India’s $340B Crypto Surge Equals 9% of GDP

India saw crypto inflows worth nearly $340 billion between June 2024 and June 2025 — equal to about 9% of its GDP — making it Asia’s largest market by absolute inflows despite heavy taxation and regulatory uncertainty.

The $340 billion crypto inflows figure for India in 2025 comes from the OECD’s Asia Capital Markets Report 2026, which uses Chainalysis blockchain analytics data. Importantly, these “inflows” measure crypto received by addresses geolocated to India — they reflect transaction activity by Indian users, not actual cross‑border capital flows.

Key Highlights from OECD Report

• Total inflows: ~$340 billion in crypto assets (including stablecoins).
• GDP share: ~9% of India’s nominal GDP (~$4.15 trillion in 2025).
• Regional ranking: India led Asia in absolute inflows, followed by South Korea.
• Relative scale: Vietnam topped in GDP share (~50%), Cambodia (~28%), Pakistan (~26%).
• User base: Over 107 million Indian crypto users, despite no dedicated crypto law.

Regulatory & Tax Context

• Taxation: 30% tax on income from virtual digital assets; 1% TDS on most transactions.
• Regulatory status: No formal crypto legislation yet; Parliament scheduled discussions with RBI on July 2, 2026.
• OECD warning: Lack of clear rules poses macroeconomic risks and complicates compliance with FATF and G20 frameworks.

What “Inflows” Really Mean

• The $340B figure comes from Chainalysis inflows methodology.
• Tracks crypto received by blockchain addresses geolocated to India.
• Includes domestic trading, wallet transfers, payments, and DeFi activity.
• Note: Not balance-of-payments data — does not prove foreign capital entered India.

Comparative Snapshot

Country	Crypto inflows (2024–25)	Share of GDP
India	$340B	~9%
South Korea	Lower than India	~6–7% (est.)
Vietnam	Smaller absolute inflows	~50%
Cambodia	Smaller absolute inflows	~28%
Pakistan	Smaller absolute inflows	~26%

Risks & Implications

• Macroeconomic risk: Crypto inflows equal to bond market size — potential systemic exposure.
• Investor burden: High taxes + unclear rules discourage formal adoption.
• Policy gap: India’s leadership in inflows contrasts with lack of dedicated crypto law, raising concerns about investor protection and systemic risk.

The OECD’s finding highlights India’s massive crypto transaction volume, but it should not be mistaken for foreign capital inflows. It reflects domestic user activity and underscores the urgent need for regulatory clarity to manage risks, ensure investor protection, and align with frameworks like FATF and G20.

NSE Chief Urges Startups and MSMEs to View Listing as a Tool for Scale

Calling capital markets a key enabler of India's entrepreneurial growth story, National Stock Exchange (NSE) MD and CEO Ashish Chauhan on Friday urged startups and MSMEs to consider public listing as a strategic tool for scaling businesses. Speaking at the JITO Incubation and Innovation Foundation's (JIIF) Foundation Day event at NSE, Chauhan said, “founders should focus on building profitable, sustainable businesses rather than being distracted by short term stock price movements.

Addressing entrepreneurs, investors and startup founders at the event themed 'Compounding Bharat: Innovation Multiplied by Entrepreneurship', Chauhan said, “public markets provide growth capital, improve governance standards, enhance credibility and help companies attract top talent while allowing promoters to retain control of their businesses.”

The keynote comes days after the NSE filed its draft prospectus for one of India's largest ever public offerings, a listing nearly a decade in the making.

Chauhan said, “public listing lets founders raise growth capital without surrendering control, noting that a promoter can offer 25 per cent of equity to the market at the outset, retain 75 per cent and dilute further only as the business requires.”

"When you list, you keep 75 per cent with yourself and offer 25 per cent to the market in the beginning. You can give more later. Control stays with you," he said.

He said, “the public markets reward profitable businesses with a valuation that private balance sheets cannot match. A company earning an annual profit of Rs 2 crore, he said, could command a market capitalisation of Rs 40 to 50 crore once listed, giving the promoter room to raise capital, bring in partners and expand operations.”

Listing also gives a company its own currency, Chauhan said. “A listed promoter can use stock to acquire other businesses, draw in partners and reward staff through stock options, he said, citing the early use of employee stock options at Infosys by N R Narayana Murthy and Nandan Nilekani to attract talent the company could not otherwise have hired.”

He said, “listing strengthens governance and credibility, brings analyst coverage, eases access to bank finance and supports orderly succession by making it simpler to divide assets among heirs.” Compliance, he added, was lighter than commonly assumed and was routinely handled by a company secretary.”

