<ul class="summary-list"><li><em>This post originally appeared in the Insider Today newsletter.</em></li></ul><p><strong>Welcome back to our Sunday edition</strong>. It seems everyone has <a target="_blank" href="https://www.businessinsider.com/bryan-cranston-and-aaron-paul-mezcal-dos-hombres-profile-2023-12">their own brand of tequila or mezcal</a>. The latest to get in on the act: Tesla, which is <a target="_blank" href="https://www.businessinsider.com/tesla-mezcal-bottle-for-sale-2024-6">selling a $450 bottle of mezcal on its website</a>.</p><p><strong>On the agenda:</strong></p><ul><li>Inside the spectacular rise, and fall, <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">of a Texas bankruptcy court</a>.</li><li>Welcome to the <a target="_blank" href="https://www.businessinsider.com/golden-age-rich-renters-not-buying-home-price-new-apartment-2024-6">golden age for rich renters</a>.</li><li>Goldman's star bankers reveal <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">their plan to keep winning in M&amp;A</a>.</li><li>Brave startups are trying to <a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6">usurp Nvidia's AI throne</a>.</li></ul><p><strong>But first: </strong>Shock election results in India will shake up the world's fifth-largest economy.</p><p><em>If this was forwarded to you, </em><a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition"><em>sign up here</em></a><em>. Download Insider's app </em><a target="_blank" href="https://www.insider.com/app"><em>here.</em></a></p><div type="image" title="Narendra Modi sitting at a table with flowers on it." height="683" width="1024" msid="110841760" hostid="261" sizebytes="58772"></div><h2 id="d97b5dce-e69d-489f-9b45-829a14c50408"><strong>This week's dispatch</strong></h2><p><strong>Modi misses</strong></p><p>Indian Prime Minister Narendra Modi claimed <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">a third term this week</a>, but his Bharatiya Janata Party failed to secure an overall majority. He'll now have to <a target="_blank" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">rely on allies</a> to form a government.</p><p>The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. The rebuke arrived despite Modi's record of lifting hundreds of millions of Indians out of poverty, which won praise from business titans like <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-support-narendra-modi-india-elections-2024-6">Jamie Dimon</a>. Indian stock indexes <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">fell sharply</a> on the election results before recovering.</p><p>India watchers expect the country's new government to move slower on some issues following the surprise election result. But experts believe Modi will be largely undeterred in his economic and foreign policy efforts.</p><p>One pain point is India's rising unemployment rate. That could see Modi supercharge his efforts to turn India into the new factory of the world. <a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-indonesia-production-india-china-iphone-2024-4">Apple</a> is among those investing in manufacturing in the country.</p><p>He has also positioned India as a leader of the <a target="_blank" href="https://www.businessinsider.com/narendra-modi-redouble-global-power-mission-despite-election-setback-india-2024-6">Global South</a>, strengthening diplomatic ties with the US and pushing for a permanent position on the UN Security Council.</p><p>That puts India in <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">direct competition</a> with China, with Modi wasting no time in <a target="_blank" href="https://www.businessinsider.com/modi-straight-from-reelection-anger-china-taiwan-india-2024-6">needling his rival</a> shortly after claiming victory.</p><div type="image" title="An illustration of Elizabeth Freeman, Judge Marvin Isgur, and Judge David Jones" height="1500" width="2000" msid="110841758" hostid="261" sizebytes="208832"></div><h2 id="638f3bbc-eca5-4cd5-a743-625b126bcb84"><strong>The fall of a bankruptcy juggernaut</strong></h2><p>New details have emerged about the tight-knit circle of attorneys and judges within one of the country's most powerful courts: the Southern District of Texas bankruptcy court.</p><p>Rampant conflicts of interest fueled the court's meteoric rise — and its spectacular fall.</p><p><a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5"><strong>Inside the court where conflicts of interest ran deep</strong></a><strong>.</strong></p><div type="image" title="Gold apartment buildings with 'For Rent' signs and a sign reading '2 Months Free' with money falling" height="900" width="1200" msid="110841765" hostid="261" sizebytes="176086"></div><h2 id="5aae9749-51ac-4feb-a0f5-3cd0cd83c026"><strong>Rich and still renting</strong></h2><p>A wave of apartment construction has flooded metros like Salt Lake City, Nashville, and Atlanta with new studios and two-bedroom apartments. To lure tenants, landlords are hawking deals left and right, from comped parking to discounted rent.</p><p>The apartments are still expensive. But compared to the price of a down payment, they can feel like a bargain. And with amenities like pools and gyms, they are keeping wealthy Americans renting.</p><p><a target="_blank" href="https://www.businessinsider.com/golden-age-rich-renters-not-buying-home-price-new-apartment-2024-6"><strong>Why some Americans are sticking to renting</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><a target="_blank" href="https://www.businessinsider.com/multimillionaire-chooses-to-rent-not-buy-home-2024-6">I'm a multimillionaire who chooses to rent rather than buy a house. I'm glad I'm not wasting money on a mortgage</a>.</li></ul><div type="image" title="Alison Mass, Timothy Ingrassia, Stephan Feldgoise, Kim Posnett" height="1000" width="2000" msid="110841756" hostid="261" sizebytes="156132"></div><h2 id="cc1a3b53-8e8a-4598-8830-00560f6dd3a0"><strong>Inside the Goldman deal machine</strong></h2><p>Goldman Sachs recently celebrated 25 years since it went public, and the bank's future has been a hot topic on Wall Street. Goldman's latest moves show its core business of advising companies and the ultrawealthy has retaken center stage.</p><p>A dozen Goldman insiders and bank watchers spoke to BI about how the bank is positioning itself to succeed in the long run and how it'll ultimately withstand recent top-partner departures.</p><p><a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6"><strong>How Goldman plans to keep winning</strong></a><strong>.</strong></p><div type="image" title="Jensons throne is being usurped?" height="900" width="1200" msid="110841763" hostid="261" sizebytes="98386"></div><h2 id="d403c417-2516-4e96-8e90-fac21fb49b60"><strong>Climbing Mt. Nvidia</strong></h2><p>Going up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. "Betting against Nvidia is viewed as a very stupid investment," one VC said.</p><p>But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.</p><p><a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6"><strong>See the startups coming for Nvidia</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><a target="_blank" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">AI just catapulted Nvidia into the $3 trillion club at lightning pace</a></li></ul><p><strong>This week's quote:</strong></p><p><em>"You just leave it alone, and you look up 40 years later, and it's a really nice number."</em></p><p>A 65-year-old retiree <a target="_blank" href="https://www.businessinsider.com/retiree-saved-2-million-using-401k-low-cost-of-living-2024-6">who saved $2 million for retirement</a>.</p><h2 id="a4a20687-c2b5-4eca-b5f4-c89728a89254"><strong>More of this week's top reads:</strong></h2><ul><li>Jack Dorsey gave $10 million to an <a target="_blank" href="https://www.businessinsider.com/jack-dorsey-fiatjaf-nostr-donation-2024-6">anonymous founder with a deep devotion to a fascist "guru."</a></li><li>Six tips from Satya Nadella on <a target="_blank" href="https://www.businessinsider.com/satya-nadella-microsoft-management-leadership-advice-how-to-run-business-2024-6">how to run a company and manage your team</a>.</li><li>Why big musical acts <a target="_blank" href="https://www.businessinsider.com/jennifer-lopez-cancels-tour-slow-ticket-sales-concerts-prices-ticketmaster-2024-6">can't sell out concerts anymore</a>.</li><li>An unchecked AI could usher in <a target="_blank" href="https://www.businessinsider.com/ai-new-dark-age-risks-regulations-2024-5">a new dark age</a>.</li><li>HR exec: If you get put on a PIP, <a target="_blank" href="https://www.businessinsider.com/pip-what-to-do-hr-exec-apply-job-2024-6">find a new job as fast as possible</a>.</li><li>Microsoft is laying off hundreds <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">in its Azure cloud business</a>.</li><li><p>Apple alerted Amazon about a potential cloud security risk, <a target="_blank" href="https://www.businessinsider.com/apple-alerted-amazon-potential-cloud-security-risk-aws-2024-6">prompting a change in AWS's data-deletion process</a>.</p><p><strong>The Insider Today team: </strong><a target="_blank" href="https://www.businessinsider.com/author/matt-turner">Matt Turner</a>, deputy editor-in-chief, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.</p></li></ul>

