Elon Musk’s Starlink Partners with Airtel and Jio to Bring Satellite Internet to India

Lloyds Banking Group, one of the UK’s leading financial institutions, is making headlines with its latest strategic decision to relocate a significant portion of its IT workforce from the UK to India. This move, reported by Eastern Eye on March 7, 2025, reflects the bank’s ambitious £4 billion digital transformation plan, aimed at enhancing efficiency, cutting costs, and improving returns through digitization. Here’s a detailed look at this development, its implications, and the broader context surrounding it.Expansion in India: A Tech Hub in HyderabadLloyds is aggressively expanding its technology and data workforce in India, with a goal to employ 4,000 permanent staff in these fields by the end of 2025. This figure represents nearly half of the bank’s global engineering workforce, a clear indicator of the scale of this shift. The focal point of this expansion is a state-of-the-art technology center in Hyderabad, which opened in 2023. Located in Salarpuria Sattva Knowledge City in the HITEC City district, the center is already recruiting for roles such as full-stack engineers, cloud engineers, and quality engineers. These positions are critical to Lloyds’ ongoing IT transformation, which emphasizes modernizing infrastructure and delivering innovative digital solutions for its 27 million UK customers, including 21.5 million digitally active users.The Hyderabad facility is led by globally recognized technology leader Sirisha Voruganti, the Managing Director of Lloyds Technology Centre. With a background that includes being the first female Managing Director in technology for JP Morgan Chase in India, Sirisha brings expertise in IT architecture, data engineering, and fintech innovation. Her leadership is pivotal in harnessing India’s vast talent pool to drive Lloyds’ digital ambitions, while also promoting diversity and inclusion in tech roles.Job Cuts in the UK: A Controversial Trade-OffWhile Lloyds ramps up hiring in India, the bank is simultaneously reducing its UK-based IT workforce. In February 2025, approximately 6,000 UK IT employees were informed that their jobs were at risk as part of a skills review within the bank’s engineering job families. Lloyds plans to create 1,200 new high-skilled tech positions in the UK, but these roles will be filled through a competitive application process, meaning not all current employees will secure them. The bank has acknowledged that some UK workers will lose their jobs, though it has not disclosed the exact number of cuts.This decision has sparked criticism, notably from Mark Brown, General Secretary of Lloyds’ independent union, BTU. Brown labeled the move as “breathtaking hypocrisy,” arguing that it contradicts the bank’s stated purpose of “Helping Britain Prosper.” He urged Lloyds to invest in training UK-based IT specialists through apprenticeships rather than outsourcing jobs overseas.A £4 Billion Digital StrategyThe shift to India is part of a broader £4 billion investment strategy spearheaded by Lloyds’ CEO, Charlie Nunn. Announced as a cornerstone of the bank’s long-term growth plan, this initiative aims to transform Lloyds into a digital-first institution. The strategy includes modernizing technology architecture, enhancing customer experiences, and streamlining operations—all while reducing costs. The Hyderabad tech center, which complements Lloyds’ UK-based tech talent growth, is a key component of this vision. As Ron van Kemenade, Lloyds’ Group Chief Operating Officer, noted at the center’s opening in 2023, it marks “a pivotal moment in our overall transformation journey.”Industry Trends and PrecedentsLloyds is not alone in this approach. Other major UK banks, such as NatWest and Nationwide, have similarly shifted IT operations to India, capitalizing on the country’s skilled workforce and lower operational costs. This trend reflects a broader movement within the financial services sector to balance cost efficiency with technological advancement. For Lloyds, the move aligns with its goal of maintaining competitiveness in an ever-changing industry, where digital innovation is paramount.Leadership and Talent at Lloyds Technology CentreThe Hyderabad center boasts a robust leadership team driving its growth. Alongside Sirisha Voruganti, key figures include Dr. Vipul Jain, with over 25 years of HR leadership experience in IT and telecommunications, and Sree Latha Batta, who brings 27 years of expertise in business intelligence and technological capabilities from global financial organizations. Ashish Sharma, the Client Data and Analytics Technology Platform Lead, contributes 24 years of engineering experience in financial services. Together, this team is tasked with building a high-performing engineering organization that leverages cloud-based solutions, cybersecurity, and