Prime Minister Narendra Modi concluded his landmark three-day visit to Seychelles on Monday after holding a series of high-level engagements aimed at deepening bilateral ties. Before departing for New Delhi, the Prime Minister met members of the Indian community in Victoria, offered prayers at the Arul Mihu Navashakti Vinayagar Temple, and paid floral tributes to Mahatma Gandhi's statue at Peace Park.

During his interaction with the Indian diaspora, Prime Minister Modi acknowledged the community's contribution to strengthening India-Seychelles relations. He also posed for photographs with community members before leaving for India, bringing to a close a visit marked by significant diplomatic, economic, and strategic outcomes.

The visit assumed special significance as it coincided with the 50th anniversary of diplomatic relations between India and Seychelles, as well as the island nation's Golden Jubilee of Independence. Prime Minister Modi attended the National Day celebrations as the chief guest, becoming the first Indian Prime Minister to participate in Seychelles' Independence Day celebrations.

One of the major highlights of the visit was the announcement of 19 agreements and development initiatives covering a wide range of sectors. The two countries agreed to strengthen cooperation in cyber security, artificial intelligence, healthcare, education, agriculture, maritime security, space technology and capacity building.

India also announced the launch of its Unified Payments Interface (UPI)-based digital payment system in Seychelles, marking another step in expanding India's digital public infrastructure globally. In addition, New Delhi extended a ₹1,250 crore Line of Credit to support Seychelles' infrastructure and development priorities.

Further reinforcing bilateral cooperation, India handed over a Fast Patrol Vessel to Seychelles to enhance its maritime surveillance capabilities. The assistance package also included 10 utility vehicles, five boats, six ambulances, 500 metric tonnes of rice and 8,500 metric tonnes of cement. These initiatives are expected to strengthen Seychelles' disaster response, transportation and maritime security infrastructure.

On Sunday, Prime Minister Modi participated in the Golden Jubilee National Day parade, where contingents of the Assam Rifles, the Indian Navy and the Indian Navy's marching band took part alongside Seychelles' security forces. Indian naval ships INS Tarkash and INS Ikshak also arrived at Port Victoria to mark the historic occasion, reflecting the growing maritime partnership between the two nations.

During the visit, Prime Minister Modi was conferred with Seychelles' highest civilian honour, the Guardian of the Blue Horizon, in recognition of his contribution to strengthening bilateral relations and promoting cooperation in the Indian Ocean region. With this recognition, he has now received the highest civilian honours from 34 countries.

The Prime Minister also planted a sapling of the rare Coco de Mer tree, a species found naturally only in Seychelles. Known for producing the world's largest seed, the iconic tree symbolises the island nation's unique biodiversity and long-standing environmental heritage.

India's announcement of a broader economic assistance package worth approximately 175 million US dollars (around ₹1,651 crore), along with new agreements including an extradition treaty and expanded cooperation in strategic sectors, further underlined New Delhi's commitment to its maritime partner in the Indian Ocean.

The visit reaffirmed India's vision of strengthening partnerships with island nations under its Indo-Pacific strategy while expanding cooperation in trade, technology, connectivity, defence and sustainable development. Analysts believe the agreements signed during the visit will further elevate India-Seychelles relations and contribute to regional security and economic growth in the Indian Ocean.

Modi warns of “decade of crises”, urges global action during Hague address

Prime Minister Narendra Modi said the world risks sliding into poverty if COVID, war and energy shocks persist.

The Hague — Prime Minister Narendra Modi on Saturday warned that the world is entering a “decade of crises” and urged collective global action to prevent large-scale reversals in development, during an address to the Indian community in The Hague as part of his Netherlands visit.

A stark opening

Speaking before a packed community event in the early afternoon, Mr Modi said the sequence of shocks — the COVID-19 pandemic, subsequent wars and now an energy crisis — has created conditions that could push millions back into poverty if not checked. According to officials, he used the phrase “decade of disasters” to underscore the scale of the challenge.

He delivered the warning roughly three hours after landing in the Netherlands late Friday night and ahead of scheduled bilateral meetings with King Willem-Alexander, Queen Máxima and Dutch leaders. Local sources said the address lasted over 40 minutes and drew applause and chants from the diaspora.

Key policy points

Modi highlighted India's domestic achievements as part of his argument for resilience. He noted that India recorded more than 20 billion UPI transactions in a year and touted the country’s rapid startup growth, saying the nation now hosts over 200,000 startups and 125 unicorns. He also referred to advances in semiconductor manufacturing, saying work is underway on 12 plants, with two already producing chips.

“Chips will also be Made in India,” he said, according to an official readout, linking economic self-reliance to broader global stability.

Cultural outreach and community ties

The Prime Minister praised the Indian diaspora in the Netherlands as a “trusted bridge” for Indian businesses seeking entry into Europe and highlighted the Surinamese-Indian community’s role in preserving Indian culture. Around 200,000 people of Surinamese-Hindustani origin live in the Netherlands; many trace their roots to Bihar, Uttar Pradesh and Bengal and speak Sarnami, a language linked to Bhojpuri and Awadhi.

Ground reports from The Hague described a warm reception: Dutch musicians performed a rendition based on raga Durga, Indian classical instruments were played, and cultural dances such as Kathak and Garba featured in the programme. A young Dutch-Indian presented the Prime Minister with a painting of the Ram Temple, attendees said.