Insider Today: Asia's superpower clash

India's economic landscape is a tapestry of growth drivers, with the <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword> sector emerging as a pivotal force propelling the nation forward. Quite simply, manufacturing can very well be considered among the next themes for the decade, potentially transforming India’s economy. <br /><br /><h2>Driving forces: Economic engine &amp; contribution</h2>The growth narrative of any nation is closely linked to the performance of its key sectors. In India, while agriculture and services have traditionally played significant roles, manufacturing is now set to lead the next phase of <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword>. <br /><br />Currently, services dominate with 56% of Gross Value Added (GVA), while manufacturing contributes 27%. Despite not yet reaching its full potential, the manufacturing sector holds immense promise as a leading force in India's economic journey.<br /><br />India's growth trajectory has been significantly shaped by agriculture and services. However, manufacturing, with its vast potential for expansion, remains a key player yet to fully realise its capacity. As the sector grows, it is expected to play a crucial role in driving the country's economic progress.<br /><br /><h2>Key pillars of manufacturing growth</h2><h3>1. Infrastructure and Technology Investments</h3><br />Investments in manufacturing infrastructure and technology are critical for driving sustainable economic growth. These investments facilitate import substitution, boost exports, create jobs, foster innovation, and enhance productivity.<br /><br />Strengthening local manufacturing reduces dependency on imports, fostering self-reliance and mitigating external vulnerabilities. Also, a robust manufacturing sector not only serves domestic demands but also fuels export-oriented growth, bolstering India's position in the global market.<br /><h3><br /></h3><h3>2. Job creation</h3><br />Manufacturing's labour-intensive nature translates into significant job opportunities, contributing to socio-economic development and livelihood enhancement. Developed countries over the years which have grown on the back of manufacturing have shown that large-scale manufacturing fosters innovation, driving improvements in product quality, efficiency, and competitiveness on the global stage.<br /><br /><h3>3. Government initiatives, emerging trends</h3><br />The government's steadfast focus on promoting manufacturing is evident through initiatives like "Make in India" and "Vocal for Local." Additionally, Production Linked Incentive (PLI) schemes incentivize key sectors, propelling production and exports.<br /><br />Growing environmental awareness worldwide is driving a shift towards eco-friendly industrial practices, presenting India's manufacturing sector with new opportunities. Another factor supporting domestic manufacturing is India's urbanisation. This necessitates significant investments in affordable housing and urban infrastructure, creating avenues for manufacturing-led growth.<br /><br /><h2>Investment opportunities in manufacturing</h2>Investment opportunities within the manufacturing sector are abundant, with various avenues for potential growth and profitability. From traditional manufacturing industries like textiles and automobiles to emerging sectors such as renewable energy and advanced manufacturing technologies, there is a diverse range of opportunities for investors to explore within the manufacturing theme.<br /><br />Investors who have already invested in this theme have witnessed substantial wealth creation in recent years. For example, the Nifty India Manufacturing Index (price return variant), which tracks the <a href="http://www.niftyindices.com">performance </a>of stocks that represent manufacturing sectors in India, increased by 55% in one year and delivered 21% (CAGR) over 5 years as of April 30, 2024. <br /><br /><h3>Outlook</h3>As India charts its course towards economic resurgence, the manufacturing sector emerges as a beacon of hope, driving inclusive growth, fostering innovation, and propelling the nation towards a brighter tomorrow.<br /><br />With the right policies, investments, and strategic interventions, manufacturing can unleash its full potential, contributing significantly to India's journey towards becoming a global economic powerhouse. This theme has the potential to be a wealth creator for the next decade and beyond.<br /><br /><em>Disclaimer: The article is authored by RC Rawal, MD, Imperial International. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. Do your own research (DYOR) before deciding to invest in any financial asset class. </em><em>This article is published by the Insider Studios team. You can get in touch with them on </em><a href="mailto:insiderstudios@businessinsider.in"><em>insiderstudios@businessinsider.in</em></a><em>.</em><br />

Investing in India’s manufacturing sector: Opportunities and outlook

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul><p>Fourteen-hour work days, meetings during vacations, and no overtime.</p><p>To some, this may sound like a job from hell. But for many employees in India, it's just another working day.</p><p>India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.</p><p>Not only are employees in India working long hours, but many are also doing it under intense pressure.</p><p>"The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."</p><p>A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).</p><h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2><p>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.</p><p>Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear.</p><p>"Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."</p><p>According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."</p><p>She also accused EY of "glorifying overwork."</p><p>EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."</p><h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2><p>Concerns about India's workplace culture are not new.</p><p>Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress.</p><p>"India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress."</p><p>"So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"</p><p>The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.</p><p>Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues.</p><p>"We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."</p><p>EY did not immediately respond to a request for comment.</p><h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2><p>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.</p><p>These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.</p><p>They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.</p><p>An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.</p><p>An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.</p><p>He said 16- to 18-hour workdays — including some weekends — were normal in his job.</p><p>"A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."</p><p>Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"</p><p>Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation.</p><p>"There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."</p><h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2><p>So what is stopping employees from demanding change?</p><p>Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.</p><p>Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.</p><p>Perayil's mother's email, for instance, said her daughter "did not know how to say no."</p><p>"She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,</p><p>Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet.</p><p>"In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."</p><h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2><p>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company.</p><p>"They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.</p><p>In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.</p><p>Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.</p><p>She also found cultural differences when conducting training sessions for employees in India and the US.</p><p>When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings.</p><p>"They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."</p><h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2><p id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India.</p><p>"Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."</p><p>She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws.</p><p>"What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."</p>

The death of a young EY employee is raising questions over India's 'always-on' work culture

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div><br />Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost?<br />Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. <br /><br />Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened.<br /><br /><h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge.<br /><br />Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders.<br /><br />But profits? Well, that's a different, rather completely absent story. <br /><br /><h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. <br /><br />Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each.<br /><br />But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. <br /><br />So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%.<br /><br />And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options.<br /><br />Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). <br /><br />With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <br /><br /><h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. <br /><br />As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. <br /><br />Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore.<br /><br />Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Year <br /><br /></strong></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Total Turnover (Both Futures and Options) (In Rs Crore)</strong><br /><br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><em>Source : NSE</em><br /><br />Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. <br /><br />Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. <br /><br />After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <br /><br /><h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. <br /><br />In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders.<br /><br />But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. <br /><br />Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. <br /><br />The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year.<br /><br /><h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget.<br /><br />Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. <br /><br />Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. <br /><br />But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes.<br /><br />SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks.<br /><br />Here's a quick recap of what's to come for the residents of the F&amp;O town<br /><br /><em>Margin Requirements</em>: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry.<br /><br />Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets.<br /><br /><em>It ain't a choice:</em> No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. <br /><br /><em>Raising the bar</em>: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades.<br /><br /><em>Pay upfront</em>: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice.<br /><br /><em>Invigilation Pro Max</em>: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. <br /><br />The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell!<br /><br />For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put!<br /><br /><em>Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.</em><br /><br />

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul class="summary-list"><li>Criminal gangs are helping students cheat on exams in India, according to The Wall Street Journal.</li><li>Cheating has, in particular, plagued India's highly competitive medical entrance exam.</li></ul><p>India's massive examination machine is floundering.</p><p>This year, the country's primary testing body — the National Testing Agency (NTA) — has faced a series of controversies.</p><p>They range from exam delays and cancellations to more serious allegations of errors in questions and leaked papers.</p><p>While NTA officials have denied that any exam papers were leaked the federal education minister, Dharmendra Pradhan, told the <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cv22wl82yldo">BBC</a> in June that "some irregularities" had been found.</p><p>Now, it seems some are taking advantage of the examination chaos.</p><p>According to the <a target="_blank" class="" href="https://www.wsj.com/world/india/gangs-are-making-millions-helping-indians-cheat-on-exams-32500cce">Wall Street Journal, some middle-class families are paying criminal gangs thousands </a>to help their children get the upper hand on these exams.</p><h2 id="5266815a-7004-480f-a5ba-395977759d6c">Cheating in India's medical entrance exam</h2><p>Cheating has, in particular, plagued India's highly competitive medical entrance exam, also known as the National Eligibility Cum Entrance Test (NEET).</p><p>This year, around 2.4 million students in India took the exam, competing for medical college seats totaling about 0.02% of that number.</p><p>"Very few people crack it on the first try," one student, who asked not to be named for privacy reasons, told Business Insider.</p><p>She spent a year preparing for the undergraduate and postgraduate exams, respectively. During this time, she woke up at 4 a.m. and studied for at least 10-12 hours each day.</p><p>Some prefer to take an easier route.</p><p>The Journal found that several students had paid $15,000-20,000 to illegally look at the question paper before the exam. BI could not independently verify the figures.</p><p>The police made multiple arrests related to exam cheating after results showed that 67 people received perfect scores in the NEET exams this year.</p><p>"Question papers are sold at extravagantly high prices," Ashok Rathore, a police officer who investigated cheating linked to India's medical school exam, told the Journal. "It's a nexus of desperate students, parents, tuition centers and printing presses."</p><h2 id="378edaf6-be36-458e-8847-661e66638c81">Leaked questions</h2><p>One student told BI that several Telegram channels dedicated to exam prep saw messages encouraging students "struggling with exams and don't have time for studies" to get in touch for "help."</p><p>"My friend said he was asked to pay around 15,000 rupees ($180) to enter the private channel where they shared the questions," she said.</p><p>BI reached out to the Telegram account offering "help". The person said they can provide next year's medical entrance exam questions for around 1 lakh rupees ($1,200).</p><p>High ranks in these exams mean coveted "seats" in medical colleges operated by the state and national governments. </p><p>Those with money can still legally obtain places in private medical colleges if they pay fees ranging from $115,000 to $145,000.</p><p>However, some students with the financial capacity prefer cheating and getting a government seat instead.</p><p>"It makes very good economic sense," a senior medical advisor with knowledge of the matter told BI. "The question paper will be given for about 25 lakh rupees (around $29,000). For that much, they get a free seat in a government college where they only have to pay around 16,000 rupees ($190) per annum."</p><p>"For the entire five-year degree, that still only comes to around one lakh rupees ($1191), so of course rich students would rather do that instead of paying their way into private medical schools."</p><h2 id="4ff61c3d-756d-47c9-8f47-2f6be9f1f6a0">Earning a 'merit' seat</h2><p>The advisor — who preferred to remain anonymous but whose identity is known to BI — also said there is a significant amount of respect that comes with having "earned" a merit seat instead of paying their way into a private "management" seat.</p><p>"Unfortunately, there are very few objective metrics that people have as outsiders to judge the competence of their doctors, especially at a time when everybody in India sits with an MBBS board outside their clinic," agreed Asish George, a doctor who cleared the entrance exam in 2014.</p><p>"For those people, the fact that someone cracked a highly competitive entrance exam and got in would inspire more confidence than someone who paid their way through the whole thing."</p><p>According to the Journal, authorities in India have tried to install video cameras inside exam halls and increased their monitoring of social media to catch cheaters. But many are still finding ways to illegally gain the upper hand, at a high price. </p><p>The NTA did not immediately respond to a request by BI for comment.</p>

