On the reforms front, the central government and the RBI’s focus on boosting consumption over the last one year is commendable. (AI image)

By Gautam DuggadAs India gears up for its Union Budget in February 2026, the crucial question is whether the upcoming fiscal blueprint will focus solely on fiscal consolidation amid weak revenue growth or establish a foundation for a sustainable growth trajectory that enables India to achieve a real GDP growth rate exceeding 7% in FY27.We believe the upcoming budget could be historic. By shifting the focus from fiscal deficit targets to the debt-to-GDP ratio, the government may create more room for spending.On the reforms front, the central government and the RBI’s focus on boosting consumption over the last one year is commendable. After introducing income tax cuts, revising GST rates, and implementing a 100bp repo rate cut in CY25, it is reasonable to assume that the 2026-2027 budget will further intensify efforts to support consumption. This approach is especially important given the persistence of global headwinds. We expect the budget to simplify the personal income tax system through the much-anticipated introduction of the tax deducted at source (TDS) mechanism. Currently, varying TDS rates and multiple thresholds lead to disputes and complicate compliance. We anticipate lower rates and a threshold structure to be proposed in the budget. While this will ease the compliance burden, it will more importantly increase take-home salaries—a direct boost to household consumption. This reform initiative should also be considered alongside the 8th Pay Commission salary hike for 5 million employees and over 6.5 million pensioners, likely to take effect from January 2026.That said, consumption-led growth alone would not suffice. India also needs to strengthen its manufacturing base. In 2Q FY26, manufacturing surged 9.1% YoY. However, several sectors — including MSMEs, textiles, auto, jewellery, and shrimp exports — are facing pressures from tariff disruptions and export headwinds. We anticipate tax relief measures for the affected sectors. Additionally, credit guarantees could be provided to offer partial support, helping to preserve jobs and maintain output. A third pillar for broadening growth prospects can come from capital markets and banks. First, the budget must commit to regulatory stability — providing certainty to derivative markets, mutual funds, brokerage commissions, and distribution networks that undergird India’s retail and institutional participation. Recently, brokerage firms and asset management companies (AMCs) have been repeatedly forced to redesign business plans due to rapid regulatory shifts. Second, the government’s agenda should include the expedited strategic disinvestment of select state-owned banks. This can be complemented by aligning the retirement norms of PSU management with private sector standards and introducing performance-linked ESOP ownership in PSU banks.In short, if the 2026–27 budget combines a simplified TDS regime (boosting consumption), targeted support for manufacturing, and reforms in banking and capital markets, it could deliver a dual benefit: reviving demand now and building a strong, trust-based foundation for long-term growth.(Gautam Duggad is Director & Head of Research, Institutional Equities, Motilal Oswal Financial Services Ltd. The views are personal.)

