on Monday.Awfis now runs 220 co-working centres with more than 1.4 lakh seats spanning 7.1 million (71 lakh) sq ft across 18 cities. Its client base is spread across more than 3,200 active accounts.Fresh off the Axiom-4 mission that flew Indian astronaut Shubhanshu Shukla to the International Space Station (ISS), US-based Axiom Space is doubling down on its India bet CEO Tejpaul Bhatia told us the collaboration spans future human crewed missions, a possible Indian role in Axiom's private space station, and even joint work on advanced spacesuits.By 2027, Axiom plans to bolt its first module onto the ISS, and then add one each year. The aim is to operate solo before the ISS is retired in 2031. The first phase will host eight astronauts.Sending a pilot astronaut seat costs about $70 million; a mission specialist seat is $65 million. Bhatia states that India's increasing space influence makes it a natural partner in the emerging 'new space economy'.India is positioning itself as the fourth space superpower, after moon and sun missions, rising satellite launches, and now an astronaut on the ISS. Bhatia described Axiom's relationship with India as 'powerful', 'valuable', and 'much larger than any one mission.'Seats for its 2027 mission are selling three years in advance. Some future missions, Bhatia added, will have Indian connections, though details are still under wraps.In an unusual and somewhat unprecedented arrangement, chipmaking giants Nvidia and AMD will hand over 15% of revenue from AI chip sales to China to the US government, according to multiple media reports.The deal, struck in a White House meeting between Nvidia CEO Jensen Huang and President Donald Trump, clears the way for Commerce Department licences to sell toned-down AI chips to Chinese customers.Direct revenue-sharing from corporate exports is rare in US trade policy. It comes alongside tariffs of up to 100% on semiconductor imports, with exemptions for companies making substantial domestic investments.Nvidia, now the first firm to hit a $4 trillion market cap , still counts China as a key AI market despite Washington's continued curbs on high-end chips. The move shows how market access has become a bargaining chip (no puns intended) in the geopolitical fight over AI supply chains.
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The Hindu
9 minutes ago
- The Hindu
Chief Minister inaugurates Namakkal District Central Cooperative Bank
Chief Minister M.K. Stalin inaugurated the Namakkal District Central Cooperative Bank through video conferencing on Thursday. The Chief Minister inaugurated the bank from Chennai, and at the function held in the bank in Namakkal, MPs Rajeshkumar and Madeswaran, MLAs Ramalingam and Ponnumsamy, District Collector Durgamoorthi, and officials participated. The bank will function with a staff strength of 159, including a managing director, a principal revenue officer, a general manager, two assistant general managers, 23 managers, 34 assistant managers, 93 assistants, and four office assistants. The Namakkal District Central Cooperative Bank has been bifurcated from the Salem District Central Cooperative Bank. The has 746 affiliated societies, including 165 Primary Agricultural Cooperative Credit Societies, four Hill Tribes Large Sized Multipurpose Cooperative Societies, 393 Milk Producers Cooperative Societies, 86 Weavers Cooperative Societies, 26 Employees Cooperative Credit Societies, three Agricultural Producers Cooperative Sales Societies, five Cooperative Urban Banks, seven Primary Cooperative Agricultural and Rural Development Banks and one Cooperative Sugar Mill. Namakkal District Central Cooperative Bank has started its operations with a share capital of Rs. 76.10 crore, deposits of Rs. 1,826.56 crore and outstanding loans of Rs. 1,636.07 crore. In the financial year 2024-2025, this bank has provided crop loans of Rs. 625.81 crore to 55,583 farmers, cattle maintenance loans of Rs. 117.86 crore to 14,346 farmers, medium-term loans of Rs. 13.78 crore to 1,324 farmers, and jewellery loans of Rs. 1,489.81 crore to 1,64,969 individuals. The bank also provided Rs. 162.65 crore as loans to 1,878 Women's Self-Help Groups and a Rs. 2.69 crore loan to 473 differently-abled persons. Under the special scheme of the Tamil Nadu Government, Rs.34 lakh was provided for the Kalaignar Kanavu Illam Scheme, and Rs.82 lakh under the TAMCO scheme. Namakkal District Central Cooperative Bank has installed ATMs to facilitate the customers withdrawing money. Similarly, through mobile ATMs and PoS machines, services are provided to the customers and all branches have safety lockers..