India's exam system is in chaos, with some families paying thousands to help their kids cheat

<ul><li>Indians are spending more on ‘prosperity-driven categories’ like OTTs, gadgets, says a <keyword id="3359665" type="General" weightage="80" keywordseo="redseer" source="Orion">Redseer</keyword> report. <br /></li><li>Spending towards personal care, education, food and clothing has a moderate growth in the last five years but has good long-term growth ahead. <br /></li><li>The areas that grew slowly and will continue to see slow growth are house expenses and the consumption of tea. <br /></li></ul>In the last five years, Indians have been gulping soft drinks, buying insurance products, spending on recreation with OTT subscriptions, audio and video gadgets; and are keeping pets at an accelerated pace. <br /><br />The wanderlust bug has also truly bitten too as spending on travel has accelerated and this is expected to skyrocket further in the next five years, says a report by Redseer. All these spending in ‘prosperity-driven categories’ indicate growing affluence, says <keyword id="4436374" type="General" weightage="50" keywordseo="mrigank-gutgutia" source="Orion">Mrigank Gutgutia</keyword>, partner at <keyword id="3631351" type="General" weightage="50" keywordseo="redseer-consulting" source="Orion">Redseer Consulting</keyword>. <br /><br />“Indians are getting richer and their capacity and ability to buy such products is going up, thanks to rising disposable income. When the sales of these products start to happen at a size and scale, it indicates maturity of consumption patterns,” <keyword id="14381863" type="General" weightage="50" keywordseo="gutgutia" source="Orion">Gutgutia</keyword> tells <keyword id="1857762" type="General" weightage="50" keywordseo="business-insider-india" source="Orion">Business Insider India</keyword>. <br /><br />Basic spend towards personal care, education, food and clothing has a moderate growth in the last five years but has good long-term growth ahead. The ‘others’ category is the most interesting which has been slow and will continue to see slow growth — are house expenses and the consumption of tea, Redseer adds. <br /><br /><strong>Going premium &amp; digital <br /></strong><br />There are consumption themes arising across products and services, Redseer says — like premiumization in personal vehicles, electrification of two-wheelers and travellers preferring ‘organized’ players.<br /><br />Added to that, digital entertainment, fashion going into tier-2 cities —- are all indications of how patterns of consumption are changing, says Redseer. <br /><br />In the short term however, macroeconomic conditions have been bleak that has affected the personal consumption of Indians which has dipped to $2.2 trillion in FY23. However it’s on its way up and expected to touch over $2.4 trillion in FY24. <br /><br />Product-oriented consumer internet sectors have faced recent growth headwinds, but they are likely to revive steadily, the report says. <br /><br />“Indicators across emerging sectors, such as credit card spends, air travel, and sales of vehicles, show signs of recovery in Q1 FY24,” says Redseer. Most services except travel can see normalized growth expectations ahead.<br /><br />SEE ALSO<br /> <br /><a href="https://www.businessinsider.in/stock-market/news/wonderla-holidays-a-multibagger-gaining-from-the-holiday-mood/articleshow/101572445.cms">More than child’s play: This amusement park company turns multibagger</a><br /><br /><a href="https://www.businessinsider.in/business/news/mid-tier-it-companies-expected-to-outperform-the-big-guns/articleshow/101548594.cms">Mid-tier IT companies expected to outperform the big guns</a><br />

Juice over tea – India's spending pattern is taking a premium drift

<bulletContentEmbed name="KEYNOTE ADDRESS" columns="1"><bulletContentHeading name="KEYNOTE ADDRESS_head"></columnHeadThumb>KEYNOTE ADDRESS</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="KEYNOTE ADDRESS_body"><bulletContentRow name="KEYNOTE ADDRESS_0816379787827333"><bulletContentRowHeading><bulletContentRowHead col="1">MSMEs: The backbone of Indian economy</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1"><strong>Procurement, exports and enterprises are three crucial pillars for fostering the growth of small and medium size businesses. How can MSMEs boost exports and what more does the government need to do to support this sector?</strong><br /><br />          <div type="image" title="Anurag Malik" msid="100478932" hostid="261" caption="&amp;lt;p&amp;gt;National Leader&amp;lt;br&amp;gt;WAS, EY India&amp;lt;/p&amp;gt;"></div><br />          <div type="image" title="Anjali Byce" msid="100478944" hostid="261" caption="&amp;lt;p&amp;gt;CHRO&amp;lt;br&amp;gt;Sterlite Technologies&amp;lt;/p&amp;gt;"></div><br />          <div type="image" title="Dr Marcus Ranney" msid="100478992" hostid="261" caption="&amp;lt;p&amp;gt;Author &amp;amp;amp; Founder&amp;lt;br&amp;gt;Human Edge&amp;lt;/p&amp;gt;"></div><br />          <div type="image" title="Karan Virwani" msid="100479001" hostid="261" caption="&amp;lt;p&amp;gt;CEO&amp;lt;br&amp;gt;WeWork India&amp;lt;/p&amp;gt;"></div><br />          <div type="image" title="Varun Duggirala" msid="100479020" hostid="261" caption="&amp;lt;p&amp;gt;Influencer, Podcaster, Entrepreneur&amp;lt;/p&amp;gt;"></div></bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[04:30 - 04:40]]></payload></bulletContentEmbed>

Day 2,  January 19, 2023

<ul><li><cmsannotation type="cmsannotation" annotationid="about" comment="event_nav" text="About"><span data-til="noop">About</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="themes" comment="event_nav" text="Themes"><span data-til="noop">Themes</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="who_will_attend" comment="event_nav" text="Who will Attend"><span data-til="noop">Who will Attend</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="agenda" comment="event_nav" text="Agenda"><span data-til="noop">Agenda</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="why_attend" comment="event_nav" text="Why Attend"><span data-til="noop">Why Attend</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="videos" comment="event_nav" text="Videos"><span data-til="noop">Videos</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="partners" comment="event_nav" text="Partners"><span data-til="noop">Partners</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="contactus" comment="event_nav" text="Contact us"><span data-til="noop">Contact us</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="insights" comment="event_nav" text="Insights"><span data-til="noop">Insights</span></cmsannotation></li></ul><cmsannotation type="cmsannotation" annotationid="video" comment="top_panel" text="https://slike-i.akamaized.net/3q/m9/3n3qm9l66u/720p_1600.mp4"><span data-til="noop">https://slike-i.akamaized.net/3q/m9/3n3qm9l66u/720p_1600.mp4</span></cmsannotation><br /><cmsannotation type="cmsannotation" annotationid="About the Summit" comment="about_title" text="About the Summit"><span data-til="noop">About the Summit</span></cmsannotation><br /><cmsannotation type="cmsannotation" annotationid="Description" comment="about_desc" text="Micro, small, and medium enterprises (MSMEs) are a critical cog of the Indian economy, and have steadily marked their path to recovery post-pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and the rise of social commerce has been the real game-changer – helping them resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.India’s journey towards a five trillion economy is going to be powered by these engines of innovation! At BI India, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s MSME sector. Spread over two days in January, MSME Exchange aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come."><span data-til="noop">Micro, small, and medium enterprises (MSMEs) are a critical cog of the Indian economy, and have steadily marked their path to recovery post-pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and the rise of social commerce has been the real game-changer – helping them resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.<br />India’s journey towards a five trillion economy is going to be powered by these engines of innovation! At BI India, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s <keyword id="6358354" type="General" weightage="20" keywordseo="MSME" source="Orion">MSME</keyword> sector. Spread over two days in January, <keyword id="4106334" type="General" weightage="100" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come.</span></cmsannotation><br /><br /><cmsannotation type="cmsannotation" annotationid="who_all_attend" comment="wwa_title" text="Who will attend"><span data-til="noop">Who will attend</span></cmsannotation><br /><ol><li>              <div type="image" title="Government ministers, industry bodies and policy makers, leaders from finance and tech institutions" msid="100847530" hostid="261"></div></li><li>            <div type="image" title="Business leaders, owners and promoters across MSME sectors" msid="100847513" hostid="261"></div></li><li>            <div type="image" title="MSME champions &amp;amp; stars in the making - startups, innovators and entrepreneurs" msid="100847589" hostid="261"></div></li><li>            <div type="image" title="MSME champions &amp;amp; stars in the making - startups, innovators and entrepreneurs" msid="100847655" hostid="261"></div><br /></li><li><div type="image" title="ABCD" msid="101166861" hostid="261" sizebytes="108450"></div></li></ol><cmsannotation type="cmsannotation" annotationid="Themes" comment="themes_title" text="Themes"><span data-til="noop">Themes</span></cmsannotation><br /><table class="redcator-table-advance"><tbody><tr><td>Policy</td><td>Fostering MSMEs</td><td><ol><li>Fostering MSMEs small businesses are the growth engine for India’s economy.</li><li>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</li><li>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</li></ol></td></tr><tr><td>Finance</td><td>Need for Innovative Financing</td><td><ol><li>Expensive access to capital remains a major challenge for MSMEs</li><li>How can small businesses overcome this hurdle?</li><li> We discuss initiatives and solutions to solve the most critical need of the sector - funding!</li></ol></td></tr><tr><td>Technology</td><td>Braving the digital world</td><td><ol><li>Is digital transformation the answer to challenges faced by small businesses?</li><li>How can MSMEs transform and grow more?</li><li>Hear from the best in business about tech solutions for empowering and building a competitive MSME landscape</li></ol></td></tr><tr><td>Marketing</td><td>Brand Building for SMEs</td><td><ol><li>Is digital transformation the answer to challenges faced by small businesses?</li><li>How can MSMEs transform and grow more?</li><li>Hear from the best in business about tech solutions for empowering and building a competitive MSME landscape</li></ol></td></tr><tr><td>Policy</td><td>Unlocking MSMEs Potential</td><td><ol><li>Is digital transformation the answer to challenges faced by small businesses?</li><li>How can MSMEs transform and grow more?</li><li>Hear from the best in business about tech solutions for empowering and building a competitive MSME landscape</li></ol></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><div type="embedgroup"><title>Videos</title> <div type="Youtube" id="X4YJlFWiWQI" title="Empowering Women-Led MSMEs" thumbUrl="https://i.ytimg.com/vi/X4YJlFWiWQI/mqdefault.jpg"></div><payload><![CDATA[videos_top]]></payload></div><br /><div type="embedgroup"><title>Videos</title> <div type="Youtube" id="W-ZBi_vVA-g" title="Promoting MSME Growth And Ease Of Doing Business" thumbUrl="https://i.ytimg.com/vi/W-ZBi_vVA-g/mqdefault.jpg"></div> <div type="Youtube" id="7q1LidC8UcE" title="Beyond The BoardRoom with Anish Tawakley" thumbUrl="https://i.ytimg.com/vi/7q1LidC8UcE/mqdefault.jpg"></div> <div type="Youtube" id="tWROVASCMoI" title="Empowering Small Businesses (MSMEs &amp;amp;amp; 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MSME Exchange 2023

