Salman Khan is ready to celebrate his 60th birthday on December 27. Like every year, he will keep it simple and private. The celebration will reportedly happen at his Panvel farmhouse. Only family members, close friends, and a few people from the film world will be present. Salman likes peace on his birthday.
Close people on the guest list
According to India Today reports, the guest list is small and special. Salman has invited people who are close to his heart. This includes his family, close friends, and directors he has worked with over the years. The focus is on old bonds and trust. There will be no big industry party. Salman has followed this style for many years, and he is not changing it even at 60.
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Last Khan to reach 60
This birthday is extra special. Salman Khan is the last of the famous Bollywood Khans to turn 60. Shah Rukh Khan turned 60 on November 2. Aamir Khan reached the milestone on March 14. Fans who grew up watching the three stars feel emotional. Salman turn 60 feels like a full circle moment.
Battle Of Galwan teaser surprise
There is more joy for fans. The makers of Salman Khan’s upcoming film Battle of Galwan have announced that the teaser will be released on December 27. This means the teaser will come out on Salman’s birthday. Fans see this as a big birthday gift.On the other hand, Salman Khan was last seen in the action flick ‘Sikandar’ and the movie received mixed reviews from the audiences. The film was directed by the ‘Thuppakki’ fame AR Murugadoss and had Rashmika Mandanna in the female lead.
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NEW DELHI: The Unnao rape case victim levelled serious allegations against the investigating officer in the case saying that IO “colluded with the judge” to ensure that the “other party won”. The charges came as the Delhi high court granted bail to the convict and expelled BJP MLA Kuldeep Singh Sengar and suspended his life sentence. The survivor and her mother met the Central Bureau of Investigation (CBI) officials on Saturday and submitted a complaint regarding the same.
“The complaint is that the investigating officer has wronged me. He colluded with the judge to ensure that the other party won, so that the rape victim would lose, her courage would be broken, and she would not be able to pursue the case further,” ANI quoted the survivor as saying.“Had the CBI stood with my lawyer, we wouldn’t have had to see this day. We would have won, and they would have lost,” she further said.The CBI has approached the Supreme Court to challenge the Delhi high court’s order staying the life sentence of former Uttar Pradesh MLA and granting him bail. The high court’s ruling sparked strong backlash from the survivor’s family and opposition parties, escalating calls for the Supreme Court to step in.Reacting to this, the survivor’s mother said: “If CBI meets us, only then will we trust them. How can we trust them otherwise? We have not discussed CBI. We have only said that the Investigating Officer met them. He was talking to Kuldeep Sengar’s daughter. When we asked him whether he knew the victim, he said, ‘Why would I know her?’ He said this in a crowded court.”Sengar was found guilty in the Unnao rape case in December 2019 and sentenced to life imprisonment along with a Rs 25 lakh fine. Despite being granted bail in this matter, he will remain incarcerated as he is serving a separate 10-year sentence in another CBI case linked to murder.Delhi witnessed protests on Saturday over the suspension of the life sentence of Sengar, with police detaining several demonstrators near the Parliament complex. Activist Yogita Bhayana, Congress leader Mumtaz Patel and others were taken into custody after they staged a sit-in to oppose the Delhi high court’s recent order granting Sengar bail.
Brisbane Heat secured a nail-biting seven-run win against Adelaide Strikers in the 13th match of Big Bash League (BBL|15) at The Gabba on December 27, 2025. Heat posted 179/9 in their 20 overs before Bartlett’s stellar bowling restricted Strikers to 172 in 19.5 overs. The match showcased high-octane T20 action, with Heat climbing to third on the points table.
Max Bryant’s explosive batting sets target against Adelaide Strikers
Heat’s innings kicked off shakily in the powerplay, losing Jack Wildermuth (1) and Colin Munro (14) early to slump to 35/2 after four overs, but Matt Renshaw‘s aggressive 33 off 21 balls, including two fours and two sixes, steadied the ship.
Renshaw fell at 74/4 in the ninth over, yet Max Bryant unleashed a blistering 63 off 38 balls—featuring four fours and four sixes at a strike rate of 165.79—to propel Heat past 100 by the 13th over. His fifty came off 29 balls, anchoring a crucial 52-run stand with Jimmy Peirson (13), pushing the score to 150/6 by the 16th over despite Hasan Ali‘s twin strikes of Bryant and Xavier Bartlett (15).
Bryant’s brilliant innings laid the foundation for Brisbane Heat, even though his dismissal sparked late drama at the Gabba. Once Bryant fell for a superb 150, the Heat innings briefly lost momentum as Shaheen Shah Afridi was dismissed cheaply and Jimmy Peirson was run out in quick succession. However, Matthew Kuhnemann and Thomas Balkin held their nerve at the end to push the total to a competitive 179 for 9, scored at an impressive run rate of nearly nine an over. Adelaide Strikers’ bowlers kept things tight during the middle overs, with Luke Wood and Hasan Ali picking up two wickets each, while Matthew Short’s economical spell applied pressure. Despite the late stutter, Bryant’s commanding knock on a bouncy surface ensured the Heat had enough runs to defend under lights.
Xavier Bartlett’s bowling seals dramatic win for Brisbane Heat
In reply, the Strikers got off to a flying start, racing to fifty without loss in the powerplay as Short attacked aggressively and combined with Chris Lynn for a brisk opening stand. The momentum shifted in the eighth over when Bartlett struck twice, removing Lynn with a sharp caught-and-bowled effort and dismissing Mackenzie Harvey for a duck, halting the chase. Short continued to dominate, bringing up a rapid half-century and keeping the Strikers in the hunt as they crossed 150 with five wickets down.
However, Bartlett returned at a crucial moment to dismiss Short, triggering another collapse. The lower order struggled under pressure as wickets fell regularly, and despite a late push, the Strikers fell short, finishing on 172. Bartlett’s outstanding spell, supported by key contributions from Jack Wildermuth and Thomas Balkin, sealed a tense victory for Brisbane Heat, earning Bartlett the Player of the Match award for his all-round impact.
