By DK SrivastavaThe first and second quarter 2025-26 real GDP growth rates at 7.8% and 8.2% respectively provide a post-Covid robust growth performance. The full year growth is expected to be more than 7%. The RBI has revised its full year growth estimate upwards to 7.3%. Considering the post-Covid period while leaving out 2021-22 that was characterized by strong base effects, real GDP growth during 2022-23 to 2024-25 averaged 7.8%. This is more than double the global growth during 2022 to 2024 at 3.5%, indicating that India has exhibited a high and stable growth performance and the strongest post-Covid economic recovery among major economies. For the first half of 2026-27, the RBI assesses a growth of 6.8%. The full year growth is likely to be in the range of 6.5-6.8%. The IMF’s medium term growth projection for India is also 6.5% over the period 2027-28 to 2030-31. Thus, India’s growth story is likely to remain intact in spite of global supply chain and tariff uncertainties. CPI inflation in India has remained benign during 2025-26. The RBI has assessed a CPI inflation of 2% for this fiscal which is the lower bound of the Monetary Policy Committee’s inflation tolerance range. With inflation remaining contained, the RBI has been able to reduce the repo rate by 100 basis points in 2025-26 from 6.25% to 5.25% in three installments of 25, 50 and 25 basis points introduced in April, June and December 2025 policy reviews. Along with RBI’s growth-oriented policy, one can look forward to a complementary growth push through the union budget for 2026-27. The GoI has ensured a frontloading of its capital expenditure in the first seven months of 2025-26 with a growth of 32.4% as against a budgeted growth of 10.1% over the 2024-25 revised estimates. In the first half of 2025-26, a robust growth in private final consumption expenditure (PFCE) at 7.5% has been recorded. For this, lower inflation and interest rates, and higher household disposable income resulting from PIT rationalization have played a significant role. The expectation is that the growth momentum for PFCE would be further supported by the extensive rate reductions under GST 2.0.The November 2025 GST data however show a reduction of Rs 11,993 crore in gross collections and of Rs 10,931 crore in net collections as compared to November 2024. This revenue reducing effect of GST reforms is likely to continue in the remaining months of the fiscal year. According to CGA data, growth in GoI’s GST revenues considering the sum of CGST, UTGST and IGST for the first seven months was only 2.6%. Juxtaposing this with a nominal GDP growth of 8.8% for the first half of 2025-26, the implied GST buoyancy for the GoI is only 0.3 as against a budgeted buoyancy of 1.1 over the revised estimate (RE) of 2024-25. GoI’s gross tax revenue (GTR) showed a growth of 4% during April-October 2025-26 as against a budgeted annual growth of 10.8% over the 2024-25 RE. Although five months in the fiscal year remain, there is an expectation of a shortfall in the GTR collections as compared to the budgeted magnitude. If an impact on fiscal deficit is to be avoided, a corresponding reduction in the budgeted revenue expenditures of the GoI would be called for. There would be some support to revenues due to higher than budgeted receipts on account of RBI dividends and revenues that are likely to be raised under the newly introduced excise duties on tobacco and tobacco products and health and national security cess on manufacturers of pan masala and any other sin goods that may be specified by the central government. At any rate, the fiscal consolidation path should be adhered to. Further, the momentum of capital expenditure growth needs to be maintained for the balance of this fiscal year. The momentum with respect to these two fiscal trends needs to be continued into the next fiscal year in order to sustain the growth momentum. Overall, in 2025-26, the domestic economy with adequate support from monetary and fiscal policies has effectively neutralized any adverse impact of global uncertainties. These factors would continue to remain effective in 2026-27. DK Srivastava is Chief Policy Advisor at EY India. Views expressed are personal.

NEW DELHI: The government is set to launch SWAMIH-2 Fund, a Rs 15,000-crore initiative aimed at helping nearly 100,000 middle-class homebuyers complete their stalled housing projects. This follows the success of SWAMIH-1, which has already completed 55,000 dwelling units. The government has allocated Rs 1,500 crore as seed capital in Budget 2025-26 for this purpose.The new fund will work somewhat like its predecessor, providing last-mile funding for stuck residential projects , but are commercially viable. It will help homebuyers who continue paying EMIs but haven’t received their apartments due to stalled construction.SWAMIH was first introduced in November 2019 as a stress fund. It operates as an Alternative Investment Fund (AIF) managed by SBI Ventures, with the economic affairs secretary as the fund’s sponsor. The fund specifically targets affordable and mid-income housing projects that are RERA-registered.The current SWAMIH Fund-1 has raised Rs 15,530 crore and aims to complete another 30,000 homes in the next 3-4 years. It employs 30 investment professionals who average 15 years of industry experience.What makes SWAMIH unique is its role as a last-resort lender. It considers projects from various developers, including first-timers, established builders with troubled projects, those with poor track records, and even projects involved in litigation.The need for such funding came to light after a study by PropEquity in 2019 cited by PTI. As many as 1,500 projects comprising 458,000 housing units were stuck or distressed and needed Rs 55,000 crore to complete the construction.The government is currently finalizing the details of SWAMIH-2. Once the nod is given, the body will start its operation to bring succor to stranded homebuyers and revive stalled housing projects across the country.