<ul class="summary-list"><li><em>This post originally appeared in the Insider Today newsletter.</em></li></ul><p><strong>Welcome back and happy Taylor Swift album weekend! </strong>The singer's rollout strategy for "The Tortured Poets Department" — releasing zero singles and barely promoting — is <a target="_blank" href="https://www.businessinsider.com/taylor-swift-tortured-poets-department-album-rollout-promo-explained-2024-4">a true power move</a>.</p><p>Now, let's dive into this week's top stories.</p><p><strong>On the agenda:</strong></p><ul><li><p>"The Tortured Poets Department" won't be <a target="_blank" href="https://www.businessinsider.com/tortured-poets-department-taylor-swift-new-album-earnings-eras-tour-2024-4">Swift's biggest money-maker this year</a>.</p></li><li><p>Sorry, but Alex Garland isn't going to <a target="_blank" href="https://www.businessinsider.com/civil-war-movie-alex-garland-politics-criticism-2024-4">dumb down "Civil War" for you</a>.</p></li><li><p>Michael Pollan says to skip the supplements and <a target="_blank" href="https://www.businessinsider.com/broccoli-benefits-anti-cancer-supplement-2024-4">grab this one vegetable instead</a>.</p></li><li><p>Some things are really hard to get, <a target="_blank" href="https://www.businessinsider.com/status-symbols-difficult-wealthy-buy-cartier-hermes-augusta-billionaires-2024-4">even if you're really rich</a>.</p></li></ul><p><strong>But first: </strong>Stay close to home this summer.</p><p><strong><em>If this was forwarded to you, </em></strong><a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition"><strong><em>sign up here</em></strong></a><strong><em>. Download Insider's app </em></strong><a target="_blank" href="https://www.insider.com/app"><strong><em>here.</em></strong></a></p><div type="image" title="woman in a field of red flowers" height="1500" width="2000" msid="109459347" hostid="261" sizebytes="197962"></div><h2><strong>This week's dispatch</strong></h2><p><strong>Get into destination dupes</strong></p><p>Are you sick of high prices to travel to your favorite destination across the pond? Well, you're not alone.</p><p>According to <a target="_blank" href="https://affiliate.insider.com?h=c1f7255c77392c2b48bb9811cd4c604343d4b6ea79b8707fc47327d904ae8618&amp;postID=6622c1d9f0ef5e8ba24efa85&amp;postSlug=insider-today-saturday-michael-pollan-taylor-swift-alex-garland&amp;site=bi&amp;u=https%3A%2F%2Fwww.expedia.com%2Fmagazine%2Ftravel-trends-unpack-24%2Fdestination-dupes%2F">Expedia</a>, one of the biggest trends of 2024 is destination dupes — places where you can travel for way less. With <a target="_blank" href="https://www.businessinsider.com/fed-inflation-problem-us-economy-demand-not-oil-price-2024-4">inflation still pinching consumers</a> and airline ticket prices rising thanks to the <a target="_blank" href="https://www.businessinsider.com/airline-ticket-prices-increase-boeing-737-max-airfare-deals-2024-3">Boeing controversy</a>, travelers are looking for more cost-effective ways to see the world.</p><p>Want a taste of Scandinavia? <a target="_blank" href="https://www.businessinsider.com/north-american-places-that-look-like-europe-2019-2">Trek to Solvang</a>, a quaint town in California founded by Danish-American settlers. That's reflected in the town's architecture, which includes a replica of the Little Mermaid statue in Copenhagen, among other things that make the town feel far from home.</p><p>If you'd rather traipse through the tulips in the Netherlands, <a target="_blank" href="https://www.businessinsider.com/visiting-largest-tulip-festival-in-us-skagit-valley-washington-review-2024-4">try visiting Mount Vernon, Washington</a>, instead. The northwestern city hosts the largest tulip festival in the US. Close your eyes, and you might feel you're walking among the Dutch.</p><div type="image" title="Taylor Swift in front of money" height="750" width="1000" msid="109459351" hostid="261" sizebytes="193434"></div><h2><strong>Swift's album won't be her biggest money-maker</strong></h2><p>Taylor Swift dropped her new album, "The Tortured Poets Department," on Friday, and it's almost guaranteed to be a bestseller. But that doesn't mean it'll make her most of her money this year.</p><p>Instead, the remaining leg of her Eras Tour — kicking off in Paris next month and running through December — is expected to be what contributes most to her fortune.</p><p><a target="_blank" href="https://www.businessinsider.com/tortured-poets-department-taylor-swift-new-album-earnings-eras-tour-2024-4"><strong>Inside Swift's earnings this year</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><p><a target="_blank" href="https://www.businessinsider.com/taylor-swift-tortured-poets-department-album-rollout-promo-explained-2024-4">Taylor Swift's new album rollout strategy shows she's too big to fail</a></p></li><li><p><a target="_blank" href="https://www.businessinsider.com/taylor-swift-tortured-poets-department-album-review-tracklist-breakdown-2024-4">Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made</a></p></li></ul><div type="image" title="Alex Garland in front of a blue background" height="750" width="1000" msid="109459353" hostid="261" sizebytes="44726"></div><h2><strong>Alex Garland talks "Civil War"</strong></h2><p>Garland's new movie, a take on America's political landscape, has garnered criticism for not explaining the root of the conflict at the center of the film. The warring parties' ideologies aren't clear, either.</p><p>Some viewers see this omission as apolitical and ambiguous. But Garland told BI he doesn't want to correct people; he wants them to make them think, question, and feel.</p><p><a target="_blank" href="https://www.businessinsider.com/civil-war-movie-alex-garland-politics-criticism-2024-4"><strong>Read our interview with Garland</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><p><a target="_blank" href="https://www.businessinsider.com/kyle-maclachlan-movie-tv-roles-dune-twin-peaks-2024-4">Kyle MacLachlan's first-ever film role was a spectacular flop. He got the last laugh.</a></p></li></ul><h2><strong>Broccoli &gt; supplements</strong></h2><p>Michael Pollan, the author of "The Omnivore's Dilemma" and "In Defense of Food," told BI it's "much better" to get nutrients from food than supplements.</p><p>Broccoli, in particular, can provide tons of health-boosting benefits. It's great for improving circulation and blood flow, and can help prevent several age-related diseases.</p><p><a target="_blank" href="https://www.businessinsider.com/broccoli-benefits-anti-cancer-supplement-2024-4"><strong>Why Pollan loves broccoli</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><p><a target="_blank" href="https://www.businessinsider.com/risks-popular-supplements-vitamin-d-magnesium-2024-4?mrfhud=true">Taking too much of these 4 popular supplements can be dangerous, a toxicologist warns</a></p></li><li><p><a target="_blank" href="https://www.businessinsider.com/foods-michael-pollan-buys-organic-strawberries-wheat-bread-2024-4">2 foods Michael Pollan always buys organic to reduce his exposure to harmful chemicals</a></p></li></ul><div type="image" title="A graphic of a hand reaching for a black Birkin. The background is a purple grid." height="1500" width="2000" msid="109459355" hostid="261" sizebytes="152644"></div><h2><strong>Good luck getting your hands on these items</strong></h2><p>As it turns out, money can't buy everything — some products require more than just a thick wallet.</p><p>Getting a membership at Augusta National Golf Club, for example, is a challenge regardless of one's net worth. The same is true for scoring a table at Rao's in New York City, or procuring a brand-new Hermès Birkin bag.</p><p><a target="_blank" href="https://www.businessinsider.com/status-symbols-difficult-wealthy-buy-cartier-hermes-augusta-billionaires-2024-4"><strong>Five status symbols money alone can't buy</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><p><a target="_blank" href="https://www.businessinsider.com/rolex-ceo-watches-not-investments-dangerous-wrong-message-dufour-2024-4">Stop thinking your expensive watch is an investment, says Rolex boss</a></p></li><li><p><a target="_blank" href="https://www.businessinsider.com/hermes-bag-collectors-birkin-kelly-purse-2024-4">4 Hermès Birkin collectors cracked the code to getting their hands on the coveted bag</a></p></li></ul><div type="image" title="A television with an interference screen" height="1500" width="2000" msid="109459357" hostid="261" sizebytes="193524"></div><h2><strong>"The Circle": </strong>The new season of Netflix's reality competition series has an AI twist.</h2><ul><li><p><strong>"The Jinx Part 2":</strong> HBO's new docuseries revisits the story of convicted killer Robert Durst, premiering nine years after <a target="_blank" href="https://www.businessinsider.com/robert-durst-trial-the-jinx-timeline-2020-3">that infamous hot-mic moment</a>.</p></li></ul><p><strong>"Under the Bridge":</strong> The Hulu crime-drama starring Riley Keough and Lily Gladstone fictionalizes the chilling true story of a murdered 14-year-old girl.</p><p>See the full list.</p><h2><strong>More of this week's top reads:</strong></h2><ul><li><p>A millennial who moved to Canada shares <a target="_blank" href="https://www.businessinsider.com/american-millennial-moved-canada-from-texas-healthcare-weather-housing-culture-2024-4">why he wants to return to Texas</a>.</p></li><li><p>I used points to upgrade my teen to business class. <a target="_blank" href="https://www.businessinsider.com/upgraded-kid-to-business-class-future-flights-ruined-2024-4">I'm afraid he's spoiled forever</a>.</p></li><li><p>Patrick Mahomes is <a target="_blank" href="https://www.businessinsider.com/patrick-mahomes-defends-dad-bod-great-body-quarterback-nfl-2024-4">defending his "dad bod."</a></p></li><li><p>The new American dream? <a target="_blank" href="https://www.businessinsider.com/americans-moving-abroad-cost-of-living-too-expensive-debt-retirement-2024-4">Leaving the United States</a>.</p></li><li><p>A company turns former cruise ships into floating hotels — <a target="_blank" href="https://www.businessinsider.com/cruise-ships-find-new-life-floating-hotels-floatels-see-inside-2024-4">see inside its largest "floatel."</a></p></li><li><p>How overwater bungalows <a target="_blank" href="https://www.businessinsider.com/overwater-bungalows-became-status-symbol-luxury-travel-2024-4">became a luxury in the travel world</a>.</p></li><li><p>I'm a single mom. I date, but <a target="_blank" href="https://www.businessinsider.com/single-mom-dating-men-without-kids-no-fathers-less-complicated-2024-4">I don't date single dads</a>.</p></li><li><p>Why Munnar, a small mountain town in India, must<a target="_blank" href="https://www.businessinsider.com/munnar-most-beautiful-place-india-mountains-bucket-list-2024-4"> be on your bucket list</a>.</p></li><li><p>It might be time to <a target="_blank" href="https://www.businessinsider.com/new-rule-of-home-buying-fire-your-real-estate-agent-2024-4">fire your real estate agent</a>.</p></li><li><p>Harry and Meghan's mega-deals <a target="_blank" href="https://www.businessinsider.com/meghan-markle-prince-harry-new-netflix-shows-suits-spotify-deal-2024-4">have been mega-busts</a>.</p></li></ul><p><strong>The Insider Today team: </strong><a target="_blank" href="https://www.businessinsider.com/author/joi-marie-mckenzie">Joi-Marie McKenzie</a>, editor-in-chief, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.</p>

