India's top companies must invest heavily in AI, says Mohandas Pai

by Hansraj Agrawal | Jun 11, 2026 | Technology

Even as the country has accelerated its investments in artificial intelligence (AI), Mohandas Pai, investor and former chief financial officer (CFO) of Infosys, said there is still a need for established, legacy businesses to invest heavily in the emerging technology, failing which they risk losing their competitive edge to foreign companies.

Speaking during a session at the fifth edition of the India Global Innovation Connect in New Delhi, Pai said: “We need the top 10 Indian companies to put serious money to work because I do believe that AI will be a threat to their businesses. They’re all worried and they have got to put a lot more money. We’ve got to fund a lot more innovation.”

On the country’s investment in research and development (R&D), while the government currently spends about 0.7 per cent of gross domestic product (GDP), Pai said the spending should rise to nearly 3-4 per cent. He added that the private sector also needed to increase its investment in R&D.

Pai said that while several horizontal AI tools and applications already exist globally at scale, vertical AI could potentially emerge as a more viable bet for the country. “The big companies like TCS, Infosys and others will have to put money into vertical AI. While these companies could deploy a couple of billion dollars each into building broad-based AI platforms, they cannot compete with dominant US tech giants in that space,” Pai added.

Vertical AI refers to AI systems built for a single industry or domain, while horizontal AI is pre-trained for a wide range of tasks across multiple fields.

According to Pai, significant capital needs to flow into the IT sector; otherwise, India would have little to show for its AI ambitions. “The key vision for India is $250 billion in IT services exports and possibly in the next four to five years, we could be spending $40-50 billion on brokerage for building this big AI base in America.”

The writers are 2026 batch Business Standard-Rahul Khullar interns.

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Foreign funds move SAT against Sebi over adjudication procedure dispute

by Hansraj Agrawal | Jun 11, 2026 | Share Market

Five foreign portfolio investors (FPIs) have moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi), alleging procedural lapses in an ongoing adjudication process. The matter is scheduled to be heard on Friday.

The appeals have been filed by LTS Investment Fund, Cresta Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, and Albula Investment Fund — entities that were named by now-defunct short-seller Hindenburg Research in its 2023 report on the Adani Group.

The dispute relates to show-cause notices issued by Sebi over alleged compliance lapses, including deficiencies in filings and disclosures made to designated depository participants, according to a legal representative for the FPIs.

Senior counsel representing the funds said the FPIs had responded to the notices, but contended that Sebi had failed to provide reasons for proceeding with adjudication despite considering their replies.

The appellants argue that under Rule 4(3) of the Sebi (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995, an Adjudicating Officer (AO) must first examine the noticee’s response and form an opinion on whether a formal inquiry is warranted. According to the FPIs, a copy of such opinion, along with the reasons for initiating adjudication, has not been furnished to them.

The funds appeared before Sebi for hearings in the matter, but claim that the AO declined to provide the reasons sought, prompting them to approach the tribunal.

“The opinion has to be recorded and communicated. If that is not done, the inquiry cannot proceed. This is essentially a procedural issue concerning the rights of the noticees,” said a legal practitioner representing the FPIs.

Another source familiar with the matter said the proceedings may also be linked to Sebi’s examination of the ultimate beneficial ownership of the FPIs.

Emails sent to Sebi seeking comment remained unanswered until press time.

In September 2025, Sebi closed proceedings against Adani group companies, chairman Gautam Adani, and related entities in connection with allegations raised by Hindenburg Research, including claims of fund diversion and lapses in related-party transactions.

In separate orders, the regulator found no violation of the Listing Obligations and Disclosure Requirements (LODR) Regulations or the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, effectively clearing the group of the allegations.

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India, Nepal launch cross-border remittance mechanism; links UPI, NPI

by Hansraj Agrawal | Jun 11, 2026 | Business

India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism on June 6 to enhance convenience for travellers and businesses across both countries, the finance ministry said on Thursday.

The newly operationalised system establishes a direct link between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI), and enables citizens of both nations to make real-time money transfers directly via mobile banking applications and digital wallets.

“The UPI-NPI linkage represents a major advancement in financial inclusion, fostering stronger economic and digital ties between India and Nepal. This aligns perfectly with regional goals for accessible, safe, and affordable cross-border payments, reinforcing longstanding social and economic bonds,” the ministry said in a statement.

The technical integration was executed via collaboration between NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, and the Nepal Clearing House Limited (NCHL).

“The initiative strengthens financial inclusion, boosts digital and economic integration, and enhances convenience for travellers and businesses across both countries,” the ministry added.

