The focus in 2026 will be on sustaining the growth momentum despite challenges like tariffs and foreign fund selloff. Financial assets are expected to be driven by central bank actions and trade deal prospects in the first half of 2026 amid heightened volatility. So, what should your strategy be in the New Year? Partha Sinha & Mayur Shetty explain…

Stocks lose sheen , FD rates may not rise, is gold still an option?

Losing interest in FDs?There’s not much leeway for banks to cut interest rates from the current levels. While credit offtake is showing good traction, deposit mobilisations are in the slow lane. In such a situation, it’s unlikely banks will cut FD rates aggressively. This could be good news for those who prefer the relative safety of FDs and are due to rollover their funds

Stock up with caution in new yearLeading indices could remain fence-sitters in early months of the year. Signs of a turnaround in corporate numbers and strong domestic flows are expected to push benchmark indices higher. However, limited progress on India-US trade deal, geopolitical uncertainties, foreign fund selling and the weak rupee would weigh on equities

Crypto conundrumIf 2025 was a watershed year for crypto, with most major economies tilting heavily in favour of these digital assets, 2026 could see gains, building off the developments of the previous year. Institutional demand for cryptocurrencies could rise

Gold & silver: Going up, up, upAfter two years of record-breaking gains, the two precious metals are unlikely to see any meaningful corrections. Geopolitical tensions, an uncertain global market, investment demand and especially for silver, rising industrial demand amid uncertain supplies, are seen combining to keep prices of these precious metals at elevated levels.

Mutual funds: Your long-term betIf we extrapolate the 20% CAGR for the industry’s AUM of the last decade into next year, 2026 should turn out to be the landmark year when the fund industry would cross the $1tn AUM mark. Also expect the growth of passive funds to continue to surpass the same for actively managed ones.

Bond with bonds?A section of the market is apprehensive about govt’s gross borrowing programme for FY27, given the sizable redemptions during the year. Since the economy is near the end of the rate easing cycle, higher gross borrowing may distort the demand-supply dynamics. Bond yields could rise. RBI recently announced open market operations (OMOs) to cap any unfavourable spike in yields. More OMOs may follow in the next year(Source: ETIG, Value Research, SBI)

RBI focus on curbing cybercrime, insurance sector set for registration

Fight against fraud: Banks will have to obtain explicit customer opt-in for internet/mobile/USSD/SMS banking before starting digital services. Banks must also record consent, send real-time alerts, strengthen risk controls and cybersecurity. The intent is to cut fraud and ensure customers clearly understand which digital services are enabled on their accountsNo fee on no-frills bank accounts: Basic savings bank deposit accounts go fully free. Banks must offer zero-charge digital banking, cash deposits, ATM/debit cards and statements. The push widens inclusion and turns no-frills accounts into daily-use walletsRBI’s cybersecurity mantra: Banks must file core-banking ring-fencing plans, isolating critical systems from peripheral apps with March 2028 deadline for full roll out. This segregation is meant to limit the impact of cyber incidents and system failures. Alongside this roadmap, RBI is tightening expectations around how critical banking infrastructure is protected and monitoredMore checks for e-payments: Digital payments face tougher gates. Banks must add two-factor/risk-based checks, layering biometrics or analytics over OTPs. At the same time, RBI is making digital deposits costlier for banks by raising liquidity buffer requirements, including an additional 2.5% run-off under the liquidity coverage ratio and tougher haircuts on liquid assetsPolicy shift: Insurance rules set for reset under regulator Irdai. Insurers will shift from solvency-led capital to risk-based capital and adopt Ind AS 117, spreading revenue over policy lifePrivacy please: Compliance tightens across banking and financial services sector. The Digital Personal Data Protection Act enforces encryption, access controls, audits, breach reporting and data officers, with penalties up to Rs 250 crore. Alongside, telecom regulator Trai mandates a shift to 1600-series service numbers, with large NBFCs/payment banks due by Feb 2026, to choke spoofed calls and cut fraud at sourceInsurance consolidation: A surge in M&A activity is expected in the insurance sector as the new law allowing 100% foreign direct investment is expected to take effect. The relaxation in norms pertaining to control and appointment of directors is expected to attract new players who had been waiting in the sidelines. Permission to acquire non-insurance cos is likely to lead to insurers acquiring insuretech and TPA firms

Congress leader Jairam Ramesh

NEW DELHI: Congress on Wednesday launched a broadside against the Centre and sought a clarification on China’s role after Beijing claimed credit for mediation between India and Pakistan after tensions flared up between the two countries in May.Congress leader Jairam Ramesh, in a social media post on X, said that China’s claim are concerning as it seems to “make a joke of India’s national security”.

