Best of the Week: Cannes you believe it? How the festival is changing

Every May, the French Riviera becomes the centre of the film world as the Cannes Film Festival (pronounced as ‘can’) welcomes filmmakers, stars, and critics from across the globe. Known for its red carpet, high fashion, and world premieres, Cannes is one of the most prestigious film festivals in the world. But its origins are rooted in politics and a desire for artistic freedom.

The festival was first proposed in 1939 as an alternative to the Venice Film Festival, which had come under the influence of Mussolini’s fascist regime. Though its debut was postponed by World War II, Cannes officially launched in 1946 and quickly gained a reputation as a showcase for international cinema and bold new voices.

France’s connection to film history runs even deeper. The Lumière brothers, Auguste and Louis, were among the first to create moving pictures, holding their first public screening in 1895. Their invention, the Cinématographe, laid the foundation for modern filmmaking and positioned France as the birthplace of cinema.

Over the decades, Cannes remained a carefully curated celebration of film, known for awarding the prestigious Palme d'Or. But in recent years, the festival has begun to change. The red carpet now features not just actors and directors, but also social media influencers and internet personalities. This shift reflects the changing nature of fame and film culture, as online platforms reshape how stories are shared and celebrated. What was once an elite event is gradually opening up, signalling a more democratic and digital future for one of cinema’s most iconic festivals.

On to best of Mint’s work from this week:

UPI payment to get cheaper

The consumer affairs ministry is considering a plan to make UPI payments cheaper than credit card transactions by passing on cost savings directly to consumers, potentially offering UPI users a ₹2 discount on a ₹100 purchase versus card users. While credit cards carry a 2-3% merchant fee (MDR), UPI remains free, prompting merchants to prefer it. With UPI volumes soaring 185.85 billion transactions worth ₹260.56 trillion in FY25, the government is exploring differential pricing to reflect these structural cost advantages. The move, if implemented, could further boost UPI usage, support India's digital payment leadership, and reshape consumer payment behaviour, though industry bodies warn of sustainability concerns without MDR. Read more. 

Indian manufacturing leads in Asia

India’s manufacturing sector bucked a regional slowdown in April, posting a PMI of 58.2, its best in 10 months, while export-reliant Asian peers like China, Vietnam, and South Korea saw contractions amid the US’s tariff hikes. Experts attribute India’s resilience to strong domestic and export demand, though they warn that gains from China’s trade woes may be short-lived after a US-China tariff truce. With global firms potentially rethinking their China-plus strategies, India must enhance competitiveness, streamline regulations, and boost infrastructure to maintain its manufacturing momentum and attract high-value investments. Read more. 

IBC under scanner

India’s top finance panel will review the insolvency framework after the Supreme Court quashed JSW Steel’s ₹19,700 crore rescue of Bhushan Power & Steel over procedural lapses, five years after approval. The ruling has triggered scrutiny of how the Insolvency and Bankruptcy Code (IBC) is applied, prompting parliamentary hearings with ministries, regulators, and banks starting 29 May. Experts warn the verdict underscores that outcomes cannot override legal compliance, and call for reforms like group and project-level insolvency provisions to strengthen the IBC’s effectiveness. Read more. 

Jumping jobs may become tough for freshers

A Supreme Court ruling has upheld the enforceability of employment service bonds, allowing firms to mandate minimum tenures and recover training costs from early exits without breaching contract law. The case involved a Vijaya Bank employee ordered to pay ₹2 lakh for quitting before completing a three-year term. The court ruled such bonds aren’t a “restraint of trade,” paving the way for wider adoption across sectors - if terms are reasonable and reflect actual costs. Legal experts say firms must draft clauses carefully to avoid them being seen as penalties. The verdict could help curb attrition beyond IT and public sector roles. Read more. 

India-Bangladesh trade situation explained

India and Bangladesh are locked in a trade spat, with both sides imposing restrictions that threaten to further erode bilateral commerce. India recently blocked key land ports for Bangladeshi exports, impacting $770 million worth of goods, mainly garments, in retaliation for Dhaka’s earlier curbs on Indian imports like cotton yarn, rice, and spices. Bilateral trade, once at a high of $18.2 billion, is now slipping. Experts say Bangladesh, with its heavy reliance on the Indian market and recent political pivot away from New Delhi, stands to lose more in the long run. Read more. 

Why FPI debt outflows may not spike despite narrowing yield gap

The India-US bond yield gap has shrunk to a 22-year low at just 173 bps—but unlike in the past, experts say India may not face a flood of FPI outflows. Strong macro fundamentals, stable inflation (April CPI at 3.16%), and India’s inclusion in global bond indices are attracting long-term passive inflows. While rising US yields—driven by tariffs and a Moody’s downgrade—have triggered $2.3 billion in outflows this year, investors remain confident in India’s higher real interest rates and improving fiscal health. With $12 billion already flowing in via the fully accessible route, the outlook stays positive—unless tariff tensions escalate after July. Read more.

IndusInd Bank flags suspected fraud after ₹2,329 crore Q4 loss

IndusInd Bank reported a record ₹2,329 crore loss in Q4 FY25, blaming suspected fraud by key employees in accounting and reporting. Discrepancies in internal derivative trades, microfinance income, and asset-liability balances were unearthed, leading to sharp provisions. A review found misclassified microfinance loans and ₹760 crore wrongly booked as interest income. The board, unaware of the lapses earlier, is now enhancing governance and controls. Leadership exits, including CEO Sumant Kathpalia, followed the revelations. While Q4 earnings missed all estimates, the bank asserts a strong balance sheet and is working to rebuild trust. RBI has asked for a new CEO proposal by 30 June. Read more.

Swiggy vs Zomato: Food wars heat up, but quick commerce takes the cake

India’s food delivery giants, Swiggy and Zomato, are battling on two fronts—food delivery and quick commerce. While Swiggy leads in food delivery growth (17.6% YoY in Q4FY25 vs Zomato’s 16%), Zomato's Blinkit dominates quick commerce with a 134% GOV surge, nearly double Swiggy’s Instamart. Zomato’s stock is up 18% in 2025, while newly listed Swiggy has dropped 42%. Both firms are racing to expand dark stores, but cash burn is slowing. Swiggy’s Ebitda loss hit ₹840 crore last quarter. Read more.

Foreign law firms get a foot in India

India’s recent move to allow foreign law firms limited entry has stirred interest but not immediate action. The Bar Council of India now permits overseas firms to advise on foreign and international law, provided they register and meet reciprocity conditions. However, they remain barred from appearing in Indian courts or drafting pleadings. A key hurdle is the mandatory disclosure of client details and each visit’s purpose, raising confidentiality and compliance concerns. Most global firms are adopting a wait-and-watch approach, focusing on talent acquisition and cross-border advisory through mergers or partnerships. Read more.

From combustion labs to flying cabs

In 2016, IIT Madras professor Satyanarayanan Chakravarthy’s life changed after watching a talk on the electrification of transport. Inspired, he pivoted from combustion research to launching The ePlane Co., aiming to solve urban congestion through electric air taxis. Now CEO and CTO, Chakravarthy is also mentoring multiple deep-tech startups like AgniKul Cosmos and GalaxEye. Despite his academic roots, he’s embraced entrepreneurship with vigour, raising over $21 million for ePlane and guiding teams through complex aerospace challenges. As test flights begin in 2025, Chakravarthy envisions a future where air taxis are as accessible as Uber. Read more.

That’s all for this week!

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Best,

Siddharth Sharma

Community Editor