Insider Today: Skip the supplements

<div type="embedgroup"><title>Why Attend</title> <div type="image" title="Listen, learn from the brightest minds working to find real life solutions – the thinking that we need to supercharge the backbone of India’s economy - MSMEs" rank="1.0" mstype="3" mssubtype="0" msid="100134363" hostid="261"></div> <div type="image" title="Engage with expert speakers, industry captains, lenders, entrepreneurs and gain insights into their journeys and the road ahead" rank="2.0" mstype="3" mssubtype="0" msid="100134346" hostid="261"></div> <div type="image" title="Listen, learn from the brightest minds working to find real life solutions – the thinking that we need to supercharge the backbone of India’s economy - MSMEs" rank="3.0" mstype="3" mssubtype="0" msid="100134324" hostid="261"></div></div>

Why Attend

<ul class="summary-list"><li>Nithin Hassan moved from California to Bengaluru in 2023 to launch his startup.</li><li>Hassan left a high-paying job at Meta to address urban greenery issues in India.</li></ul><p><em>This as-told-to essay is based on a conversation with Nithin Hassan, who moved from California to Bengaluru, India, in 2023 to launch his startup. It has been edited for length and clarity. Business Insider has verified his employment history.</em></p><p>I grew up in and around Bengaluru, India, in the late 1990s and 2000s.</p><p>I moved to the US in 2006 for a master's in computer science. After graduating, I worked at AT&amp;T, Cisco, Amazon, and Microsoft for the next 13 years. In 2021, I switched to Meta, where I helped build data centers for the company.</p><p>I got married in 2013, and my wife also worked in Big Tech in the US. We really enjoyed life in the Bay Area — we had bought our own house and had a strong friend circle I saw as my family outside India. We also had two daughters, who are now six and two.</p><p>My wife and I were growing in our careers and making about $1 million in compensation together. I didn't feel like my career or learning had stagnated, and I managed to find time for personal projects like writing books about business.</p><p>But around the pandemic, something felt missing. I felt like I had not yet found my purpose.</p><h2 id="f9732e74-d386-406d-8231-01e19d270367">Golden handcuffs</h2><p>I knew I wanted to give back to my hometown in some way, and I had spotted a problem I could build solutions for. I was also tired of missing out on things back home — I wanted to be close to my family while my parents were still healthy.</p><p>I realized that a well-paying job in the US was my golden handcuff — it kept me from moving back home and filling both those gaps.</p><p>Giving up our <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">life in the US and my job</a> was a tough decision for my family, but I wanted to follow a minimum-regret mindset.</p><p>When I told my colleagues at Meta about my plan, they thought I was crazy. We had just gone through a <a target="_blank" class="" href="https://www.businessinsider.com/layoff-angst-meta-employees-face-tough-reviews-reorgs-2024-3">big 30% layoff</a>, and I was among those that got to stay. The company even offered to move me closer to India, but I went ahead with my resignation.</p><p>I <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">decided to return to India</a> in December last year after nearly two decades in the US.</p><h2 id="02520e95-090c-46ff-a038-c1e4035f6155">A startup to marry two passions</h2><p>I took a monthlong break to sort my ideas and came up with a plan.</p><p>I had been noticing how temperatures in my hometown, Bengaluru<strong>, </strong>had risen drastically in the last 10 years. Even the monsoon months<strong>,</strong> which are supposed to be pleasant, started feeling like summer because of all the urban development.</p><p>It worried me that there weren't any major government or private initiatives looking to improve things — even the tech giants I worked at were looking at climate solutions indirectly. I came up with the idea of building an e-commerce platform that aims to improve urban greenery. It gave me an opportunity to combine two things I love, technology and gardening, which was always my escape when things got busy.</p><p>I launched my startup in January and have been working on scaling it up since. I have also built a mentorship and job readiness platform to help those looking for career guidance.</p><p>Both my ventures are bootstrapped and I only plan to bring on any partners if they are a strategic fit. I don't want the pressure of an investor pushing me to make decisions that only have a financial benefit, because I don't want to lose sight of my original purpose.</p><h2 id="70f8cf9f-715a-43fd-b16e-96db0ba61193">Bureaucracy and big commutes</h2><p>I love being back home, but there are challenges. India is still not among the highest-ranked countries for the ease of doing business, and I have faced bureaucracy when setting up my startups.</p><p>We've had to make sacrifices as a family too. My wife is still working at a Big Tech company and spends much more time commuting than she did back in the US. I have two daughters, and inequality in Indian workplaces and concerns for their safety also weigh on me.</p><p>But there is a different joy in building solutions for India and the problems that I grew up around, like improving local greenery and better access to mentorship.</p><p>Another big advantage is that the Indian market is chaotic. Even long-established players are still trying to figure it out, which makes it easier for new entrants. The market size has also been encouraging. One of our first orders came from the opposite end of the country, which was surprising because we had not even begun marketing or search engine optimization campaigns.</p><p>But most importantly, I feel like I have found what was missing.</p><p>Growing up, I heard my parents talking about their regrets and things they wanted to do. I didn't want any regrets when telling my kids about my life.</p><p>I tell myself: I'll explore my own venture for five to 10 years and go back to a corporate job if things don't work out. I'll have a bigger experience and a better story to tell.</p><p><em>Did you leave Big Tech to pursue a career in a completely different field? Please reach out to this reporter: shubhangigoel@insider.com</em></p>

My wife and I gave up $1 million in Big Tech pay to move from California back to India. I couldn't find purpose in the US.

