US President Donald Trump on Sunday said he had a “productive telephone call” with his Russian counterpart Vladimir Putin ahead of a planned meeting in Florida with Ukraine’s leader Volodymyr Zelenskyy.“I just had a very good and productive telephone call with President Putin of Russia” before the planned talks with Zelenskyy at Trump’s Florida estate at 1.00 pm local time (1800 GMT), the US leader said on Truth Social.Trump is set to host a crucial meeting with Ukrainian counterpart Zelenskyy on Sunday, an engagement can be seen as another effort to ease the ongoing war and push forward a potential peace agreement between Russia and Ukraine, now nearing four years since Moscow’s invasion.The talks will include Zelenskyy’s “20-point peace deal proposal”, which is “about 90% ready” as Ukrainian leader said.The meeting is scheduled for 1pm, the White House said late Friday. It comes against the backdrop of renewed Russian attacks on Ukraine, including heavy damage in Kyiv from large-scale missile and drone strikes.Ukrainian president’s spokesperson confirmed that Trump and Zelenskyy will call European leaders after meeting in Florida.On Saturday, Zelenskyy said on X that Russia used “almost 500 drones and 40 missiles” in its latest assault. He also wrote on Telegram, “Russia continues to mock our cities and people. Moscow has rejected even the proposals for a Christmas ceasefire and is increasing the ferocity of its missile and drone strikes. This is a clear signal of how they really feel about diplomacy… Therefore, Ukraine needs sufficient support. And sufficient pressure needs to be put on Russia.”Trump and Zelenskyy will meet at Trump’s Mar-a-Lago club in Palm Beach, where the US president is spending the holidays. Trump has been trying to position himself as a mediator since beginning his second-stint in presidency, although previous talks, including one with Russian President Vladimir Putin in Alaska, ended without progress.Ahead of the meeting, Zelenskyy said Ukraine is doing everything it can to end the war but stressed that final decisions depend on support from partners. “These are some of the most active diplomatic days of the year, and much can be resolved before the New Year, and we are doing everything for this, but whether there will be decisions depends on the partners,” he wrote on Telegram. He added that Ukraine’s allies must continue pressure on Moscow “so that the Russians feel the consequences of their own aggression.”Russia has increased strikes on Kyiv in the days leading up to the Florida talks. In another post on X, Zelenskyy said, “Ukraine is willing to do whatever it takes to stop this war. We need to be strong at the negotiating table.” Responding to Russia’s attacks, he also wrote, “We want peace, and Russia demonstrates a desire to continue the war. If the whole world — Europe and America — is on our side, together we will stop” Putin.

India has taken a step towards cleaner farm mechanisation with the Bureau of Indian Standards (BIS) rolling out the country’s first testing standard for electric agricultural tractors. The new standard, IS 19262:2025 titled Electric Agricultural Tractors – Test Code, was released on December 24 by Union Minister for Consumer Affairs, Food and Public Distribution Pralhad Joshi at Bharat Mandapam on the occasion of National Consumer Day, PTI reported. Developed by BIS, the standard lays down uniform testing protocols to assess the safety, reliability and performance of electric tractors, a segment seen as key to reducing emissions and operating costs in agriculture. The test code covers evaluation of power take-off (PTO), drawbar power, belt and pulley performance, vibration levels, and inspection of critical components and assemblies. It draws from existing standards for conventional diesel tractors and electric vehicles, suitably adapted for agricultural applications. “The implementation of this standard through authorised testing institutes would facilitate wider adoption of electric agricultural tractors, promote innovation in clean technologies, and contribute to reduced emissions,” an official statement said. Electric tractors, which run on battery packs instead of diesel engines, are seen as offering lower operating and maintenance costs, reduced noise and improved energy efficiency, while eliminating tailpipe emissions at the farm level due to fewer moving parts. The standard was framed following a request from the Ministry of Agriculture’s Mechanisation and Technology Division, with inputs from tractor manufacturers, testing agencies, research bodies and technical experts. Contributors included the ICAR-Central Institute of Agricultural Engineering, Central Farm Machinery Training and Testing Institute, Tractor and Mechanisation Association, and the Automotive Research Association of India. Although voluntary, the standard provides a scientific framework for evaluating the performance and safety of electric tractors. It is expected to support future acceptance criteria and conformity assessment schemes, while giving farmers greater confidence in adopting electric tractors as their use expands.