Delhi government halts DSSSB March exams amid age relaxation review
The Delhi government has postponed the Delhi Subordinate Services Selection Board (DSSSB) examinations that were scheduled to take place in March 2026. The decision comes as the government reviews demands to increase the maximum age limit for candidates applying for teaching and other posts. Many aspirants had raised concerns that they were unable to appear for exams because of age restrictions.If you were preparing for the DSSSB exam, the wait has just become longer. The education department has paused the process until a final call on age relaxation is made. Officials say the move aims to protect the interests of students and fill long-pending vacancies in government institutions.Exams put on hold after candidate protestsThe DSSSB, which conducts recruitment exams for various Delhi government departments, had issued a notification announcing exams in March. However, protests by candidates over age eligibility drew the government’s attention. As a result, the education department suspended the earlier order and halted the examination process.Delhi Education Minister Ashish Sood explained the reasoning behind the decision while speaking on the issue. He said previous governments failed to conduct timely DSSSB exams, which caused many candidates to cross the eligible age limit. Sood stated that the government wants to ensure fairness while also addressing staff shortages in schools, according to statements posted on X by the ANI.What the minister said on age relaxationAshish Sood said that DSSSB exams play a key role in selecting teachers and other staff. He pointed out that delays over the years meant candidates reached the maximum age without getting a chance to appear. “We want vacant posts to be filled so students can get quality education,” Sood said, as quoted by the ANI.In conversation with the ANI, the minister added that the government decided to stop the DSSSB order temporarily. He said a new decision on age limit relaxation would be announced soon, and only after that would fresh exam dates be declared.Why DSSSB exams matterDSSSB stands for Delhi Subordinate Services Selection Board. It conducts recruitment exams for teaching and non-teaching posts across Delhi government departments. These include roles such as teachers, clerks, assistants, stenographers, lab assistants, nurses, wardens, and technical staff.The board also organises specific exams like TGT, PGT, and PRT for teacher recruitment. Thousands of candidates appear for these tests every year to secure government jobs.What happens next for candidatesThe Delhi government has said that no DSSSB exam will be held until a revised order on age eligibility is issued. Officials believe the upcoming decision could bring relief to many candidates who missed earlier chances due to age limits.Sood said the government has taken this step with students’ interests in mind and assured that the issue would be resolved soon, according to information shared by the ANI. For now, aspirants will have to wait for an official update on both age relaxation and new exam dates.
Tesla CEO Elon Musk has expressed his concerns over rising silver prices as China’s new export rules deadlines nears. In a post on microblogging platform X (formerly Twitter), Musk wrote “This is not good. Silver is needed in many industrial processes.” He was responding to a post that depicted ‘exploding’ silver prices due to “severe global supply shortage.” Prices of the white metal have increased sharply in recent times to a record high of $78.65 on Friday, December 26. A post by X user named ‘Bull Theory’ tried explaining the soaring prices. The post said:“Silver prices are exploding due to a severe global supply shortage. The physical market can no longer meet soaring demand. Here is what is actually going on 1. China is changing the rules.Starting January 1, 2026, China will restrict silver exports.To export silver, companies will now need government licenses.Only large, state approved firms qualify:– At least 80 tonnes of annual production– Around $30 million in credit linesThis effectively blocks small and mid size exporters. China controls roughly 60–70% of global silver supply. When China tightens exports, global supply drops immediately. This is the same tactics China used with rare earth metals.2. The silver market was already short supply.Silver has been in a structural deficit for 5 straight years. That means demand is higher than supply every single year.For 2025:– Global demand: 1.24 billion ounces– Global supply: 1.01 billion ouncesThat is a gap of 100–250 million ounces. And this gap is expected to get worse after China’s export limits.Mining supply is not growing:Silver mining is mostly a by product of copper and zinc mining.New mines take 10+ years to build, Ore quality is falling, Recycling is not enough to fill the gap.There is no quick fix here.3. Physical silver inventories are collapsing.This is where it gets serious.– COMEX inventories are down 70% since 2020– London vaults are down 40%– Shanghai inventories are at 10-year lowsAt current demand, some regions hold only 30-45 days of usable silver.This is why physical premiums are exploding.In Shanghai:– Physical silver trades at $80+/oz– COMEX prices are much lowerThis price gap means buyers are paying extra just to get real silver.4. Paper silver is completely disconnected from reality.There is an extreme imbalance between paper silver and real silver.The paper to physical ratio is around 356:1.That means:– For every 1 ounce of real silver– There are hundreds of paper claimsIf even a small percentage of buyers ask for real delivery, the system breaks.Markets understand this. That is why price moves are becoming vertical.5. Industrial demand keeps rising.Silver is not just a safe haven metal.It is critical for:– Solar panels– Electric vehicles– Electronics– Medical devicesIndustrial use now makes up 50-60% of total silver demand.There is no substitute for silver in many of these uses.Banks and institutions are reacting to:– Supply limits– Physical shortages– Paper market riskSilver is not rallying because of fear.It is rallying because a real supply squeeze is playing out in real time.”
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China’s new Silver export rules from January 1, 2026
Starting January 1, 2026, China will require companies exporting Silver to obtain licenses from its Ministry of Commerce (Mofcom). The move, according to experts, could further disrupt the global supply chain.
Thiruvananthapuram: India’s women’s team will seek to continue their dominance and secure a fourth straight victory against Sri Lanka in the fourth T20I in Thiruvananthapuram on Sunday. At the heart of India’s command stands Renuka Singh, the indefatigable pacer from Himachal who seems to find something extra every time she turns up in Kerala.
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Kerala, it appears, has a way of rewarding Renuka’s faith. Each visit to Thiruvananthapuram brings with it an extra spring in her stride and a sharper nip through the air. From her U-19 days to the senior international stage, the venue has steadily become her personal hunting ground. “Kerala is my lucky place,” Renuka said after India’s dominant win over Sri Lanka on Friday. “I played U-19 cricket here as well. Whenever I come here, I take four wickets. I’m always excited to come to Kerala and Thiruvananthapuram is my lucky ground.” In the third T20I, Renuka ripped through Sri Lanka’s middle order with figures of 4/21, a spell that earned her the player-of-the-match award and left the visitors struggling for answers. That medal around her neck tells a deeper story, one built on persistence, preparation and an unwavering belief in process. “I never get five wickets, it’s always four,” she laughs disarmingly, even as she continues to be India’s most dependable pace option in the shortest format. Preparations for Renuka follow a familiar and disciplined path. Before every major assignment, she heads to the National Cricket Academy. “I go to the NCA to prepare for any tournament because it works for me,” she says. “I can do some extra work on my bowling and fitness, and that helps me execute better.” Over the last year, the 29-year-old’s evolution has been unmistakable. No longer just a new-ball bowler relying on swing and seam, Renuka has broadened her repertoire. Slower balls, changes of pace, and subtle variations in length and release are now central to her craft. The timing is deliberate. With a World Cup on the horizon, she knew there was no room for doubt. “For the last six months to a year, I’ve been working on my variations because I knew the World Cup was coming up,” she explained. “There shouldn’t be a doubt in my head. I want to be mentally prepared.” That mental clarity shows most when things don’t go to plan. Even if the first over goes for runs, as it did in the third T20I, Renuka doesn’t retreat. She recalibrates, reads the pitch and commits to the delivery she believes will fetch a wicket. Leadership support from skipper Harmanpreet Kaur helps, but so do the words of a mentor she deeply respects. Jhulan Goswami’s advice — that five-wicket hauls demand extra effort — still echoes. Renuka has just one T20I five-for so far, a 5/15 against England at the 2023 World Cup, and she knows there is more to chase. Former India player and women’s team coach WV Raman sees her value clearly. Renuka, he says, is a “vital cog” in India’s bowling unit: crafty, intelligent and armed with truckloads of variations. “In helpful conditions, she can be a handful. England, host of next year’s T20 World Cup, with its seam-friendly pitches and swinging skies, could well be her stage,” Raman argued. India, buoyed by the recent ODI World Cup success, is shaping its core for the future. In that group, Renuka remains indispensable. In Thiruvananthapuram, and perhaps soon in England, she isn’t just bowling spells, but carving out her signature, one hard-earned wicket at a time.
