According to data from the Central Bank of Uzbekistan, the total turnover of foreign currency buy and sell transactions between banks and private individuals in Uzbekistan increased by 31%, or $4.5 billion, compared to the same period last year. For the period from January to June 2026, this turnover reached $19.1 billion.
During the reporting period, banks acquired $12.3 billion in foreign currency from private individuals, which is 35% more than in the same period of 2025. The volume of foreign currency sold by banks to private individuals increased by 26% to $6.8 billion.
By quarter, bank purchases of foreign currency increased from $4.052 billion in the first quarter to $5.857 billion in the second quarter. Sales rose from $2.424 billion in the first quarter to $3.202 billion in the second quarter. In the first quarter, sales increased from $2.966 billion to $3.572 billion.
The Central Bank reported that 59%, or $11.2 billion, of transactions were carried out through exchange offices, which is 33% higher than in the first half of 2025. Online remote services accounted for 39%, or $7.5 billion, showing a growth of 27%. The remaining $404 million, an increase of 61%, was conducted through 24-hour foreign currency exchange ATMs.
The share of online transactions in the total turnover grew from 37% in the first half of 2024 and 41% in 2025 to 39% in 2026. The share of exchange offices increased from 62% and 58% respectively to 59%.
The regulator explained the sustained growth in the share of operations through remote channels and 24-hour foreign currency exchange ATMs due to broader access to digital banking services. According to the regulator, this trend aligns with international practice, as the expansion of digital financial services and the ability to conduct operations around the clock contributes to reducing transaction costs and improving access to financial services.
The volume of foreign currency bought by banks from private individuals exceeded the volume sold to them by $5.5 billion, compared to $3.7 billion in the same period of 2025. The Central Bank also noted that the share of households' net foreign currency supply to the total volume of currency operations grew from 26% in the first half of 2025 to 29% in the first half of 2026, indicating an increasing role of private individuals in shaping the net supply in the domestic currency market.
Prime Minister Narendra Modi addressed the nation on Independence Day, emphasizing two key areas that will help solve future challenges related to technology and energy: ensuring energy security and securing critical minerals.
Speaking from the Red Fort, Modi stressed that the modern world cannot function without energy. He stated that powering data centers, artificial intelligence (AI), and chips requires a massive amount of electricity, making energy security an urgent need, and the government has already taken several decisive steps in this direction.
These statements came against the backdrop of an energy shock caused by the war in the Middle East, which tested the energy supply strategy of countries like India, heavily dependent on imports of crude oil, natural gas, and liquefied natural gas (LNG).
Modi noted that despite concerns from some citizens regarding supplies of petrol, diesel, and LNG during the Middle East crisis, the government managed to ensure sufficient energy reserves.
Furthermore, the Prime Minister pointed out that technological development is directly dependent on the availability of critical minerals, and the country is actively working to secure itself in this area. He announced the launch of the National Mission on Critical Minerals and the creation of the Critical Minerals Corridor. He also mentioned that agreements are being concluded with various nations, and the global community is increasingly trusting India in matters of critical minerals.
This mission was established by the government in 2025 with the aim of achieving self-sufficiency and guaranteeing reliable supply chains for critical minerals, including lithium, nickel, cobalt, and rare earth elements, which are vital for the production of clean energy, electric vehicles, and high-tech defense manufacturing.
Praising the government's efforts to stimulate production, Modi highlighted significant growth over the last 12 years: the production of modern railway coaches has increased 21 times, defense production has grown fourfold, and electronics production has increased sevenfold.
The Prime Minister also highlighted the pace of railway electrification, noting that 70 percent of the network has been electrified in the last ten years, compared to 30 percent over the previous 90 years. He emphasized that full electrification was completed in one decade, whereas it previously took 90 years, and added that electrification helped save imported diesel and improved the ecological situation.
Moreover, Modi announced that India launched its first hydrogen fuel train, placing the country among the world leaders in hydrogen train technology. This 10-coach set, named 'NaMo Green Rail', was launched on July 17, 2026, operating on the Jind-Sonipat section of 89 kilometers of the Northern Railway.