Economic Times
9 minutes ago
- Economic Times
Trump is aiming for Pakistan-style compliance from India, but his plan is not working
Synopsis Amidst rising tensions, the US-India trade relationship faces turbulence as Trump's administration imposes tariffs, allegedly to pressure India on geopolitical issues like Russian oil imports. India views these actions as an infringement on its sovereignty, resisting demands to compromise on agriculture, patent laws and military sourcing. India's refusal to play a compliant role, unlike Pakistan, frustrates Trump. "Trump wants a vessel like Pakistan. India refuses to behave like one." That blunt assessment from Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), captures the essence of the US-India trade saga: it's less about economics than geopolitics. While headlines focus on tariffs and trade deficits, the underlying story is about power, leverage and sovereignty. Speaking to Economic Times, Srivastava explains, "Washington expects compliance, and India is not yielding." Trump, who is set to meet Russian leader Vladimir Putin on Friday at Joint Base Elmendorf-Richardson in Alaska, has long framed tariffs as a tool to 'fix trade deficits,' but India's case suggests a different motive. On August 7, the US announced it would raise tariffs on Indian goods from 25% to 50%, citing Delhi's purchase of Russian oil. India called the move 'unfair' and 'unjustified,' with the new rate set to take effect on August 27. The White House framed the tariffs as a way to cut Russia's energy revenues and pressure Vladimir Putin toward a ceasefire. With this increase, India becomes the most heavily taxed US trading partner in Asia, joining Brazil which faces similar steep tariffs amid tense bilateral relations. The economic stakes for India are high. In 2024, India exported $87 billion worth of goods to the US. According to US Census Bureau data for May 2025, imports from India stood at $9.43 billion, while US exports to India were $3.82 billion, resulting in a US goods trade deficit, or an Indian surplus, of roughly $5.6 billion. If the 50% tariffs remain in place, nearly all of India's annual exports to the US could become commercially unviable. Meanwhile, the US continues to run a $45.7 billion goods trade deficit with India, yet these tariffs disproportionately affect Indian exports compared with goods from other Srivastava, the message is clear: 'Trade deficit is just for the namesake. It's about forcing countries to fall in line with a geopolitical agenda.' India imports roughly 20% of its GDP in goods, spanning petroleum, machinery and electronics, yet Washington appears less concerned with trade imbalances than with pressuring India to compromise on and dairy have emerged as key sticking points in India-US trade talks, which collapsed earlier this month. On August 7, Prime Minister Narendra Modi declared, 'India will never compromise on the well-being of its farmers, dairy producers and fishermen.' New Delhi has consistently resisted US pressure to open these sectors, arguing that doing so would threaten millions of small farmers. Historically, India has kept agriculture largely off the table in trade agreements to safeguard domestic to Srivastava, US demands extend far beyond tariffs: opening government procurement, diluting patent laws that could make medicines costlier, limiting future digital taxes, and shifting military sourcing to the US. 'Even if we open agri and dairy, no trade deal will happen with this. Not a trade issue. They want you to open your government procurement, dilute patent laws, commit to never charge digital tax in future, buy military from the US, the list is endless,' he adds, 'Trump imposed 50% tariffs on Brazil partly over politics and partly because Brazil asked Twitter to remove anti-Brazil content. Records show India generates even more such requests, so he could use that as an excuse too. He can conjure unlimited reasons to impose tariffs if he's unhappy. My sense is he doesn't want a partner in India, he wants a vassal. India refuses to play that role; it insists on an equal partnership. That's the basic problem.'The US approach to Russian oil imports is uneven. China, Russia's largest crude buyer, faces no comparable tariff threats, while India is under heavy pressure. 