Best of the Week: A Parade, A Stampede, A Lesson

If you happened to be in Bengaluru on Tuesday, 3 June, and were oblivious to the cultural phenomenon that is the Indian Premier League (IPL), you’d have been in for quite a shock around 11:30pm. Just as Shashank Singh of Punjab Kings lofted Josh Hazlewood for a six over long off, the IT capital of India erupted in joy. The city’s beloved team—Royal Challengers Bengaluru (RCB)—had just clinched their first-ever IPL title after a nearly two-decade wait.

There was no holding back. Bengalureans from all walks of life poured out of homes, offices, pubs, and bars—wherever they had been watching the match—to flood the streets. They had only one mission: to celebrate their heroes.

For once, Bengaluru’s infamous traffic wasn’t a headache. It was a joyful, impromptu parade. It felt like Diwali in Bengaluru. Firecrackers lit up the sky, strangers were dancing on the streets, and the whole city came alive with celebration. In the 10 years I’ve lived here, I’ve never seen the city celebrate like this.

Now, RCB has a slightly complicated relationship with its fans. Despite the massive support the team gets year after year, it’s incredibly hard to get tickets for a home match at Chinnaswamy Stadium. If you’ve ever tried, you’ll know how quickly they sell out—or disappear. I’ve even ranted about it in past editions of this newsletter. And sadly, not much has changed.

Then came the tragedy. A day after the historic win, 11 people lost their lives in a stampede outside the stadium. What should have been a proud, happy moment turned into something unthinkable. And the truth is, it could have been avoided.

The victory parade didn’t have to happen the very next day. The team knows how big its fan base is. It could have waited, planned better, and ensured everyone stayed safe. RCB fans always show up on match days, during bad seasons, and now to celebrate a long-awaited win. All we ask in return is that the team shows up for us, too, with better planning and more care.

Because celebrations shouldn’t come at the cost of lives. Bengaluru deserved a perfect ending—this one didn’t have to be nightmarish.

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

Can AI be legally implicated?

A US court has allowed a wrongful death lawsuit against Character.AI and Google, claiming their chatbot contributed to a 14-year-old’s suicide. The judge dismissed free speech defences, saying chatbot replies aren’t protected expression and could be treated as products under liability law. The teen, Sewell Setzer III, had become deeply attached to fictional bots like Daenerys Targaryen before taking his life in February 2024. This is the first US case to test legal accountability for AI chatbot harm. This Primer explains who is legally responsible if an AI chatbot abets suicide. 

A resource war is on the horizon

The US-China rivalry has entered a high-stakes phase, with artificial intelligence (AI) and semiconductors turning into weapons of strategic power. US vice president J.D. Vance recently likened the AI race to an “arms race”, with both nations viewing technological dominance as key to global supremacy. The US has tightened restrictions on Chinese tech firms, blocking access to advanced chips and tools. In response, China has weaponised its grip on critical minerals, like gallium, graphite, and rare earths, vital for chips, electric vehicles, and defence systems. In a world where markets are giving way to geopolitics, one question looms large: Who will control the building blocks of the future?

The Hindujas eye a bigger IndusInd stake

IndusInd International Holdings Ltd (IIHL), the promoter of IndusInd Bank, is in early talks with sovereign and pension funds to raise capital via a fresh share issue, sources said. The funds will help IIHL raise its stake in the bank and repay some debt from its ₹9,650 crore acquisition of Reliance Capital, completed earlier this year. IIHL currently holds a 12.06% stake in IndusInd Bank and has the RBI's in-principle nod to raise it to 26%. The move comes as IndusInd Bank battles a ₹2,100 crore derivatives accounting crisis, top-level resignations, and a 9% drop in share price since March.

