Here is wishing you all a Happy Diwali and a prosperous New Year!
Across continents, the past few months have been marked by a troubling surge in violent demonstrations, each rooted in local grievances yet collectively reflecting a world grappling with economic strain, political distrust, and social fragmentation. In Europe, protests over rising living costs and housing shortages spilled into the streets of Paris, Milan and Lisbon where peaceful marches quickly descended into clashes with police, fires and vandalism. What began as calls for relief from inflation and unaffordable rents quickly turned into symbols of frustration with governments perceived as indifferent to everyday struggles. Bangladesh’s garment workers, long the backbone of its export economy, clashed with authorities over stagnant wages while in Pakistan‑administered Kashmir, election announcements triggered deadly unrests. These episodes underscore how democratic processes and labour rights remain volatile arenas where discontent can erupt into violence. Latin America and the Caribbean have been no less turbulent. Ecuador’s spiralling gang violence spilled into public demonstrations while Haiti’s capital continued to reel under the grip of armed groups, with protests merging into chaos. Argentina and Colombia saw crowds rally against austerity and social rights curtailments with sporadic clashes reminding observers of the fragility of political consensus in the region. North America has not been immune. In the United States, extremist groups exploited anti‑LGBTQ+ demonstrations, leading to violent confrontations. Canada, meanwhile, was shaken by an incel‑motivated shooting that sparked nationwide protests, highlighting how ideological extremism can ignite broader unrest. In Africa and the Middle East, political strains remain acute: Somalia’s extension of presidential terms triggered clashes in Mogadishu, while jihadist violence in Niger and Nigeria blurred the line between insurgency and protest. Lebanon and Gaza, though quieter than in earlier months, still saw sporadic demonstrations amid ongoing military pressures. Taken together, these eruptions reveal a common thread – when institutions fail to deliver fairness, security or relief, citizens increasingly turn to the streets, and peaceful protest often gives way to violence. Whether driven by inflation, disenfranchisement, gang control or ideological extremism, the demonstrations of 2026 remind us that global stability is fragile, and the grievances of ordinary people, if left unaddressed, can quickly transform into flames that cross borders and echo across societies. Young people are angry and voicing that anger out on the streets. All over Europe protesters are taking to the streets, often in dramatic scenes of confrontation with the police. All of these phenomena is distinct, but it is clear that all over the world young people, traditionally a hopeful demographic, are perceiving a future that they fear will be more crowded and impoverished. Historically, it has only been broad based economic growth, growth that is inclusive and creates high quality jobs that dampens these anxieties and fulfils youthful aspirations.
By the time you get the current issue of Update you would be aware of the election in the United States. The midterm elections in the United States are traditionally seen as a referendum on the sitting president’s performance, and 2026 is no exception. With President Donald Trump in office, the contests for control of Congress and key governorships have drawn intense national and international attention. Several dynamics are shaping the electoral landscape. First, economic concerns remain front and centre. Inflationary pressures, debates over taxation, and anxieties about job growth are fuelling campaign rhetoric. Voters are weighing whether current policies have stabilized household finances or exacerbated inequality. Second, polarization on social issues – from abortion rights to LGBTQ+ protections has sharpened partisan divides. State legislatures have become battlegrounds for cultural debates, and these issues are expected to mobilize both conservative and progressive bases. Third, foreign policy and security loom large. With ongoing conflicts abroad and questions about America’s global role, candidates are framing their positions around national strength and international credibility. Immigration policy also continues to be a flashpoint, particularly in border states. Fourth, trust in institutions is a recurring theme. Allegations of voter suppression, concerns about election integrity, and debates over judicial rulings have heightened scrutiny of democratic processes. This environment has energized grassroots movements, making turnout a decisive factor. Early polling and analysis suggest a highly competitive contest. Some outlets report close races in swing districts, with control of the House and Senate potentially hinging on a handful of states. Analysts caution, however, that midterms often produce surprises, especially when turnout patterns shift late in the cycle. In sum, the 2026 midterms are less about predicting a clear winner than recognizing the stakes: economic stability, cultural identity, and institutional trust. Whatever the outcome, the elections will shape the trajectory of U.S. governance heading into the latter half of Trump’s presidency. For Trump it would be remarkable pivot from being a President to a lame-duck President!
Going by any standard, the blockbuster headline for last month was the Initial Public Offering of Reliance Jio. Reliance Jio’s parent, Jio Platforms Limited, launched its much‑anticipated initial public offering in October 2026, raising over ₹30,000 crore through a fresh issue of shares. The offering was met with strong investor enthusiasm and was oversubscribed, reflecting confidence in India’s largest digital connectivity provider. The IPO was priced in the range of ₹1,065 to ₹1,119 per share, with allotments finalised on October 26 and listings on both the NSE and BSE. Reliance Industries Limited, which held a majority stake prior to the issue, used the opportunity to strengthen Jio’s balance sheet and reduce debt, while also funding expansion into new digital services. Jio Platforms has built a formidable presence with over 524 million subscribers as of March 2026, making it the country’s largest telecom operator. Its ecosystem spans mobile services, broadband, entertainment, cloud, IoT, private 5G, and enterprise solutions, positioning it as more than just a telecom provider. The company operates one of the world’s largest VoLTE networks outside China and has nearly 268 million 5G subscribers, while also commanding over two‑thirds of India’s fixed broadband market. These strengths, combined with its aggressive push into digital services, made the IPO particularly attractive to investors seeking exposure to India’s fast‑growing digital economy. At the same time, the offering highlighted the challenges of the sector. Telecom remains capital‑intensive, requiring continuous investment in spectrum, towers, and technology upgrades. Regulatory pressures, pricing competition, and cybersecurity risks add layers of uncertainty. Yet the oversubscription of the IPO suggests that investors are willing to bet on Jio’s scale, technological edge, and ability to innovate. In essence, the Reliance Jio IPO marks a milestone in India’s capital markets, signalling both the maturity of its digital infrastructure and the appetite of investors for companies that can bridge connectivity with comprehensive digital services. It is a bold step toward consolidating Jio’s role as the backbone of India’s digital future.