'Even if the US demanded zero imports from Russia, India's imports would fall anyway due to economic circumstances,' notes Srivastava. European and US bans on petroleum products derived from Russian crude are already reducing India's imports, independent of Washington's selective approach reflects a broader pattern in US trade policy. Brazil, for example, faced a 50% tariff despite running a surplus with the US, largely over political disagreements including its stance on Venezuela and former President Bolsonaro. Venezuela itself is under secondary sanctions for buyers of its oil, though some firms, like Chevron, have received exemptions. These cases suggest that political alignment often outweighs economic between Russia and the US has dropped roughly 90% since the Kremlin's full-scale invasion of Ukraine, though last year the US still imported $3 billion worth of Russian goods, according to the US Bureau of Economic Analysis and Census Bureau. Meanwhile, the European Union, a partner in sanctions against Russia, imported $41.9 billion (36 billion euros) of Russian goods in 2024, Eurostat data the US pressures India to cut Russian oil imports, market forces and global regulations are already reshaping trade flows. Europe and US bans on petroleum products ensure India's imports will decline regardless of Washington's actions. Srivastava cautions, however, that the US may find new reasons for tariffs, keeping India under continuous has built a buffer against such pressures. Exports constitute roughly 20% of GDP, compared with 90% for Vietnam, a country far more vulnerable to US-imposed shocks. 'Vietnam will suffer more. We will suffer, but we will absorb it properly. Country will bounce back. All we need to do is not to surrender,' Srivastava US consumers will also feel the impact of tariffs. About 90% of prescriptions in the US rely on generics imported from India. While the total trade value may be under $10 billion, disruption affects the majority of prescriptions, potentially raising prices significantly. Companies may eventually source alternatives over three to four months, but the immediate effect is inflationary.'Indian exports will suffer, but we need to consider whether it's better to endure this and use it to push delayed reforms, like diversifying exports, rather than falling into a bad deal. This isn't really about trade; it's about surrendering sovereignty,' Srivastava Srivastava, Trump's broader strategy is political theatre. 'Basically, he wanted to hit China. He couldn't, so he has to show his domestic voters that he is a big man, that a bully can show strength by hitting someone. He couldn't hit China, so let's hit India, that's the only thing.'With China, Trump launched a trade war over the large trade deficit, but Beijing hit back by restricting supplies of critical materials, he noted. 'India hasn't used those levers, which is why Washington expected Delhi to yield immediately.'India's refusal to play a compliant role, unlike Pakistan, frustrates Trump. At the same time, India maintains strategic autonomy, engaging with Russia on defence, limiting deep Chinese investment to marketing and distribution, and managing relations with the US on equal footing. 'We are a big country, big economy, and so we have to have workable, good relations with everyone, without being in anybody's camp,' Srivastava pre-Galwan, Chinese investment has been superficial. 'China doesn't invest in deep manufacturing. They will not supply any technology. They will invest in marketing of cars, garments, two, $5 billion here and there, but we don't want that. So we have to evaluate very carefully,' he says.'We can have targeted strategic relationships, like with Russia for defence, but moving closer to China is complicated. There's the border dispute and a $100 billion trade deficit,' he export-oriented economy, diversified supply chains and robust domestic market allow it to absorb short-term shocks while resisting long-term concessions. 'All we need to do is not enter into any relationship that costs us the medium or long term,' Srivastava takeaway is clear: Trump's tariffs are less about trade and more about leverage. Every tweet, every tariff threat, every demand is a political signal designed to demonstrate strength to domestic voters. 'Every day he abuses us on Twitter. That shows India has entered his mind,' Srivastava response emphasises sovereignty, resilience and strategic foresight. "Trade deal is not a trade deal. It's about bargaining for your sovereignty. And India is not bargaining."
