US Vice President JD Vance is set to undertake his first official visit to India next week, accompanied by his wife Usha Vance and their three children. The visit, which forms the second leg of a two-nation tour beginning in Italy on 18 April, marks a significant step in furthering bilateral ties between India and the United States under the Donald Trump administration. 

High Level Meeting Scheduled in Delhi

Vance and his family will arrive in New Delhi on 21 April for a day of key diplomatic engagements and cultural experiences, before travelling to Jaipur and Agra. Upon arrival, the family will begin their Indian tour with a visit to the historic Red Fort. In the afternoon, Vance is scheduled to hold meetings with National Security Adviser Ajit Doval, External Affairs Minister S Jaishankar, and BJP President JP Nadda. Prime Minister Narendra Modi will host Vance and his family for a formal dinner on the evening of 21 April. This visit also carries a personal dimension, as Usha Vance, a Hindu American, has ancestral roots in India. The couple met during their time at Yale Law School and have been married since 2014.

Trade Talks and Strategic Partnerships on the Agenda

Although the visit has been characterised as largely personal, it will also feature key discussions on strategic and economic matters. High on the agenda are the Trump administration’s new tariffs and the ongoing negotiations for a bilateral trade deal between India and the US. The White House confirmed that Vance will focus on “shared economic and geopolitical priorities” during his meetings.

 

In addition to official talks, the Vance family will explore India’s cultural richness with planned visits to major sites. On 22 April, they will travel to Jaipur to visit historical landmarks, followed by a trip to Agra on 23 April to see the iconic Taj Mahal. The visit comes shortly after a trip to India by Director of National Intelligence Tulsi Gabbard, who participated in a security conclave and the Raisina Dialogue in March.

US National Security Adviser Mike Waltz, who was previously expected to co-chair the first TRUST (Transforming the Relationship Utilizing Strategic Technology) meeting in India on 21 April, has cancelled his visit amid controversy surrounding a Signal group chat. There are currently no plans for Vance to take his place at the India-US Forum.

Conclusion

Vice President JD Vance’s visit to India symbolises a blend of diplomatic intent and cultural affinity, reflecting growing ties between the two nations. With high-level meetings and iconic site visits, the tour aims to reinforce strategic cooperation while also offering a personal connection through Vance’s family heritage.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

GIFT City, India’s premier International Financial Services Centre (IFSC), has largely been a destination for inbound fund flows—catering to Non-Resident Indians (NRIs) and foreign investors. Until now, resident Indian investors had minimal access to global markets through this channel. That is about to change.

Mirae Asset Mutual Fund has announced plans to launch an outbound fund, marking a pivotal moment that expands GIFT City’s utility. This development offers a structured, regulated route for Indian investors to diversify their portfolios internationally.

Why This Matters for Indian Investors

Indian investors, as noted by Vaibhav Shah, Head of Products, Business Strategy & International Business at Mirae Asset Investment Managers (India), tend to be heavily exposed to domestic equities. This lack of diversification has led to sharper losses during recent market corrections.

Adding international exposure through global assets introduces geographical diversification, potentially leading to better risk-adjusted returns. By investing in sectors and themes unavailable in India—such as artificial intelligence, semiconductors, electric vehicles, and blockchain—investors can expand their horizons beyond the Indian markets.

Global Themes That Dominate Outside India

Many high-growth sectors and technologies are gaining traction globally but remain underrepresented or inaccessible within Indian markets. Examples include:

• Artificial Intelligence (AI)

• Semiconductors and advanced chipmaking

• Electric Vehicles (EVs)

• Blockchain technology

The US, which represents 25% of global GDP and 50% of global market capitalisation, has significantly outperformed Indian markets over the past 15 years—by around 5–6% in dollar terms.

Addressing Current Constraints in Global Investing

At present, Indian mutual funds have nearly exhausted their $7 billion overseas investment quota. The $1 billion sub-limit for ETFs is also almost fully utilised. As such, Mirae Asset’s outbound fund provides a new gateway for investors who have otherwise been locked out of international opportunities.

Simpler and More Efficient Route Through GIFT City

Indian investors can theoretically invest globally through three channels:

1. Direct purchase of global stocks or ETFs

2. Using offshore brokers

3. Investing via funds through the Liberalised Remittance Scheme (LRS)

However, the first two routes are complicated by high transaction costs, taxation, custody fees, and the complexity of selecting the right investments. The third—investing through GIFT City-based funds—offers a more streamlined experience. These AIFs offer:

• Professional fund management

• Dynamic asset allocation

• Lower operational hurdles

• Tax efficiency (flat 12.5%)

Mirae Asset Global Allocation Fund: Structure and Strategy

The outbound fund, Mirae Asset Global Allocation Fund, will be structured as a Category-III Alternative Investment Fund (AIF) under the IFSCA regulations. Here are its key features:

• Close-ended fund with a 3-year lock-in (plus an optional 2-year extension)

• Open to resident Indians, NRIs, foreign nationals, institutions, family offices, and corporates

• Minimum investment of $151,000 (general) and $10,000 (accredited investors)

• Subscription window of approximately one year

Investment Strategy: Core and Tactical Allocation

The fund’s asset allocation will follow a dual strategy:

• Core Allocation (50–70%)
  Primarily invested in developed markets, especially the US
  • Exposure through global ETFs

  • Focus on broad market indices

• Tactical Allocation (30–50%)
  Targeting emerging markets such as China, Taiwan, and Brazil
  • Thematic investing in high-growth sectors like AI and EVs

Tax Efficiency and Currency Considerations

Aside from diversification, another advantage of investing through GIFT City is tax efficiency. The 12.5% tax rate applicable to international investments through GIFT-based AIFs is relatively competitive. Currency depreciation also adds a potential hedge—over time, depreciation of the rupee can enhance returns when repatriated from stronger foreign currencies.