Concluding his speech, Modi spoke of India's great dream to build a developed nation by 2047, relying on the strength and determination of 140 million Indians. He added that the aspiration of the world's most populous country to become developed reflects its confidence and ambition, prompting the world to view India differently.
Prime Minister Narendra Modi spoke about significant changes in India's economy during his tenure while celebrating the 80th anniversary of Independence Day at the Red Fort. He noted that about twelve years ago, India was listed among the 'Fragile Five' global economies, but today the country is among the world's large and rapidly growing economies.
In his address, Modi stated that the global community once categorized India's economy as part of the 'Fragile Five,' but over the last 12 years, the country has established itself as a powerful economic force. He added that India surpassed Japan last year, becoming the fourth-largest economy in the world, behind the US, China, and Germany.
'Fragile Five' was first used in 2013 by the Global Investment Bank Morgan Stanley. This group included Brazil, Indonesia, South Africa, and Turkey, in addition to India. These five developing economies were considered relatively sensitive to external financial shocks.
At that time, India faced several economic challenges: inflation reached double-digit levels, the current account deficit (CAD) increased, the rupee weakened, and the country's economy was heavily dependent on foreign capital. Concurrently, the US Federal Reserve began gradually scaling back its bond-buying program. Due to concerns about rising interest rates in America, foreign investors started withdrawing funds from emerging markets.
India's economy was highly susceptible to changes in capital inflow around 2013. In just a few months, the value of the rupee dropped by approximately 12% against the dollar. Furthermore, in 2012, India's current account deficit reached nearly 5.1% of GDP, meaning the country's import expenditures significantly exceeded export revenues. The rise in gold imports also put pressure on India's external account. Concerns over foreign exchange reserves and capital inflow cast doubt on India's economic stability among investors.
Despite this, India soon exited the 'Fragile Five' list. By 2014, the external account improved, and foreign exchange reserves strengthened. The International Monetary Fund (IMF) also noted a significant improvement in India's macroeconomic situation during that period. Various economic steps were credited with this change. Measures were taken to restrict gold imports to reduce the current account deficit and to strengthen the focus on increasing exports. Many experts link this economic stabilization to the tenure of then Reserve Bank of India Governor Raghuram Rajan.
Years later, after leaving the 'Fragile Five' group in 2014, India has solidified its position in the global economy through rapid economic growth. Prime Minister Modi presented this transition as the economic journey of the last 12 years. The 'Fragile Five' period in 2013, the macroeconomic turnaround in 2014, and achieving the status of the world's fourth-largest economy are important milestones in understanding India's evolving economic profile.
Before India gained independence in 1947, a group of outstanding entrepreneurs laid the foundation for the country's industrial and commercial future. Working under colonial rule, these visionary individuals established enterprises in sectors such as textiles, steel production, shipping, aviation, and mechanical engineering.
Their achievements were significant not only from a commercial standpoint; they represented acts of nation-building that contributed to job creation, infrastructure development, and strengthening faith in Indian entrepreneurship. Studying the lives of these pioneers offers valuable insights into leadership, innovation, resilience, and the challenges of doing business in difficult conditions.
Among these business leaders, including Jamsetji Tata, G.D. Birla, and Valchannd Hirachand, played a crucial role in India's industrial development before independence.
R.M. Lala's book, «For the Love of India: The Life and Times of Jamsetji Tata», is an indispensable starting point for anyone interested in India's early industrial pioneers. It details the life of Jamsetji Nusserwanji Tata, who dreamed of an India possessing its own industrial power, scientific institutions, and modern infrastructure.
Lala portrays Tata as a businessman who understood the necessity of long-term planning for a successful enterprise. His interest in steel, energy, scientific research, and education demonstrated an unusually broad vision for his time. Furthermore, the book illuminates the obstacles faced when attempting to build large-scale Indian industries under colonial control.
The book's particular appeal lies in how it connects Tata's personal aspirations with his broader vision for the country. For readers seeking a compelling portrait of one of the most influential pre-independence entrepreneurs, this book offers both historical context and deep biography.
Lakshmi Subramanian's book, «Three Merchants of Bombay: Business Pioneers of the Nineteenth Century», moves away from more famous stories of industrialization and focuses on the commercial world of 19th-century Bombay. The merchants featured in this book operated in a world shaped by expanding global trade, colonial institutions, and changing financial models.