Addressing the concern that listing exposes founders to hostile takeover, Chauhan said control stayed with the promoter and that no change of ownership could occur against a founder's wishes.

On share price, he cautioned founders against chasing artificial trading volumes or mistaking the stock price for the business itself.

"Your business is in your operations, not in the share price. The stock market is only a reflection of your business, it is not the business itself," he said, adding that share prices would follow sustained growth in profit and that founders should direct their energy towards operations rather than short term price movements.

“On liquidity in the small and medium enterprise segment, Chauhan said generating trading volume was not the company's responsibility and pointed to the market maker mechanism, under which two way quotes are provided for three years. Companies on NSE's SME platform, launched in 2012, had collectively raised more than Rs 21,700 crore and held a combined market capitalisation of more than Rs 2 lakh crore”, he said.

He acknowledged that SME business models carried higher risk than those of larger main board companies, but said investors in the segment understood the risk reward trade off and that well run SME companies could scale quickly.

"If you are doing a business of Rs 10 crore or Rs 20 crore, you should be planning for Rs 200 crore and beyond," he said.

JIIF chairman Jeenendra Bhandari said, " Over the last nine years, JIIF has evolved from an idea into one of the community’s most impactful entrepreneurship and innovation platforms. Over the past two years, we have successfully completed four incubation cohorts, facilitated over Rs 60 crore in startup investments, built a network of more than 20 ecosystem partners and collaborated with over 30 national and regional organisations.

Bhandari said, “the foundation had secured a Rs 5 crore MSInS grant and a Rs 2 crore SISFS grant, while its startups had achieved three full and three partial investment successes. He said initiatives such as four editions of its flagship investor engagement platforms and the launch of a 5,000 sq ft incubation centre in Mumbai continued to strengthen the innovation ecosystem.”

JITO, the Jain International Trade Organisation, is one of the world's largest networks of Jain industrialists, entrepreneurs and professionals. Its innovation and entrepreneurship arm, JIIF, has over the past nine years built a platform that has drawn leading names from across Indian business, with previous Foundation Day editions featuring founders and leaders of companies such as Paytm, Zepto, Info Edge and Haldiram's.

IAN Angel Fund Deploys Over ₹115 Crore in FY26, Strengthening India's Early-Stage Innovation Economy

• Milestone reflects growing conviction in deeptech, spacetech, biotech, and IP-led startups, reinforcing the critical role of angel capital in India's innovation journey

In a significant milestone for India's early-stage investment ecosystem, IAN Angel Fund, the evergreen fund of IAN Group, has deployed over ₹115 crore during FY26, reinforcing its commitment to backing founders at the stage where capital is often the hardest to secure but arguably the most consequential.

At a time when India's startup ecosystem is increasingly shifting its focus towards deep technology, R&D-led innovation, and strategic sectors, the Fund's investment activity highlights the growing importance of early conviction capital, the first institutional backing that enables founders to transform breakthrough ideas into scalable businesses, well before revenue acceleration or large venture capital rounds.

The ₹115 crore deployment reflects continued investor confidence in the high-quality, rigorously evaluated investment opportunities presented through the IAN Angel Fund platform. Investments during the year spanned eight high-potential sectors, including deeptech, life sciences and healthtech, climate and sustainability, cybersecurity, logistics, edtech, food & beverage, and consumer technology.

Importantly, 75% of the deployed capital was invested in new portfolio companies, while 25% was allocated towards follow-on investments in existing portfolio companies. The follow-on participation underscores not only the quality of founders and their execution capabilities but also the long-term value created through IAN's active mentoring, strategic guidance, and extensive investor network.

The Fund's portfolio reflects the changing nature of India's entrepreneurial landscape. Rather than focusing solely on fast-scaling digital businesses, they continue to back companies building foundational technologies, industrial capabilities, and intellectual property across sectors that are increasingly aligned with India's long-term strategic priorities.

Among the startups funded by the IAN Angel Fund are Rymo Technologies, The Sweet Change, PlaySuper, Biodimension, InterCosmos, Peping, LearnTube, Trishul Space, Fery Rides, Lamark Biotech, Innovodigm, Peptris, Endure Air, SecurWeave, Contrails AI, Chargeup, Famyo, Artment, and Harajuku, representing sectors ranging from spacetech and biotechnology to climate innovation, cybersecurity, and next-generation consumer brands.

These investments underscore the company’s growing focus on companies developing breakthrough technologies in sectors where commercialisation cycles are longer, technology risk is higher, and conventional venture funding typically enters much later.