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As the battle for Mumbai begins, here’s how various parties are placed and how they could see their chances enhanced or diminished during the poll drive. For the BJP, the party’s strengths lie in Prime Minister Narendra Modi’s continued popularity and Chief Minister Devendra Fadnavis’ reputation. Infrastructure works such as the coastal road and the Metro network may help win voters, while aggressive campaigning for local body polls so far is seen as a plus. However, intra-party competition for control of the city unit, if it happens, may hamper the party’s chances. The BJP sees this as its best opportunity to capture the BMC, riding on a series of successes starting from last year’s Maharashtra Assembly polls, with morale running high. In 2017, it fell just a couple of seats short of the undivided Shiv Sena. Now, with the Sena split into two, it can hope to surge ahead. At the same time, the party faces threats in the form of competition with ally Shiv Sena for the No. 1 slot, underestimating the last-mile strength of the UBT Sena and the MNS, and vulnerability to being seen as a traders’ party. The Shiv Sena led by Eknath Shinde counts among its strengths the support of a majority of former Sena corporators. Shinde’s grassroots-level connect may help win over traditional Sena voters. However, though the Shinde Sena will be inheriting part of the party network in the city built by the Thackerays, it is not clear how much it will be able to leverage it given its relative lack of exposure. The party sees an opportunity to stamp its presence in Mumbai and over the BMC, taking over fully from the Thackerays and becoming the governing party in Mumbai apart from Thane. It can also use Sena’s traditional neighbourhood links to attract voters. Its main threats include the challenge from ally BJP, which would want to be No. 1 in the civic body, and the political opposition posed by the UBT Sena and the MNS, as their vote base is similar. For the Shiv Sena (UBT), strengths include its long-time organisational network in the city and its record of being in power in the BMC for 25 years. The appeal of Uddhav Thackeray and the Thackeray family remains significant, especially if cousins Uddhav and Raj join hands and campaign. However, the party’s weakness lies in the depleted strength of former corporators, with a majority shifting to the Shinde camp since the party split in mid-2022, and morale being quite low after the split and the rout in the Maharashtra Assembly polls. The party sees a win in Mumbai as a chance for revival of the party and the family’s political repute, and an opportunity to show that the Thackerays still call the shots in the city of the party’s birth and reassert control over city politics. The threats include the loss of more activists and voters to the BJP and Shinde Sena, with a loss in Mumbai making questions over its future much bigger. The Congress draws strength from its traditional vote base in Mumbai, which usually gives it at least 30-odd seats in the BMC House, if not more. The party still has strong recall among voters in many parts of the city and a visible and expressive city unit that speaks about city policies and the direction it should take. Its weaknesses include low morale after several defeats at the Centre and in states, especially in last year’s Maharashtra Assembly polls, facing a tough challenger in the BJP, and being organisationally much weaker than it was even in 2017. The party may choose to go it alone so that its vote bank does not shift to other parties in the MVA. If it does reasonably well in the city of its birth, the party could work towards a broader revival. However, Uddhav and Raj Thackeray might try to grab some part of the Congress vote in Mumbai, given the UBT Sena’s gains in the 2024 Lok Sabha polls. For the NCP and NCP (SP), strengths include clarity about party leadership and little to lose, as numbers can only grow if they campaign hard and smart. However, both factions have a negligible presence in the city and have not built a party network over the years. Controversy around Nawab Malik’s alleged gangland links is a concern for the Ajit Pawar-led faction. The parties see an opportunity to make a mark in the state capital with the help of alliance partners who are better placed in the city. Threats include confusion about the direction in which the party is headed and the unwillingness of other alliance partners to share political space they already occupy. Among other parties, the MNS draws strength from Raj Thackeray’s oratory and personality, though the party has been in disarray after several poll setbacks. It has a chance to revive its fortunes, and an alliance with the UBT Sena may help consolidate votes and gain electoral success, though the Shinde Sena may be eyeing the same vote base. The Samajwadi Party has a minority vote base in the city but has not broad-based its presence beyond certain pockets, with the UBT Sena and other MVA partners having taken some minority votes in the Lok Sabha and Assembly polls, a trend that could repeat. The AAP has a chance to present itself as an untested alternative, though its network in the city is poor and largely faceless. The MIM will have to compete with the Congress, NCP, SP and UBT Sena for votes in Muslim-majority areas, but still has a chance to establish itself in the BMC with a few seats.

Sri Lankan authorities are preparing to arrest former cricket captain and ex-petroleum minister Arjuna Ranatunga in connection with an alleged multi-million-rupee fuel procurement scam dating back to 2017. The case, which has resurfaced amid renewed anti-corruption efforts, has sent shockwaves through both political and sporting circles in the country.

Ranatunga, who famously led Sri Lanka to its historic 1996 Cricket World Cup triumph, is accused of abusing his ministerial authority during his tenure as petroleum minister. Investigators allege that irregular decisions taken under his watch resulted in substantial financial losses for the state-owned Ceylon Petroleum Corporation (CPC).

Anti-Corruption Commission details allegations against Arjuna Ranatunga in court

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) informed a magistrate’s court in Colombo that Ranatunga has been formally identified as a suspect in the case. According to the commission, established procedures for awarding long-term fuel supply contracts were deliberately altered during his time in office.

Instead of following competitive tender processes, investigators claim the ministry authorised a series of spot oil purchases, which were executed at significantly higher prices. These transactions allegedly took place without proper approvals, raising serious concerns about governance and accountability within the petroleum sector at the time.

Brother Dhammika Ranatunga already arrested in the corruption case

The investigation also implicates Dhammika Ranatunga, Arjuna’s brother, who served as chairman of the CPC during the period under scrutiny. CIABOC alleges that both brothers played key roles in facilitating the controversial fuel purchases.