Conclusion

The launch of an outbound AIF by Mirae Asset marks a turning point in the evolution of GIFT City. It is no longer just a vehicle for attracting foreign capital but is now beginning to enable resident Indians to participate in global wealth creation opportunities. Through a structured and simplified approach, this initiative provides investors with regulated access to global markets—broadening the horizon for portfolio diversification and long-term wealth management.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

In a significant development aimed at boosting entrepreneurship and access to capital, the National Stock Exchange (NSE) of India has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh. The agreement, executed through the Uttar Pradesh Small Industries Corporation (UPSIC), seeks to facilitate fundraising opportunities for Micro, Small, and Medium Enterprises (MSMEs) in the state through the NSE Emerge platform.

MoU Signed in Presence of Senior Officials

The MoU was exchanged between Shri Raj Kamal, IAS, Managing Director of UPSIC, and Ms. Nidhi Maheshwari, Senior Manager at NSE. The ceremony took place in Lucknow in the presence of Shri Alok Kumar, IAS, Principal Secretary of the Department of MSME and Export Promotion, and Shri Pranjal Yadav, Secretary of the same department.

What This Means for MSMEs in Uttar Pradesh

Through this collaboration, NSE and the state government will organise a series of initiatives, including seminars, workshops, roadshows, MSME camps, and awareness programmes. These efforts will educate MSMEs about raising capital through Initial Public Offerings (IPOs) on NSE Emerge and support them throughout the listing process.

Shri Raj Kamal emphasised that under the leadership of Chief Minister Shri Yogi Adityanath and Minister of Industries Shri Rakesh Sachan, the state aims to build an enabling environment for MSMEs to thrive and attract global investments. The MoU is expected to be a key driver in achieving these objectives by leveraging NSE Emerge as a platform for alternate financing, enhanced visibility, and greater credibility.

NSE’s Continued Commitment to SME Growth

Commenting on the partnership, Shri Sriram Krishnan, Chief Business Development Officer of NSE, highlighted that the NSE Emerge platform allows SMEs to efficiently raise capital while increasing market visibility. He added that the exchange, in collaboration with the Uttar Pradesh government, will provide detailed walkthroughs of the listing and fundraising process to ensure MSMEs fully understand the benefits and requirements.

The Growing Footprint of NSE Emerge

As of now, 612 companies across various sectors have listed on the NSE Emerge platform, collectively raising over ₹17,003 crore. These companies have a combined market capitalisation of approximately ₹1,76,565 crore. This reflects the growing trust and traction the platform has gained among emerging enterprises.

About NSE

The National Stock Exchange of India, operational since 1994, is a pioneer in electronic trading and financial technology in the country. It is India’s largest stock exchange by total and average daily equity turnover. NSE also leads the global derivatives market in terms of trading volume and ranks second globally in equity trades. It offers a comprehensive range of services, including trading, clearing, market data, indices, technology solutions, and financial education.

Conclusion 

This collaboration between NSE and the Uttar Pradesh Government marks a pivotal step in empowering MSMEs with better access to capital. It aims to foster growth, visibility, and long-term sustainability through public market participation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Fitch Ratings has trimmed its GDP growth forecast for India, reflecting growing concerns over the global economic outlook. The FY25 GDP forecast has been cut by 10 basis points to 6.20%, while the FY26 projection now stands at 6.40%, also 10 basis points lower than previously estimated. For FY27, Fitch expects India’s GDP to grow by 6.30%.

The revision is primarily attributed to a worsening global macroeconomic environment, particularly the impact of the ongoing trade dispute between the United States and China. The agency pointed out that such geopolitical tensions have begun to cast a shadow over global trade flows and economic stability.

RBI Aligns With Lowered Forecast, Cites Trade and Policy Uncertainties

India’s central bank has mirrored the downward adjustment. In its latest Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) revised FY25 GDP growth down to 6.5%, from its earlier projection of 6.7%.

The announcement came from Governor Sanjay Malhotra, who noted that “global trade and policy uncertainties have led to a 20 basis point reduction in the growth projection for this fiscal year.” This marks the second successive policy update in which the RBI has acknowledged international developments as a core reason for trimming growth expectations.

FY26 Forecast Revised by Central Bank As Well

This recalibration follows an earlier MPC meeting under the new governorship of Sanjay Malhotra, where India’s FY26 GDP growth was projected at 6.7%. That estimate has now also come under review, considering mounting tariff concerns and potential slowdowns in external demand.

The emphasis on both near- and medium-term growth reflects a shift towards macroeconomic caution, driven by developments that extend beyond India’s borders.

Trade War Between US and China at the Core of Slowdown Concerns

The common thread between Fitch’s and RBI’s downward revisions is the ongoing trade war between the US and China, which has intensified in recent months. Heightened tariffs and policy uncertainty are affecting investor sentiment and slowing down trade activity globally.

India, being part of the global supply chain and reliant on both exports and foreign investment, is not immune to these external shocks. Slower international trade growth may translate into muted domestic expansion, especially in sectors heavily dependent on global demand.

Conclusion

With two major institutions lowering growth forecasts for India, the spotlight remains on how global economic developments are influencing domestic expectations. While these are projections based on current information, the evolving nature of geopolitical and trade relationships means further changes could follow.

This adjustment in estimates reflects the increased sensitivity of emerging economies like India to changes in the global economic order.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.