Chinese scientists have achieved a milestone in magnetic levitation technology. Researchers at China’s National University of Defence Technology successfully propelled a one-tonne vehicle to 700 kilometers per hour in just two seconds on a 400-meter test track, setting a new world record for superconducting electric maglev systems.The test, shown in footage making rounds on social media and Chinese news outlets, displayed a chassis-like vehicle zooming across the track leaving a misty trail. This demonstrates significant progress in both extreme acceleration capabilities and high-power control systems.“It resolves core technical challenges including ultra-high-speed electromagnetic propulsion, electric suspension guidance, transient high-power energy storage inversion, and high-field superconducting magnets,” CCTV stated, as reported by South China Morning Post (SCMP).
China Sets New Record in Superconducting Maglev Propulsion
. This breakthrough could revolutionise various transportation methods, from hyperloop systems to aerospace launches.The same team had previously reached 648 km/h on the same track in January. Their decade-long research puts China at the forefront of global maglev technology, marking significant progress since developing their first manned maglev train thirty years ago.Professor Li Jie, who led Beijing’s first commercial maglev subway line, believes this success will speed up China’s ultra-high-speed maglev transport development.In 2020, CRRC Qingdao Sifang had tested a 600km/h prototype. In the meantime, Southwest Jiaotong University developed a high-temperature superconducting maglev system in Chengdu targeting speeds over 600km/h.The latest development includes a collaboration between the Third Research Academy of China Aerospace Science and Industry Corporation and North University of China. The built a 2-kilometer experimental line in Datong for testing maglev trains in low-vacuum pipelines, with an aim for eventual speeds of 1,000 km/h.This technology has the potential to transform city-to-city travel through vacuum-sealed tubes and potentially revolutionise rocket launches by reducing fuel consumption during takeoff. It also offers new possibilities for testing high-speed flight equipment through ground-based simulations.
This is a representative AI image (Credit: Chatgpt)
As the curtain begins to fall in 2025, India’s economic story resists easy labels. Was it the year the country was squeezed by global trade wars and tariffs? Or was it a rare “Goldilocks” moment, marked by strong growth, low inflation and ample policy room to support the economy?The answer lies somewhere in between.The year-end economic review of India reads as a story of resilience, reform and recalibration. From record stock market highs to a weakening rupee, from expanding trade ties to sudden tariff shocks, the year revealed how India’s economic fortunes are increasingly shaped by forces far beyond its borders.India ended 2025 as one of the world’s fastest-growing economy — but not without scars!
8.2% GDP growth: A standout year for expansion
India’s economic ascent continued to capture global attention in 2025. Already the world’s fourth-largest economy, the country is firmly on track to become the third-largest by 2030, with GDP projected at $6628.0 billion, according to the latest IMF World Economic Outlook report.The headline moment came with the release of second-quarter GDP data for FY 2025-26. Real Gross Domestic Product expanded by a stunning 8.2% during the July–September period — a sharp acceleration from the 5.6% growth recorded in the same quarter last year.The print exceeded market estimates and even surpassed the Reserve Bank of India’s projections, marking a six-quarter high.Combined with a strong 7.8% expansion in the April–June quarter, the economy grew by around 8% in the first half of the financial year, reinforcing India’s position as the fastest-growing major economy globally. Economists expect growth to remain resilient in the December quarter, supported by stronger consumption following GST rationalisation. “Now we can comfortably say full year growth will be 7% or north of 7%,” Chief Economic Adviser V Anantha Nageswaran said after the data release.The National Statistics Office data cemented India’s position as one of the fastest-growing major economy in the world, even as global growth slowed and tariffs on Indian exports to the US intensified.In its official statement, the government highlighted “Real GDP, adjusted for inflation, rose 8.2% in Q2 FY26, compared with 5.6% in Q2 FY25. Growth in Q1 FY26 stood at 7.8%, up from 6.5% a year earlier. Nominal GDP expanded by 8.7% in Q2, with all major sectors contributing to the expansion. The primary sector grew 3.1% year-on-year, while the secondary and tertiary sectors posted strong growth of 8.1% and 9.2%, respectively.“Prime Minister Narendra Modi described the numbers as validation of policy continuity and reform-led growth. “The 8.2% GDP growth in Q2 of 2025-26 is very encouraging. It reflects the impact of our pro-growth policies and reforms. It also reflects the hard work and enterprise of our people. Our govt will continue to advance reforms and strengthen the Ease of Living for every citizen,” he posted on X.
A rare ‘Goldilocks’ phase
If growth was the headline, inflation was the surprise.The Reserve Bank of India has described the current macroeconomic environment as a “rare goldilocks” phase, marked by strong growth alongside low inflation.India achieved a historic milestone in October 2025 when retail inflation fell to just 0.25%, the lowest year-on-year print in the current CPI series, according to government data. The print marked a sharp 119-basis-point fall from September, reflecting a dramatic easing in price pressures.Inflation edged up modestly to 0.71% in November, a 46-basis-point increase from October, but remained comfortably below the Reserve Bank of India’s 4% target, underscoring a prolonged period of price stability.The cooling was driven largely by deflation in food prices. CPI inflation stayed benign through 2025-26, prompting the RBI to project average inflation at around 2% for the fiscal year, the lower bound of its tolerance range.The combination of inflation and a growth-oriented monetary stance has created space for further policy support, with expectations building around a complementary demand boost in the Union Budget 2026-27.
RBI cut repo rate
With inflation firmly under control, the central bank moved decisively to support growth. The RBI cut the repo rate during FY 2025-26, lowering it from 6.25% to 5.25%.The Monetary Policy Committee cut the repo rate by a cumulative 125 basis points during the calendar year 2025, bringing it down to 5.25%, while revising its inflation forecast to around 2% and nudging up full-year growth projections to about 7.3%.Including earlier actions, the RBI has now lowered rates by a total of 125 basis points since February 2025, marking its most aggressive easing cycle since 2019.
GST 2.0 kicks in: Simpler taxes, lower costs
One of the most consequential reforms of the year came in September with the launch of GST 2.0. The overhaul simplified India’s indirect tax architecture streamlined into two slabs — 5% and 18%, replacing the earlier four-rate system of 5%, 12%, 18% and 28%. Most essentials, household items and daily-use goods now attract 5% GST or are exempt.Luxury and sin goods, including pan masala, tobacco, aerated drinks, high-end cars, yachts and private aircraft will be taxed at 40%, ensuring progressivity while safeguarding revenues.Life insurance premiums were made GST-free. Household goods, packaged foods, medicines, consumer durables, automobiles and farm equipment all became cheaper.GST on farm machinery, irrigation equipment and bio-pesticides has been slashed to 5%, reducing input costs and encouraging productivity and sustainable farming practices.The reform eased compliance, reduced costs, boosted festive demand and reinforced domestic manufacturing, delivering relief at both the consumer and enterprise level.