data analytics to support Lloyds’ UK operations.Lloyds has framed this restructuring as a necessary evolution, stating, “Making changes means not only creating new roles and upskilling colleagues but also saying goodbye to talented people who have been part of the group’s success in the past.” However, the decision has raised questions about its impact on UK employment and the bank’s commitment to its home market. Critics argue that outsourcing skilled jobs could undermine local talent development, while supporters see it as a pragmatic step to remain competitive in a globalized economy.For India, the expansion reinforces Hyderabad’s status as a burgeoning tech hub, creating hundreds of high-skilled jobs and deepening Lloyds’ commitment to the region. The center’s focus on cutting-edge technologies like cloud computing and cybersecurity positions it as a vital asset in Lloyds’ digital ecosystem.As of March 12, 2025, Lloyds’ strategic pivot is well underway, with the Hyderabad tech center poised to play a central role in its future. While the bank navigates the fallout from UK job cuts, its investment in India signals a long-term bet on global talent and digital innovation. Whether this move will ultimately strengthen Lloyds’ position—or draw further scrutiny—remains to be seen. For now, it underscores the complex balancing act facing modern financial institutions as they adapt to a rapidly evolving technological landscape.---Join the exclusive network for leaders driving growth and partnerships in tech and science - www.startupeuropeindia.net

India’s External Affairs Minister, Dr. S. Jaishankar, embarked on a significant six-day visit to the United Kingdom and Ireland starting March 4, 2025. This high-profile diplomatic trip aims to strengthen bilateral ties, advance trade negotiations, and address pressing global issues. With key meetings, consulate inaugurations, and discussions on the India-UK Free Trade Agreement (FTA) on the agenda, here’s a detailed look at what to expect from Jaishankar’s visit and its implications for India’s international relations.Strengthening Ties with the UK: Focus on the India-UK FTAJaishankar’s visit to the UK, spanning March 4-6 and March 8-9, kicks off with high-level talks in London. A major highlight is his meeting with UK Foreign Secretary David Lammy, where the spotlight will be on the recently relaunched India-UK Free Trade Agreement negotiations. Launched in January 2022, the FTA aims to boost the £41-billion annual bilateral trade partnership between the two nations. Key sectors like pharmaceuticals, financial services, and technology are expected to benefit, though challenges remain, including disagreements over market access and tariff reductions.During his stay, Jaishankar will also address the prestigious Chatham House think tank, offering insights into India’s global role. Additionally, he is set to inaugurate new Indian consulates in Belfast and Manchester—moves announced by Prime Minister Narendra Modi at the G20 Summit in Brazil in November 2024. These consulates will enhance India’s diplomatic presence in the UK, facilitating better services for the Indian diaspora and fostering people-to-people connections.For businesses eyeing opportunities under the India-UK FTA, focusing on sectors like technology and pharmaceuticals could yield early advantages once the agreement is finalized. Stay updated on negotiation outcomes for strategic planning.Deepening India-Ireland Relations: Economic and Diplomatic MilestonesFrom March 6-7, Jaishankar will travel to Ireland, marking the highest-level visit since PM Modi’s trip to Dublin in 2015. His agenda includes meetings with Irish Foreign Minister Simon Harris and other officials, alongside engaging with the Indian diaspora. A significant outcome to watch for is the signing of a Memorandum of Understanding (MoU) for a diplomat exchange program, as reported by The Hindu. This initiative will enhance diplomatic collaboration between the two nations.Another key development is the establishment of the India-Ireland Joint Economic Commission, aimed at boosting economic cooperation. With bilateral trade between India and Ireland reaching €16 billion in recent years, this commission could pave the way for deeper ties in technology, trade, and investment. Indian companies like Wipro, TCS, and Infosys, already entrenched in Ireland, stand to gain from improved market access within the European Union.Indian professionals and students in Ireland—numbering around 40,000 NRIs and 10,000 students—can leverage this visit to explore new opportunities in education and employment as ties strengthen.Geopolitical Context: Navigating Global ChallengesJaishankar’s visit comes amid a shifting global landscape, with Europe intensifying efforts for peace in the Russia-Ukraine conflict and India maintaining its stance on dialogue-based resolutions. India’s neutral yet proactive approach—highlighted by PM Modi’s recent talks with European Commission President Ursula von der Leyen—will likely feature in discussions with UK and Irish leaders. This visit underscores India’s growing role as a global player balancing ties with the US, Europe, and Russia.What to Expect from Jaishankar’s VisitFTA Progress: While a final deal may not be signed during this visit, expect announcements on negotiation milestones, offering clarity for businesses and investors.Consulate Openings: The Belfast and Manchester consulates will improve visa services and support for the Indian community in the UK, signaling India’s commitment to its diaspora.