February 11th 2024

February 14, 2024

Indians and Chinese emigration grows, at-odds with the rise of the “Asian Century”
Metropolitan Museum of Art features Indian art in exhibit "Indian Skies” through June 9
Hampi Art Labs by Indian architect Sameep Padora opens near UNESCO heritage site on Feb 6
Ustad Zakit Hussain sweeps 2024 Grammys, netting 3 awards
Illegal immigration from India to the United States on the rise

India's Rise as a Global Investment Magnet Over China LINK

Goldman Sachs and Morgan Stanley endorsed India’s economic potential over China, with India now accounting for over 7% of the global iPhone output.
Investment trends show a marked preference for India, with Marshall Wace allocating India as its largest net long bet.
Record inflows into India-focused funds contrast sharply with outflows from China-focused funds, indicating a strong investor optimism for India's growth story and its role as a strategic counterbalance to China.

RBI crackdown on Paytm continues LINK

The Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank, barring it from accepting deposits or engaging in credit transactions from January 31, 2023, and halting all banking services, including UPI and fund transfers after February 29, 2024.
Paytm's share price plummeted, hitting the lower circuit in three sessions, amidst rumors of Jio Financial Services and HDFC Bank potentially acquiring Paytm's wallet business.

Zomato overtakes Paytm and Byju’s to become India’s most valuable startup LINK

Zomato becomes the most valuable Indian startup with a market cap of $15.29 billion, surpassing Paytm and BYJU'S, as its share price doubles from its 2021 listing price.
Paytm's valuation plummeted to $3.52 billion from a pre-IPO $19 billion following RBI restrictions, while BYJU'S valuation dropped by 99% to $225 million from $22 billion amid recent liquidity turmoil .
Swiggy, valued at $8.3 billion and Razorpay, valued at $7.5 billion follow Zomato in an ecosystem boasting 112 unicorns.

Microsoft CEO talks about AI plans in India LINK

Satya Nadella emphasized AI's potential impact on productivity and GDP growth during a keynote in Mumbai, urging Indian businesses to adopt AI technologies and highlighting India's significant role as a talent hub for AI development.
Microsoft plans to skill 2 million Indians in AI and showcased India-focused AI applications like Karya, which supports ethical data creation and job provision in rural areas.

Edtech unicorn Physics Wallah launches its first physical school LINK

Physics Wallah launched its first physical school, PW Gurukulam in Gurugram, offering CBSE-affiliated education from preschool to grade 7 aiming to enroll 400 students.
PW now operates over 72 offline and 28 hybrid centers across India, indicating a shift towards offline education post-pandemic across India’s edtech ecosystem.
In FY22-23, PW's revenue soared to $93M from $23M the previous year, with offline centers accounting for 40% of revenue, highlighting a significant 182% increase in online course enrollments over the year.

Indians and Chinese emigration grows, at-odds with the oft proclaimed rise of the “Asian Century” LINK

Indians and Chinese immigrants are now the second and third largest migrant groups in the United States.
The real concern is outflow of capital and talent - migration statistics are not overly surprising relative to population size, however the outflow is skewed towards high net-worth individuals. China lost more millionaires than any other country in 2022 (~10K), India came in third (~7.5K)
For China, this is potentially driven by Xi Jingping’s crackdown on the private sector. In India’s case, potential drivers include patchy governance, pollution, tax harassment, subpar public health programs and urban infrastructure. Outbound migration may not single-handedly alter these countries’s trajectories but may act as a signal to reassess the inevitability of their rise

Metropolitan Museum of Art features Indian art in exhibit "Indian Skies” through June 9 LINK

The exhibit showcases 122 paintings from the collection of Howard Hodgkins, featuring works from the Mughal, Deccani, Rajput, and Pahari courts between the 16th and 19th centuries, highlighting the civilization's polytheistic culture with subjects ranging from divinities to elephants

Hampi Art Labs by Indian architect Sameep Padora opens near UNESCO heritage site on Feb 6 LINK

Hampi Art Labs, designed by Sameep Padora, merges with the landscape near South India’s Hampi UNESCO world heritage site across 18 acres, featuring exhibition spaces, studios, printmaking workshops, a cafe, and residences that echo the natural and historical context of the area.
The architecture incorporates locally sourced terracotta and designs inspired by the natural topography, aiming for a blend between the structure and its environment, emphasizing fluidity and continuity.
The center hosts a global residency program and exhibitions, including "Right Foot First," showcasing a mix of international and local artists, reflecting its ethos of openness and cultural dialogue.

Ustad Zakit Hussain sweeps 2024 Grammys, netting 3 awards LINK

Ustad Zakir Hussain won three awards at the 66th Grammy Awards: 'Best Global Music Performance' for 'Pashto', 'Best Contemporary Instrumental Album' for 'As We Speak' in collaboration with Bela Fleck, Edgar Meyer, and Rakesh Chaurasia and “Best Global Music Album' for his jazz group Shakti’s album ‘This Moment'

Illegal immigration from India to the United States on the rise LINK

In fiscal year 2023, the US Customs and Border Protection apprehended nearly 100,000 Indians attempting illegal entry, a significant increase from virtually none in 2017, with numbers continuing to rise in early fiscal 2024.
Indian undocumented immigrants are now the third largest group in the U.S., at ~0.7M, trailing Mexico and El Salvador, and growing more rapidly than other nationalities
The surge in illegal migration from India is driven by unemployment, challenging the narrative of India as an emerging economic superpower and potentially straining Indo-US relations.

In other news:

Peter Cat Recording Company just a North America tour with Khruangbin. Snag your tickets here.
Prime Minister Narendra Modi announced a $67 billion investment in India's energy sector aiming for net zero emissions by 2070. LINK
A pigeon suspected of espionage and detained for eight months at a veterinary hospital in Mumbai was acquitted and released after investigations identified it as a racing bird from Taiwan. LINK
An ongoing lawsuit between two families in New Delhi tries to determine the founder of butter chicken. LINK

Quote of the day:

❝

Growth comes from chaos, not order.

Rakesh Jhunjhunwala