Their success depended on the ability to understand markets, build trust, and operate within commercial networks. Subramanian does not depict entrepreneurs as isolated heroes but highlights the importance of family ties, social networks, partnerships, and access to information. These factors were often as crucial as capital. For those interested in Indian entrepreneurship, it provides insight into the roots of India's business empires.
Thomas A. Timberg's work, «The Marwaris: From Jagat Seth to the Birlas», explores the history of one of India's most influential business communities. Instead of focusing on a single entrepreneur, the book traces the evolution of Marwari commercial networks and their subsequent transition from trade to large-scale industry.
This history is particularly valuable because it demonstrates the close link between the growth of Indian business, migration, social connections, and systems of trust. Marwari traders settled in different parts of the country and created networks that allowed them to conduct business over long distances. Timberg also tracks the transformation of these trading traditions, where figures like the Birlas became prominent industrialists. For readers interested in entrepreneurship, this shows how trust, networks, and finance contributed to business growth.
Gita Piramal's book, «Business Legends», compiles the stories of several major Indian entrepreneurs and business families, making it especially useful for those who wish to compare different approaches to building a business. The book examines individuals who played a vital role in shaping Indian entrepreneurship and analyzes the qualities, decisions, and circumstances that led to their success. Its strength lies in placing the business leaders within the broader context of the Indian economy, rather than presenting their achievements as isolated stories.
For those studying India before 1947, «Business Legends» demonstrates how entrepreneurs from diverse backgrounds and with different strategies built enduring enterprises. It offers a wider view of the many paths that defined the history of Indian business.
Mircha Rayanu's «Tata: The Global Corporation That Built Indian Capitalism» offers a deeper analytical review of the Tata enterprise and its place in the development of Indian capitalism. Rayanu does not reduce Tata's history merely to the biography of Jamsetji Tata, but studies how the group evolved into an institution with a distinct approach to corporate organization, management, and social responsibility.
The historical perspective is particularly useful when studying the period before independence. The Tata enterprise developed during colonial rule and was forced to build relationships with British authorities, global markets, and emerging Indian economic interests. The book shows how a business house can transform into a sustainable institution through strong management, corporate structures, and social responsibility, making it valuable reading.
Claude Marcowicz's «Merchants, Traders, Entrepreneurs: Indian Business in the Colonial Era» provides a broader historical framework for understanding Indian business before 1947. Instead of concentrating solely on famous industrialists, the book explores the wider network of traders, merchants, and entrepreneurs involved in India's economic life during the colonial period.
The work examines the interconnections between Indian business communities, colonial institutions, and broader international markets. This broad perspective is important because it challenges the notion that Indian capitalism arose solely due to a few well-known industrial families. Entrepreneurs operated through diverse commercial systems, including merchants, financiers, traders, and family businesses.
Divindra Tripathi's «The Oxford History of Indian Business» is an excellent choice for readers who want to move beyond individual biographies and understand the broader evolution of Indian entrepreneurship. Tripathi analyzes the development of Indian business across different periods, among various communities, and in different sectors. The book provides context for the emergence of merchant groups, industrial entrepreneurs, and large business houses, situating their growth within India's changing economic and political environment.
This makes the book particularly valuable when studying the decades leading up to independence. Instead of presenting business history as a collection of individual success stories, Tripathi places entrepreneurs within the context of larger transformations in trade, industry, finance, and economic policy. The book helps readers understand how various business communities shaped Indian capitalism and the rise of figures like Jamsetji Tata and the Birlas.
The history of India's business pioneers before 1947 is more than just a collection of tales about wealthy industrialists. It is a story of experimentation, adaptation, and institutional creation under difficult circumstances. These seven books reveal different facets of this history. «For the Love of India» brings to life the exceptional vision of Jamsetji Tata. Collectively, these books show that the history of Indian business began not with independence; foundations were laid through trading communities, industrial experiments, family enterprises, and ambitious institutions long before 1947. For those wishing to understand how Indian entrepreneurship developed, these books offer more than just business lessons; they reveal how entrepreneurs acted in a changing society and how their decisions helped shape the economic foundations of modern India.
