🇮🇳 Grow smart, not reckless

PLUS: India’s farms are going global

Good morning. Novak Djokovic is in a Wimbledon semi-final for the 14th time 🍓 🐐 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

  • 🇮🇳 Grow smart, not reckless

  • 🧑‍🌾 India’s farms are going global

  • 🗞️ Bite-sized summaries

    • ✈️ IndiGo Ventures Raises ₹450 Cr

    • 📈 Nvidia becomes the world’s most valuable public company

  • 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 09/07/2025

  • The Indian stock market declined on Tuesday. Despite some early optimism, major indices closed lower as investors booked profits after recent gains. Weakness in global markets and concerns over valuations contributed to the selling pressure. Sectors like banking and IT, which had previously led rallies, saw notable declines, leading the overall market downward.

NBFC

Finance Minister Nirmala Sitharaman just delivered a reality check to India’s non-banking financial companies (NBFCs): don’t confuse financial inclusion with financial exploitation.

Speaking at the NBFC Symposium 2025, Sitharaman urged lenders to cool it on aggressive loan marketing and to keep interest rates reasonable. She reminded the industry that fair, respectful recovery practices, aligned with RBI guidelines, are non-negotiable. “It’s not your job to be heartless,” she said, bluntly.

The message comes at a pivotal time:

  • The NBFC sector has doubled its loan book in four years, hitting ₹48 lakh crore and now accounting for nearly a quarter of all credit disbursed by banks.

  • The government wants that share to hit 50 percent. But growth, Sitharaman emphasized, must be responsible, data-driven, and customer-first.

She also highlighted the growing importance of co-lending partnerships with banks, and called for better risk management, stronger internal controls, and more focus on high-impact sectors like green finance, MSMEs, and affordable housing.

Why it matters: NBFCs are no longer just "shadow banks." They’re now critical players in India’s financial system. But with great reach comes great responsibility. As interest rates ease and liquidity improves, the temptation to lend fast and loose is high.

Sitharaman’s message? Build a sustainable model that puts people, not just profits, at the center.

FARMING

India’s farmers are getting a passport.

Commerce Minister Piyush Goyal announced that free trade agreements (FTAs) with Australia, the UAE, the UK, and the European bloc EFTA are opening up new doors for Indian agriculture. From rice and spices to seafood and dairy, more of India’s farm products are headed for global shelves.

Even with a global slowdown, India’s agri, dairy, meat, and fishery exports touched ₹4 lakh crore, a strong showing that Goyal says can go much further with these FTAs in place.

Here’s the rundown:

  • India’s trade deals with Australia and the UAE kicked in back in 2022.

  • EFTA, which includes Switzerland, Norway, Iceland, and Liechtenstein, signed on in 2024, and implementation is expected later this year.

  • The UK agreement was announced in May and is likely to be inked soon.

Why it matters: These FTAs are like express lanes into wealthy markets with high demand and premium prices. For Indian producers, this means better margins, more export volume, and potentially, greater stability amid domestic fluctuations.

The big picture: As India pushes to become a global economic force, its agriculture sector is getting a strategic lift.

Trade deals are no longer just about goods in containers - they’re about giving Indian farmers and agri-businesses a seat at the global table. And with food security becoming a geopolitical issue, India's growing role as a trusted supplier could make it not just a breadbasket, but a power player.

GENERAL OVERVIEW

🗞️ Bite-sized summaries

✈️ IndiGo Ventures Raises ₹450 Cr - IndiGo Ventures, the corporate VC arm of IndiGo Airlines, has raised ₹450 crore in the first close of its debut fund, targeting a total of ₹600 crore. The fund focuses on early-stage aviation and allied startups from pre-Series A to Series B. Its first investment is in Bengaluru-based Jeh Aerospace, a defence and aeroengine parts manufacturer with $100 million in long-term contracts. Jeh plans to use the funds to scale production and enhance AI-driven manufacturing. IndiGo aims to use the fund to foster next-gen aviation tech and cement India’s role as a global aerospace hub.

📈 Nvidia becomes the world’s most valuable public company - Nvidia has become the first company ever to reach a $4 trillion market valuation, driven by surging demand for AI chips. Its stock rose 2.5% to a record $164, pushing its value past Microsoft ($3.75T) and Apple. Remarkably, Nvidia tripled its valuation from $1T in just over a year—faster than any company in history. Its $44.1 billion Q1 revenue marked a 69% year-on-year jump. The chipmaker now holds the biggest weight on the S&P 500 (7.3%) and is worth more than all listed UK companies combined. Wall Street’s AI confidence continues to power its rise.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

  1. You’re the best :)

  2. It would mean the world to us if you shared this link with a friend!

P.S.: Up n’ Running can now be installed as an app on your phone! Here’s how:

  • Click on the banner above and select your browser of choice.

  • You will receive a pop-up saying “Install the app.”

  • Follow the instructions on that pop-up, and voila - you will now receive Up n’ Running updates directly to your phone! It’s also an easy way for you to access previous Up n’ Running editions at will.

That’s all for today folks - have a lovely day and we’ll see you tomorrow.