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This week's edition takes a look at India’s infrastructure push, the return of its Tech companies, and more must-know news.
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Rise of the Week: India’s Infrastructure Push
Modern infrastructure forms the backbone of every prospering economy. As India pursues its ambitious 2047 development targets, the world's fastest-growing major economy continues investing heavily in infrastructure while attracting substantial private capital.
Infrastructure encompasses several critical areas:
Transportation networks (roads, railways, airports)
Communication systems (telecommunications, internet)
Energy grids (power and utilities)
Buildings (housing, hospitals, schools)
These developments are often massive in scale and symbolise a country’s economic trajectory. The recently inaugurated Chenab Bridge in Kashmir for example is the world’s largest single-arch bridge (35 meters higher than the Eiffel Tower), and connects Kashmir with the rest of India for the very first time by train. It took Indian Railways more than 20 years to build it and forms part of a 272 km all-weather railway line.
Infrastructure projects require not only long-term vision but substantial funding. According to the India Brand Equity Foundation, India’s Union Budget 2025-26 includes infrastructure investments of INR 11.21 lakh crore (USD 128.64 Billion), approximately 3.1% of India’s annual GDP. The government plans to invest USD 1.723 Trillion (approximately INR 143 Trillion) on infrastructure between FY24 and FY30, with spending set to increase annually:
Source: Crisil Ratings via Bloomberg (2025)
Bloomberg reports that combined investments in renewable energy, road networks, and real estate are expected to reach approximately USD 200 billion across FY26 and FY27, an increase of over 30% compared to the previous two years.
The story of this second wave is about how past investments in core infrastructure such as highways and airports are now being supplemented with the sizzle of social infrastructure and high-tech industries,
Two key investment trends are emerging:
Investments in social infrastructure (schools, hospitals etc.) and high-tech industries are expanding into Tier 2 and Tier 3 cities.
Private investments continue growing, especially in renewable energy, real estate and social infrastructure.
While previous issues have highlighted various infrastructure investments, recent announcements further confirm the trend towards increased private sector participation:
Siemens: The German technology leader, in a consortium together with Siemens Mobility and Dineshchandra R Agrawal Infracon, secured a contract from India’s National High Speed Rail Corporation worth INR 41 Billion (USD 475.2 Million) for India’s high-speed rail project. Siemens’ systems will ensure real-time train supervision, continuous wireless communication, and centralised traffic management.
DP World: The global logistics company announced investments of USD 2.5 Billion in key infrastructure globally. One of the largest projects will be an USD 510 Million investment for a container terminal in Gujarat to enhance India’s export capabilities.
Reliance Industries: The Indian conglomerate announced large investments in its renewable energy and petrochemical businesses. The INR 1.5 Trillion (USD 17.5 Billion) investment targets to fully power its operations with renewable energy and battery solutions.
Adani Group: The Indian infrastructure leader announced investments of USD 100 Billion with a focus on renewable energy to reach 100 GW of power capacity by 2030. The planned investments also include the expansion of its airport, port and logistics businesses.
Industrial Real Estate: According to a survey by the real estate consultancy Cushman & Wakefield, India’s infrastructure push is the reason why 88% increase their logistics capacity, and 95% already see substantial improvements.
The scale of India's infrastructure demand remains underestimated by European businesses, yet partnerships offer strategic advantages. European companies bring technology, expertise, and upfront capital, while India provides access to vast market opportunities and the chance to modernize infrastructure that will attract further sectoral investments. Expect to see many more such partnerships in the future.
Sources: Wikimedia, BBC, India Brand Equity Foundation, Bloomberg, Railway Technology, The Maritime Standard, IndianWeb2, Cushman & Wakefield
What Else is Rising?
The Return of India’s Tech Companies
As India's capital markets mature, a significant trend is emerging: technology companies are relocating their headquarters back to India.
Image generated with ChatGPT (2025)
The trend, termed as “reverse flipping” in a white paper by Bay Capital Investment Advisors, describes the return of digital-first companies that were previously listed in the US, Singapore or Netherlands rather than India. Companies such as PhonePe, Groww, Zepto, Flipkart, Razorpay, Pine Labs, or Udaan have either announced their return or are actively considering it. This shift follows successful Indian listings by leading technology companies such as Swiggy and Ola Electric.
According to Bay Capital, three elements are the key reasons for the change of mind:
Growing sophistication among Indian investors.
Structural reforms by SEBI, India’s securities regulator
Increased availability of institutional funding
The trend extends into the deep tech sector. Companies in the fields of AI, quantum technology, or space technology secured large fundings in 2024, according to a NASSCOM-Zinnov report examined in Issue 4.
In my view, this trend of a maturing ecosystem receives additional support by two developments:
AI infrastructure: India’s large, tech savvy user base will be supported by major investments in tech infrastructure. According to Deloitte, the growing use of AI solutions will require additional 45-50 Million sqft of data centre space, and 40-45 TWH power capacity, by 2030.
Number of internet users: India’s government expects to have over 1 Billion internet users by the end of this fiscal year.
The return confirms the broader trend of maturing ecosystems. While it is positive for local investors and some institutional funds, it remains difficult for European investors to participate in India’s growth story outside of ETFs. But with the growing maturity and easing regulatory requirements incl. the upcoming India-EU Free Trade Agreement, opportunities for more direct participation in India’s growth narrative may expand significantly.
Sources: Times of India, Zinnov, NASSCOM, MSN, The Hindu
Quick Risers
HSBC plans a USD 600 Million venture debt fund to support Indian startups. The launch is expected within the next six months, subject to regulatory approvals. (Source: The Economic Times)
Tesla is expanding in India. The company secured a 24,500 sqft site in Mumbai, the company’s fourth in India. (Source: Times of India)
The Danish pharmaceutical leader and one of Europe’s most valuable companies Novo Nordisk started offering its leading product for weight management and cardiovascular risk reduction in India. (Source: The Hindu)
The Indian airline IndiGo launches two new cargo routes to Europe and will transport up to 20 tonnes of cargo per flight to and from Amsterdam and Manchester from Mumbai. (Source: India Shipping News)
India’s unemployment rate rises to 5.6% in May, compared to 5.1% in April. (Source: Times of India)
Spotlight: India’s 30 Minds in AI
Forbes India and the VC Accel‘s 30 leading minds in AI.
Source: Forbes India (2025)
The series covers founders, C-levels, professors or government representatives that show leadership in India’s AI landscape.
You can find more details here.
Curiosity Corner
Your random facts and stories about India and the Indo-European friendship.
This week: all roads lead to India. Sort of.
India has the world’s second-largest road network, spanning over 6.3 million kilometres as of 2025, just behind the United States. This vast network includes national highways, state highways, and rural roads, and has seen remarkable growth. National highways alone expanded by 60% in the last decade, reaching over 146,000 km. India’s road density is among the world’s highest, supporting more than 70% of the country’s freight and 85% of passenger traffic, and ongoing investments continue to drive rapid expansion and modernisation of this critical infrastructure.
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