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<cmsannotation type="cmsannotation" annotationid="Who will attend" comment="black_heading" text="Who will attend"><span data-til="noop">Who will attend</span></cmsannotation><br /><ol><li>Business leaders, owners and promoters across MSME sectors</li><li>Government ministers, industry bodies and policy makers, leaders from finance and tech institutions</li><li>MSME investors, venture capitalists, leaders from financial institutions, think tanks and consultants</li><li>MSME champions &amp; stars in the making - startups, innovators and entrepreneurs</li></ol><br />

Who will attend

<ul class="summary-list"><li>Shireen Nagdive worked as a software engineer in India when she applied for a master's in the US.</li><li>She told Business Insider it was a big risk taking out a $59,000 loan for her studies.</li></ul><p><em>This as-told-to essay is based on a transcribed conversation with 29-year-old Shireen Nagdive from Kalyan, India, about her experience moving to the US and working for Salesforce. The following has been edited for length and clarity.</em></p><p>I grew up in a very small town in India called Kalyan, near Mumbai. I've been interested in computers since I was a child and wanted to pursue a career in <a target="_blank" class="" href="https://www.businessinsider.com/computer-science-job-market-was-tougher-than-i-expected-2023-12">computer science</a> since the eighth grade.</p><p>I did my bachelor's degree in computer science at Visvesvaraya National Institute of Technology in <a target="_blank" class="" href="https://www.businessinsider.com/indians-leaving-big-tech-to-launch-startups-back-home-2024-9">India</a> from 2012 to 2016. In the last year of my course, I got an offer as a software engineer for a multinational company in India.</p><p>I'm the first woman in my family to graduate from college and work for a big corporation.</p><h2 id="a8a22fef-ba92-45d4-8510-b66557966d2f"><strong>I applied for a master's in the US</strong></h2><p>I moved in with some roommates from work. They were all sitting the graduate record examination, which can help with admissions to <a target="_blank" class="" href="https://www.businessinsider.com/graduate-school-masters-mba-college-regret-2024-7">business schools in the US</a>.</p><p>I'd never heard of it. No one close to me had pursued a career outside our hometown, let alone in the US.</p><p>At 23, I knew I wanted to spend my whole career in tech, and it seemed like a good time to study for a couple of years in the US. I wanted to deepen my understanding of computer science and work on more complex projects. I decided to do the exam and see what happened. Every day after my 9-to-5, I'd study for the exam.</p><p>I sat the exam and got decent marks, so I applied for several master's degrees in computer science in the US in 2017. I had a rough idea of how expensive they were, but I didn't know how I'd pay for them. I got into the computer science master's program at Stony Brook College in New York to start in 2018.</p><h2 id="e52405e2-72cb-4d22-aabd-529d38764bc3"><strong>I took a big risk taking out a loan</strong></h2><p>I'd funded my examination and college application fees through my job, but I had no idea how I would finance a master's degree in America.</p><p>The course fees were $59,000. That is a lot of money, which my family didn't have.</p><p>I'd have to take on a <a target="_blank" class="" href="https://www.businessinsider.com/professor-student-loan-debt-suddenly-forgiven-2024-8">lot of debt</a>. One option was to take out a collateral loan on our family home. The bank would be able to take the property as collateral if I didn't make my payments. My dad and I discussed this, but we didn't want our only house to be an asset on the loan.</p><p>I decided to take out a non-collateral loan to cover the fee cost, which has a higher interest rate.</p><p>Relatives asked me why I was taking on so much debt for my education instead of buying a house in India, building my own company, or making an investment. My dad, who had paid for my bachelor's degree, was worried, but my mom encouraged him to trust me.</p><p>I questioned whether it was worth it, but I wanted to invest in myself. I thought: "If I don't take this risk now, I will regret it for the rest of my life."</p><p>To counteract my doubts, I developed a calculated risk framework. What would be the worst thing that could happen, and how I would resolve it?</p><p>The worst-case scenario was that I didn't get a job in the US, and it would take me a lot longer to repay my debt, including more interest. My solution was to return to India, where I knew I could get work. It might take me a decade to repay my debt, but at least I'd have no regrets.</p><h2 id="2e018fd4-9e86-4790-b36d-30a1edca9c44"><strong>I focused on what I could control</strong></h2><p>I'd never been to the US before, but my debts scared me more than moving to a new country. Stony Brook is in New York. I visualized skyscrapers like in movies, but the college was actually in Long Island. My room was cramped. I initially wondered why I had come, but I made friends and adjusted to the city.</p><p>Two weeks after I started, my friend and I wanted to try out salsa classes. That day, I heard from my roommates that someone on the course had already landed an internship with Microsoft. I hadn't even started preparing to apply to internships. I ditched the salsa and told myself I'd focus solely on my applications to tech jobs and interview preparation.</p><p>Landing an internship could help my résumé and could be converted into a full-time offer. I worked day and night at college and gave my 100%. Working so hard on application alongside my course and assignments was pretty stressful. All the computer science students worked and lived on the same campus – it felt competitive, but also motivating.</p><p>I was often homesick and called my parents daily. I liked hearing about what they had for lunch and dinner, just the basic things.</p><h2 id="af48b5f8-1d58-4940-a393-2a3efa2f747a"><strong>I landed a job with Salesforce</strong></h2><p>I got an internship with <a target="_blank" class="" href="https://www.businessinsider.com/salesforce-ping-pong-work-flexible-2024-7">Salesforce</a> in the summer of 2019 while doing my master's. It was in Washington state. I got to work on a project. I realized it was a great place for engineering and innovation and I really liked the culture. It helped me figure out I wanted to work on the backend side of things, on large scale systems.</p><p>My manager was a great mentor and when I finished the project, I was offered a full-time role on the technical team that aligned with my interests. It was based in the Bay Area.</p><p>I felt so relieved, and happy that my hard work had finally paid off. Not only could I repay my debt, but I could contribute to a great tech product at Salesforce.</p><h2 id="8a98083b-2e92-4cf4-85d8-b5f826c379d4"><strong>I moved to Silicon Valley</strong></h2><p>I moved to the Bay Area in February 2020. I realized how much <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">tech innovation is happening in the area</a> and how many opportunities there were to build relationships with people in the industry. But I was <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-us-from-india-big-tech-changed-me-2024-7">homesick</a> because I couldn't travel home to India during the pandemic.</p><p>I managed to pay back my loan in 2020.</p><p>I've been here for four years, with Salesforce sponsoring my visa. I'm enjoying life in the US and haven't got plans to return to India. I'll figure that out in a couple of years.</p><p>I'm so grateful I get to work with smart engineers on my team on a daily basis. I've seen an improvement in my problem-solving and communication skills in engineering.</p><p>Last year, I was able to bring my parents to the US for a holiday. It was a dream for me to show them around all the beautiful places in California. I've grown so much over the last few years both as a software engineer and as a person. Starting from scratch in a new country makes you tough. I'm so glad I invested in myself.</p><p>For other students who don't have a family background where they know how to figure all this out, if I can achieve my <a target="_blank" class="" href="https://www.businessinsider.com/what-is-the-american-dream-gen-zers-flexibility-freedom-individualism-2023-5">American dream</a>, you can too.</p><p><em>If you've taken a significant career risk and would like to share your story, email </em><a target="_blank" href="mailto:ehopkins@businessinsider.com"><em>ehopkins@businessinsider.com</em></a><em>.</em></p>

I moved to the US from India and took out a $59K loan to follow my dream of landing a job in Big Tech. My risk paid off. 

<ul class="summary-list"><li>Despite pressure from Western allies, India has refused to isolate Russia over the Ukraine war.</li><li>India's Narendra Modi this week spoke with both Ukraine's and Russia's leaders.</li></ul><p>When <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi</a> visited Ukraine over the weekend, he greeted its president Volodymyr Zelenskyy with an exuberant bear hug.</p><p>He did the same <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">to Vladimir Putin</a> only weeks ago when he traveled to Moscow to meet the Russian president, much to the anger of Zelenskyy.</p><p>"It is a huge disappointment and a devastating blow to peace efforts to see the leader of the world's largest democracy hug the world's most bloody criminal in Moscow on such a day," Zelenskyy wrote on X at the time.</p><p>Modi's visits to both Ukraine and Russia characterize his relentless ambiguity on the Ukraine war. He has not condemned nor supported the invasion and is now acting as a peacemaker.</p><p>The diplomatic highwire act highlights the dilemma Modi faces as he seeks to balance pressure from the US to show more support for Ukraine against <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">maintaining good ties with Russia.</a></p><h2 id="5631f287-50fa-42fc-9492-15da89d39bf8">A quick end to the war</h2><p>In the wake of the Ukraine trip, Modi called Putin. In a post on X, Modi said he reiterated "India's firm commitment to support an early, abiding and peaceful resolution of the conflict."</p><p>Dinakar Peri, a fellow at the Council for Strategic and Defense Research, told Business Insider that Modi's Ukraine visit was high on symbolism.</p><p>"Although the image of India being a peacemaker is largely rhetoric, the fact of the matter is that India is definitely uniquely positioned in comparison to many other countries due to the kind of bandwidth they have with Russia," said Peri.</p><p>Rahul Bhatia, an analyst with the Eurasia Group, told BI that while India is reluctant to come down on one side in the Ukraine war, it sees grave dangers in a prolonged conflict in Ukraine.</p><p>"India has sought to take a balanced approach to the war in Ukraine. New Delhi wants to maintain its relationship with Russia regardless of its diplomatic isolation," said Bhatia.</p><h2 id="bb68f21a-9c73-4a16-a530-190e801237c5">India's ties with the Kremlin are tested</h2><p>Modi's insistence on not taking a side in <a target="_blank" class="" href="https://www.businessinsider.com/russian-murder-convict-ivan-rossomakhin-kills-again-joins-army-wagner-2024-8">Ukraine</a> is likely to baffle and frustrate many Western observers, but analysts say there are vital economic and strategic goals behind India's position.</p><p>India has long had <a target="_blank" class="" href="https://www.businessinsider.com/putin-bid-undermine-global-ukraine-support-working-zelenskyy-peace-2024-6">close diplomatic ties with Russia</a>. During the Cold War, it relied on the Kremlin for military support while the US-backed regional rival Pakistan.</p><p>It now depends on Russia for oil supplies, surpassing <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">China</a> this week to become Russia's top oil importer.</p><p>"Most of the oil India imports from Russia is actually going to Europe," said Peri. "India is just a conduit — the oil is refined here, and the refined petroleum products are going to Europe as we speak."</p><p>"In that way, India has played the middle role of stabilizing the larger global economy, which would otherwise have gone for a toss."</p><p>Peri also pointed out India's dependence on Russia for military equipment, as well as upgrades and spare parts.</p><p>"Around 60% of Indian military equipment is of Russian origin," said Peri. "We have received a lot from other countries in the last few decades, like France, Israel, and increasingly so from the US, but we're still heavily Russian-oriented."</p><p>But the Ukraine war has shaken up India's relations with the Kremlin.</p><p>The US is pressuring India to help isolate Putin as punishment for the Ukraine invasion, and India is worried about the Kremlin's increasingly close relationship with China, which has backed Russia amid the Ukraine invasion.</p><p>"India-US ties are not just about Russia or the war in Ukraine," said Peri. "They're also about trade and strategic cooperation, which in some cases is also underpinned by concerns over China or the larger developments in the Indo-Pacific."</p><h2 id="4c3050d8-adb0-46af-b14f-2689f19f7caa"><strong>India sees Russia as a buffer against China's aggression</strong></h2><p>India has long been concerned about China's increasing aggressiveness in Asia, with a Himalayan border dispute erupting into clashes that left 24 people dead in 2020.</p><p>Indian and Chinese militaries have been engaged in a standoff on the disputed region of Ladakh since 2020. Although the countries have disengaged on several points, the standoff has continued.</p><p>Peri said that is India dependent on good ties with the Kremlin to help mitigate that threat: "The standoff created new dynamics for India, and those are all factors which will be in Indian calculations on the stand it takes."</p><p>Bhatia agreed that India has an eye on China when it engages with Russia. "While New Delhi accepts that Russia and China will gradually grow closer, it believes that maintaining a good relationship with Moscow will ensure that Russia remains neutral when India-China border tensions flare up," he said.</p><p>It also relies on close ties with the US to help counter China's aggression, reviving the "Quad" dialogue with the US, Australia, and Japan in 2017 to counter China's threat.</p><p>In the meantime, Modi will likely continue India's tightrope act, maintaining its alliance with the US while seeking not to alienate the Kremlin as it warily watches China's growing might.</p>