“President Trump has long claimed that he personally intervened to halt Operation Sindoor on May 10, 2025. He has done so on 65 different occasions in various forums in at least seven different countries. The Prime Minister has never broken his silence on these claims made by his so-called good friend,” the Congress leader said.“Now the Chinese foreign minister makes a similar claim and says China also mediated. On July 4, 2025, the Deputy Chief of Army Staff Lt. Gen Rahul Singh had publicly stated that during Operation Sindoor, India was actually confronting and combating China. Given that China was decisively aligned with Pakistan, Chinese claims of having mediated between India and Pakistan are concerning – not just because they directly contradict what the people of our country have been led to believe, but because they seem to make a joke of our national security itself,” he added.Jairam Ramesh further said that the statement must be understood in the context of India’s relationship with China. The Congress leader claimed that New Delhi’s re-engagement with Beijing has been on Chinese terms.“This claim must also be understood in the context of our relationship with China. We have begun re-engagement with them – but unfortunately it has been on Chinese terms. The Prime Minister’s clean chit to China on June 19, 2020, has considerably weakened India’s negotiating position,” the Congress leader said.“Our trade deficit is at record highs and much of our exports are dependent on imports from China. Provocative actions by China in relation to Arunachal Pradesh continue unabated. Amidst such a lopsided and hostile relationship, the people of India need clarity on what role China played in the abrupt halt to Operation Sindoor,” he added.This comes after Chinese foreign minister Wang Yi, at the Symposium on the International Situation and China’s Foreign Relations, said Beijing had played a mediating role in several global conflicts, including the one between India and Pakistan.“To build peace that lasts, we have taken an objective and just stance, and focused on addressing both symptoms and root causes. Following this Chinese approach to settling hotspot issues, we mediated in northern Myanmar, the Iranian nuclear issue, the tensions between Pakistan and India, the issues between Palestine and Israel, and the recent conflict between Cambodia and Thailand,” Wang said.Wang’s remarks come months after India and Pakistan were locked in a brief but intense military confrontation in May, triggered by a terror attack in the Pahalgam valley of Jammu and Kashmir on April 22, which took 26 innocent lives.India responded with Operation Sindoor, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir.India has consistently dismissed claims of any third-party mediation, maintaining that the four-day confrontation was resolved through direct military-to-military communication.New Delhi has maintained that, inflicted by this heavy damage, Pakistan’s Director General of Military Operations (DGMO) called the Indian DGMO and both sides agreed to stop all firing and military action on land and in the air and sea with effect from May 10.

After months of glittering rallies, hitting record highs, gold and silver ended 2025 on a muted note as investors turn to book profits on the last day of 2025. On Wednesday, silver futures for March 2026 witnessed a sharp sell-off, plunging 6% to Rs 2,35,952 per kg on the MCX, a loss of Rs 15,060 in a single session. Gold futures for February 2026 also edged lower, slipping 0.4% to Rs 1,36,124 per 10 grams. The correction was far steeper in silver, which had recently surged to all time highs. The pause came after a strong rally earlier in the week. In the previous session, bullion prices had rebounded sharply from intraday lows, supported by renewed safe-haven demand. Gold February futures had closed 1.28% higher at Rs 1,36,666 per 10 grams, while silver March futures had jumped 11.84% to Rs 2,51,012 per kg on the MCX. Global markets took a cautious tone. International gold and silver prices edged lower on December 31 as traders booked profits near all-time highs. Spot gold fell 0.3% to around $4,334 an ounce in early Asian trade, after touching a record high of $4,549.71 last week. US gold futures for February delivery declined 1% to $4,346.50 an ounce. Even with the late pullback, both metals are set to end 2025 with historic annual gains.Markets became cautious after Russia alleged that Ukraine carried out a drone attack on the President’s residence, weakening expectations of a near-term peace deal. Additionally, reports of US airstrikes on a Venezuelan dock and a Chinese military exercise in waters close to Taiwan, also pushed investors towards gold and silver as traditional safe-haven assets.

What’s the outlook?