The key features of the UPI-NPI remittance linkage are enhanced traveller convenience by eliminating the friction of physical currency exchange, carrying large amounts of cash, or navigating unfamiliar foreign exchange fees.

It would also give an economic boost for local merchants as Nepalese businesses gain immediate access to a massive Indian visitor demographic, driving higher transaction volumes.

UPI is now accepted in nine countries – Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka and Cambodia – enabling Indian travellers to make seamless payments abroad through familiar platforms.

Published on June 11, 2026

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INR falls, stays under sustained stress

by Hansraj Agrawal | Jun 11, 2026 | Share Market

Last Updated : Jun 11 2026 | 6:04 PM IST

The Indian rupee stayed under pressure today. Indian rupee lost 52 paise at 95.77 per US dollar. US dollar index is holding steady today after a drop in the last session as markets accessed the inflationary trends in the US and war related stress kept overall mood volatile. Local stock markets ended with minor losses today amid cautious investor sentiment, as market participants monitored developments in West Asia. Trading remained volatile due to the weekly expiry of Sensex futures and options contracts. The Nifty is largely consolidating around two-month low. On NSE, USD/INR futures added 0.38% at 96.05.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Jun 11 2026 | 6:04 PM IST

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IN-SPACe selects three space startups for funding under technology fund

by Hansraj Agrawal | Jun 11, 2026 | Technology

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has selected three Indian space startups—Astrobase Space Technologies, SatSure Analytics India and TM2SPACE Technologies—as the first set of Indian non-governmental entities (NGEs) to receive funding under its Technology Adoption Fund (TAF) scheme.

Following a rigorous multi-stage evaluation process conducted by an expert committee comprising members from the Indian Space Research Organisation (ISRO), the Department for Promotion of Industry and Internal Trade (DPIIT), the Department of Science and Technology (DST), industry, academic institutions and IN-SPACe, the three startups were selected for financial support to develop transformative space technologies aimed at strengthening India’s indigenous capabilities and enhancing its global competitiveness in the space sector.

Bengaluru-based space startup Astrobase Space Technologies Pvt. Ltd. will develop a high-thrust closed-cycle liquid rocket engine (800 kN) for space launch vehicles. The project aims to develop an 800 kN-class reusable LOX-LNG rocket engine with high efficiency and a modular architecture for medium- to heavy-lift launch vehicles, serving as a commercial propulsion solution for next-generation launch systems and orbital stages.

Bengaluru-based space analytics company SatSure Analytics India Pvt. Ltd. will develop Dhaarini, a Large Earth Observation Model (LOM) designed to serve as India’s foundational artificial intelligence (AI) platform for remote-sensing applications. Trained on diverse satellite and aerial datasets, the model will generate actionable insights across agriculture, infrastructure and disaster management, enabling data-driven decision-making at a national scale.

Hyderabad-based TM2SPACE Technologies Pvt. Ltd. will develop an indigenous AI-powered star tracker system for satellites, enabling the pointing accuracy required for high-resolution imaging and communication missions. The project will develop StarSense Lite for CubeSats and StarSense Pro for satellites above 50 kg, delivering high-precision attitude determination through advanced optics, electronics and onboard algorithms.

Pawan Goenka, chairman, IN-SPACe, said, “The selection of these projects under the Technology Adoption Fund (TAF) marks a pivotal step in our mission to transform Indian private entities into global space leaders. With this fund, our vision is to bridge the critical gap between early-stage development and commercial success. By offering this financial support, we are empowering the private sector to work on cutting-edge space technologies. These projects are not just innovative concepts; they are practical, market-ready solutions that will increase our footprint in the global space economy.”

Rajeev Jyoti, director, Technical Directorate, IN-SPACe, added, “IN-SPACe followed a rigorous, multistage evaluation process, selecting these three entities for funding. Spanning a reusable high-thrust rocket engine, a foundational EO-AI platform, and indigenous high-accuracy star trackers, these projects address critical technology gaps and have strong real-world potential to enhance India’s space capabilities. IN-SPACe received several proposals, and these three were selected as they closely aligned with the objectives and criteria of the TAF scheme. We encourage Indian companies to continue submitting proposals that meet the objectives of TAF.”

IN-SPACe will provide continued technical guidance, monitoring and milestone-linked disbursement of funds to ensure successful implementation of the selected projects.

The Technology Adoption Fund is designed to support Indian industry in absorbing, adapting and commercialising advanced space technologies, thereby bridging the gap between research and operational deployment.

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