India’s exports weathered a turbulent 2025 marked by steep US tariffs, geopolitical disruptions and global trade uncertainty, with exporters adapting by diversifying markets and products –a strategy that officials and industry expect will support steady growth into 2026, PTI reported.Despite a 50% duty imposed by the US on Indian goods during the year, exporters recalibrated quickly, cushioning the impact through market diversification. A senior commerce ministry official summed up the response by saying that “trade is like water, it finds its own course”.India’s merchandise exports, which stood at $276.5 billion in 2020, climbed sharply to $395.5 billion in 2021 and $453.3 billion in 2022 before easing to $389.5 billion in 2023. Momentum returned in 2024 with shipments rising to $443 billion. In 2025, exports touched $407 billion during January–November, reflecting resilience amid repeated shocks.Commerce Secretary Rajesh Agrawal said India’s combined exports of goods and services hit a record $825.25 billion in 2024-25, marking over 6% year-on-year growth. The uptrend has continued into the current fiscal, with exports reaching $562 billion during April–November 2025.“Based on current trends, India’s exports are poised to deliver solid growth in 2026 as well,” Agrawal told PTI, adding that three free trade agreements — with the UK, Oman and New Zealand — are set to come into force next year, improving market access for goods and services.While US tariffs hurt shipments in September and October, exports to America rebounded sharply, rising 22.61% to $6.98 billion in November. Exporters, however, remain cautious amid global uncertainty and are watching progress on a proposed India–US bilateral trade agreement and a deal with the European Union.The World Trade Organization has projected global trade growth of 2.4% in 2025 but cut its outlook for 2026 to 0.5%, citing tariff uncertainty, slowing GDP growth and weakening business confidence in developed economies.Against this backdrop, the government said it is pursuing a multi-pronged strategy to support exporters. Measures include a Rs 25,060 crore export promotion mission, additional collateral-free credit of up to Rs 20,000 crore, debt repayment moratoriums, extended export credit tenors and leveraging free trade agreements.The NDA government has signed or implemented a series of FTAs over the past five years, including with Mauritius, Australia, the UAE, Oman, the UK, EFTA and New Zealand.Industry experts see structural shifts underpinning the outlook. Rudra Kumar Pandey, Partner at Shardul Amarchand Mangaldas & Co, said electronics exports have emerged as a key driver, rising nearly 39% in November, supported by FDI-led capacity creation and deeper integration into global value chains. Engineering goods, pharmaceuticals and automotive exports are also adding momentum, he said.Geographic diversification is another key trend. While the US and the UAE remain important markets, exports are expanding across Europe, East Asia and South Asia. Shipments to the US grew about 22% in November, while exports to Spain surged nearly 150%, alongside strong growth to China and Bangladesh.Federation of Indian Export Organisations Director General Ajay Sahai said supply-chain realignments, expanding trade partnerships and improvements in ease of doing business position exporters well for 2026. “With continued policy support and market diversification, we remain confident of a strong and stable export outlook in the coming year,” he said.However, Sahai cautioned that challenges remain, including geopolitical tensions, trade fragmentation, protectionism through carbon measures and non-tariff barriers, currency volatility, high freight costs and tighter global financing conditions, particularly for MSMEs.The rupee remained volatile through 2025, weakening about 5% during the year and trading near 90 to the dollar by end-December, adding another variable to the export outlook as India heads into 2026.

Pakistan has once again found itself on the defensive after a senior government official publicly acknowledged the impact of India’s precision strikes on a key military installation during the escalation in May, following Operation Sindoor.The admission came from Pakistan’s foreign minister and deputy Prime Minister Ishaq Dar, who, during a year-end press briefing on Saturday, confirmed that India had targeted the Nur Khan Air Base in Rawalpindi’s Chaklala area. Dar acknowledged that the strike caused damage to the military installation and injured personnel stationed there.

