💻️ India’s $500B tech industry

Good morning. The weekend gone was particularly hard for everyone with all that was happening in India. Hope you and your loved ones managed to stay safe and well.

Onwards and upwards 💪 🙏 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇮🇳 India issues warning to Pakistan over ceasefire breach

• 💻️ India’s $500B tech industry

• 🗞️ Bite-sized summaries

  • 🩸 Second time’s the charm?

  • 🪖 What could have been?

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian equities plunged as escalating India-Pakistan tensions triggered a broad selloff. Broader indices and midcap/smallcap stocks also declined, and the market capitalization of listed Indian companies fell by over ₹4 trillion during the day. The sharp decline was attributed to cross-border hostilities and investor risk aversion, with defensive sectors outperforming while metals and financials led the losses.

🌍️ International

• US stocks ended slightly lower as investors remained cautious ahead of crucial US-China trade talks scheduled for the weekend. Oil prices rose nearly 2% on hopes of de-escalation in tariff tensions, but President Trump’s remarks about potentially steep tariffs on China kept markets on edge.

INDIAN ARMED FORCES

🇮🇳 India issues warning to Pakistan over ceasefire breach

In a significant development, India has issued a strong warning to Pakistan following a breach of a ceasefire understanding along the Line of Control (LoC). Just hours after the two countries agreed to a temporary truce on May 10, the Pakistani army reportedly violated the agreement, prompting an immediate and firm response from New Delhi.

Lieutenant General Rajiv Ghai, Director General of Military Operations (DGMO), addressed the media alongside senior military officials during a briefing on ‘Operation Sindoor.’ He revealed that the ceasefire was initiated after a hotline conversation between the Indian and Pakistani DGMOs. The agreement came into effect at 5:00 PM on May 10, following communication earlier that afternoon.

However, peace was short-lived. "Disappointingly, and expectedly, it took only a couple of hours for the Pak army to violate these arrangements," Lt Gen Ghai stated. In response, India has sent another hotline message to Pakistan, warning of a “fierce” retaliation if violations persist.

Overall: The incident comes amid rising tensions and fresh hopes for stability in border regions like Punjab, which now seem uncertain. Defence Minister Rajnath Singh echoed the military’s stance, vowing a “befitting reply” to any further aggression, especially in light of recent events such as the Pahalgam attack.

With hostilities rekindling so soon after a proposed ceasefire, India’s position is clear: future violations will be met with decisive action.

Read more: Times of India

TECH INDUSTRY

💻️ India’s $500B tech industry

On National Technology Day, India not only celebrated past milestones like the 1998 Pokhran nuclear tests but also laid out bold plans for the future.

The country’s tech sector, already one of the world’s largest, is gearing up for massive growth—with a target of reaching $500 billion in revenue by 2030. This ambitious goal would see the tech industry contribute 10% to India’s GDP.

Despite global economic challenges such as trade barriers and geopolitical uncertainty, India’s digital economy is thriving.

• In FY25 alone, the sector is expected to generate $283 billion in revenue—growing 5.1% year-on-year—and create 126,000 new jobs, pushing the workforce to 5.8 million.

• Exports are leading the charge, expected to surpass $200 billion, while domestic revenue is projected to hit $60 billion.

• Artificial intelligence is emerging as a key driver of this growth. According to Nasscom’s latest survey, 82% of enterprise leaders plan to increase digital spending in 2025, with AI, cloud, and data technologies at the forefront.

• The software product industry, a critical growth segment, is poised to reach $100 billion by 2025, fueled by global demand and innovation.

Government support is also accelerating the pace. The Union Budget 2025–26 earmarked Rs 2,000 crore for AI adoption and Rs 500 crore to establish a Centre of Excellence in AI for Education. The Production Linked Incentive (PLI) scheme is further boosting local hardware manufacturing and innovation.

States are contributing as well—Telangana, for instance, recorded Rs 2.68 lakh crore in IT exports from Hyderabad in FY24 and saw an 11.2% rise in tech employment.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🩸 Second time’s the charm? - Billy Evans, partner of convicted Theranos founder Elizabeth Holmes, is raising funds for a new diagnostics startup named Haemanthus. The company, described as "the future of diagnostics," plans to begin by testing pets before moving to human health testing. Marketing materials tout a "radically new approach" using a machine that bears a striking resemblance to Theranos’ infamous Edison device. The prototype claims to analyze blood, saliva, and urine, with no regulatory oversight—though USDA officials have not confirmed this. Evans has kept his ties to Holmes out of investor materials, despite echoes of Theranos in the company’s ambitions and presentation.

🪖 What could have been? - Following the April 22 terror attack in Pahalgam, India launched Operation Sindoor, with the Navy deploying its Carrier Battle Group and other assets in the Arabian Sea in full combat readiness. Vice Admiral AN Pramod said Indian forces were prepared to strike high-value targets, including Karachi, at a time of their choosing. Within 96 hours of the attack, the Navy conducted live weapon tests to validate combat readiness. This forward deployment forced Pakistani naval and air units into a defensive stance, which India closely monitored. Operation Sindoor continues as part of India’s multi-domain response to Pakistan-backed terrorism.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Half of tech workers in India getting AI training at work.

• “With AI, some of the world’s greatest storytellers will come from the most random places.”

• IPL to resume next week across four venues.

• Satellite images show damage done by Indian strikes to Nur Khan, other Pakistan Air Bases; Check visuals here.

• Delhi airport sees around 100 flight cancellations on Sunday.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Pakistani actress Mawra Hocane dropped from Sanam Teri Kasam 2.

• OTT platforms asked to remove Pakistan-origin content amid rising Indo-Pak tensions.

• IPL 2025 paused indefinitely till further notice amid rising geopolitical tensions.