Budget 2025: Big relief for middle class
The Union Budget added another boost, delivering sweeping income tax relief under the new tax regime. The headline announcement was zero income tax on annual income up to Rs 12 lakh. For salaried individuals, the nil-tax threshold effectively rises to Rs 12.75 lakh, after accounting for the standard deduction of Rs 75,000, offering additional relief to middle-income earners.Slab rates were reworked to ease the burden on middle-income earners, significantly improving disposable incomes. Together, tax cuts, GST rationalisation, record-low inflation, robust GDP growth and accommodative monetary policy have created a supportive economic environment.These factors are expected to lift consumer spending, improve corporate profitability and sustain investment momentum. While currency volatility remains a risk to watch, the broader macro trend points to positive market sentiment and scope for sustained economic expansion.As the RBI summed up, “Economic activity during the first half of the financial year benefited from income tax and goods and services tax (GST) rationalisation, softer crude oil prices, front-loading of government capital expenditure, and facilitative monetary and financial conditions supported by benign inflation.”
Stock market showed strong peaks and weak finish
India’s equity markets delivered a mixed performance in 2025, touching record highs and lows during the year, later ending on a softer note as foreign selling intensified amid global uncertainty, geopolitical tensions and shifting trade dynamics.Strong consumer demand, steady government spending and ongoing structural reforms helped markets remain resilient for much of the year.Early 2025: Markets began cautiously, weighed down by global growth concerns, elevated interest rates in advanced economies and trade tensions. Still, benchmarks opened the year on a positive footing. On January 2, the BSE Sensex stood at 78,507.41 while the Nifty 50 was at 23,742.90, supported by buying in frontline stocks.Mid-year: A recovery was following however, global volatility spiked in April after US President Donald Trump, in his second term, announced sweeping new tariffs on April 2, dubbed “Liberation Day” triggering a sell-off across global markets.Late 2025: Volatility remained in the final months due to foreign portfolio outflows, rupee pressure and uncertainty around global monetary policy and geopolitics. Nifty 50 touched an all-time high of 26,326 on December 1, ending the year with gains of about 10.2%, while BSE Sensex also hit its highest-ever closing level of 86,159.02, reflecting steady gains and improving market breadth through much of the year.However, momentum faded toward the close. In the final sessions, benchmarks declined dragged down by continued foreign investor selling and a lack of strong domestic triggers. The Nifty 50 closed at 26,042.30, down 0.38%, while the Sensex fell 367 points, or 0.43%, to 85,041.45, after touching an intraday low of 84,937.82.Overall, the Indian markets showed a neutral-to-negative note in 2025.
India’s trade push: FTAs take centre stage
Even as protectionism rose, India pressed ahead with trade diplomacy. India stepped up its trade diplomacy in 2025, concluding key free trade agreements and reviving stalled negotiations as it sought to diversify export markets amid rising global protectionism and tariff barriers.India–New Zealand FTA (2025): India concluded a Free Trade Agreement (FTA) with New Zealand on December 22, paving the way for duty-free entry of all Indian exports into the New Zealand market and a planned investment inflow of $20 billion over the next 15 years. PM Modi and New Zealand Prime Minister Christopher Luxon announced the deal via social media, with both sides aiming to double bilateral trade within five years.According to the Global Trade Research Initiative (GTRI), the pact strengthens India’s access to a high-income, rules-based Pacific market, while offering New Zealand deeper entry into one of the world’s fastest-growing major economies amid global trade uncertainty.India–Oman CEPA (2025): The India–Oman Comprehensive Economic Partnership Agreement (CEPA) delivers near-complete duty-free access for Indian exports and opens opportunities across labour-intensive manufacturing, services and skilled workforce mobility.The deal marks a major expansion of India’s economic footprint in the Gulf region. Gulzar Didwania, Partner at Deloitte India, described the Oman CEPA and New Zealand FTA as “watershed moments” for India’s export-led growth strategy.
“The India–Oman CEPA delivers zero-duty access on nearly 98% of tariff lines, covering textiles, engineering goods, medical devices, pharmaceuticals and automobiles. Similarly, the India–New Zealand FTA removes tariffs on 100% of India’s exports, opening the NZ market widely and potentially doubling trade over five years,” he told TOI.India–UK CETA (2025): The India–UK Comprehensive Economic and Trade Agreement (CETA) offers near-total duty-free access for Indian exports, with significant upside for labour-intensive sectors.India–Israel FTA: India and Israel have been negotiating an FTA since 2010, completing ten rounds covering 280 tariff lines. Talks stalled due to differences over services market access, particularly the temporary movement of Indian IT and skilled professionals. Negotiations gained fresh momentum in November 2025, when both sides signed the Terms of Reference, formally reviving discussions.India has already signed trade agreements with Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, South Korea, Japan, Australia, the UAE and Mauritius. It is also part of:
The ASEAN trade pact (10 Southeast Asian nations)
The EFTA agreement with Iceland, Liechtenstein, Norway and Switzerland
The Downside: Rupee stress, tariffs and rising uncertainty
Despite strong domestic growth, 2025 exposed some of India’s economic vulnerabilities on the global front. The year was marked by rising trade tensions, currency pressure and heavy foreign capital outflows.
Rupee under pressure amid dollar strength
The Indian rupee remained volatile in December, slipping to a record low near Rs 91 per US dollar on December 16, weighed down by strong dollar demand and sustained foreign portfolio outflows. The rupee recovered some ground the following day, strengthening by 55 paise to close at Rs 90.38 on December 17. A further late-week rebound saw the currency rise from nearly Rs 91 to Rs 89.27 on December 19, though pressure soon returned.On December 26, the rupee closed at Rs 89.86 per dollar, dragged down by falling domestic equities, continued foreign fund outflows and higher crude oil prices.Despite intermittent recoveries, the rupee has emerged as one of the worst-performing emerging market currencies this year, hurt by US tariffs on Indian exports and weak portfolio inflows. The pace of depreciation has been a key concern.After breaching the Rs 90 per dollar level, the rupee slipped past Rs 91 within just 13 days. In less than a year, it has fallen from around Rs 85 to Rs 90, underscoring the speed of the decline.According to State Bank of India’s Ecowrap report, the rupee is expected to stabilise and recover next year, even as near-term volatility persists.
FII outflows hit record levels in 2025
Foreign institutional investors (FIIs) remained persistent sellers of Indian equities throughout 2025, extending a selling trend that began in October 2024. As a result, 2025 has turned into the worst year on record for foreign equity flows into India.FIIs are set to close the year with a record-breaking exodus from Indian stock markets, marking the steepest annual net outflows ever witnessed in India’s capital markets.As of December 27, FIIs had sold equities worth Rs 22,130 crore through stock exchanges. This took cumulative equity selling in calendar year 2025 to Rs 2,31,990 crore. Investments via the primary market stood at Rs 73,583 crore, bringing net FII outflows for the year to Rs 1,58,407 crore, the highest annual net selling by FIIs since they began investing in India.According to Morgan Stanley, FII positioning in Indian equities is now close to cyclical lows. However, the brokerage cautioned that a sustained return of foreign inflows would depend on stronger growth momentum, relatively weaker equity performance in other markets, or higher corporate issuance levels.While domestic fundamentals remain relatively strong, currency volatility and foreign outflows continue to pose near-term challenges for Indian markets.
Yet 2025 was also defined by global headwinds!