Historic restitution announced

In another notable development during the visit, the Dutch government returned the 11th-century Anaimangalam copper plates — known in the Netherlands as the Leiden Plates — to India. Officials said the plates, thought to date from Raja Raja Chola I’s reign, contain inscriptions about land and tax grants to a Buddhist monastery in Nagapattinam and weigh about 30 kg in total. The return was described in New Delhi as an important cultural moment in bilateral ties.

Diplomacy and next steps

Mr Modi held talks with Dutch officials upon arrival and is slated for further discussions with Prime Minister Dick Schoof, focusing on supply chains, green energy cooperation and joint international projects. In his speech he described the Netherlands as a “natural gateway” for Indian firms entering Europe and compared India–Netherlands ties to a lotus and a tulip — rooted differently but growing strong when supported.

Local authorities confirmed the Prime Minister’s schedule includes a state-level reception and meetings on trade and technology. Sources familiar with the delegation said climate-resilient infrastructure and semiconductor cooperation will be priorities in formal talks.

Impact and public relevance

Analysts say Modi’s emphasis on the risk of global impoverishment frames India’s development push as not just national but globally stabilising. “The pitch is two-fold: showcase India’s resilience and mobilise partners to prevent a global backslide,” said a policy analyst in New Delhi who declined to be named. For diaspora audiences, the visit reinforced cultural connections at a time of wider geopolitical uncertainty.

What to watch

Observers will be watching for joint statements after Modi’s meetings with Dutch leadership and for any new agreements on energy, semiconductors or cultural restitution beyond the copper plates. Back in India, officials will closely monitor whether the visit yields concrete trade and technology commitments that can be translated into on-ground projects.

PhonePe IPO Roadshow: A $15 Billion Gamble on India's Fintech Future

Walmart, the largest shareholder, will sell about 9% of its stake, while early backers Microsoft and Tiger Global will cash out completely.  

Image: A visual representation of a smartphone with the PhonePe logo, with financial growth charts and the Indian stock exchange index in the background.

PhonePe, India's undisputed leader in digital payments, has officially fired the starting gun on its journey to the stock market. With a fresh regulatory green light in hand, the company has filed updated papers for what is poised to be one of the country's most significant fintech listings, targeting a blockbuster valuation of around $15 billion. This PhonePe IPO is more than just a listing; it's a major liquidity event for its powerful backers and a critical test of investor appetite for a high-growth, yet loss-making, consumer tech champion.

 The Investor Exit Strategy: Who's Cashing Out?

The structure of the offering tells a clear story. The PhonePe IPO is a pure Offer for Sale (OFS) of up to 5.06 crore shares. This means the company itself will not raise any fresh capital. Instead, the entire ₹12,000 crore (approx. $1.35 billion) proceeds will go directly to the selling shareholders.

   Walmart's Strategic Trim: Through its entity WM Digital Commerce Holdings, the US retail giant is the promoter and will remain the dominant force, selling 4.59 crore shares (about 9% of its holding). Post-IPO, Walmart will retain a controlling stake of over 62%.

   Complete Exits for Early Backers: In a clean break, both Microsoft and Tiger Global are selling their entire holdings in the company through the offer. This marks the full exit of these early investors via the public market.

The Financial Contradiction: Soaring Revenue Meets Mounting Losses

Ahead of its debut, PhonePe presents a financial picture of powerful growth shadowed by significant losses.

Recent Financial Performance at a Glance:

| Period | Revenue from Operations | Year-on-Year Growth | Reported Net Loss |

| Full Year FY25 | ₹7,114.8 crore | 40.5% | ₹1,727.4 crore |

| First Half of FY26 | ₹3,918.5 crore | 22.2% | ₹1,444.4 crore |

While the company highlights strong adjusted profitability (Profit After Tax excluding ESOP costs tripled to ₹630 crore in FY25), the reported bottom line is deep in the red. A major factor is the massive ₹2,357 crore in non-cash, share-based payment expenses incurred in FY25, which are a recurring cost linked to employee retention.

 The Core Engine: Unrivaled Market Dominance

The cornerstone of PhonePe's valuation is its formidable position in India's digital payments ecosystem. It is the UPI market leader, commanding a dominant share of nearly 50% by transaction value. The platform boasts staggering scale:

   Over 650 million registered users.

   Nearly 50 million merchant partners.

   Processes billions of transactions monthly, with a remarkably high user retention rate of 99.23%.

 Beyond Payments & Looming Risks

PhonePe is aggressively diversifying its revenue streams beyond payment processing. Its new business segments, like the stockbroking platform Share.Market and the Indus Appstore, are gaining traction but remain heavily loss-making, funded by the cash flows from the core payments business.

However, a significant regulatory cloud hangs over its main business. The National Payments Corporation of India (NPCI) has proposed a 30% volume cap for third-party UPI apps. PhonePe's current ~50% share far exceeds this threshold. While enforcement is deferred until December 2026, this rule remains a key risk factor disclosed in its prospectus.

 Key Takeaways for the Market

1.  A Benchmark for Fintech: As the largest pure-play payments IPO since Paytm, PhonePe's listing will set a crucial valuation benchmark for India's fintech sector.

2.  Investor Confidence Test: The market's reception will test confidence in a "growth-over-profits" narrative, especially as losses continue to widen in the short term.

3.  Regulatory Watch: All eyes will be on how PhonePe navigates the looming UPI market share cap, which could force a fundamental shift in its growth strategy.

With leading global banks like Morgan Stanley, Goldman Sachs, and JP Morgan managing the issue, the PhonePe IPO is set to be a defining moment for India's public markets in 2026. It presents a high-stakes bet on whether India's most-used payments app can translate its massive user base into sustainable profitability for public shareholders.