Manoj Kumar Jain of Prithvifinmart Commodity Research told ET that in the short term, bullion prices are supported by geopolitical developments. However, he cautioned that the US Federal Reserve’s meeting minutes released on Tuesday reduced the likelihood of aggressive interest rate cuts in 2026, which may limit further upside in precious metal prices. Adding to the headwinds, the US Dollar Index held steady near 98.28, up 0.04%, hitting the momentum in gold. Sharing his trading view, Jain highlighted major technical levels for the MCX. Gold has support at Rs 1,35,200–1,34,000 and resistance at Rs 1,37,700–1,39,200. For silver, support lies between Rs 2,40,000 and Rs 2,28,000, while resistance is seen in the Rs 2,62,000–2,75,000 range. He advised investors to wait for clearer price stability before taking fresh positions and to strictly avoid short selling amid heightened market volatility.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)

NEW DELHI: The Army has launched a training programme for the Village Defence Guards (VDG) in Jammu and Kashmir amid the ongoing counter-terrorism operation in the higher reaches of Chenab valley.According to the Army, around 15 Village Defence Guards, including women volunteers, are undergoing intensive training in handling automatic rifles, minor tactics, self-defence, bunker construction and repelling enemy attacks, they said.Officials told news agency PTI that the raining is being conducted at Shingini panchayat of Balassa, around 90 km from the Doda district headquarters. It aims to equip volunteers with the necessary skills to protect their villages and act as a first line of defence, especially in vulnerable areas.The move complements the ongoing operation by the Army, police and paramilitary forces in the higher reaches to track down and neutralise the terrorists who had managed to infiltrate into Chenab valley, especially Doda and Kishtwar districts, a couple of years back, officials added.The VDGs welcomed the training and the recent upgradation of their weaponry. They expressed gratitude to Union Home Minister Amit Shah for providing self-loading rifles (SLRs), replacing the older .303 rifles, which they said, has significantly boosted their confidence.“This is a major programme bringing together members from 17 Village Defence Groups. We are being trained in weapon handling, bunker construction and self-defence. Receiving such training at our doorstep is highly appreciable,” Surinder Singh, a VDG member from Shingani, said.He requested the government to provide more automatic weapons to the members, recalling the frequent terror attacks in the region during the early 1990s.Another VDG member, Rajesh Kumar Thakur from Gauala village, said the training by the Army and Jammu and Kashmir Police has instilled a sense of confidence.“Earlier, we only had .303 rifles. After receiving automatic weapons, our confidence has increased, and we now feel capable of defending our villages,” he said.This comes as he Army has intensified its counter-terrorism operations across the Kishtwar and Doda districts amid the ongoing Chillai Kalan — the 40-day bone-chilling winter period — in Jammu and Kashmir.According to sources, various intelligence agencies asses that there are approximately 30 to 35 Pakistani terrorists currently in the Jammu region.Inputs gathered over the past few months suggest that these groups, finding themselves cornered by successful counter-terror operations, have shifted deeper into higher and middle mountain reaches of the region — areas now devoid of habitation. These terrorists are believed to be seeking temporary winter hideouts to evade detection and avoid direct confrontation with security troops, they added.Meanwhile, the Army and security forces have also adopted a proactive winter posture, establishing temporary bases and surveillance posts deep within snow-covered areas to maintain continuous pressure on potential terrorist hideouts.

Deepti Sharma (BCCI Photo)

NEW DELHI: India all-rounder Deepti Sharma etched her name in history by becoming the highest wicket-taker in women’s T20 Internationals, claiming her 152nd scalp during the fifth T20I against Sri Lanka in Thiruvananthapuram on Tuesday.The landmark wicket helped Deepti overtake Australia pacer Megan Schutt (151) at the top of the charts. She achieved the feat by dismissing Nilakshika Silva in the 14th over, playing a key role as India completed a comprehensive 5–0 series sweep at home. Pakistan’s Nida Dar sits third on the list with 144 wickets from 152 innings.

With 103 wickets in 86 innings, Radha Yadav is the second-highest Indian wicket-taker in women’s T20Is. Radha and Deepti are the only two Indian bowlers to have crossed the 100-wicket mark in the format.Earlier this week, the 28-year-old also became the first cricketer—across men’s and women’s internationals—to score 1,000 runs and take 150 wickets in T20Is. Currently ranked No. 1 in the ICC Women’s T20I all-rounder rankings, Deepti has played 133 T20Is for India and was named Player of the Tournament at the 2025 ICC Women’s World Cup, where India clinched their maiden title on home soil.