Trade deals amid tariff wars
US President Donald Trump has often spoken warmly of his personal relationship with Prime Minister Narendra Modi, repeatedly describing him as a “great friend.” However, Washington’s trade actions toward India in 2025 told a sharply different story.On August 1, the US imposed a 25% tariff on Indian goods, doubling it to 50% by August 27, alongside an additional “penalty” linked to India’s energy ties with Russia. The move marked one of the most aggressive trade actions taken against India in recent years.Trump accused India of maintaining some of the world’s highest tariffs and what he called “obnoxious” non-monetary trade barriers. He also criticised India’s continued purchases of Russian oil, saying this undermined global efforts to pressure Moscow over the war in Ukraine.His rhetoric escalated in July, when he said,”I don’t care what India does with Russia. They can take their dead economies down together, for all I care.” New Delhi responded firmly stressing that the country remained firmly on track to become the world’s third-largest economy.
India–US trade talks: Progress slow
The United States remains India’s largest export destination, but trade ties faced strain after the Trump administration imposed punitive tariffs of up to 50% on Indian goods.While discussions continue, a final agreement remains elusive. A recent visit by a US delegation to New Delhi failed to deliver a breakthrough, even as Prime Minister Modi and President Donald Trump have described bilateral engagement as positive.The US is pushing for greater exports of energy and agricultural products, while India has drawn a firm red line on opening its farm sector. Officials now believe a deal could be signed by March.The US administration has repeatedly cited its widening trade deficit with India as a key concern, arguing that India maintains relatively high tariffs on American goods and imposes market-access restrictions. “We have a massive trade deficit with India,” Trump said shortly before the initial 25% tariffs came into effect.According to analysts, 2026 could be the first full year in which countries begin grappling with the real-world consequences of a tariff-heavy global trade system, with implications for investment flows, economic growth, inflation, interest rates and currencies.
Immigration becomes a trade flashpoint
Trade negotiations have increasingly become entangled with US immigration policy, particularly around the H-1B visa programme, a critical channel for India’s services exports. The US raised the H-1B visa fee to $100,000, up from a previous range of $2,000–$5,000, sharply increasing hiring costs for employers.From December 15, the US State Department also introduced enhanced screening and vetting, including scrutiny of applicants’ social media profiles, for both H-1B and dependent H-4 visas.This shift could significantly disadvantage entry-level professionals and recent international graduates, many of whom are Indian, raising fresh concerns about India’s largest and fastest-growing services export channel to the US.
Mexico: The 50% shock in the trade outlook
One of the most unexpected jolts to India’s trade outlook in 2025 came not from a global superpower, but from Mexico.In December, Mexico announced a blanket tariff hike of up to 50% on imports from non-free trade agreement (FTA) countries, a move aimed at blocking Chinese trans-shipments from entering the United States duty-free. The decision had immediate and significant implications for Indian exporters.Under the measure, import duties ranging from 5% to 50% will apply to around 1,463 product categories from countries that do not have an FTA with Mexico, including India. The revised tariffs will come into effect from January 1, 2026, though the detailed product list has yet to be officially published.According to estimates by the Global Trade Research Initiative (GTRI), the impact on Indian trade could be severe. “Nearly 75% of India’s $5.75 billion exports to Mexico will be affected as tariffs jump from 0-15% to around 35%,” the think-tank said.For Indian exporters, particularly in sectors such as automobiles, textiles, engineering goods and consumer products, the decision threatens to undo years of market-building efforts in Latin America.India and Mexico are currently preparing to begin discussions on a bilateral free trade agreement, with formal negotiation parameters expected to be finalised shortly. Analysts believe such an agreement could help insulate Indian exporters from the tariff shock.
Russia: A relationship grows, but unevenly
India and Russia share a long-standing relationship, with economic ties dating back to the Soviet era. In the decades since, bilateral trade and investment have steadily expanded, with cooperation spanning energy, defence, pharmaceuticals and information technology.In the post-Soviet era, India–Russia trade rose from $1.4 billion in 1995 to a record $68.7 billion in FY 2024–25. Indian firms have invested in Russia’s oil and gas, pharmaceutical and IT sectors, while Russian companies have put money into India’s energy, infrastructure and manufacturing industries.Yet behind the headline numbers lies a growing imbalance that threatens to complicate the partnership.
A trade corridor dominated by oil
The India–Russia energy corridor has emerged as a defining feature of bilateral trade—especially since the outbreak of the Ukraine war and the imposition of Western sanctions on Moscow.In FY 2024–25, India’s imports from Russia stood at roughly $63.8 billion, driven overwhelmingly by crude oil and petroleum products. In contrast, India’s exports to Russia were only about $4.9 billion, leaving a massive trade gap.India’s dependence on Russian crude has remained high despite Western sanctions. In November 2025, India imported 1.77 million barrels per day (bpd) of Russian oil, marking a 3.4% increase over October.Estimates suggest that imports in December 2025 could reach as much as 1.5 million bpd, supported by strong volumes exceeding 1.2 million bpd earlier in the month.The appeal is clear: discounted prices.Russian oil has remained attractive due to aggressive pricing by non-sanctioned producers. Indian refiners—both public and private—have continued to capitalise on these discounts.Imports from Russia surged from $5.94 billion in 2020 to $64.24 billion in 2024, with crude oil now forming the largest share of goods flowing from Russia to India.The bilateral trade agenda gained further momentum during President Putin’s December visit to India, which reinforced energy and strategic cooperation while reaffirming the ambitious $100 billion trade target by 2030.On December 6, India and Russia vowed to scale up bilateral trade to $100 billion by the end of the decade. PM Modi also said both countries were “actively working” towards the early conclusion of a Free Trade Agreement with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.However, the very factors that propelled India–Russia trade growth are now introducing new complications. Western sanctions are steadily reshaping India’s oil trade, according to a report by Rubix Data Sciences, reducing dependence on discounted Russian crude and redirecting energy flows towards the United States and the United Arab Emirates.The effects have been particularly visible in exports. In hindsight, 2025 will be remembered neither as a flawless “Goldilocks year nor as one derailed by tariffs.” The economy did well even under pressure, but enters 2026 with unresolved global headwinds!
This is a representative AI image (Credit: Chatgpt)
As the curtain begins to fall in 2025, India’s economic story resists easy labels. Was it the year the country was squeezed by global trade wars and tariffs? Or was it a rare “Goldilocks” moment, marked by strong growth, low inflation and ample policy room to support the economy?The answer lies somewhere in between.The year-end economic review of India reads as a story of resilience, reform and recalibration. From record stock market highs to a weakening rupee, from expanding trade ties to sudden tariff shocks, the year revealed how India’s economic fortunes are increasingly shaped by forces far beyond its borders.India ended 2025 as one of the world’s fastest-growing economy — but not without scars!