Dhammika Ranatunga has already been arrested and produced before court, where he was later released on bail. However, authorities imposed a travel ban to prevent him from leaving the country while investigations continue. Prosecutors maintain that further questioning and forensic audits are ongoing to determine the full extent of the alleged losses.

According to submissions made by CIABOC, the CPC suffered an estimated loss of around 800 million Sri Lankan rupees, equivalent to more than USD 5 million at the time, due to the irregular procurement methods.

Investigators claim that 27 separate spot purchases were carried out instead of securing fuel through long-term contracts that typically offer lower and more stable pricing. These alleged decisions, the commission argues, placed a heavy financial burden on the CPC and, by extension, Sri Lankan taxpayers.

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Authorities await Arjuna Ranatunga’s return to Sri Lanka

CIABOC told the court that Arjuna Ranatunga is currently overseas and therefore could not be taken into custody immediately. However, according to the local news channels he will be arrested and produced before court upon his return to Sri Lanka.

Legal observers say the case could mark one of the most high-profile corruption prosecutions involving a former national sports icon. Ranatunga, who later transitioned into politics after his cricketing career, has not publicly commented on the allegations so far.

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Lionel Messi, Luis Suarez and Rodrigo De Paul (PTI Photo)

NEW DELHI: Football legend Lionel Messi on Tuesday departed Jamnagar after visiting Vantara, the wildlife rescue and conservation centre, bringing the curtain down on his much-celebrated GOAT India Tour 2025. Hosted by Anant Ambani at Vantara, the visit marked Messi’s final stop before his exit from the country, capping a tour that drew massive crowds and unprecedented attention across four major Indian cities.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!Jamnagar followed a whirlwind itinerary that took the Argentine icon to Kolkata, Hyderabad, Mumbai and Delhi, with each stop offering fans a rare glimpse of the World Cup-winning superstar. The national capital hosted the grand finale of the tour, where an on-field programme at Arun Jaitley Stadium served as a fitting conclusion amid huge fan enthusiasm.

Messi arrived in Delhi on December 15 along with former Barcelona teammates Luis Suarez and Rodrigo De Paul after completing engagements in Mumbai. The highlight of the Delhi leg was a celebrity football match between the Minerva Messi All Stars and the Celebrity Messi All Stars. Messi later stepped onto the field for a brief interaction with players from both teams and spent time with young footballers, exchanging passes with Suarez and De Paul in moments that left aspiring talents awestruck.The Delhi event concluded with a stage ceremony attended by Delhi Chief Minister Rekha Gupta and several prominent dignitaries, including ICC chairman Jay Shah, DDCA president Rohan Jaitley and former India football captain Bhaichung Bhutia. Jay Shah presented specially curated Indian cricket jerseys to Messi, Suarez and De Paul, while Messi also received a commemorative cricket bat signed by legendary Indian cricketers.Earlier in the tour, Messi graced Mumbai’s Wankhede Stadium, where he met Indian football great Sunil Chhetri and cricket icon Sachin Tendulkar. In Hyderabad, he took part in a 7-on-7 exhibition match at the Rajiv Gandhi International Cricket Stadium, interacted with Chief Minister Revanth Reddy and met Leader of Opposition Rahul Gandhi.The tour began in Kolkata but ended amid controversy, with fans expressing frustration over pitch-side overcrowding that limited their view of the football icon. Despite that rocky start, Messi’s GOAT India Tour 2025 concluded as a landmark moment for Indian football fandom, leaving behind memories few will forget.