The milestone also reflects the broader evolution of India's startup financing landscape. As sectors such as deeptech, spacetech, semiconductor technologies, health innovation, and advanced manufacturing receive increasing policy support and market attention, the role of angel investors is becoming even more significant. By providing founders with early conviction capital, strategic mentorship, and market access, angel investors enable companies to validate technologies, build products, and prepare for larger institutional funding.

IAN believes that India's innovation ambitions will increasingly depend on strengthening this earliest layer of capital formation. The Fund's FY26 deployment is therefore more than a portfolio milestone; it is a reflection of how angel investing in India is becoming more thematic, technology-led, and aligned with the country's long-term innovation and strategic priorities.

About IAN Angel Fund

IAN Angel Fund, the evergreen fund of IAN Group, is a SEBI-registered Category I AIF and part of India's leading early-stage investment platform, which pioneered angel investing in the country. Today, IAN invests through its Angel Fund and venture capital funds, backed by a network of approximately 500 investors, including iconic entrepreneurs and industry leaders from India and overseas. The platform enables founders to raise capital from ₹50 lakh to ₹50 crore as they scale, while offering investors a diversified early-stage portfolio across both emerging and growth-stage startups.

About IAN Group

IAN Group is India's largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered venture capital funds, including the US$100 million IAN Alpha Fund. IAN supports entrepreneurs with capital, mentoring by experienced founders, and access to global markets. Forbes has recognised IAN as one of the most iconic business and economic developments of Independent India over the last 75 years, alongside institutions such as LIC, NASSCOM, the RBI, and Naukri.com.

Alstom-Indian Railways JV Secures €107M 5‑Year Contract to Maintain 250 WAG‑12B Locomotives at Nagpur Depot

• The contract covers five-year maintenance services agreement for 250 high-powered WAG-12B electric locomotives at the Madhepura Electric Locomotive Private Limited (MELPL) Nagpur Depot.
• The €107 million contract reaffirms Indian Railways' trust in Alstom’s world-class service capabilities, following four years of highly successful operations.

Alstom, a global leader in smart and sustainable mobility, today announced that its joint venture with Indian Railways, Madhepura Electric Locomotive Private Limited (MELPL), has been awarded a new five-year maintenance services contract. Valued at €107 million, the agreement covers the comprehensive maintenance of 250 WAG-12B electric locomotives at the MELPL Nagpur Depot. This contract renewal follows the successful execution of the previous four-year agreement and underscores Indian Railways' continued confidence in Alstom’s high-quality services. The Nagpur depot has become a benchmark for collaborative excellence and operational success in the Indian rail sector.

Olivier Loison, Managing Director – Alstom India said – This contract renewal is a strong validation of our commitment to Indian Railways and the success of our partnership. We are proud that the trust placed in us has translated into proven performance and reliability of the WAG-12B e-loco, which are vital to India’s freight revolution.

The 12,000 HP Prima T8 WAG-12B locomotives are fundamental to India’s green mobility goals, capable of hauling 6,000-tonne loads at speeds of up to 120 kph. They serve as the workhorses of the Dedicated Freight Corridors, significantly increasing freight capacity while lowering carbon emissions.

NGP Depot

Under the agreement, MELPL’s scope includes the full maintenance of the 250 locomotives and the depot’s infrastructure. To ensure rapid issue resolution and maximize fleet availability, Alstom will continue to deploy its specialized Prompt Response Teams (PRTs) equipped with tools and spares at strategic locations across the country. The contract also reinforces Alstom’s commitment to skill development through ongoing training programs at the depot.

Cultural Etiquettes Abroad: Where Your Forex Card Works, Where Cash Is King & What You Must Know Before You Go

International travel is also about adapting to local customs when it comes to payment methods. Payment habits are different across destinations despite global digital payment expansion.

Carrying the right mix of payment options ensures you can handle expenses without disruption, whether you are booking accommodation, purchasing street food, or paying for transport. This approach to travel money decisions depends on researching destination-specific payment cultures before departure.

Why Payment Culture Differs Across Countries?

Payment preferences are influenced by local banking systems, regulations, and consumer habits. Countries with advanced financial infrastructure and widespread card terminal networks have moved toward cashless transactions. Scandinavia and South Korea lead in digital payment adoption, while many developing economies still hold strong cash-based traditions due to limited banking access or cultural preferences.

The Role of a Forex Card While Travelling Abroad

A forex card is a prepaid travel card loaded with foreign currency that enables international spending without carrying large amounts of cash. The card functions like a debit card, which allows you to make purchases and withdraw cash at ATMs abroad. You load the card with a specific currency or multiple currencies before departure, and lock in the exchange rate.

Common usage scenarios include paying for hotel bookings, dining at restaurants, shopping at retail stores, and completing online reservations.