8.2% GDP growth: A standout year for expansion
India’s economic ascent continued to capture global attention in 2025. Already the world’s fourth-largest economy, the country is firmly on track to become the third-largest by 2030, with GDP projected at $6628.0 billion, according to the latest IMF World Economic Outlook report.The headline moment came with the release of second-quarter GDP data for FY 2025-26. Real Gross Domestic Product expanded by a stunning 8.2% during the July–September period — a sharp acceleration from the 5.6% growth recorded in the same quarter last year.The print exceeded market estimates and even surpassed the Reserve Bank of India’s projections, marking a six-quarter high.Combined with a strong 7.8% expansion in the April–June quarter, the economy grew by around 8% in the first half of the financial year, reinforcing India’s position as the fastest-growing major economy globally. Economists expect growth to remain resilient in the December quarter, supported by stronger consumption following GST rationalisation. “Now we can comfortably say full year growth will be 7% or north of 7%,” Chief Economic Adviser V Anantha Nageswaran said after the data release.The National Statistics Office data cemented India’s position as one of the fastest-growing major economy in the world, even as global growth slowed and tariffs on Indian exports to the US intensified.In its official statement, the government highlighted “Real GDP, adjusted for inflation, rose 8.2% in Q2 FY26, compared with 5.6% in Q2 FY25. Growth in Q1 FY26 stood at 7.8%, up from 6.5% a year earlier. Nominal GDP expanded by 8.7% in Q2, with all major sectors contributing to the expansion. The primary sector grew 3.1% year-on-year, while the secondary and tertiary sectors posted strong growth of 8.1% and 9.2%, respectively.“Prime Minister Narendra Modi described the numbers as validation of policy continuity and reform-led growth. “The 8.2% GDP growth in Q2 of 2025-26 is very encouraging. It reflects the impact of our pro-growth policies and reforms. It also reflects the hard work and enterprise of our people. Our govt will continue to advance reforms and strengthen the Ease of Living for every citizen,” he posted on X.
A rare ‘Goldilocks’ phase
If growth was the headline, inflation was the surprise.The Reserve Bank of India has described the current macroeconomic environment as a “rare goldilocks” phase, marked by strong growth alongside low inflation.India achieved a historic milestone in October 2025 when retail inflation fell to just 0.25%, the lowest year-on-year print in the current CPI series, according to government data. The print marked a sharp 119-basis-point fall from September, reflecting a dramatic easing in price pressures.Inflation edged up modestly to 0.71% in November, a 46-basis-point increase from October, but remained comfortably below the Reserve Bank of India’s 4% target, underscoring a prolonged period of price stability.The cooling was driven largely by deflation in food prices. CPI inflation stayed benign through 2025-26, prompting the RBI to project average inflation at around 2% for the fiscal year, the lower bound of its tolerance range.The combination of inflation and a growth-oriented monetary stance has created space for further policy support, with expectations building around a complementary demand boost in the Union Budget 2026-27.
RBI cut repo rate
With inflation firmly under control, the central bank moved decisively to support growth. The RBI cut the repo rate during FY 2025-26, lowering it from 6.25% to 5.25%.The Monetary Policy Committee cut the repo rate by a cumulative 125 basis points during the calendar year 2025, bringing it down to 5.25%, while revising its inflation forecast to around 2% and nudging up full-year growth projections to about 7.3%.Including earlier actions, the RBI has now lowered rates by a total of 125 basis points since February 2025, marking its most aggressive easing cycle since 2019.
GST 2.0 kicks in: Simpler taxes, lower costs
One of the most consequential reforms of the year came in September with the launch of GST 2.0. The overhaul simplified India’s indirect tax architecture streamlined into two slabs — 5% and 18%, replacing the earlier four-rate system of 5%, 12%, 18% and 28%. Most essentials, household items and daily-use goods now attract 5% GST or are exempt.Luxury and sin goods, including pan masala, tobacco, aerated drinks, high-end cars, yachts and private aircraft will be taxed at 40%, ensuring progressivity while safeguarding revenues.Life insurance premiums were made GST-free. Household goods, packaged foods, medicines, consumer durables, automobiles and farm equipment all became cheaper.GST on farm machinery, irrigation equipment and bio-pesticides has been slashed to 5%, reducing input costs and encouraging productivity and sustainable farming practices.The reform eased compliance, reduced costs, boosted festive demand and reinforced domestic manufacturing, delivering relief at both the consumer and enterprise level.
Budget 2025: Big relief for middle class
The Union Budget added another boost, delivering sweeping income tax relief under the new tax regime. The headline announcement was zero income tax on annual income up to Rs 12 lakh. For salaried individuals, the nil-tax threshold effectively rises to Rs 12.75 lakh, after accounting for the standard deduction of Rs 75,000, offering additional relief to middle-income earners.Slab rates were reworked to ease the burden on middle-income earners, significantly improving disposable incomes. Together, tax cuts, GST rationalisation, record-low inflation, robust GDP growth and accommodative monetary policy have created a supportive economic environment.These factors are expected to lift consumer spending, improve corporate profitability and sustain investment momentum. While currency volatility remains a risk to watch, the broader macro trend points to positive market sentiment and scope for sustained economic expansion.As the RBI summed up, “Economic activity during the first half of the financial year benefited from income tax and goods and services tax (GST) rationalisation, softer crude oil prices, front-loading of government capital expenditure, and facilitative monetary and financial conditions supported by benign inflation.”
Stock market showed strong peaks and weak finish
India’s equity markets delivered a mixed performance in 2025, touching record highs and lows during the year, later ending on a softer note as foreign selling intensified amid global uncertainty, geopolitical tensions and shifting trade dynamics.Strong consumer demand, steady government spending and ongoing structural reforms helped markets remain resilient for much of the year.Early 2025: Markets began cautiously, weighed down by global growth concerns, elevated interest rates in advanced economies and trade tensions. Still, benchmarks opened the year on a positive footing. On January 2, the BSE Sensex stood at 78,507.41 while the Nifty 50 was at 23,742.90, supported by buying in frontline stocks.Mid-year: A recovery was following however, global volatility spiked in April after US President Donald Trump, in his second term, announced sweeping new tariffs on April 2, dubbed “Liberation Day” triggering a sell-off across global markets.Late 2025: Volatility remained in the final months due to foreign portfolio outflows, rupee pressure and uncertainty around global monetary policy and geopolitics. Nifty 50 touched an all-time high of 26,326 on December 1, ending the year with gains of about 10.2%, while BSE Sensex also hit its highest-ever closing level of 86,159.02, reflecting steady gains and improving market breadth through much of the year.However, momentum faded toward the close. In the final sessions, benchmarks declined dragged down by continued foreign investor selling and a lack of strong domestic triggers. The Nifty 50 closed at 26,042.30, down 0.38%, while the Sensex fell 367 points, or 0.43%, to 85,041.45, after touching an intraday low of 84,937.82.Overall, the Indian markets showed a neutral-to-negative note in 2025.
