Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, September 25, 2024. My name is Nelson John. Let's get started.

Anura Dissanayake became Sri Lanka's new president this week. Leading a socialist alliance, he won on the back of an anti-corruption campaign. We invited Shweta Singh, an associate professor in the department of international relations at the South Asian University, to explain the implication of his win. A massive focus on economic reforms is expected to be Dissanayake's first move as president. Shweta also explains the ramifications of the election result on relations between India and Sri Lanka, as well as China's growing influence in India’s southern neighbour.

Boutique investment banks are expanding their roles in the startup ecosystem by not only advising on fundraising but also investing directly. Sprout Capital, Merisis Advisors, and Dexter Ventures have established micro-venture capital funds to tap into diverse revenue streams and capitalize on the potential of various stages of startup growth. These banks are particularly interested in unique investment opportunities, such as buying secondary blocks from ESOP holders and early angel investors looking for liquidity, Priyamvada C reports for Mint. This approach provides a solution for founders who want to avoid wealth firms//what’s that?// but need to create liquidity. For instance, IndigoEdge is setting up a $40-50 million fund to invest in late-stage startups, focusing on small, less attractive investment blocks that do not interest larger investors.

India is ramping up its aviation game by planning 29 new airports in small towns over the next two decades, aiming to transform these areas into aviation hubs. The plan, spearheaded by the Airports Authority of India, targets states like Gujarat, Karnataka, Madhya Pradesh, and Jharkhand, with Gujarat getting the lion's share—nine airports. Mihir Mishra reports on the move, which is part of a broader initiative that includes a five-year strategy to upgrade 50 existing airports and develop additional ones in major cities to handle growing passenger numbers. These future airports, geared to accommodate large aircraft, are part of an effort to ensure long-term growth and connectivity, especially to international destinations. While the ambitious plan promises to enhance regional air travel and boost economies, experts advise that these expansions be driven by genuine passenger demand rather than political agendas.

Foreign streaming giants are treading cautiously in India, a market notorious for its tough competition and price sensitivity. Companies like Warner Bros have delayed launching their own apps, opting instead to license content to local platforms like JioCinema. Similarly, Apple has partnered with Bharti Airtel to offer Apple TV+ without creating local originals. The hesitation stems from modest ad and subscription revenues, driven by the niche appeal of their content. Experts who spoke to Mint’s media and entertainment correspondent, Lata Jha, suggest that to win in India, global streamers must tailor their strategies to align with the unique preferences of Indian viewers, such as offering affordable subscription plans and ad-supported models.

It's been two years since Larsen and Toubro and Mindtree had their giant merger to create a new IT company. However, till today, the cultural differences between the two entities have not subsided: some 20-odd senior leaders have quit. Over the last two years, LTIMindtree has only been able to record 700 million dollars worth of revenue. Shelley Singh writes about how the falling profits are emblematic of the lack of successes in India's IT sector, outlined by LTIMindtree's merger.

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