Here is a silent economic story, albeit an important one. It is seldom noticed that the subscription economy in India has moved beyond streaming platforms and software services to become a defining feature of consumer and business behaviour. What began with entertainment giants offering monthly access to films and music has now spread into sectors as diverse as food delivery, fitness, education, and even automobiles. Its appeal lies in convenience, affordability, and predictability – consumers prefer paying smaller recurring amounts rather than making large upfront purchases, while companies benefit from steady cash flows and long‑term customer relationships. This shift is particularly visible in urban India, where younger demographics are more comfortable with digital payments and less attached to ownership. Subscription models for groceries, curated meal kits, and health supplements are gaining traction, reflecting lifestyle changes and the desire for personalised services. At the same time, businesses are experimenting with hybrid models – combining subscriptions with one‑time purchases to cater to varied consumer preferences. For enterprises, the subscription economy offers a chance to deepen engagement. Data collected through recurring interactions allows firms to tailor offerings, predict demand, and upsell premium services. Telecom operators, for instance, are bundling connectivity with entertainment and cloud storage, while ed‑tech platforms are offering tiered subscriptions for skill development. Yet challenges remain. High churn rates, regulatory scrutiny over auto‑debit mechanisms, and the need to constantly innovate to retain subscribers are pressing concerns. Moreover, in a price‑sensitive market like India, companies must strike a balance between affordability and profitability. The broader implication is that the subscription economy is reshaping the very idea of consumption. Ownership is giving way to access, and loyalty is being redefined through continuous value delivery rather than one‑time transactions. For businesses, this means rethinking product design, marketing and customer service around sustained engagement. For consumers, it signals a cultural shift toward flexibility and choice. As India’s digital infrastructure expands and disposable incomes rise, the subscription model is poised to become a cornerstone of the country’s economic landscape, blending convenience with innovation in ways that could redefine business strategies for years to come.
The Supreme Court of India, in Lakshmi v. Gopi & Ors. (July 2026), delivered a significant ruling on the proof and validity of Wills, reaffirming the long‑standing principles while clarifying their modern application. The case arose from a dispute over a Will that excluded certain natural heirs, raising questions about suspicious circumstances and the evidentiary burden required to establish testamentary validity. The Court reiterated the essentials for proving a Will under the Indian Succession Act and the Evidence Act – the testator’s capacity, due execution, proper attestation, absence of coercion, and credible witness testimony. Importantly, it emphasised that exclusion of heirs, by itself, does not render a Will invalid. Suspicion must rest on tangible irregularities such as active involvement of beneficiaries in drafting, inconsistencies in execution or lack of attesting witnesses – not merely on the fact that close relatives were left out of the Will. In doing so, the Court reaffirmed the “prudent‑mind test” laid down in H. Venkatachala Iyengar v. B.N. Thimmajamma (1959), which requires that the evidence surrounding a Will must satisfy the conscience of the court. The judgment also drew upon Shashi Kumar Banerjee v. Subodh Kumar Banerjee (1964), underscoring that probate proceedings are limited to determining the genuineness of the Will, not resolving ownership disputes. The verdict carries some practical implications too. For practitioners, it highlights the need for meticulous proof of attestation and capacity. For families, it signals that challenges cannot succeed on suspicion alone; concrete evidence of irregularity is essential. By narrowing the scope of “suspicious circumstances,” the Court has strengthened testamentary freedom while preserving safeguards against fraud. In essence, Lakshmi v. Gopi reflects continuity with classic precedent but sharpens the doctrine for contemporary realities, reinforcing that the sanctity of a valid Will must be respected unless compelling evidence dictates otherwise.
The other day when I was walking on the sidewalks of New York, it started raining suddenly. As if on cue, a street vendor appeared with a rack of umbrellas. That set me thinking. Most of what we had possessed have changed over the year except for the simple contraction called the umbrella. Come to think of it, the umbrella itself is a masterclass in kinetic poetry, hiding an elegant dance of geometry in plain sight. It solves a beautiful, everyday puzzle – how to turn a flat sheet of fabric into a lightweight, protective dome that opens and closes at a moment’s notice. As you push the slider up the shaft, a network of metal stretchers stretching outward like a blooming flower. Because the main ribs are anchored at the top, they cannot move further upward; instead, they gracefully bend under the pressure. This creates a perfect tension, arching the fabric into a sleek, parabolic canopy. This curve is pure functional art. It cuts through blustering winds whistling between skyscrapers and guides rainwater into effortless, cascading runoffs. What makes the umbrella truly extraordinary is its stubborn timelessness. This ingenious folding mechanism traces back over three thousand years to ancient Egypt and China. We have swapped bamboo and oiled paper for fiberglass and Teflon, yet the fundamental geometry remains completely untouched. Modern engineering has built spaceships and supercomputers, but it has never found a better way to fold a roof. The umbrella in one sense is a beautiful compromise between strength and vulnerability. To fit in your bag, it must be light; to shield you from a storm, it must be strong. When a violent gust flips it inside out on a city block, it should prove itself. It bends gracefully so that it does not snap. In the end, it remains our most intimate piece of architecture, a loyal, pocket-sized sanctuary that relies entirely on tension and angles to keep the world at bay.
Thank you.
Venkat R Venkitachalam
