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A fanned arrangement of Japanese yen banknotes and coins on a flat surface.

Markets

India and Japan's Rupee Trade Push Outruns the Plumbing Built for It

India and Japan renewed a $75 billion currency swap line and want to start settling trade directly in rupees and yen. The plumbing for that shift barely exists, and what does exist wasn't built with Japan in mind.

July 2, 2026 · 7 min read

Cargo ships and harbor cranes seen across the water in Mumbai, with smaller boats in the foreground.

Business

India's Four-FTA Sprint Took Two Decades to Build

Four trade deals look like they landed in one summer. Most of the negotiating happened years earlier.

July 2, 2026 · 8 min read

The bronze bull statue outside the Bombay Stock Exchange in Mumbai's Fort district, with taxis and street life in the background

Markets

Why India Pays Eight Times More for the Same Business

Coca-Cola and Carlsberg are filing to list their India units into one of the market's oddest gaps: subsidiaries in Mumbai trade far richer than the parents that own them.

July 2, 2026 · 7 min read