India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div><br />If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. <br /><br />Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management.<br /><br /><h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”.<br />        <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div><br />The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers.<br /><br />Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor.<br /><br />Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top.<br /><br />Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders.<br />Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management.<br />But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say!<br /><br /><h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations.<br /><br />However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad.<br /><h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations.<br />"Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter."<br />        <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said.<br />The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India.<br />Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip.<br />A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience.<br /><br />"While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time.<br /><br />Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company.<br /><h2>What do experts say?</h2>      <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.”<br /><br />He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides.<br /><br />“The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted.<br /><br />Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.”<br />RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable.<br /><br />Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment.<br /><br />Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment.<br /><br /><em>Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.</em><br />

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul class="summary-list"><li>Anant Ambani and Radhika Merchant just wrapped up their 3-day wedding extravaganza in Mumbai. </li><li>The festivities brought together famous faces from India and the world, including Kim Kardashian. </li></ul><p><a target="_blank" class="" href="https://www.businessinsider.com/what-goes-into-planning-celebrity-wedding-ambani-india-millionaires-ceremony-2024-7">Anant Ambani and Radhika Merchant's wedding festivities</a> culminated in an ultra-lavish display in Mumbai over the weekend, with thousands of guests and more than a few <a target="_blank" class="" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-rich-powerful-famous-people-invited-2024-7">famous faces in attendance.</a></p><p>Among those to snag an invite was a friend of Merchant's, who spoke to Business Insider on the condition of anonymity per the bride's values of privacy and discretion.</p><p>The friend, whose identity is known to BI, is no stranger to <a target="_blank" class="" href="https://www.businessinsider.com/indian-wedding-planner-sushma-patel-advice-south-asian-brides-2023-11">Indian weddings</a>, but the celebration the Ambanis threw for the newlyweds was like nothing she'd seen before.</p><p>"I know I'm never going to experience something like this again," she said, describing the whole weekend as "a dream."</p><p>Now recovering from the three-day extravaganza, which the <a target="_blank" class="" href="https://www.bbc.com/news/articles/cq5x22w0xl0o">BBC estimates</a> may have cost upwards of $156 million, she reflects on what she witnessed. Take a look.</p><h2 id="c6a395c3-9b3b-4e69-a1d7-171698666d6a">The festivities were lavish but felt intimate and 'family-oriented'</h2><p>One week before the wedding, on July 5, the Ambani inner circle gathered for the sangeet.</p><p>The sangeet is one of a handful of pre-wedding traditions in Indian culture. Unlike the main wedding festivities over the weekend, this event was "just for close family and friends," she said.</p><p>The sangeet took place at the Nita Mukesh Ambani Cultural Centre in Mumbai. Even though it was star-studded, the friend said it felt personal to the couple.</p><div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, Isha Piramal, Anand Piramal, Nita Ambani, Anant Ambani, Rihanna, Radhika Merchant, Shloka Mehta Ambani and Akash Ambani stand on the stage." height="1706" width="2560" msid="111765648" hostid="261" sizebytes="259056"></div><p>Per Indian wedding tradition, a sangeet typically takes place a few days before the actual wedding and involves family members dancing, singing, and sharing a meal.</p><p>"Her friends and family performed, his did too," the friend said. It was basically "one big dance party" that felt "very intimate," she added — though the Ambanis did take it up a notch by treating their guests to a private performance from <a target="_blank" class="" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Justin Bieber</a>.</p><p>Even the three-day wedding, while lavish, didn't feel overwhelming, the friend said.</p><p id="c6a395c3-9b3b-4e69-a1d7-171698666d6a">"Their venues are so large that you don't feel overwhelmed," she said. "You're also sticking out with your own gang," she added.</p><h2 id="47281879-96fe-4f9b-aff5-7e8b99ab5fda">Staff on hand to handle everything, including guests' clothes</h2><p id="c6a395c3-9b3b-4e69-a1d7-171698666d6a">Throughout the wedding, which kicked off on July 12 and ended on July 14, the friend said she could tell the bride, groom, and their respective relatives are family-oriented. "You'll always see the family together," she said. "They're never apart."</p><p>She could also tell they weren't fazed by the pressure of hosting thousands of people and a few world leaders and athletes.</p><p>"They were super calm," she said. "The way they handle themselves, it's all truly incredible."</p><div type="image" title="Light decorations around the Ambani family's residence in Mumbai" height="3527" width="5352" msid="111765653" hostid="261" sizebytes="1117270"></div><p>Merchant gave her new mother-in-law, <a target="_blank" class="" href="https://www.businessinsider.com/anant-ambani-wedding-mother-nita-ceo-planned-billionaire-asia-credit-2024-7">Nita Ambani</a>, all the credit for pulling off such a smoothly-run event that felt simultaneously personal and breathtaking. In an interview with <a target="_blank" class="" href="https://www.vogue.com/slideshow/anant-ambani-radhika-merchant-wedding-exclusive?utm_brand=voguemagazine&amp;utm_campaign=aud_dev&amp;utm_content=instagram-bio-link&amp;utm_medium=social&amp;utm_social_type=owned&amp;utm_source=instagram&amp;utm_term=voguemagazine">Vogue</a>, the bride dubbed her husband's mother "C.E.O. of the wedding."</p><p id="c6a395c3-9b3b-4e69-a1d7-171698666d6a">For example, the Ambanis hired staff to help at every moment. When part of the friend's dress "came off," she was directed to the bathroom, where staff had the necessary tools and safety pins to fix it.</p><p>"They had everything there, and everyone was really helpful," she said.</p><h2 id="5bf1b106-de6c-4316-aed9-5dc3760333d0">Celebrities entered the wedding venue separately, but some mixed and mingled freely</h2><p>Photographers captured the family, a host of Bollywood and Hollywood celebrities, and notable political figures arriving at the venue. It wasn't just one red carpet, though — the friend said there were different entrances for different guests.</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">"I wish I was there," she joked. "For the celebs, they had a private entry."</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">Inside, the venue was laden with floral arrangements shaped like animals. Designed by wedding planner Preston Bailey, the flowers were a colorful nod to the 3,000-acre animal shelter Anant launched earlier this year.</p><div type="image" title="Nick Jonas and Priyanka Jonas (Chopra) hold hands at Ambani wedding on July 12, 2024." height="3668" width="5500" msid="111765641" hostid="261" sizebytes="1183148"></div><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">Following their red carpet entries, most celebrities mixed and mingled with regular guests, she said.</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">"At the end of the day, everyone's a guest," she said, adding that some of the Hollywood and Bollywood were also meeting for the first time. "They were obviously socializing among themselves and with the other Bollywood celebrities," she said.</p><p>Food was served throughout the night in every room of the venue. The dishes laid out were from high-end restaurants from all corners of the world and served buffet-style. Everyone — including world leaders and celebrities — indulged in the spread and naturally made connections and met people as they went.</p><p>One guest who skipped the buffets was Kim Kardashian; she was escorted by her security throughout the evening, the friend said.</p><div type="image" title="Kim Kardashian and Khloe Kardashian wearing traditional Indian wedding guest attire, leaving their hotel on July 13, 2024 in Mumbai, India." height="1441" width="1280" msid="111765639" hostid="261" sizebytes="241400"></div><p>"I'm sure she had a private dinner set for her," she said. Nevertheless, Kardashian was very much present at the main wedding and throughout the pooja, a religious ceremony, on Saturday.</p><h2 id="92c3948d-4da0-4c3a-a25e-e87ace70328c">A blessing from India's Prime Minister</h2><p>At the pooja, "they had the best singers of India do the aarti, the prayers," the guest said. "That was amazing."</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">The friend said another jaw-dropping moment from Saturday was when India's Prime Minister, <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-posters-line-street-anant-ambani-wedding-lavish-2024-7">Narendra Modi</a>, arrived.</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">"He gave them his blessing," she said, adding that the change in the "aura" of the room was palpable.</p><p id="5bf1b106-de6c-4316-aed9-5dc3760333d0">"To be in the same room as the Prime Minister was honestly something else," she said.</p><h2 id="1202e91e-7993-45eb-b077-fc189e769e1a">The parties featured some 'top tier' performances</h2><p id="1202e91e-7993-45eb-b077-fc189e769e1a">The main wedding took place at Mumbai's Jio World Convention Center on Friday. Ahead of the festivities, some roads were closed, and diversions were set up around the venue, causing <a target="_blank" class="" href="https://www.businessinsider.com/ambani-billionaire-lavish-wedding-angers-locals-road-closures-traffic-mumbai-2024-7">tension among local residents</a>, BI previously reported.</p><p id="1202e91e-7993-45eb-b077-fc189e769e1a">While there did end up being a lot of traffic on her way to the event, the friend, who lives locally, said she was "used to it.</p><p>"It's really Bombay in a nutshell," she said, referring to the city by its former name.</p><p>Nevertheless, the journey was worth it for the wedding festivities and performances, the friend said.</p><p id="1202e91e-7993-45eb-b077-fc189e769e1a">"It was a true party," she said, specifically referring to the baraat, which is the groom's procession to the wedding venue, which Anant did on horseback.</p><p>Later on in the evening, the friend said guests were treated to performances from an array of artists, including Luis Fonsi, who sang his crowd-pleaser 'Despacito.'</p><p>"It was insane," she reflected.</p><h2 id="b0083006-137d-42e5-b0b1-e428ffae1cff">The festivities didn't stop until the early hours of the morning</h2><p id="1202e91e-7993-45eb-b077-fc189e769e1a">While some of the more traditional and alcohol-free events — like the pooja — ended early, the friend said the Ambanis hosted "after-parties" following the wedding and the reception for their friends and the younger crowd.</p><div type="image" title="John Cena smiling and posing with his hand near his face" height="683" width="1024" msid="111765651" hostid="261" sizebytes="28620"></div><p>"The bigger ones like the Sangeet, the wedding, the reception, ended late because all of us partied after," she said.</p><p>Although some guests, like John Cena, didn't stick around for the after-parties, the friend said at least a handful of famous faces did, including Zendaya's stylist, Law Roach.</p>

