🚗 Uber’s big india bet

Good morning. It’s a great day - let’s go after it 💪 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🤖 Is India surging ahead in the AI race?

• 🚗 Uber’s big india bet

• Bite-sized summaries

  • 🛢️ Best deal first: India on Oil Imports

  • 🧑‍🏭 Indian jobs are the no.1 priority

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities snapped a six-day winning streak. Profit-taking, concerns over impending US tariffs, and caution ahead of the Fed’s Jackson Hole symposium drove broad declines across FMCG, banking, and metal stocks, though select auto shares held firm.

🌍️ International

• US stocks rallied. Markets rebounded after Fed Chair Powell hinted at the possibility of earlier rate cuts, which fueled gains in tech, financials, and consumer stocks, reversing recent losses and lifting sentiment heading into the week’s close.

ARTIFICIAL INTELLIGENCE

🤖  Is India surging ahead in the AI race?

India isn’t just catching up in the AI race - it’s quietly moving to pole position.

Microsoft India President Puneet Chandok calls the country “one of the most exciting markets in the world for tech and AI.” And the numbers back him up. Today, nearly 30% of Microsoft’s code is already written by AI. But here’s the catch: while AI is cranking out code, the industry is still lugging around a “tech debt”—a shortage of engineers, applications, and software infrastructure needed to fully unlock AI’s potential.

That’s where India steps in. With a $3 billion bet on cloud and AI infrastructure, plus a pledge to train 10 million Indians in AI skills, Microsoft isn’t just dipping a toe—it’s diving headfirst. The goal: make India not just a consumer of AI, but a builder.

The shift is striking. Not long ago, AI in India was mostly hype—buzzwords at conferences, pilot projects that never scaled. Now, according to Microsoft’s Work Trend Index, 90% of Indian companies are actively rethinking strategy with AI at the center, compared to 82% globally. Leaders here aren’t cautiously experimenting; they’re moving with urgency.

The bigger picture? India’s AI push is less about gadgets and more about economic muscle. By skilling its workforce and hosting frontier firms, India isn’t just preparing for the future of tech—it’s trying to shape it. If the last decade was about being the world’s back office, the next one might be about being its AI lab.

Read more:  Economic Times

UBER

🚗  Uber’s big india bet

Uber’s CEO Dara Khosrowshahi has a simple message: Uber is not in the business of being a venture fund.

That’s why back in 2022, the company sold its stake in Zomato—worth about $390 million at the time—after earlier offloading Uber Eats India to the food delivery giant. Khosrowshahi says his job isn’t to play stock picker but to build Uber into a lean, profitable mobility powerhouse. “We’re not a holding company. My competency isn’t investing—it’s operating,” he explained.

So where’s the focus? India. The country is now Uber’s third-largest market for rides globally , with over 1.4 million drivers across two-wheelers, three-wheelers, and cars. Khosrowshahi called India an “absolute must-win” for Uber, not just today but for the next decade—both because of explosive ride growth and the sheer number of Indian engineers powering Uber’s global talent base.

As for competition, Uber’s once-fierce rival Ola has faded into the background. Khosrowshahi didn’t mince words, blaming founder Bhavish Aggarwal’s “distractions” for Ola’s slip to a “distant third.” Instead, Uber’s real challenger is Rapido. Its driver-friendly subscription model (zero commissions after a daily fee) has helped it grab share fast—though Khosrowshahi doubts Rapido’s long-term sustainability, given heavy cash burn.

The bigger picture? Uber is doubling down on mobility, staying “undistracted” while rivals chase shiny side projects. In India’s ride-hailing race, the battle lines are now clear: Uber vs. Rapido. Ola, once the heavyweight, is watching from the sidelines.

Read more:  Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🛢️  Best deal first: India on Oil Imports - India’s Ambassador to Russia, Vinay Kumar, hit back at the US decision to raise tariffs on Indian goods by 25%—taking them to 50%—over New Delhi’s Russian oil imports, calling it “unfair and unjustified.” He stressed that India will continue buying oil wherever it gets the “best deal” to secure energy for 1.4 billion people. Kumar highlighted that other nations, including the US and Europe, also trade with Russia. India is also pushing to expand exports to Russia in electronics, autos, and construction materials. Payments for oil are running smoothly in national currencies, and New Delhi will safeguard its national interests.

🧑‍🏭  Indian jobs are the no.1 priority - PM Narendra Modi said his government’s top priority is creating maximum job opportunities for India’s youth. Speaking at an event in Ahmedabad, he pointed to initiatives like Skill India Mission, Startup India, and Mudra Yojana, which aim to prepare crores of young Indians with employable skills. Modi highlighted that while many nations face ageing populations, India can supply skilled manpower to the world. He also stressed the role of the National Education Policy in promoting skill development and urged youth to embrace indigenous products to support self-reliance. Modi added that empowering women remains a key focus of development efforts.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• SpaceX cancels Starship megarocket launch in latest setback.

• Life insurers raise policy value to keep life going.

• India becomes ground zero in the global AI race .

• More than 500,000 ordered to evacuate as typhoon heads for Vietnam .