Economic Times
9 minutes ago
- Economic Times
If Mahatma Gandhi wasn't India's first choice for banknotes then how did he become Rupee's forever face?
Synopsis Initially rejected, Mahatma Gandhi's image wasn't always destined for Indian currency. Post-independence, the Lion Capital of Ashoka was favored, symbolizing the new republic. Gandhi's presence began with a 1969 commemorative note, becoming permanent in 1996. Despite debates and proposals for other figures, Gandhi remains a constant reminder of India's core values on every rupee. Mahatma Gandhi Walk into any shop in India, hand over a crumpled banknote, and you'll see a familiar face smiling back, bespectacled, serene, and instantly recognisable. Mahatma Gandhi doesn't just appear on our currency; he has become a quiet constant in our daily exchanges, silently passing through millions of hands each day. But the story of how he ended up there is far from straightforward. In fact, in the first flush of independence, Gandhi's portrait was rejected for Indian on 14 August 1947 brought independence, but not yet a new currency. For a brief period, the Reserve Bank of India (RBI) continued issuing colonial notes bearing King George VI. Behind closed doors, discussions began on what a truly Indian banknote should look like. The early idea was simple, replace the King's portrait with that of the Father of the Nation. Designs were prepared with Gandhi's image. Then came a surprising turn. As the RBI recounts, the 'final analysis' shifted towards a non-personal symbol, the Lion Capital of Ashoka at Sarnath. It was felt this emblem, drawn from India's ancient heritage, better captured the idea of a modern republic. So, in 1949, the new Re. 1 note appeared with the Lion Capital watermark, and Gandhi's portrait was the following decades, Indian notes became miniature showcases of the country's identity and ambitions. Tigers, deer, and peacocks symbolised natural heritage. The Konark Wheel, Brihadeeswara Temple, and Hirakud Dam spoke of cultural pride and industrial progress. The Aryabhatta satellite hinted at a future in science and space. Currency in the 1950s and 60s was not about a single leader, it was about the nation as a wasn't until Gandhi's birth centenary in 1969 that he made his first official appearance on a banknote. This commemorative design showed him seated, with Sevagram Ashram in the background, a gentle nod to his life of simplicity and service. The issue was special and short-lived, not yet a permanent feature of Indian currency. The real turning point came in 1987. The Rajiv Gandhi government reintroduced the Rs 500 denomination, and for the first time on a regular note, Gandhi's portrait appeared on its obverse. Still, he wasn't on every note. That came in 1996, when the RBI launched the Mahatma Gandhi Series, redesigned notes with improved security features and, for the first time, Gandhi's smiling face on all 2016, the 'New Series' kept Gandhi firmly in place while refreshing colours, sizes, and themes. From Rs 10 to Rs 2,000, he had become inseparable from the the years, there have been calls to share this space. Some have suggested Jawaharlal Nehru, Subhas Chandra Bose, Sardar Patel, or even religious figures like Goddess Lakshmi and Lord Ganesha. In 2016, the government clarified that a high-level committee had decided 'there is no need to change Mahatma Gandhi's photo on the currency notes.' Others have been honoured in different ways, Dr B. R. Ambedkar, for instance, was commemorated with special Rs 125 and Rs 10 coins. In 2022, a proposal from the Aam Aadmi Party to add Lakshmi and Ganesha sparked debate, with supporters citing prosperity and detractors warning against politicising or communalising currency design. For all the discussion, Gandhi remains unshaken on our notes. As Martin Luther King Jr. once said, 'Gandhi was inevitable… we may ignore him at our own risk.' On the rupee, his presence is more than decoration, it's a reminder of the values he championed: truth, non-violence, and unity in time we pass a note across a counter, we're not just exchanging money. We're handing over a piece of history, one that almost didn't have Gandhi's face, but now, perhaps fittingly, cannot be imagined without it.