Inside the Ambani wedding: Details you may have missed, according to a guest who was there all weekend

<cmsannotation type="cmsannotation" annotationid="themes" comment="white_heading" text="Themes"><span data-til="noop"><keyword id="782716" type="General" weightage="20" keywordseo="themes" source="Orion">Themes</keyword></span></cmsannotation><table class="redcator-table-advance"><tbody><tr><td>Policy</td><td>Policy</td><td>Policy</td><td>Policy</td><td>Policy</td></tr><tr><td>Fostering MSMEs</td><td>Fostering MSMEs</td><td>Fostering MSMEs</td><td>Fostering MSMEs</td><td>Fostering MSMEs</td></tr><tr><td>Fostering MSMEs small businesses are the growth engine for India’s economy.</td><td>Fostering MSMEs small businesses are the growth engine for India’s economy.</td><td>Fostering MSMEs small businesses are the growth engine for India’s economy.</td><td>Fostering MSMEs small businesses are the growth engine for India’s economy.</td><td>Fostering MSMEs small businesses are the growth engine for India’s economy.</td></tr><tr><td>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</td><td>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</td><td>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</td><td>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</td><td>Recent policy measures have made it easier for these enterprises to not just grow, but thrive.</td></tr><tr><td>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</td><td>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</td><td>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</td><td>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</td><td>We shine the spotlight on the thinking for the next decade - what needs to be done to achieve government’s $5 trillions dream.</td></tr></tbody><tbody></tbody></table>

Themes

<bulletContentEmbed name="Anjali Byce_Varun Duggirala_Karan Virwani_Karishma Mehta" columns="4"><bulletContentHeading name="Anjali Byce_Varun Duggirala_Karan Virwani_Karishma Mehta_head">  <div type="image" title="Anjali Byce" msid="100129453" hostid="261" caption="&amp;lt;p&amp;gt;CHRO&amp;lt;br&amp;gt;Sterlite Technologies&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Anjali Byce</columnHeadTitle></columnHead>  <div type="image" title="Varun Duggirala" msid="100129509" hostid="261" caption="&amp;lt;p&amp;gt;Influencer, Podcaster, Entrepreneur&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Varun Duggirala</columnHeadTitle></columnHead>  <div type="image" title="Karan Virwani" msid="100129600" hostid="261" caption="&amp;lt;p&amp;gt;CEO&amp;lt;br&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;WeWork India&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Karan Virwani</columnHeadTitle></columnHead>  <div type="image" title="Karishma Mehta" msid="100129650" hostid="261" caption="&amp;lt;p&amp;gt;Founder&amp;lt;br&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;Humans of Bombay&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Karishma Mehta</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Anjali Byce_Varun Duggirala_Karan Virwani_Karishma Mehta_body"><bulletContentRow name="Anjali Byce_Varun Duggirala_Karan Virwani_Karishma Mehta_5626476411557216"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead><bulletContentRowHead col="2"></bulletContentRowHead><bulletContentRowHead col="3"></bulletContentRowHead><bulletContentRowHead col="4"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">CHRO<br />Sterlite Technologies</bulletContentRowCell><bulletContentRowCell col="2">Influencer, Podcaster, Entrepreneur</bulletContentRowCell><bulletContentRowCell col="3">CEO <br />WeWork India</bulletContentRowCell><bulletContentRowCell col="4">Founder<br />Humans of Bombay</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><keyword id="652675" type="General" weightage="20" keywordseo="Speakers" source="Orion">speakers</keyword></payload></bulletContentEmbed><br /><br /><bulletContentEmbed name="Anurag Malik_Dr Marcus Ranney_Anjali Byce_Varun Duggirala" columns="4"><bulletContentHeading name="Anurag Malik_Dr Marcus Ranney_Anjali Byce_Varun Duggirala_head">  <div type="image" title="Anurag Malik" msid="100129681" hostid="261" caption="&amp;lt;p&amp;gt;National Leader&amp;lt;br&amp;gt;WAS, EY India&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Anurag Malik</columnHeadTitle></columnHead>  <div type="image" title="Marcus Ranney" msid="100129769" hostid="261" caption="&amp;lt;p&amp;gt;Author &amp;amp;amp; Founder&amp;lt;br&amp;gt;Human Edge&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Dr Marcus Ranney</columnHeadTitle></columnHead>  <div type="image" title="Anjali Byce" msid="100129805" hostid="261" caption="&amp;lt;p&amp;gt;CHRO&amp;lt;br&amp;gt;Sterlite Technologies&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Anjali Byce</columnHeadTitle></columnHead>  <div type="image" title="Varun Duggirala" msid="100129832" hostid="261" caption="&amp;lt;p&amp;gt;Influencer, Podcaster, Entrepreneur&amp;lt;/p&amp;gt;"></div></columnHeadThumb>Varun Duggirala</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Anurag Malik_Dr Marcus Ranney_Anjali Byce_Varun Duggirala_body"><bulletContentRow name="Anurag Malik_Dr Marcus Ranney_Anjali Byce_Varun Duggirala_0448446921904506"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead><bulletContentRowHead col="2"></bulletContentRowHead><bulletContentRowHead col="3"></bulletContentRowHead><bulletContentRowHead col="4"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">National Leader<br />WAS, EY India</bulletContentRowCell><bulletContentRowCell col="2">Author &amp; Founder<br />Human Edge</bulletContentRowCell><bulletContentRowCell col="3">CHRO <br />Sterlite Technologies</bulletContentRowCell><bulletContentRowCell col="4">Influencer, Podcaster, Entrepreneur</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[speakers]]></payload></bulletContentEmbed><br />

Meet the Speakers

<cmsannotation type="cmsannotation" annotationid="About the Summit" comment="black_heading" text="About the Summit"><span data-til="noop"><keyword id="17366482" type="General" weightage="20" keywordseo="about-the-summit" source="Orion">About the Summit</keyword></span></cmsannotation><br /><cmsannotation type="cmsannotation" annotationid="about the summit" comment="description" text="Micro, small, and medium enterprises (MSMEs) are a critical cog of the Indian economy, and have steadily marked their path to recovery post-pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and the rise of social commerce has been the real game-changer – helping them resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.India’s journey towards a five trillion economy is going to be powered by these engines of innovation! At BI India, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s MSME sector. Spread over two days in January, MSME Exchange aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come."><span data-til="noop">Micro, small, and medium enterprises (MSMEs) are a critical cog of the Indian economy, and have steadily marked their path to recovery post-pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and the rise of social commerce has been the real game-changer – helping them resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.<br />India’s journey towards a five trillion economy is going to be powered by these engines of innovation! At <keyword id="1998405" type="General" weightage="20" keywordseo="BI-INDIA" source="Orion">BI India</keyword>, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s MSME sector. Spread over two days in January, <keyword id="4106334" type="General" weightage="80" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come.</span></cmsannotation><br /><br />

You Searched For "Business Insider India" and got 20 results

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Day 2, January 19, 2023

MSME Exchange 2023

Insider Today: Skip the supplements

Joi-Marie McKenzie

Why Attend

My wife and I gave up $1 million in Big Tech pay to move from California back to India. I couldn't find purpose in the US.

Shubhangi Goel

Event top banner

Business Insider India

Who will attend

I moved to the US from India and took out a $59K loan to follow my dream of landing a job in Big Tech. My risk paid off.

Ella Hopkins

India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

Hannah Abraham,Tom Porter

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

Inside the Ambani wedding: Details you may have missed, according to a guest who was there all weekend

Maria Noyen

Themes

Meet the Speakers

About the summit