Not Quite China Plus One

India assembles 28% of the world’s iPhones. The parts, most of the value and most of the jobs are still elsewhere.

Sep 8 • Manish Singh

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July 2026

Introducing India by the Numbers

The Indian government, regulators, associations and independent bureaus publish a lot of data.

Jul 12 • Manish Singh

39

5

June 2026

The House Always Wins

India's options exchange is the surest bet in a market where most punters lose. It is now selling shares.

Jun 23 • Manish Singh

19

Why Indian Consumer Giants Don't Do Debt

Hindustan Unilever ended FY26 holding $640 million more in cash and short-term investments than debt, while global consumer giants run two to three…

Jun 8 • Manish Singh

6

The Law of Diminishing Points

Large credit card issuers in India are cutting points, capping redemption and spend-gating the lounge.

Jun 5 • Manish Singh

6

May 2026

India's Missing Magnet

India's equity premium, IPO pipeline and China+1 pitch all depend on capital that has stopped arriving

May 21 • Manish Singh

17

2

The Indian IT Compounding Machine Has Stopped Compounding

Bookings grew 10% in FY26. Revenue grew 2%. Headcount fell. The four assumptions that made the sector a buy for a decade have weakened at the same time…

May 3 • Manish Singh

18

2

April 2026

How Big is India's E-commerce Market? Don't Ask Bain.

Bain has been updating its answer since 2020. The answer keeps getting smaller.

Apr 10 • Manish Singh

29

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Speaking Volumes

The world's frontier AI labs are racing toward voice interfaces. India has been building the training ground for a decade without knowing it.

Apr 7 • Manish Singh

14

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March 2026

Distribution Is Still Destiny

India still rewards whoever is easiest to find, easiest to trust and easiest to replenish.

Mar 23 • Manish Singh

11

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2

India's Insurance Commission Problem

The regulator wants to cut what distributors earn, but distributors are the only reason protection gets sold at all.

Mar 10 • Manish Singh

8

1

February 2026

In Defense of India's IT Industry

The cost of electricity does not run an enterprise.

Feb 26 • Manish Singh

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