Navi Mumbai: On the first day of operations at the Navi Mumbai airport, most flyers chose to hire taxis rather than use Navi Mumbai Municipal Transport (NMMT) bus services starting from five suburban railway stations, leaving the air-conditioned buses largely empty. Some travellers told TOI that clarity on bus schedule and signages on roads leading to the airport could encourage use of public transport. NMMT launched services on five dedicated routes linking Targhar station, Belapur station, Nerul station, Kharkopar and Khandeshwar stations to the airport, with buses scheduled every 20 minutes. Fares range from Rs 15 to Rs 25. Despite the reliable and affordable service, few passengers used them. The convenience offered by taxis seemed to outweigh the cost.

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The autorickshaw stand was deserted too. Ahmedabad resident Manoj Patel waited outside the airport for almost 30 minutes for an auto as he arrived at Ulwe to meet his son. “There was a mobile network issue as well,” said Patel. Autos charged Rs 50 for the short ride to the nearest Targhar station, but few passengers opted for it. An NMMT spokesman said the operator would review ridership patterns and adjust schedules if required. Taxi drivers expressed satisfaction with the steady flow of customers, but pointed to potential regulatory oversight. Meanwhile, passengers found approach roads bumpy as JCBs have been deployed to repair them and for road widening work. They also reportedly got confused between the passenger and cargo terminals.Some passengers said road signages were unclear or missing at junctions, and drove to the cargo terminal by mistake and later returned to the departures terminal. A flyer, C Valsan, who boarded the evening flight for Kochi, said, “The cab driver was unsure about the passenger terminal and we went to the cargo terminal and returned to the departure area, which consumed extra time and money as well.”Those who travelled from Mumbai areas such as Matunga and Dadar said the distance to the airport is 35km, which was much more than to Mumbai airport. “The airport is far from Matunga, besides signage is not visible clearly on the Atal Setu while entering Navi Mumbai,” said Matunga resident Dinesh Gandhi. Taxi and auto stands were not yet fully ready, so arriving passengers had to rely on aggregator cabs, which charged Rs 700 for trips to Nerul and Vashi, 7-8km away.Many curious visitors were at the airport too, but it was difficult to get past security, which insisted on seeing air tickets.“We wanted to enquire about the flight schedule for my upcoming travels, but we were asked by the security personnel to produce an air ticket for entry,” said Panvel resident Kishore Raut. Shivdasan Iyer, who along with his family travelled all the way from Vapi to board a flight to Kochi, said he was excited to experience the new airport and an hour-long journey from Borivli station to the airport. Navika Nandkumar Thakur (11) of Ulwe said, “It’s fun to travel to Goa from the airport that is closer to my residence with family and friends. We were desperately waiting for this day,” said Navika.

Mumbai: An unusual scene of solidarity played out on Thursday at Sion Hospital as the family of a man who allegedly stabbed his neighbour multiple times in a moving train stood alongside the victim’s relatives.The incident occurred on Tuesday morning. According to police, Rajesh Arunvihari (21) attacked Siraj Shaikh (24) with a knife, striking him on the neck, chest, and back inside a CSMT-Panvel train near Vashi station in Navi Mumbai.Two days after the incident, Arunvihari remains at large, having managed to escape by jumping from the moving train. Shaikh was first rushed to NMMC Hospital in Vashi and was subsequently transferred to Sion Hospital, where doctors said on Thursday he was out of danger. What followed the violence, however, was a show of unity between the two families, who live side by side in Cheetah Camp. They are still trying to piece together a motive for the sudden assault. Even Shaikh, they said, had no explanation. “We have never quarrelled. We have been neighbours for decades,” said Rajalaxmi Rajendran, Arunvihari’s mother. The Vashi Govt Railway Police (GRP) have filed an FIR in the case with an attempt to murder charge. Three police teams have been formed to trace the accused. Rajendran described her son as having battled addiction for the last few years. “We are certain about alcohol,” she said. “We also spotted him consume some white powder.” In an attempt to help him, the family sent him to a private de-addiction centre in Virar a few months ago. He returned home in Nov and has since secured a sanitation job in Sanpada.Shaikh’s brother said that in the neighbourhood, Arunvihari was known to stalk a woman, but the behaviour was considered a sign of mental illness by those around. Kiran Undre, senior inspector of Vashi GRP, said that according to the victim’s statement, Arunvihari was involved in an altercation with a woman in their locality when Sheikh’s brother intervened and supported the woman. “Arunvihari might have nursed a grudge and attacked Siraj in the local train,” Undre said.Mubarak Khan, a colleague who was travelling with Shaikh at the time of the incident, said they suddenly began spotting Arunvihari around the station or inside the train with them over the past few days. “We were on our phones scrolling through reels when the incident happened. There was no prior altercation,” Khan said.

