✈️ India's sky sentinels

Good morning. What an exhilarating French Open finals weekend.

Carlos - you were something else 🔥 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 💰️ India’s startup engine is running low on fuel

• ✈️ India's sky sentinels

• 🗞️ Bite-sized summaries

  • 🧑‍💼 No recruiting

  • 💸 Fraud allegations

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian markets, rallied for a third consecutive session. The rally was driven by strong foreign inflows and renewed optimism over political stability following the general election, with banking, auto, and infrastructure stocks outperforming while IT shares lagged. Improved investor sentiment was further supported by expectations of policy continuity and robust domestic demand, helping Indian equities sustain their positive momentum heading into the new week.

🌍️ International

• Last Friday, US stocks closed higher, buoyed by a mixed but stable jobs report that reinforced expectations for potential Federal Reserve rate cuts later this year. The Labor Department reported that 139,000 jobs were added in May, slightly above expectations but down from April, with unemployment steady at 4.2%. This data, combined with ongoing political pressure—including President Trump’s vocal demands for lower rates—has led investors to anticipate that the Fed may reduce rates, though the timing and extent remain uncertain as policymakers await further clarity from upcoming inflation data and economic projections.

ENTREPRENEURSHIP

💰️ India’s startup engine is running low on fuel

India may be the world’s third-largest startup ecosystem, but industry stalwart Mohandas Pai is sounding the alarm: without serious policy reforms and more domestic capital, its growth story could stall.

In a candid interview, the Aarin Capital chairman pointed out a painful truth—Indian startups are largely reliant on foreign funding. Of the $160 billion invested in the last decade, a staggering 80% came from overseas. Compare that with China’s $835 billion and the US’s $2.3 trillion, and it’s clear India is punching well below its weight.

The core issue? India's own financial muscle—its insurance firms, university endowments, and pension funds—are either legally barred or structurally limited from investing in startups. In the US, these institutions are major backers of innovation. In India, they sit on the sidelines.

Pai urges an overhaul: open the floodgates of domestic capital by allowing insurance companies and pensions to invest in startups, and expand the government’s fund-of-funds tenfold. Equally crucial, he says, is turbocharging R&D in universities and unlocking DRDO’s technology for private use.

But it’s not just about money. Pai also highlighted the cultural and bureaucratic roadblocks: large corporations often undercut startups, delay payments, or co-opt their tech without fair compensation. Government procurement reforms exist on paper, but rarely work on the ground.

The broader implication? If India wants to lead in global innovation—not just follow—it must empower its startups with the capital, freedom, and respect they need. As Pai puts it, this isn’t just a funding issue. It’s a mindset issue. And that shift is long overdue.

Read more: Times of India

PLANES

✈️ India's sky sentinels

The Indian Air Force is poised to induct homegrown I-STAR spy planes - a Rs 10,000 crore project that will revolutionize how the country monitors and neutralizes threats on the ground.

I-STAR, short for Intelligence, Surveillance, Target Acquisition and Reconnaissance, is not just another aircraft program:

• These high-altitude planes, fitted with cutting-edge indigenous systems developed by DRDO, will give India a real-time, all-weather battlefield view — day or night, across any terrain.

• The goal: enable surgical, precision strikes from afar without risking pilots or crossing enemy borders.

The project plans to procure three aircraft, likely from global manufacturers like Boeing or Bombardier, which will be equipped with DRDO’s advanced sensors and electronics. These indigenous systems, already tested and proven, can spot hidden assets — such as mobile missile units, command posts, or radar installations — and relay targeting data instantly to strike platforms.

At a time when India is conducting Operation Sindoor and tensions with Pakistan remain high, this tech could be a game-changer. It gives India a sharp edge: the power to retaliate swiftly, hit surgically, and control escalation — all while keeping boots off the battlefield.

Globally, only a handful of countries - including the US, UK, and Israel - operate such sophisticated ISR platforms. With I-STAR, India joins this elite club.

Why does this matter? In today’s era of hybrid warfare, victory isn’t just about boots and tanks - it’s about who sees better and reacts faster. I-STAR gives India those “eyes in the sky,” drastically improving its ability to defend and deter. More importantly, it marks another step toward strategic self-reliance in defence technology.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🧑‍💼 No recruiting - JPMorgan, under CEO Jamie Dimon, has issued a stern warning to new analysts: accept another job within 18 months and face immediate termination. A leaked letter from senior banking heads Filippo Gori and John Simmons emphasizes full commitment to the analyst program, warning against missing training or engaging in conflicts of interest. The bank also fast-tracked promotion timelines to retain top talent. Dimon, a long-time critic of early job switches, especially to private equity firms, has called such practices “unethical” and warned they compromise trust and confidentiality within JPMorgan’s high-stakes financial environment.

💸 Fraud allegations - HDFC Bank has announced legal action in response to fraud allegations against its CEO, Sashidhar Jagdishan, made by the Lilavati Kirtilal Mehta Medical Trust. The Trust accused Jagdishan of receiving ₹2.05 crore in a personal payment, citing a magistrate court order for an FIR. HDFC Bank strongly denied the claims, calling them baseless and part of a campaign by willful defaulters, including trustee Prashant Mehta, to obstruct longstanding loan recovery efforts. The bank asserts the allegations are malicious and aimed at defaming its CEO, and expressed full confidence in the judiciary to see through the alleged misuse of legal processes.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• India is key strategic market for global brands, says Myntra CEO.

• Apple under pressure to shine after AI stumble.

• Meta in talks for Scale AI investment that could top $10 billion.

• Russian intelligence says it collects WeChat data: What does that mean?.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

Roland Garros aka French Open 2025 results:

• Carlos Alcaraz Wins Epic Final – Alcaraz defeated Jannik Sinner in a five-set thriller (4–6, 6–7, 6–4, 7–6, 7–6) lasting 5 hours 29 minutes to claim his second consecutive French Open and fifth Grand Slam title.

• Coco Gauff Makes History – Gauff beat Aryna Sabalenka to win her first French Open and second Grand Slam, becoming the first American woman to win in Paris since Serena Williams in 2015.

• Granollers & Zeballos Take Men's Doubles – They won their first Grand Slam together, defeating the British duo of Salisbury and Skupski in a tight three-set final.

• Errani & Paolini Triumph in Women’s Doubles – The Italian pair clinched the title, with Paolini earning her first major and Errani her eighth.

• Wheelchair Success for Japan & UK – Tokito Oda and Yui Kamiji won the men’s and women’s wheelchair singles, while Hewett and Reid claimed their record 23rd Grand Slam doubles title.