Addressing reporters, Dar said India had launched multiple drone incursions into Pakistani territory within a short span, underlining the scale of the operation. “They (India) send drones towards Pakistan. In 36 hours, at least 80 drones were sent… We were able to intercept 79 drones out of 80, and only one drone damaged a military installation and personnel were also injured in the attack,” he claimed, according to news agency ANI.The foreign minister went on to describe the sequence of events following the strikes, saying that Pakistan’s civil and military leadership, led by Prime Minister Shehbaz Sharif, held an emergency meeting on the night of May 9 to respond to the evolving situation. He added that India “made the mistake” of attacking the Nur Khan Air Base in the early hours of May 10, a remark that further acknowledged the strike and its impact.Dar’s comments amount to a rare public admission by a top Pakistani official of India’s military action on Pakistani air bases in May. The strikes came after Operation Sindoor, launched by the Indian Armed Forces to target nine terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir, in retaliation for the April 22 terror attack in Pahalgam that killed 26 civilians.The Pakistan Air Force’s Nur Khan Air Base in Chaklala suffered significant damage during the Indian precision strikes. India had launched Operation Sindoor in the early hours of May 7 as a direct response to the Pahalgam attack.The escalation that followed saw increased cross-border shelling by Pakistan and retaliatory action by Indian forces. The situation later took an unexpected turn when Pakistan’s Director General of Military Operations contacted his Indian counterpart to propose a ceasefire, which India accepted. The outreach from the Pakistani side was later confirmed by Foreign Secretary Vikram Misri, who said both sides agreed to halt all military operations on land, at sea and in the air.Satellite imagery released by Maxar Technologies on May 13 showed significant damage to multiple Pakistani air bases, including Nur Khan Air Base. The images revealed damage at four installations: Nur Khan Air Base in Rawalpindi, PAF Base Mushaf in Sargodha, Bholari Air Base and PAF Base Shahbaz in Jacobabad. A comparison of satellite images taken on April 25 and May 10 showed clear damage to air base facilities, corroborating the strikes.This is not the first time a senior Pakistani leader has acknowledged the attack on Nur Khan Air Base. In May, Prime Minister Shehbaz Sharif admitted that Indian ballistic missiles had hit the base and other locations, breaking from Pakistan’s usual practice of denying Indian military action.Addressing a ceremony at the Pakistan Monument on May 16, Sharif said, “At around 2:30 am on May 10, General Syed Asim Munir called me on a secure line and informed me that India’s ballistic missiles had hit Nur Khan Airbase and other areas. Our Air Force used homegrown technology to save our country, and they even used modern gadgets and technology on Chinese jets,” Geo News reported.

Donald Trump and Volodymyr Zelenskyy (AP photo)

US President Donald Trump is set to host a crucial meeting with Ukrainian counterpart Volodymyr Zelenskyy on Sunday, an engagement can be seen as another effort to ease the ongoing war and push forward a potential peace agreement between Russia and Ukraine, now nearing four years since Moscow’s invasion. The talks will include Zelenskyy’s “20-point peace deal proposal”, which is “about 90% ready” as Ukrainian leader said.

The meeting is scheduled for 1pm, the White House said late Friday. It comes against the backdrop of renewed Russian attacks on Ukraine, including heavy damage in Kyiv from large-scale missile and drone strikes.Ukrainian president’s spokesperson confirmed that Trump and Zelenskyy will call European leaders after meeting in Florida.On Saturday, Zelenskyy said on X that Russia used “almost 500 drones and 40 missiles” in its latest assault. He also wrote on Telegram, “Russia continues to mock our cities and people. Moscow has rejected even the proposals for a Christmas ceasefire and is increasing the ferocity of its missile and drone strikes. This is a clear signal of how they really feel about diplomacy… Therefore, Ukraine needs sufficient support. And sufficient pressure needs to be put on Russia.”Trump and Zelenskyy will meet at Trump’s Mar-a-Lago club in Palm Beach, where the US president is spending the holidays. Trump has been trying to position himself as a mediator since beginning his second-stint in presidency, although previous talks, including one with Russian President Vladimir Putin in Alaska, ended without progress.Ahead of the meeting, Zelenskyy said Ukraine is doing everything it can to end the war but stressed that final decisions depend on support from partners. “These are some of the most active diplomatic days of the year, and much can be resolved before the New Year, and we are doing everything for this, but whether there will be decisions depends on the partners,” he wrote on Telegram. He added that Ukraine’s allies must continue pressure on Moscow “so that the Russians feel the consequences of their own aggression.”Russia has increased strikes on Kyiv in the days leading up to the Florida talks. In another post on X, Zelenskyy said, “Ukraine is willing to do whatever it takes to stop this war. We need to be strong at the negotiating table.” Responding to Russia’s attacks, he also wrote, “We want peace, and Russia demonstrates a desire to continue the war. If the whole world — Europe and America — is on our side, together we will stop” Putin.During a meeting with Canadian PM Mark Carney in Halifax, Zelenskyy said that “pressure on Russia and sufficient, strong support for Ukraine” remain key to peace. Canada announced C$2.5 billion (US$1.8 billion) in new economic assistance.Carney called Russia’s latest strikes “barbarism” and said both Trump and Zelenskyy are helping create conditions for a “just and lasting peace.”