Tristan Stubbs, Keshav Maharaj, David Miller, Rashid Khan, Faf du Plessis and Aiden Markram will lead the lines when the SA20 fourth season gets underway on Friday (December 26). In the absence of the traditional Boxing Day Test and a home Test series, Cricket South Africa (CSA) will hope that the SA20’s timing, coming within a fortnight of the T20 World Cup, will help put the necessary finishing touches.Of the six names mentioned above, and those who assembled in a hotel in Cape Town this past week, only one will be holding the captaincy duties for the first time. With Markram moving to Durban’s Super Giants for R14 million, it created a leadership hole within two-time SA20 champions Sunrisers Eastern Cape (SEC).

Up stepped 25-year-old Tristan Stubbs. The local boy, born in Gqeberha, will carry the hopes of the Orange Army. The idea of going ‘local’ is evident considering the SEC have more experienced heads such as Jonny Bairstow and Quinton de Kock in the squad.“We’ve had three pretty successful seasons under Aiden. So the Sunrisers, as a team, has a mandate to enjoy the month, play as hard as you can, and it’ll be pretty much like that. We’ll play hard on the field, compete for everything, but we’re just going to enjoy it,” said Stubbs on JioStar Press Room ahead of ahead of SA20 Season 4.The local contingent and flavour gets even stronger with Matthew Breetzke, Anrich Nortje, Lutho Sipamla and Marco Jansen hoping to make it three titles in four years for the Eastern Cape faithful.

“One challenge I have for the local boys is: let’s really make sure we show the overseas boys what South Africa is all about,” Stubbs said in an Instagram video shared by the franchise. “Make sure we play as hard as we can on the field, but off the field, we show what our country has to offer.”He reiterated that challenge to the players once again within a few days of the competition.“We’ve got a lot of local boys who are brought up in PE (Port Elizabeth), live in PE. And I can’t explain to people what playing at St. George’s (Park) means when you’re a local boy. And that’s going to hopefully feed through the team and just motivate everyone to do what we’ve done in the first three years and hopefully just match that sort of intensity on the field,” he stated.The new SEC skipper has much to prove in the upcoming edition – not just as a captain but as a batter at the top of the order. With 301 runs, he was their leading run-scorer in the second season and seventh-highest overall. For the Proteas, he scored two Test centuries, his first ODI ton and was their second-highest scorer in T20Is.2025 has been the complete opposite. For the SEC he scored 232 runs, third most for the franchise and 14th overall. For South Africa he scored only 259 runs from six Test matches, produced 100 runs less than the previous year in ODIs and his average in T20Is dropped from 35.91 to 21.71.

One reason for these lower returns could be attributed to his constant shuffling in the batting order from anywhere between No. 3 and No. 6. He would, however, take heart from recent performances in Pakistan and India. He saw highs of 76 against Pakistan in Rawalpindi and 94 against India in Guwahati. These positive returns, albeit in the longest format, are a good omen for Stubbs and the national team with everyone keeping one eye on the T20 World Cup in India and Sri Lanka, starting February 7. South Africa will play their first match less than two weeks after the SA20 final (January 25).“It’s great that we’ll be playing T20 cricket literally up until days before the World Cup starting. But I don’t think you want to be putting too much energy into your SA20 teams and asking guys to worry about the World Cup. That’s pretty much just after it,” said South Africa T20I captain Aiden Markram, who will steer the DSG ship in the upcoming season.“It’s two completely separate events and I think it’s important that the players treat it that way. It’s an exciting month. It’s a fun month in South Africa and it’s a month that the guys must really enjoy on and off the field.”“And when we get to the World Cup, guys would have had a lot of T20 games under their belt. So hopefully there’s some good confidence and good form that we can take forward and take care of the World Cup when we get to Indian shores,” he added.

