INDIA: In the basement of a Bangalore building, hundreds of young Indians sit in neat rows of desks typing furiously, all dreaming of becoming the new Steve Jobs or Mark Zuckerberg.
A quarter of a century after liberalization kick-started India’s economic transformation, a new generation of young people are capitalizing on their parents’ hard-won financial security to try their luck in the risky business of tech start-ups.
“It’s really picking up,” said Aneesh Durg, a young Indian-origin student from Chicago who came to the southern tech hub of Bangalore to help develop a device that helps blind people read written text.
“It’s actually not what I expected it to be. I thought that they would be a little bit behind, but they are actually working just as hard and there’s really cool stuff coming out of India these days.”
More and more young people in the country of 1.25 billion people are opting to go it alone, in stark contrast to previous generations that valued the stability of employment above all else.
India now has some 4,750 tech start-ups — the highest number in the world after the United States and Britain, which it is fast catching up. Success stories include Flipkart, Amazon’s rival in India, and online supermarket Big Basket.
From robots and mobile apps to smart kitchens and a cocktail-making machine the cavernous Bangalore office, which houses one of India’s biggest start-up incubators, is a veritable ideas factory.
Every meeting room bears a photo of a successful technology entrepreneur.
Vikram Rastogi is a robotics expert who set up a small incubator named Hacklab after visiting the prestigious Massachusetts Institute of Technology in 2014.
“I saw the kind of hardware work they were doing. We could also do the same kind of hardware work in India, it’s just that people do not pursue it much further,” he explains.
“So I thought let me start with something in India and try to make global product out of it,” Rastogi adds.
The engineering graduate is currently working on ways to enable drones to operate as part of a fleet in order to harness more information, an application that could be used to gather data over large areas such as the vast farms of Australia or Brazil.
But the path to building the next Google or Apple is not always smooth.
“When I started this we had a lot of people who came to us with start-up ideas,” Rastogi says, but he admits that some give up over time often due to family pressure to get a salaried job.
Sylvia Veeraraghavan, one of the millions who have migrated to Bangalore for work since the 1990s, is watching this new generation of self-starters with interest.
When she moved there, the city was becoming a outsourcing hub for Western technology companies seeking a cheap and well educated workforce through companies such as Infosys, Tata Consultancy Services and Wipro.
“For me, for the people of my time, getting a job was a very big deal. The kind of values that we used to have are very different from the values that people have today,” said Veeraraghavan, who now works for a charity after a 25-year career in IT.
She believes the rising prosperity of India’s middle class has given young people the freedom to experiment.
“They are not constricted, or restricted, having to take up a job, or finding their next meal,” she said. “They can be innovative, they can be imaginative.”
It is a trend that looks set to continue — according to forecasts, between 200,000 and 250,000 people will be working in tech start-ups by 2020, nearly double the current number, according to software industry association Nasscom.
Traditionally there has been a well-trodden path from Indian IT institutes to a master’s degree in America and then on to a plum job in Silicon Valley.
But US President Donald Trump’s crackdown on immigration — including a proposed restructure of the H-1B working visas often used by tech firms to recruit foreign skilled workers — may mean even more of India’s tech stars opt to carve a new route to success at home.
It remains too early to say what impact Trump’s planned immigration reform could have on India, but for Aneesh the answer is simple.
He is already confident that when he finishes his studies in Chicago, he will be heading back to India not California.
Start-up fever grips young tech-savvy Indians
Start-up fever grips young tech-savvy Indians
Saudi Arabia raises over $2bn in February sukuk sale: NDMC
RIYADH: Saudi Arabia raised SR7.86 billion ($2.09 billion) from a domestic sukuk issuance in February, more than tripling January’s sale as the Kingdom accelerates funding through Shariah-compliant debt.
The issuance was split into five tranches, with maturities ranging from 2031 to 2041, the National Debt Management Center said in a release.
The largest portion — SR3.19 billion — matures in 2041, while smaller tranches include SR1.17 billion due in 2031, SR1.38 billion maturing in 2033, SR1.59 billion expiring in 2036 and SR510 million due in 2039.
February’s issuance marks a 248 percent increase from January, when the government raised SR2.26 billion, underscoring growing activity in Saudi Arabia’s local debt market as authorities continue to diversify funding sources.
“The National Debt Management Center announces the closure of February 2026 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program with a total size of SR7.868 billion,” the release added.
Sukuk are Islamic financial instruments that provide investors asset-backed returns instead of interest payments, aligning with Shariah principles that prohibit conventional interest-based lending.
In recent years, the Kingdom’s debt market has experienced swift growth, with investors increasingly turning to fixed-income instruments as rising global interest rates reshape the financial landscape.
In January, a report published by Fitch Ratings revealed that Saudi Arabia’s debt capital market is expected to reach $600 billion in outstanding issuance by the end of 2026, cementing its position as the largest US dollar debt and sukuk issuer among emerging markets.
The report said outstanding Saudi debt surpassed $520 billion in 2025, an annual increase of 21 percent, with sukuk accounting for roughly 62 percent of the total.
The steady momentum in Saudi Arabia’s sukuk market highlights the broader expansion of the Kingdom’s debt markets, as domestic and international investors seek diversification and stable returns.
In 2025, the Kingdom’s dollar debt issuance surged by 49 percent to around $100 billion, with sukuk growth outpacing bonds.
In emerging markets excluding China, Saudi Arabia was both the largest dollar-debt issuer in 2025, with an 18 percent share, and the largest environmental, social and governance dollar-debt issuer, with more than a 26 percent share.