Most wickets in career in WT20Is

India successfully defended 175 to win the fifth T20I by 15 runs. Deepti returned figures of one for 28 from her four overs. Across formats, she has taken 20 wickets in Tests and 162 in ODIs.Deepti also made headlines at the Women’s Premier League auction, rejoining UP Warriorz for Rs 3.2 crore—the second-highest bid in the league’s history.In the ICC rankings, Deepti continues to hold the top spot among T20I bowlers, while West Indies skipper Hayley Matthews remains the leading T20I all-rounder. For Sri Lanka, opener Hasini Perera jumped 114 places to 71st in the batter rankings following consistent performances, while Kavisha Dilhari climbed to 79th.The updated rankings reflect India’s dominance in the series, with significant gains for both batters and bowlers after the clean sweep.

NEW DELHI: Chinese foreign minister Wang Yi has claimed that Beijing mediated several global conflicts, including the standoff between India and Pakistan in May following the Pahalgam terror attack in Jammu and Kashmir.Speaking at the Symposium on the International Situation and China’s Foreign Relations on Tuesday, Wang said Beijing had taken an “objective and just stance” to build peace and focused on addressing “both symptoms and root causes”.

“This year, local wars and cross-border conflicts flared up more often than at any time since the end of WWII. Geopolitical turbulence continued to spread,” Wang said at the symposium in Beijing.“To build peace that lasts, we have taken an objective and just stance, and focused on addressing both symptoms and root causes. Following this Chinese approach to settling hotspot issues, we mediated in northern Myanmar, the Iranian nuclear issue, the tensions between Pakistan and India, the issues between Palestine and Israel, and the recent conflict between Cambodia and Thailand,” he said.The statement comes despite Beijing’s role during the May 7–10 Operation Sindoor conflict between India and Pakistan coming under serious scrutiny and criticism, particularly over alleged military assistance provided by China to Islamabad.After the conflict flared up, Deputy Chief of Army Staff Lt General Rahul R Singh had said Beijing used the confrontation as a “live lab”, while declining to directly elaborate on the charge.Gen Singh said China’s strategy during Operation Sindoor was based on its ancient military doctrine of the “36 stratagems”, accusing Beijing of seeking to hurt India by “killing with a borrowed knife” — a reference to alleged Chinese support to Pakistan.Meanwhile, the Indian Army on Tuesday hailed Operation Sindoor, underlining ten major milestones achieved by the force in 2025.“Nine terrorist camps across the border were destroyed. The Indian Army neutralised seven camps, while the remaining two were destroyed by the Indian Air Force. Pakistan attempted to target military and civilian assets using drones, but Indian Army air defence units successfully neutralised all threats, preventing damage and casualties. More than a dozen terror launch pads along the Line of Control were destroyed using Indian Army ground-based weapons,” the Army said.“The director general of military operations of the Indian Army was approached by his Pakistani counterpart with a request for a ceasefire. An understanding was reached to stop firing and military action,” it added.India and Pakistan were locked in a brief but intense military confrontation in May, triggered by a terror attack in the Pahalgam valley of Jammu and Kashmir on April 22, which claimed 26 innocent lives.India responded with Operation Sindoor, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir.India has consistently dismissed claims of any third-party mediation, maintaining that the four-day confrontation was resolved through direct military-to-military communication.New Delhi has maintained that after sustaining heavy damage, Pakistan’s Director General of Military Operations (DGMO) called his Indian counterpart, and both sides agreed to stop all firing and military action on land, air and sea with effect from May 10.

India rolled out a new trade measure on Tuesday, imposing safeguard duties on certain steel imports for a period of three years. The move comes as a push to protect domestic manufacturers from a surge in low-cost overseas supplies, particularly from China.As per a finance ministry notification, the safeguard duty will stand at 12% in the first year, ease to 11.5% in the second, and fall further to 11% in the final year. The decision follows a detailed probe into import trends and their impact on local producers.The levy will apply to steel shipments from countries including China, Vietnam and Nepal. However, imports from some developing nations have been kept outside the scope of the measure. The order also makes it clear that specialty steel products, such as stainless steel, will not be covered under the safeguard duty.The directorate general of trade remedies, which examined the matter, recommended the three-year tariff after observing a “recent, sudden, sharp ‍and significant ⁠increase in imports … ⁠causing and threatening to cause serious injury to the domestic industry,” the order stated. The latest move builds on an earlier step taken in April, when the government imposed a temporary 200-day safeguard duty of 12% on similar steel products, according to a Reuters report.Officials from the federal steel ministry have repeatedly stated that unchecked inflows of cheap and sub-standard steel could harm India’s domestic steel sector, prompting the need for protective measures.The decision also comes against the backdrop of growing global trade tensions in the steel market. US President Donald Trump’s import tariffs on steel have intensified scrutiny of Chinese exports, leading countries such as South Korea and Vietnam to introduce anti-dumping duties earlier this year.