Many international airports, major retail chains, and hospitality establishments accept forex cards as standard payment.
Public transportation systems in select destinations, such as London and Singapore, allow card payments at ticket machines and contactless readers.

Forex cards are best for planned travel expenses as they are more predictable. The prepaid nature prevents overspending beyond the loaded amount, which makes budget management easy during your trip.

Destinations Where Forex Cards Are Widely Accepted

Many developed travel destinations have extensive card acceptance networks supported by reliable payment infrastructure. The table below outlines forex card acceptance levels across popular international destinations.

Destination	Card Acceptance Level	Contactless Availability
Australia	High	Widespread
Singapore	High	Widespread
United Kingdom	High	Widespread
United States	High	Growing
Western Europe	High	Widespread
Japan	Moderate to High	Expanding
UAE	High	Widespread

Acceptance levels vary between major cities and smaller towns within the same country. Metropolitan areas offer near-universal card acceptance at merchants, while rural locations may have limited terminal availability.

Contactless payment adoption has accelerated across these destinations, particularly in Europe and Australia, where tap-to-pay transactions are standard for amounts under certain thresholds.

Where Cash Is Still Important Despite Growing Digital Payments?

Even in countries with advanced payment systems, cash is useful in specific situations that travellers frequently encounter.

• Street Markets and Local Vendors: Small merchants operating stalls or informal businesses often lack card processing infrastructure. Markets selling local crafts, fresh produce, or street food operate on a cash-only basis.
• Public Transport in Rural Areas: Local bus systems, regional trains, and shared transport services outside major cities may not accept card payments. Ticket booths in smaller stations require exact change in local currency.
• Remote Tourist Areas: Connectivity issues affect card payment terminals in mountainous regions, island destinations, or areas with unreliable internet access. Cash becomes the only viable payment method when digital infrastructure fails.
• Small Purchases: Some businesses impose minimum spending requirements for card transactions, which range from $5 to $10. Purchasing items below these thresholds requires cash payment.

Cultural Etiquettes Around Payments That Travellers Often Overlook

• Follow Local Tipping Norms: Tipping expectations vary by country. In some destinations, gratuities are customary, while in others, service charges are already included in the bill.
• Respect Cash-Only Businesses: Small cafés, family-run shops, and local vendors may prefer cash payments. Carrying some local currency helps in such situations.
• Keep Smaller Currency Notes Handy: Taxi drivers, market vendors, and small retailers may not always have sufficient change for large denomination notes.
• Do Not Assume Universal Card Acceptance: Card infrastructure can differ between cities and rural regions. Some establishments accept only cash despite operating in otherwise cashless destinations.
• Carry a Backup Payment Option: A secondary payment method can be useful if a card is misplaced, declined, or temporarily unavailable.

Common Forex Card Mistakes Travellers Should Avoid

• Depending on a Single Payment Method
• Not Monitoring Available Balance
• Overlooking ATM Withdrawal Fees
• Arranging Travel Money Too Late
• Travelling Without Emergency Cash
• Ignoring Transaction and Withdrawal Limits
• Keeping All Funds on One Card

How Much Cash Should You Carry Alongside a Forex Card

No universal amount is perfect for every destination or traveller. The appropriate cash allocation depends on multiple factors specific to your trip.

• Destination Country: Countries with lower card acceptance need more cash. Research typical payment methods in your specific destination cities and regions.
• Length of Stay: Longer trips justify carrying more initial cash, though accessing ATMs periodically reduces the need for large upfront amounts.
• Planned Activities: Itineraries focused on markets, street food, or rural areas demand more cash than trips centred on hotels and organized tours.
• Local Payment Habits: Observe how locals pay for everyday transactions. Cash-dominant cultures need higher physical currency reserves.
• Emergency Requirements: Maintain enough cash to cover one or two days of basic expenses in case card issues arise.

Amounts between $100 and $300 in local currency typically suffice for initial expenses in most destinations, supplemented by ATM withdrawals as needed during your stay.

Conclusion

Whenever you visit a new country, they have their own rules and cultures. This will also affect the payment methods. Neither cash nor cards function perfectly in every situation you encounter abroad.
A balanced approach based on the destination will keep your transactions smooth. Choose travel money solutions that work with your itinerary and spending habits.

FAQs

Is a forex card safe?
Yes, a forex card is generally considered a safe way to carry money abroad. It is PIN-protected, can be blocked if lost or stolen, and reduces the need to carry large amounts of cash. Many providers also offer online account management and emergency assistance services.

Is a forex card free of cost?
No, forex cards are not completely free. Providers may charge issuance fees, reload fees, ATM withdrawal charges, or inactivity