India’s trade push: FTAs take centre stage
Even as protectionism rose, India pressed ahead with trade diplomacy. India stepped up its trade diplomacy in 2025, concluding key free trade agreements and reviving stalled negotiations as it sought to diversify export markets amid rising global protectionism and tariff barriers.India–New Zealand FTA (2025): India concluded a Free Trade Agreement (FTA) with New Zealand on December 22, paving the way for duty-free entry of all Indian exports into the New Zealand market and a planned investment inflow of $20 billion over the next 15 years. PM Modi and New Zealand Prime Minister Christopher Luxon announced the deal via social media, with both sides aiming to double bilateral trade within five years.According to the Global Trade Research Initiative (GTRI), the pact strengthens India’s access to a high-income, rules-based Pacific market, while offering New Zealand deeper entry into one of the world’s fastest-growing major economies amid global trade uncertainty.India–Oman CEPA (2025): The India–Oman Comprehensive Economic Partnership Agreement (CEPA) delivers near-complete duty-free access for Indian exports and opens opportunities across labour-intensive manufacturing, services and skilled workforce mobility.The deal marks a major expansion of India’s economic footprint in the Gulf region. Gulzar Didwania, Partner at Deloitte India, described the Oman CEPA and New Zealand FTA as “watershed moments” for India’s export-led growth strategy.
“The India–Oman CEPA delivers zero-duty access on nearly 98% of tariff lines, covering textiles, engineering goods, medical devices, pharmaceuticals and automobiles. Similarly, the India–New Zealand FTA removes tariffs on 100% of India’s exports, opening the NZ market widely and potentially doubling trade over five years,” he told TOI.India–UK CETA (2025): The India–UK Comprehensive Economic and Trade Agreement (CETA) offers near-total duty-free access for Indian exports, with significant upside for labour-intensive sectors.India–Israel FTA: India and Israel have been negotiating an FTA since 2010, completing ten rounds covering 280 tariff lines. Talks stalled due to differences over services market access, particularly the temporary movement of Indian IT and skilled professionals. Negotiations gained fresh momentum in November 2025, when both sides signed the Terms of Reference, formally reviving discussions.India has already signed trade agreements with Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, South Korea, Japan, Australia, the UAE and Mauritius. It is also part of:
The ASEAN trade pact (10 Southeast Asian nations)
The EFTA agreement with Iceland, Liechtenstein, Norway and Switzerland
The Downside: Rupee stress, tariffs and rising uncertainty
Despite strong domestic growth, 2025 exposed some of India’s economic vulnerabilities on the global front. The year was marked by rising trade tensions, currency pressure and heavy foreign capital outflows.
Rupee under pressure amid dollar strength
The Indian rupee remained volatile in December, slipping to a record low near Rs 91 per US dollar on December 16, weighed down by strong dollar demand and sustained foreign portfolio outflows. The rupee recovered some ground the following day, strengthening by 55 paise to close at Rs 90.38 on December 17. A further late-week rebound saw the currency rise from nearly Rs 91 to Rs 89.27 on December 19, though pressure soon returned.On December 26, the rupee closed at Rs 89.86 per dollar, dragged down by falling domestic equities, continued foreign fund outflows and higher crude oil prices.Despite intermittent recoveries, the rupee has emerged as one of the worst-performing emerging market currencies this year, hurt by US tariffs on Indian exports and weak portfolio inflows. The pace of depreciation has been a key concern.After breaching the Rs 90 per dollar level, the rupee slipped past Rs 91 within just 13 days. In less than a year, it has fallen from around Rs 85 to Rs 90, underscoring the speed of the decline.According to State Bank of India’s Ecowrap report, the rupee is expected to stabilise and recover next year, even as near-term volatility persists.
FII outflows hit record levels in 2025
Foreign institutional investors (FIIs) remained persistent sellers of Indian equities throughout 2025, extending a selling trend that began in October 2024. As a result, 2025 has turned into the worst year on record for foreign equity flows into India.FIIs are set to close the year with a record-breaking exodus from Indian stock markets, marking the steepest annual net outflows ever witnessed in India’s capital markets.As of December 27, FIIs had sold equities worth Rs 22,130 crore through stock exchanges. This took cumulative equity selling in calendar year 2025 to Rs 2,31,990 crore. Investments via the primary market stood at Rs 73,583 crore, bringing net FII outflows for the year to Rs 1,58,407 crore, the highest annual net selling by FIIs since they began investing in India.According to Morgan Stanley, FII positioning in Indian equities is now close to cyclical lows. However, the brokerage cautioned that a sustained return of foreign inflows would depend on stronger growth momentum, relatively weaker equity performance in other markets, or higher corporate issuance levels.While domestic fundamentals remain relatively strong, currency volatility and foreign outflows continue to pose near-term challenges for Indian markets.
Yet 2025 was also defined by global headwinds!
Trade deals amid tariff wars
US President Donald Trump has often spoken warmly of his personal relationship with Prime Minister Narendra Modi, repeatedly describing him as a “great friend.” However, Washington’s trade actions toward India in 2025 told a sharply different story.On August 1, the US imposed a 25% tariff on Indian goods, doubling it to 50% by August 27, alongside an additional “penalty” linked to India’s energy ties with Russia. The move marked one of the most aggressive trade actions taken against India in recent years.Trump accused India of maintaining some of the world’s highest tariffs and what he called “obnoxious” non-monetary trade barriers. He also criticised India’s continued purchases of Russian oil, saying this undermined global efforts to pressure Moscow over the war in Ukraine.His rhetoric escalated in July, when he said,”I don’t care what India does with Russia. They can take their dead economies down together, for all I care.” New Delhi responded firmly stressing that the country remained firmly on track to become the world’s third-largest economy.
India–US trade talks: Progress slow
The United States remains India’s largest export destination, but trade ties faced strain after the Trump administration imposed punitive tariffs of up to 50% on Indian goods.While discussions continue, a final agreement remains elusive. A recent visit by a US delegation to New Delhi failed to deliver a breakthrough, even as Prime Minister Modi and President Donald Trump have described bilateral engagement as positive.The US is pushing for greater exports of energy and agricultural products, while India has drawn a firm red line on opening its farm sector. Officials now believe a deal could be signed by March.The US administration has repeatedly cited its widening trade deficit with India as a key concern, arguing that India maintains relatively high tariffs on American goods and imposes market-access restrictions. “We have a massive trade deficit with India,” Trump said shortly before the initial 25% tariffs came into effect.According to analysts, 2026 could be the first full year in which countries begin grappling with the real-world consequences of a tariff-heavy global trade system, with implications for investment flows, economic growth, inflation, interest rates and currencies.
Immigration becomes a trade flashpoint
Trade negotiations have increasingly become entangled with US immigration policy, particularly around the H-1B visa programme, a critical channel for India’s services exports. The US raised the H-1B visa fee to $100,000, up from a previous range of $2,000–$5,000, sharply increasing hiring costs for employers.From December 15, the US State Department also introduced enhanced screening and vetting, including scrutiny of applicants’ social media profiles, for both H-1B and dependent H-4 visas.This shift could significantly disadvantage entry-level professionals and recent international graduates, many of whom are Indian, raising fresh concerns about India’s largest and fastest-growing services export channel to the US.