What to expect from the Trump-Zelenskyy meeting

Zelenskyy has said the “20-point peace proposal” being discussed is “about 90% ready”, and negotiators hope major decisions can be taken soon. He said security guarantees and an “economic agreement” will be discussed, though he did not say “whether anything will be finalised by the end.”Ukraine will also raise “territorial issues,” including areas occupied by Russia and the fate of the Zaporizhzhia Nuclear Power Plant.Zelenskyy has made clear that security guarantees are a top priority and depend on Trump, “what he is ready to give, when he is ready to give it, and for how long.”However, signs of tension remain. Trump recently told Politico he expected a “good” meeting but added, “He doesn’t have anything until I approve it. So we’ll see what he’s got.” The comment highlighted strains in the relationship.The White House has been pushing heavily for a peace deal, and Trump has sometimes appeared closer to Russia’s position. After meeting Zelenskyy in October, Trump suggested both sides should “stop at the battle line,” which would allow Russia to keep the territory it has captured.Before Sunday’s meeting, Zelenskyy said unresolved issues include territory, the Zaporizhzhia nuclear power plant, funding for reconstruction, and technical matters like security guarantees and monitoring mechanisms.With Russia escalating attacks and Ukraine insisting on strong guarantees, the Florida meeting is expected to focus heavily on territory, security, and the final structure of a possible peace deal, but it remains unclear how much both sides will agree on.

Gold and silver are expected to hold their ground in the coming week as traders look to the US Federal Reserve’s meeting minutes for cues on the monetary policy outlook, analysts said, even as trading volumes remain subdued due to limited data releases.According to PTI, market participants will track the minutes of the Federal Open Market Committee (FOMC) meeting, due on Tuesday, along with a few US economic indicators such as pending home sales, to assess the direction of interest rates and their impact on bullion prices.Analysts said gold and silver are likely to retain underlying strength into 2026, supported by expectations of global rate cuts, safe-haven demand and firm industrial consumption. However, they cautioned that the pace of gains may moderate after an exceptional rally in 2025.On the Multi Commodity Exchange (MCX), gold futures rose Rs 5,677, or 4.23 per cent, during the week to touch a lifetime high of Rs 1,40,465 per 10 grams on Friday.“After a staggering rally in 2025, we do not expect similar returns in 2026. But the current momentum may push prices towards $5,000–5,200 globally and Rs 1,50,000–1,55,000 on the MCX in 2026,” said Pranav Mer, vice-president, EBG, Commodity and Currency Research, JM Financial Services Ltd, PTI quoted.Mer said key drivers such as monetary policy easing, de-dollarisation trends and global trade tensions are likely to remain in focus next year. He added that developments such as Bank of Japan rate hikes, escalation in global trade restrictions and economic activity in the US and China will be closely monitored.In international markets, gold prices climbed $165.4, or 3.77 per cent, over the past week and touched a lifetime high of $4,584 per ounce on the Comex, ending the holiday-shortened week on a strong note.Mer noted that while central bank gold purchases have slowed compared to the previous three years, buying remains steady due to portfolio diversification needs and currency-related concerns amid expectations of further rate cuts.Prathamesh Mallya, DVP–Research, Non-Agri Commodities and Currencies at Angel One, said easing interest rates by the US Federal Reserve and expectations of further cuts have made gold and silver attractive in 2025.“These assets have also benefited from safe-haven flows amid uncertainty triggered by US President Donald Trump’s tariff policies and the ongoing Russia–Ukraine war,” Mallya said, adding that gold prices could move towards Rs 1,60,000 per 10 grams on domestic exchanges in the first half of 2026.Silver futures also saw a sharp rally during the week, reflecting strong industrial as well as investment demand. On the MCX, silver surged Rs 31,348, or 15.04 per cent, during the holiday-shortened week and touched a record Rs 2,42,000 per kg on Friday.On the Comex, silver prices gained $9.71, or 14.4 per cent, over the week, hitting a lifetime high of $79.70 per ounce.“Silver is supported by strong industrial demand from new-age sectors, relatively cheaper pricing compared to gold, and a sharp rally in industrial metals following tariff announcements earlier this year,” Mer said.Analysts said silver prices could move towards Rs 2,75,000 per kg on the MCX and $80–85 per ounce globally, driven by supply constraints and sustained demand.China, the world’s largest consumer of silver and a major producer of solar panels, electronics and electric vehicles, has announced export restrictions from January 1, 2026, requiring licences for shipments. Analysts said the move, expected to remain in place through 2027, could disrupt global supply chains and support prices.Overall, analysts said precious metals are likely to remain firm in 2026, with interest-rate expectations, trade tensions and industrial demand keeping gold and silver in focus.