** Ireland Breakthroughs:** The MoU and Joint Economic Commission could set the stage for Ireland to become a strategic gateway for India into the EU market.Global Messaging: Jaishankar’s Chatham House address will reinforce India’s stance on peace, sovereignty, and its rising influence in international affairs.Follow official statements from the Ministry of External Affairs (MEA) and Jaishankar’s social media updates for real-time insights into outcomes that could impact trade, travel, or education opportunities.Why This Visit MattersJaishankar’s trip to the UK and Ireland is more than a diplomatic formality—it’s a strategic move to cement India’s economic and geopolitical footing in Europe. For the UK, the FTA represents a post-Brexit opportunity to deepen ties with a fast-growing economy. For Ireland, it’s a chance to elevate its partnership with India beyond shared democratic values into tangible economic gains. As India navigates complex global dynamics, this visit could set the tone for future engagements with Western nations.---Join the exclusive network for leaders driving growth and partnerships in tech and science - www.startupeuropeindia.net

India's recent strides in reducing extreme poverty to negligible levels, as highlighted in a 2025 article from The Economist titled "India has undermined a popular myth about development", mark a significant shift in global development narratives. This survey note delves into the data, policies, and implications, providing a comprehensive analysis for researchers, policymakers, and lay readers interested in development economics.Background and ContextThe article, published on February 27, 2025, and featured in the Finance & economics section of the March 1, 2025, print edition under the headline “Ploughing its own furrow,” suggests that India has challenged a popular myth about development. While the specific myth isn't detailed in accessible snippets, the context points to the notion that extreme poverty is persistent and difficult to eradicate in large, developing nations. This is supported by the article's mention that "extreme poverty in the country has dropped to negligible levels," aligning with broader discussions on India's poverty reduction trajectory.Defining Extreme PovertyExtreme poverty, as defined by the World Bank, is living on less than $2.15 per day in 2022 purchasing power parity (PPP) terms, reflecting severe deprivation in basic needs. This metric is crucial for international comparisons and tracking progress toward global development goals, such as the United Nations' Sustainable Development Goals.Data on Poverty ReductionHistorical data from the World Bank indicates that India's extreme poverty rate was 22.5% in 2011, affecting approximately 295 million people, and decreased to 10.2% by 2019, impacting about 140 million. More recent estimates, such as those from a 2024 Brookings Institution article titled "India eliminates extreme poverty", suggest that by 2025, official data confirms the elimination of extreme poverty, with the rate now negligible. This is further supported by the National Multidimensional Poverty Index: A Progress Review 2023 from the United Nations Development Programme, which reports that 135 million people escaped multidimensional poverty between 2015-16 and 2019-21, with rural areas seeing the fastest decline from 32.59% to 19.28% National Multidimensional Poverty Index: A Progress Review 2023.| Year  | Extreme Poverty Rate (%) | Estimated Population in Extreme Poverty (Millions) ||--------|--------------------------|------------------| 2011  | 22.5           | ~295                       || 2019  | 10.2           | ~140                       || 2025  | Negligible        | <1% (assumed based on recent reports)       |This table summarizes the trend, highlighting the significant reduction and the projected negligible levels by 2025, based on the Brookings claim.Factors Contributing to Poverty ReductionSeveral interrelated factors have driven India's success, as evidenced by various reports and government initiatives:1. Economic Growth and Structural Changes:  - India's GDP growth averaged 6-7% annually, driven by sectors