Mexico: The 50% shock in the trade outlook
One of the most unexpected jolts to India’s trade outlook in 2025 came not from a global superpower, but from Mexico.In December, Mexico announced a blanket tariff hike of up to 50% on imports from non-free trade agreement (FTA) countries, a move aimed at blocking Chinese trans-shipments from entering the United States duty-free. The decision had immediate and significant implications for Indian exporters.Under the measure, import duties ranging from 5% to 50% will apply to around 1,463 product categories from countries that do not have an FTA with Mexico, including India. The revised tariffs will come into effect from January 1, 2026, though the detailed product list has yet to be officially published.According to estimates by the Global Trade Research Initiative (GTRI), the impact on Indian trade could be severe. “Nearly 75% of India’s $5.75 billion exports to Mexico will be affected as tariffs jump from 0-15% to around 35%,” the think-tank said.For Indian exporters, particularly in sectors such as automobiles, textiles, engineering goods and consumer products, the decision threatens to undo years of market-building efforts in Latin America.India and Mexico are currently preparing to begin discussions on a bilateral free trade agreement, with formal negotiation parameters expected to be finalised shortly. Analysts believe such an agreement could help insulate Indian exporters from the tariff shock.
Russia: A relationship grows, but unevenly
India and Russia share a long-standing relationship, with economic ties dating back to the Soviet era. In the decades since, bilateral trade and investment have steadily expanded, with cooperation spanning energy, defence, pharmaceuticals and information technology.In the post-Soviet era, India–Russia trade rose from $1.4 billion in 1995 to a record $68.7 billion in FY 2024–25. Indian firms have invested in Russia’s oil and gas, pharmaceutical and IT sectors, while Russian companies have put money into India’s energy, infrastructure and manufacturing industries.Yet behind the headline numbers lies a growing imbalance that threatens to complicate the partnership.
A trade corridor dominated by oil
The India–Russia energy corridor has emerged as a defining feature of bilateral trade—especially since the outbreak of the Ukraine war and the imposition of Western sanctions on Moscow.In FY 2024–25, India’s imports from Russia stood at roughly $63.8 billion, driven overwhelmingly by crude oil and petroleum products. In contrast, India’s exports to Russia were only about $4.9 billion, leaving a massive trade gap.India’s dependence on Russian crude has remained high despite Western sanctions. In November 2025, India imported 1.77 million barrels per day (bpd) of Russian oil, marking a 3.4% increase over October.Estimates suggest that imports in December 2025 could reach as much as 1.5 million bpd, supported by strong volumes exceeding 1.2 million bpd earlier in the month.The appeal is clear: discounted prices.Russian oil has remained attractive due to aggressive pricing by non-sanctioned producers. Indian refiners—both public and private—have continued to capitalise on these discounts.Imports from Russia surged from $5.94 billion in 2020 to $64.24 billion in 2024, with crude oil now forming the largest share of goods flowing from Russia to India.The bilateral trade agenda gained further momentum during President Putin’s December visit to India, which reinforced energy and strategic cooperation while reaffirming the ambitious $100 billion trade target by 2030.On December 6, India and Russia vowed to scale up bilateral trade to $100 billion by the end of the decade. PM Modi also said both countries were “actively working” towards the early conclusion of a Free Trade Agreement with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.However, the very factors that propelled India–Russia trade growth are now introducing new complications. Western sanctions are steadily reshaping India’s oil trade, according to a report by Rubix Data Sciences, reducing dependence on discounted Russian crude and redirecting energy flows towards the United States and the United Arab Emirates.The effects have been particularly visible in exports. In hindsight, 2025 will be remembered neither as a flawless “Goldilocks year nor as one derailed by tariffs.” The economy did well even under pressure, but enters 2026 with unresolved global headwinds!
Congress leader praises RSS: Congress leader Digvijaya Singh sparked controversy by praising the RSS’s organisational strength and sharing a photo he said reflected how the group shapes its leadership.
Doctors on strike: Non-emergency medical services were disrupted at government hospitals in Himachal Pradesh as resident doctors went on indefinite strike over a colleague’s termination.
Israel recognises Somaliland: Israel’s formal recognition of Somaliland has sparked diplomatic backlash across Africa and the Middle East, reviving debate over the breakaway region’s status. The United States and the African Union have rejected the move.
Rahul Gandhi under fire: The BJP accused the Congress of colluding with “anti-India” forces, citing Rahul Gandhi’s participation in the Global Progressive Alliance during his Germany visit and linking the group to alleged anti-India narratives.
SOS from Bangladesh: Fearing Islamist mob attacks after recent lynchings, Hindus in Bangladesh are urging India to open its borders, amid rising support for hardliner Tarique Rahman.
Here are the top 5 stories of the day
Congress’s Digvijaya Singh praises RSS photo, highlights Modi’s rise from worker to PM
Congress leader Digvijaya Singh sparked controversy on Saturday by praising the organisational strength of the RSS, a group the Congress has long opposed. Sharing a black-and-white photograph showing Narendra Modi seated on the ground while BJP veteran L.K. Advani sat on a chair, Singh highlighted how the RSS shapes leadership, noting it enabled a grassroots worker to rise to Chief Minister and eventually Prime Minister.Posting the image on X, he called it “very impressive” and lauded the power of the organisation. Later, Singh clarified that while he praised the RSS’s organisational structure, he remains a staunch opponent of the RSS and PM Modi, emphasizing that acknowledging the effectiveness of an organisation does not alter his political stance.Read full story
Medical services, except for emergencies, were severely disrupted across several government hospitals in Himachal Pradesh on Saturday after resident doctors went on an indefinite strike protesting the termination of Dr. Raghav Narula, who was accused of assaulting a patient at Indira Gandhi Medical College (IGMC), Shimla.The Resident Doctors’ Association announced the strike after mass casual leave on Friday, suspending outpatient services, routine care, and elective surgeries while maintaining emergency services. The incident, captured on video and widely shared on social media, showed Narula punching the patient, Arjun Singh, who had objected to being addressed disrespectfully; both parties later blamed each other.Read full story
Israel recognises Somaliland, sparking diplomatic backlash
Israel’s formal recognition of Somaliland as an independent and sovereign state has sparked diplomatic backlash across Africa and the Middle East, reigniting debate over the status of the self-governing region in northern Somalia. While Israel became the first country to grant official recognition, the United States has rejected the move, and the African Union warned it could destabilise the continent.Somaliland, which declared independence in 1991 following the collapse of Somalia’s Siad Barre regime, has functioned for over three decades as a de facto state with its own government, currency, army, and elections, but remains unrecognised by Somalia, the UN, the African Union, and all major powers.Read full story
BJP alleges Congress collusion with ‘anti-India’ forces over Rahul Gandhi’ Germany visit
The BJP on Saturday accused the Congress of colluding with “anti-India” forces, highlighting Rahul Gandhi’s participation in the Global Progressive Alliance during his Germany visit.Citing remarks by Rahul’s long-time advisor Sam Pitroda, BJP MP Sudhanshu Trivedi claimed the alliance promotes “anti-India” narratives and suggested it exposed the Congress party’s true ideological leanings, drawing renewed connections between the party and George Soros.Read full story
Hindus in Bangladesh seek India’s help amid rising BNP influence
Fearing for their lives after the lynchings of Dipu Chandra Das and Amrit Mondal, persecuted Hindus in Bangladesh are appealing to India to open its borders as a refuge from Islamist mob attacks. Their fears have intensified amid rising support for hardliner BNP leader Tarique Rahman, with many worried that the party’s potential return to power could worsen minority persecution, leaving them feeling trapped and vulnerable.