A measured English daily covering India and the wider world.
A private survey showed India’s private sector regained momentum in January, with the HSBC flash composite PMI rising to 59.5 from 57.8 in December. New orders and output strengthened, hiring resumed, and input prices rose at the fastest pace in four months, pointing to growth with some cost pressure.
Walmart-backed digital payments firm PhonePe has received regulatory approval from SEBI for its initial public offering, clearing a major hurdle for what could become one of India’s biggest fintech listings. Reports suggest the listing will be structured as an Offer for Sale, with existing shareholders looking to partially exit.
Ahead of the Union Budget 2026, investors are seeking clearer tax rules, simpler compliance, and measures that support startups and capital formation. Market participants are also watching for signals on infrastructure spending and policies that keep India attractive for global money.
Padma Awards for 2026 were announced on the eve of Republic Day, with 131 civilian honours approved. Reports highlight a focus on recognising grassroots contributors and ‘ordinary Indians with extraordinary contributions’, including a set of Padma Shri awardees described as ‘unsung heroes’.
India is reportedly preparing a major tariff opening for European cars as part of a trade deal with the EU, with duties on select vehicles said to fall to 40% from levels as high as 110%. Sources told Reuters the change would apply to limited volumes above a price threshold, with further reductions over time.
Ahead of the Union Budget 2026–27, the gems and jewellery sector has asked the government for GST rationalisation, customs duty changes and modernised clearance processes to boost exports and handle global trade headwinds.
A recent SBI research note projected average headline inflation for FY26 at around 3.7%–3.8% (subject to food-price conditions) and suggested CPI could dip below 3% in Q1 FY26. The report also argued that a cumulative 125 basis points of policy-rate cuts may be possible going forward, with liquidity conditions and government dividend transfers potentially supporting a softer yield environment.
Ahead of Budget 2026–27, the gems and jewellery industry is seeking GST reductions, customs duty rationalisation and policy reforms to boost export competitiveness and cushion global trade headwinds.
India’s gross GST collections rose 6.1% year-on-year to over ₹1.74 trillion in December 2025, driven by a sharp rise in revenue from imports even as domestic transaction growth stayed muted. Government data also showed refunds jumped 31%, bringing net GST revenue (after refunds) to over ₹1.45 trillion, up 2.2% year-on-year—an early indicator of how recent tax changes are influencing collections.
Indian stock markets will be closed on Monday, 26 January 2026, for Republic Day, with trading shut across segments including equities and derivatives. The holiday affects the National Stock Exchange and the Bombay Stock Exchange, impacting normal settlement schedules and market participation for the day.
Walmart-backed PhonePe has received regulatory approval from SEBI for its proposed IPO, a major milestone for India’s fintech ecosystem. Reports say the public issue is structured as a pure offer-for-sale, with no fresh capital being raised by the company, and the next step is filing updated draft papers.
The Indian rupee has weakened sharply in January 2026, breaching the 91-per-dollar level amid persistent foreign portfolio selling and global risk aversion. The currency move raises concerns around imported inflation and higher costs for oil, electronics and overseas expenses, while offering mixed relief to exporters.