In this week’s wrap-up, we unpack how India is quietly becoming a global anti-drone exporter, why the World Bank had to rethink poverty because of India, how COVID-era loans are still haunting microfinance lenders, whether NHAI is mortgaging our roads to build more roads and why India is thinking of building its own Big 4 equivalent of advisory firms (and why it hasn’t had one until now).

And in this week’s markets edition, we break down the Oswal Pumps IPO — a story about how the company captured the solar pump rush, government tailwinds and one big question: what happens when the policy taps run dry? 👉Click here to read the full markets story.

With that out of the way, let’s recap what we wrote over the week.

Will India’s anti-drone tech fly on the global stage?

A few years ago, India didn’t even make its own drones. We were importing them from Israel and hoping DRDO’s shelved projects would someday take off.

Then came the 2021 Jammu drone attack. And it changed everything. Today, Indian companies are developing world-class counter-drone systems — from jammers to AI domes. And they’re cheaper than Western tech too. Even Taiwan wants to buy them from us.

But the tech is still dependent on imported components, and defending against drones is always costlier than building them. So, will India lead the global counter-drone wave or just stay relevant? Find out in our Monday newsletter.

Did India just cut global poverty?

A few days back, the World Bank raised the International Poverty Line from $2.15 to $3/day. That should’ve added 226 million people to the global poor list.

But it didn’t. It added just 125 million. And the big reason? India.

Turns out, India’s new household consumption survey painted a far more optimistic picture than expected, thanks to improved methodology, better data collection and real on-ground progress through welfare and infrastructure.

But how did it all add up and what does it tell us about how updated data can change global narratives? Check out Tuesday’s story to find out.

Are COVID-era bills finally coming to bite us back?

Between January and March 2025, five big micro-lenders wrote off ₹2,440 crores worth of loans. 

That’s 8x more than last year. And the kicker is that these weren’t new defaults. They were pandemic-era loans that had been quietly rolled forward all this while.

Now, with the RBI cracking down on predatory interest rates and multiple lending, micro finance institutions are being forced to clean house, not just for fresh lending, but to stay in business.

But is this a true reset or just another coat of paint on an old crack? Our Wednesday newsletter answers this and much more.

Is NHAI selling the family silver to keep building roads?

NHAI is sitting on a ₹3.5-4 lakh crore highway asset base. And instead of borrowing more, it’s come up with a new monetisation strategy for these assets — auctioning toll rights, selling InvIT units and securitising toll revenue.

So far, this strategy has helped it prepay loans, reduce debt and raise over ₹1.4 lakh crores. But here’s the concern: Once the high-traffic roads are all sold, who’s going to fund the next phase of highway construction?

That’s something we unpacked in Thursday’s story.

Why doesn't India have its own Big 4?

Deloitte. PwC. EY. KPMG. 

They dominate global advisory and auditing — and India too. But why hasn’t India produced its own Big 4 equivalent?

Well, outdated rules, advertising bans and a lack of scaling mindset have kept firms local. Even new ICAI reforms haven’t solved the deeper structural issues.

And unless firms get more freedom, especially to collaborate, modernise and build a brand, we may keep asking this question again. Check out Friday’s story here to know why.

Finshots Weekly Quiz 🧩

Here’s your chance to win some exclusive Finshots merch. All you have to do is click on 👉🏽this link, answer all the questions correctly by 12 noon on June 20 (Friday) and tune in to our Sunday newsletter aka Sunny Side Up next week to check if you got lucky.

That’s it from us this week. Have a great weekend!

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