Hunt for the Next Billion-Dollar Cricket League

The IPL, the 13th biggest sports league in the world, with a valuation of over $16 billion, ended this week. The tournament has become an embodiment of everything that T20 cricket represents. With 17 active T20 leagues, the format is now the sport’s commercial engine. England’s The Hundred, Australia’s BBL, and the US-based MLC are scaling up fast, chasing valuations and audiences. Saudi Arabia’s global league plans and New Zealand’s MLC investment show rising stakes. Yet, the IPL towers above. As more leagues compete for players, fans, and calendar space, the global T20 ecosystem faces a reckoning: in an overcrowded market, who survives and who fades? 

Big Four feel the heat 

As India Inc. reins in spending, the Big Four—Deloitte, EY, KPMG and PwC—are trimming promotions, slowing salary hikes, and reducing new partners. Deloitte’s India promotions fell 8% this year, while new partner numbers halved. EY and KPMG also signal caution, citing global headwinds and client cutbacks, especially from IT. With hikes likely to dip to 5–7%, even high performers may feel the pinch. Sluggish growth, regulatory pressure, and AI-driven restructuring across sectors—from startups to tech giants—are pushing professional services firms to tighten belts and brace for leaner times amid economic uncertainty. 

Whispers from the orchard

What happens when the ‘queen of fruits’ is left to fend for herself? In Bihar’s famed orchards of Samastipur and Muzaffarpur, the once-royal Shahi litchi now struggles—plucked before ripening, sprayed with harmful chemicals, and sold dirt cheap by distressed farmers. “Litchis are a game of luck,” says a farmer, swapping trees for lemons. Despite a GI tag and rich heritage, neglect and climate extremes have pushed litchis into a downward spiral. Can better logistics, fair prices, and research revive its lost glory? Read more.

But who really owns the phone?

Did you know that while over 76% of rural women in India use mobile phones, only 48% actually own one? Who really holds the power when the phone isn’t in your hands? A new government survey reveals that many rural women, though digitally active—making payments and sending attachments—are still borrowing phones, often from male family members. That’s progress, but with a side of patriarchy. In states like West Bengal and Madhya Pradesh, this ownership gap is even starker. Yet, hope rings loud: thanks to UPI and cheap data, women are learning to transact online. Read more.

Who will power UP’s power shift?

What happens when ₹50,000 crore in annual revenue meets fierce private ambition? Uttar Pradesh is gearing up for India’s largest-ever discom privatization—selling 51% stakes in Purvanchal and Dakshinanchal power distribution firms. The who's who of India Inc.—Adani, Tata Power, Torrent, ReNew, Greenko, and more—are already lining up. But can they turn around two loss-ridden utilities with rising AT&C losses? Will this Odisha-style privatization spark real efficiency? With RFPs expected by July and deals to be sealed by Diwali, the stakes are high. Read more.

Q4 earnings wrap

Did India Inc. really shine in Q4 or just cut costs on its way to glory? While Nifty EPS grew 4.9%, the real push came from margin gains, not demand. With revenue growth sluggish for the 8th straight quarter, is the recovery truly sustainable? Beyond the top 50, SMIDs stumbled—profits slipped to 9% from 24% last year. Wage growth hit post-covid lows, too. As cost levers max out and consumption remains patchy, especially in urban markets, where do we go from here? Analysts now see tempered Nifty EPS growth at 12% for FY26. Read more.

Lower palm oil prices to stir up FMCG sales boom!

FMCG companies are hoping for your favourite soaps and snacks to get cheaper! With input costs like palm oil, wheat, and maize cooling off and import duties on edible oils slashed, India’s top packaged goods makers are shifting gears—from price hikes to volume push. Brands like Parle, Bikaji, and Joy Personal Care see this as a chance to ramp up advertising and grab market share. But here’s the catch: while some costs are softening, others like milk, cocoa, and tea still pinch. Read more.

That's all for this week, I hope you have a pleasant weekend!

If you have feedback, want to talk about food, or have anything else to say about our journalism, write to me atsiddharth.sharma1@htdigital.in or reply to this mail. You can also write tofeedback@livemint.com.

Best,

Siddharth Sharma

Community Editor

Subscriber Experience Team