30 Indian Minds Leading the AI Revolution

From awaited impact of RDI scheme to woes of urban consumption, our top stories of the week

In this week's newsletter, also read about why investors are cooling on defence and manufacturing funds, lessons from Good Glamm Group's failure, Donald Trump's hypocrisy and more

By Forbes India

Published: Aug 9, 2025 10:00:00 AM IST

Updated: Aug 8, 2025 05:58:13 PM IST

1) Sparking R&D revolution

Sangeet Kumar, co-founder and CEO, Addverb Technologies Image: Madhu Kapparath

India’s current R&D spending lags global averages at just 0.6–0.7 percent of GDP, and private capex on innovation barely scratches one percent of net sales. The new $12 billion Research, Development & Innovation (RDI) scheme could be a landmark moment if it’s executed wisely. Backed by the Anusandhan National Research Foundation, the multi-year fund is structured to shepherd capital into deep-tech, health, energy, and strategic sectors via long-term loans and equity. Industry stalwarts say the genuine hurdle isn’t the size of the cheque, it’s building vibrant ecosystems that connect startups, academia, and corporates. RDI needs to bridge that disconnect so India can create more unicorns. Here's a deep dive to understand the potential impact of the new policy.

2) No love left?

Illustration Chaitanya Dinesh Surpur; images: Shutterstock, Getty Images; Freepik

Even as government policies like ‘Make in India’ and production-linked incentives remain in force, investor enthusiasm for mutual funds focused on defence and manufacturing is softening. June saw ₹578 crore redeemed from manufacturing-themed schemes, while defence-linked funds saw ₹162 crore in outflows. Sector indices like Nifty Defence rallied 37 percent and Nifty Manufacturing jumped 5 percent, mutual fund inflows lagged, suggesting a recalibration rather than rejection. Analysts believe that confidence will return gradually, and the re-entry will be gradual and data-driven.

3) Why did Good Glamm fail?

Darpan Sanghvi, Group Founder and CEO, Good Glam Group at their MyGlamm Experiential Store at Juhu, Mumbai Image: Neha Mithbawkar for Forbes India

Once hailed for mastering the content-to-commerce model, the Good Glamm Group imploded under the weight of its own house-of-brands strategy. Acquiring widely, scaling fast, and sacrificing integration for invitation was like accelerating a unicorn without steering it. Within months, losses ballooned from ₹44 crore in FY21 to a staggering ₹917 crore in FY23, while acquisitions failed to bond into a coherent ecosystem. Good Glamm is a perfect example of scale not being a substitute for strategy. But this isn't the only lesson from this epic downfall. Here's a detailed analysis.

1) Urban consumption woes

Image: Francis Mascarenhas / Reuters

Even after income tax cuts and easing inflation, urban India’s recovery remains fragile. The FY26 budget exempted individuals earning up to ₹12 lakh from paying income tax, and early data shows a modest uptick in urban FMCG demand: 7.7 percent growth in Q1, slightly above rural’s 7.1 percent. But economists warn this could be a short-lived bounce. Slow wage growth, weak personal loans, falling credit card usage, and elevated debt levels are keeping leverage-thirsty consumption in check. Personal loan growth slipped to 8.3 percent, while urban consumer confidence lingered below the optimism threshold at 95.4. The verdict? Without meaningful growth in jobs and income, especially in urban sectors, domestic demand is likely to remain flat in the quarters ahead.

2) American hypocrisy

Image: Anna Moneymaker/Getty Images

US President Donald Trump levied a 25 percent tariff and additional penalties on Indian goods for continuing to purchase Russian oil. The tariffs were soon doubled to 50 percent to increase pressure. The US has given its longstanding ally India, one of the world's largest crude oil importers, three weeks to find alternative suppliers. This deadline is a bid to strip Moscow of a key source of revenue for its military offensive in Ukraine. But if we look into the trade details of the United States, in 2024, the U.S. imported roughly $1.7 billion worth of goods from Russia, nearly three times more than it did from Ukraine—a stark disparity that eclipses even pre-war trade patterns, according to the U.S. Department of Commerce and UN Comtrade data. Here's a visual story about the hypocrisy of the Trump Administration 2.0.

3) In defence of small cars

Image: Shutterstock
Under India’s linear, weight-based CAFE norms, lighter vehicles face disproportionately stringent emission targets, despite their lower environmental footprint—an inversion of global practices in markets like the US, Europe, and Japan, which typically give small cars regulatory protection. Maruti Suzuki, India’s top automaker, is making a strong case for more forgiving CO₂ targets for small vehicles, but competitors like Tata, Mahindra, and Toyota are opposed. The debate now centres on whether India should realign its policies to balance sustainability with affordability or watch its smallest cars fade into irrelevance.

4) Vidya Balan on the power of now

Vidya Balan. Image: Neha Mithbawkar for Forbes India
In a candid conversation with Forbes India, Vidya Balan reflects on a career that spans over two decades and has redefined the landscape for women in Hindi cinema. Her journey has been as deliberate as it’s been daring. She recalls the sting of her shelved debut in the South, the heady invincibility after The Dirty Picture, and the sting of criticism over her weight and style. As the industry shifts towards OTT and female-driven narratives gain ground, Balan champions the women who’ve led the charge while cautioning against complacency. Her biggest takeaway? That everything—success, failure, applause, or scrutiny—is fleeting, and the only real win is learning to live fully in the moment.