Reliance Industries (RIL) new AI subsidiary Reliance Intelligence has started operations. Reliance Intelligence (REIL) will be led by Gaurav Aggarwal, chief AI scientist at Reliance Jio. The unit has started hiring AI/ML engineers for Indic-language model development and new product incubation. Aggarwal shared openings for AI (artificial intelligence) and ML (machine learning) engineers in posts on Twitter and LinkedIn. “At Reliance Intelligence, we’re assembling a team that can push what is technically possible in India’s AI ecosystem,” Aggarwal said in a post on X, formerly Twitter. “Whether we’ve worked together or you’ve followed my journey from afar: if you have the skills and the fire, I want you on this team. I am all in on this mission, but to achieve the impossible, I need the best builders by my side. Let’s make history,” he added in another. He has also shared a Google Form with the post that says: ‘AI/ML Engineer’, Reliance Intelligence – Research Org.In a post on LinkedIn, Aggarwal wrote, “If you’ve worked on training pipelines, distributed systems, model optimisation, or deep learning research, and want to operate at national scale -this is an opportunity to build something meaningful.”Aggarwal has worked as an AI researcher with stints at Google DeepMind and IBM. Aggarwal assumed his current role in Jio in May 2024. He has also headed data science and AI teams at Ola and Snapdeal previously.

REIL is JV with Meta Platforms

Incorporated in September 2025, Reliance Intelligence is a wholly-owned unit of RIL housing its AI partnerships with global technology companies such as Google and Meta. The group is building a gigawatt-scale AI-ready data centre in Jamnagar, Gujarat.REIL will be engaged in developing marketing and distributing enterprise AI services as per the JV arrangement. Reliance Intelligence will hold 70% and Meta Arm Facebook will hold 30% in REIL. Reliance Intelligence and Facebook have jointly committed an initial investment of Rs 855 crore.In October this year, Google, in partnership with Reliance Intelligence, started rolling out Google’s AI Pro plan with the latest version of Google Gemini to eligible Jio users free of charge for 18 months. This offer includes higher access to Google’s most capable Gemini 2.5 Pro model in the Gemini app, higher limits to generate stunning images and videos with their state-of-the-art Nano Banana and Veo 3.1 models, expanded access to Notebook LM for study and research, 2 TB of cloud storage and more. This 18-month offer is worth Rs 35,100.

NEW DELHI: Delhi’s rouse avenue court on Tuesday refused to take cognisance in proceedings arising from a fresh FIR registered in the National Herald case, observing that the Enforcement Directorate’s probe is based on a private complaint and not on any FIR.The court also ruled that leader of opposition Rahul Gandhi, former Congress president Sonia Gandhi and other accused are not entitled to a copy of the FIR at this stage. However, it allowed the ED to continue further investigation in the matter.The court noted that cognisance could not be taken as the ED’s case stems from a private complaint filed by BJP leader Subramanian Swamy and the magistrate’s summoning orders, and not from an FIR.

Reacting to the court’s decision, the Congress said the proceedings initiated by the ED against its top leadership were politically motivated and legally untenable. The party said the court had found the ED’s action to be without jurisdiction, as there was no FIR, which it termed a prerequisite for such proceedings.“Truth has prevailed. The malafide and illegality of the Modi govt stands fully exposed. Proceedings of ED against the Congress leadership – Smt Sonia Gandhi Ji and Shri Rahul Gandhi Ji, in the Young Indian case have been found completely illegal and malafide by the Honourable Court,” the grand old party said in a post on X.“No case of money laundering, no proceeds of crime and no movement of property – all baseless charges that have been a part of political witch hunt, propaganda, reputation assassination and campaign which stands defeated today,” it added.The Delhi Police’s Economic Offences Wing (EOW) registered an FIR against Sonia Gandhi, Rahul Gandhi and others on a complaint by the ED as part of its money laundering probe into the high-profile National Herald case.Reacting to the FIR, the Congress accused the BJP of pursuing a “politics of harassment, intimidation and vendetta” against its top leadership. The party alleged that the “Modi-Shah duo” was misusing investigative agencies and maintained that the National Herald case was “completely bogus,” asserting that justice would ultimately prevail.Rejecting these allegations, senior BJP leader and former Union law minister Ravi Shankar Prasad termed the Congress’s claims “baseless.” He said Prime Minister Narendra Modi was not in office when the private complaint was filed, pointing out that the matter dates back to 2008.“Congress is levelling false and baseless allegations. We vehemently condemn it and request them to give an account of the loot they committee instead of giving speeches… Let the law take its course.” Prasad further added, “The country should know that in the FIR filed by Delhi Police, Sonia Gandhi and Rahul Gandhi have been charged under section 120 (B) for criminal conspiracy and Section 420. The case has been filed under the old penal code because the case is old.”