Comedy, Commerce & Cooldowns: India’s Tech Tale in Three Acts

Good Morning,

India’s digital scene is bursting with energy—but not all growth stories are straight lines. From e-commerce’s behind-the-scenes revolution led by R Chandrasekhar to Only Much Louder’s cultural reinvention with Tusharr Kumar, innovation is reshaping how India shops, works, and entertains. Yet, the smartwatch boom that once captured millions’ wrists is now waning, hinting at shifting tech tastes and market realities.

Dive in to explore the highs, hurdles, and unexpected turns shaping India’s vibrant digital future.

WEEKEND EDITION

Oil, Tariffs & India’s Energy Gamble

What happens when 900 million Indians log on, but only a quarter of them dare to fill a cart? Picture the world’s fastest-growing digital bazaar—a place where smartphones outnumber people in most cities and where delivery vans race festive discounts through monsoon traffic. It should be an e-commerce gold rush. Instead, today’s story uncovers the paradox: billions invested, hundreds of millions reached, yet the real surge is still waiting in the wings. In this edition, we dive into India’s e-commerce journey with R Chandrasekhar, Chairperson of the Centre for the Digital Future. Behind the impressive headlines—250 million online shoppers and a rapidly expanding digital economy—lies a far more complex story. This conversation uncovers the hidden dynamics that are shaping the future of commerce in India.

Forecasts Gone Wrong: Why E-Commerce Isn’t Booming—Yet

For years, optimistic forecasts have predicted that India’s massive population would propel e-commerce to dizzying heights. The reality? While 250 million Indians shop online, e-commerce is still only 8% of retail—far below China (27%) or the US (22%). The missing ingredient: not technology, but regulatory friction, inconsistent investments, and a market where big numbers mask hidden constraints.

Policy Puzzles: The GST Boost, and the Regulatory Trap

Recent GST cuts promised a festive fillip for online sellers and buyers alike—yet paperwork snarls, state-by-state registrations, and a maze of compliance rules weigh down smaller enterprises. While the intent is to integrate India into a single marketplace, inconsistent rules often turn national ambition into local frustration. Chandrasekhar points out: “Efficiency gains come not from subsidy, but smart policy. Yet the maze of regulation can snatch defeat from the jaws of opportunity.”

The Employment Enigma: More Jobs, But Which Ones?

E-commerce is a surprise job creator, spinning 2.5 new digital roles for every one lost in traditional retail—from delivery drivers and warehouse staff to gig workers and content creators. But the quality and security of these new roles remain under debate, especially as regulations struggle to keep up with the shifting ground reality of India’s gig workforce.

The Rural Reality: So Near, Still So Far

Rural India stands to benefit the most from e-commerce’s reach and efficiency—but remains least included. Key barriers are digital infrastructure gaps, higher transaction costs, and a lack of tailored investment. Overregulation risks freezing rural expansion just as small enterprises are poised to go online—a classic case of policy intention running ahead of functional delivery.

Investment Cliffhanger: When Capital Takes a Breather

After record investment highs, funding for enabling infrastructure—warehouses, logistics, and digital backbones—has seen a worrisome dip. Why? Investors cite regulatory uncertainty, unclear compliance, and policy zigzags. For Chandrasekhar, a pro-growth, predictable regulatory environment is non-negotiable: “No one wants their investment to depend on the mood of the month—or the memo of the day.”

The Big Picture: A Future Built on Evidence

The challenge isn’t just expanding e-commerce, but doing so thoughtfully—backed by granular data on consumer behavior, region-wise participation, and labor market transitions. India’s digital future will be determined not by bold promises or big numbers, but by the nuance and courage to tweak what isn’t working.

Bottom Line:

India’s digital leap won’t come by pushing levers at the center alone. It will be built—or broken—by the patient removal of obstacles, the courage to let innovation lead, and the wisdom to listen to granular realities on the ground. Smart policy, sustained investment, and a relentless focus on execution—not just headline numbers—are the real drivers of India’s next economic wave.

MEDIA ROOM

Inside OML: How’s India’s Indie Music Promoter Became a Media Powerhouse

In this episode of The Media Room, media expert and author Vanita Kohli-Khandekar sits down with Tusharr Kumar, CEO and Director of Only Much Louder (OML)—India’s trendsetting media powerhouse. Once a humble indie music promoter, OML has evolved into a dynamic creative empire spanning talent management, branded content, and original long-form shows. With over 100 creators in comedy, beauty, food, and travel, plus a growing portfolio including Amazon Prime and Netflix productions, OML is rewriting the rules of entertainment.

Kumar reveals why comedy remains OML’s backbone, how it helped fuel India’s YouTube explosion and OTT boom, and why their selective artist roster serves as powerful “soft power.” They delve into managing creative risks amid controversies and cancel culture, OML’s bold global campaigns from Poland to the Congo, and smart bets on sports beyond cricket. Plus, get a fresh take on the economics of long-form storytelling in today’s fast-paced platform-driven world.

Tune in for sharp insights on how OML stays close to culture, scales creatively, and keeps reinventing itself at the cutting edge of India’s media landscape.

MESSAGE FROM OUR SPONSOR

Become An AI Expert In Just 5 Minutes

If you’re a decision maker at your company, you need to be on the bleeding edge of, well, everything. But before you go signing up for seminars, conferences, lunch ‘n learns, and all that jazz, just know there’s a far better (and simpler) way: Subscribing to The Deep View.

This daily newsletter condenses everything you need to know about the latest and greatest AI developments into a 5-minute read. Squeeze it into your morning coffee break and before you know it, you’ll be an expert too.

Subscribe right here. It’s totally free, wildly informative, and trusted by 600,000+ readers at Google, Meta, Microsoft, and beyond.

THE SIGNAL DAILY

Why India’s Smartwatch Love Affair is Cooling Off?

Remember when smartwatches were the hottest tech accessory on every wrist across India? In 2019, India raced past North America to become the world’s largest smartwatch market, fueled by budget-friendly brands like Noise, boAt, and Fire-Boltt. Fitness tracking became a frenzy, and millions jumped on board for less than a few thousand rupees.

But the shine is fading fast. In Q2 2025, smartwatch shipments in India dropped a staggering 28.4% year-on-year—the sixth consecutive quarter of decline, according to IDC. What happened? Experts point to a perfect storm: market saturation in cities, disappointing accuracy and after-sales service at the lower end, fierce price wars, and Indians turning to cheaper fitness bands instead.

Premium brands like Apple and Samsung still thrive, but innovation fatigue and weaker upgrade cycles are taking their toll on mass-market players. Meanwhile, the rural market remains largely untapped, held back by low digital adoption and income constraints.

What’s next for India’s smartwatch ecosystem? Dive into the latest episode of The Signal Daily to find out the real story behind India’s smartwatch slowdown.

THE TEAM

✍️ Zinal Dedhia, Kudrat Wadhwa | ✂️ Rohini Chatterji | 📹️ Maitrayee Iyer | 🎧 Joshua Thomas

🤝 Reach 80k+ CXOs? Partner with us.

✉️ Got questions or feedback? Reach out.

💰 Like The Core? Support us.