like services (now nearly 50% of GDP, as per The India Forum in 2024) and technology, creating jobs and raising incomes. This growth, particularly post-1991 liberalization, has been crucial, though manufacturing's share remained stagnant, per Poverty in India Over the Last Decade.2. Government Policies and Programs:  - Infrastructure Investment: Enhanced roads, railways, and ports have improved connectivity, facilitating economic activity. The Economic Survey 2022-23 highlights significant investments in infrastructure Economic Survey 2022-23  - Social Safety Nets: The National Rural Employment Guarantee Act (NREGA) guarantees 100 days of wage employment to rural households, with over 5 billion person-days of employment generated since inception, according to government reports.  - Direct Benefit Transfers: Programs like the Pradhan Mantri Jan Dhan Yojana (PMJDY) have opened over 400 million bank accounts, reducing financial exclusion, as noted in the 2023 Economic Survey.3. Access to Basic Services:  - Electricity: The Saubhagya scheme aimed for universal electrification, with significant progress reported, improving productivity and living standards.  - Water and Sanitation: The Swachh Bharat Mission, launched in 2014, constructed over 100 million toilets, reducing open defecation and improving health outcomes, as per the 2023 Multidimensional Poverty Index report.  - Healthcare: The National Rural Health Mission expanded healthcare access, particularly in rural areas, contributing to reduced infant mortality and improved health indicators.4. Digitalization and Financial Inclusion: - Digital payment systems like the Unified Payments Interface (UPI) have revolutionized transactions, with over 40 billion transactions in 2023, enhancing economic participation. PMJDY's success in opening accounts has been pivotal, with data from the Reserve Bank of India showing increased banking penetration. Challenging the Popular MythThe popular myth that India has undermined appears to be the belief that extreme poverty is intractable in large, developing countries, often attributed to population size, diversity, and structural challenges. India's success, with a population of over 1.4 billion, challenges this assumption, suggesting that with targeted policies, even the most daunting development goals can be met.Additionally, it undermines the notion that development requires a specific governance model, such as autocracy, which some argue is necessary for rapid decision-making. India's democratic system, combined with a mixed economy, has shown that inclusive growth is possible, contradicting myths highlighted in discussions like *The Myth of Democratic Recession* from the Journal of Democracy in 2015 The Myth of Democratic Recession. This is an unexpected insight, as many global observers assumed only authoritarian regimes could achieve such rapid poverty reduction, as discussed in Democracy does not cause growth from the Brookings Institution in 2016.Controversies and ChallengesWhile the narrative is positive, controversies exist around poverty measurement methods. Some, like Poverty in India Over the Last Decade from The India Forum, caution that until unit-level data is analyzed, claims of eliminating extreme poverty may be premature, especially given data-related controversies around the National Statistical Organisation's surveys. Additionally, critics argue that the $2.15 poverty line might be too low, with Five myths about India's poverty from McKinsey in 2014 suggesting that 56% of Indians lack means for basic needs, challenging official rates Five myths about India's poverty.Implications for Global DevelopmentIndia's achievement serves as a model for other developing nations, particularly in demonstrating that democracy and mixed economies can drive poverty reduction. It also highlights the importance of inclusive policies, such as digitalization and financial inclusion, which can be adapted globally. As noted in India Overview: Development news, research, data from the World Bank in 2024, India's aspiration to achieve high-income status by 2047 will need to build on these gains, focusing on climate-resilient and inclusive growth India Overview: Development news, research, dataIndia's conquest of extreme poverty by 2025, reducing it to negligible levels, is a significant development breakthrough, challenging the myth of its persistence in large, developing countries. Driven by economic growth, government initiatives, and improved access to services, this success underscores the potential for diverse development paths. As global development discourse evolves, India's experience offers valuable lessons, emphasizing the need for tailored, inclusive strategies to build a more equitable world.---Join the exclusive network for leaders driving growth and partnerships in tech and science - www.startupeuropeindia.net