Kagiso Rabada, who is part of defending champions MI Cape Town, echoed some of the thoughts shared by Markram.“It’s a fantastic opportunity to get games under your belt and get used to the flow of T20 cricket. We haven’t really played much T20 cricket this year. So yeah, it’s going to be a great tournament,” said the seamer who missed the recent India series due to a rib injury.“I think the teams this season have balanced out really well. In the previous three seasons, the management and the people who are responsible for picking the teams have figured out what it takes to do well in South Africa with the varying conditions around the country.“So, those are the challenges, playing well in the different regions of the country. And as a bowler, how you need to adjust with that. The batters are looking strong and it’s really exciting. So, it’s going to be fantastic prep, I guess, if chosen for the World Cup,” added Rabada.QUICK FACTS

Durban’s Super GiantsHome: Kingsmead, DurbanLast season: SixthCaptain: Aiden MarkramSquad: Marques Ackerman, Noor Ahmad, David Bedingham, Eathan Bosch, Jos Buttler, Gerald Coetzee, Devon Conway, Tony de Zorzi, Daryn Dupavillon, Dayyaan Galiem, Evan Jones, Heinrich Klaasen, Kwena Maphaka, Aiden Markram (capt), Sunil Narine, Andile Simelane, Gysbert Wege, David Wiese, Kane WilliamsonJoburg Super KingsHome: Wanderers, JohannesburgLast season: Lost EliminatorCaptain: Faf du PlessisSquad: Jarren Bacher, Nandre Burger, Matthew de Villiers, Faf du Plessis (capt), Donovan Ferreira, Dian Forrester, Richard Gleeson, Akeal Hosein, Rivaldo Moonsamy, Wiaan Mulder, Shubham Ranjane, Rilee Rossouw, Janco Smit, Steve Stolk, Prenelan Subrayen, Imran Tahir, Neil Timmers, Reece Topley, Jorich van Schalkwyk, James Vince, Daniel WorrallMI Cape TownHome: Newlands, Cape TownLast season: CHAMPIONSCaptain: Rashid KhanSquad: Squad: Corbin Bosch, Trent Boult, Reeza Hendricks, Karim Janat, Thomas Kaber, Rashid Khan (capt), Dan Lategan, George Linde, Tristan Luus, Tom Moores, Dane Piedt, Nicholas Pooran, Dwaine Pretorius, Ryan Rickelton, Kagiso Rabada, Jason Smith, Jacques Snyman, Rassie van der Dussen, Tiaan van VuurenPaarl RoyalsHome: Boland Park, PaarlLast season: Lost in Qualifier 2Captain: David MillerSquad: Ottneil Baartman, JJ Basson, Bjorn Fortuin, Vishen Halambage, Rubin Hermann, Dan Lawrence, Keagan Lion-Cachet, Eshan Malinga, David Miller (capt), Nqobani Mokoena, Gudakesh Motie, Nqaba Peter, Delano Potgieter, Lhuan-dre Pretorius, Sikandar Raza, Thomas Rew, Asa Tribe, Mujeeb Ur-Rahman, Kyle Verreynne, Hardus ViljoenPretoria CapitalsHome: SuperSport Park, CenturionLast season: FifthCaptain: Keshav MaharajSquad: Dewald Brevis, Roston Chase, Jordan Cox, Junaid Dawood, Keith Dudgeon, Connor Esterhuizen, Shai Hope, Wihan Lubbe, Keshav Maharaj (capt), Sibonelo Makhanya, Lungi Ngidi, Bryce Parsons, Gideon Peters, Meeka-eel Prince, Andre Russell, Sherfane Rutherford, Will Smeed, Daniel Smith, Lizaad Williams, Codie YusufSunrisers Eastern CapeHome: St George’s Park, GqeberhaLast season: Runners-upCaptain: Tristan StubbsSquad: Jonny Bairstow, Matthew Breetzke, James Coles, Quinton de Kock, AM Ghazanfar, Lewis Gregory, Jordan Hermann, Marco Jansen, CJ King, JP King, Patrick Kruger, Adam Milne, Senuran Muthusamy, Anrich Nortje, Tharindu Ratnayake, Lutho Sipamla, Tristan Stubbs (capt), Beyers Swanepoel, Mitchell van Buuren, Chris Wood.Catch all the action from SA20 Season 4, December 26 2025 – January 25 2026, LIVE on JioHotstar and Star Sports Network.