Satellite communication services in India will be rolled out only after operators meet security requirements and spectrum pricing is finalised, Union telecom minister Jyotiraditya Scindia said, adding that the government is also examining issues related to Vodafone Idea (Vi).In an interview to PTI, Scindia said players such as Elon Musk-owned Starlink, Eutelsat One and Jio Satellite Global Services (SGS) will get spectrum once the Department of Telecommunications (DoT) completes the pricing process and companies comply with security norms.“There are two issues that need to be addressed. One by the licence holders OneWeb, Reliance Jio, and Starlink, which is to comply with security clearances regarding international gateways, ensuring data remains in India, and so on,” Scindia said.He said the government has already allocated provisional spectrum to satcom companies to allow them to demonstrate compliance with security agencies. “They are in the process of doing that, so they need to comply,” he added.On spectrum pricing, Scindia said the matter is being handled by the DoT and the Telecom Regulatory Authority of India (Trai). “Hopefully that should be resolved soon,” he said.Trai and the DoT have differed on several aspects of spectrum allocation for satcom services. Earlier this month, Trai rejected a number of DoT proposals, including levying a 5 per cent annual spectrum fee instead of 4 per cent and removing a Rs 500 per-connection charge in urban areas. The DoT is expected to place its views before the Digital Communication Commission (DCC), the apex decision-making body in the telecom sector, which will decide the future course of action, including whether Cabinet approval is required.On Vodafone Idea, Scindia said the department is still examining the company’s request for relief. “We are today applying our minds on that. It is work in progress within the Department of Telecommunications,” he said.Vodafone Idea has told the DoT that its liabilities to the government stand at around Rs 2 lakh crore, including Rs 1.19 lakh crore in spectrum dues. The company has warned that without support, the Centre could face losses due to non-recovery of dues and erosion of equity value. The Supreme Court has allowed the government to address the matter within its policy-making powers.Asked about concerns over repeated relief to Vi, Scindia said no such relief has been extended so far. “We have not given any relief as such. We have converted our dues into equity. Therefore, we hold a 49 per cent equity stake in Vodafone against dues of close to, if I recall correctly, Rs 37,000 crore. That is now the Government of India’s equity stake in that company,” he said.In the absence of further relief, Vodafone Idea is required to pay around Rs 18,000 crore by March 2026 and a similar amount annually for the next six years. Its annual liabilities are more than double its operational cash generation, which has been about Rs 8,400–9,200 crore over the past three years.Vi has warned that any threat to its operations could push the market into a duopoly and lead to higher telecom tariffs. Scindia, however, said India’s telecom market remains competitive.“If you look at countries across the world, very few can boast of four providers of telecom services. India today has four very robust telcos,” he said, adding that Vodafone Idea and BSNL together still serve over 300 million customers. “We would like to see that continue.”

India’s food delivery market is set to see its next phase of growth driven by customer experience, faster deliveries and value-conscious consumption, according to leading aggregators Swiggy and magicpin.Anshoo Sharma, founder and chief executive of magicpin, said growth in 2026 will come from deeper merchant inclusion and catering to users who are increasingly focused on value. magicpin is currently India’s third-largest food delivery platform.“We are scaling by onboarding a wide range of merchants, from single, standalone local restaurants to large brands and national chains, enabling them to participate competitively in the digital economy,” Sharma told PTI.By lowering entry barriers and improving unit economics for merchants, platforms can help build a more balanced and sustainable food delivery ecosystem in 2026 and beyond, he said.Swiggy’s chief executive for food marketplace Rohit Kapoor said food delivery has evolved significantly as consumer lifestyles and priorities have changed.“Meals today have to fit into tighter schedules, longer days and changing priorities. Sometimes it’s about comfort, sometimes about speed, and increasingly, it’s about feeling good about what you eat,” Kapoor said, PTI quoted.Looking ahead to 2026, Kapoor said the opportunity lies in responding to everyday decisions and newer use cases — making food delivery faster when needed, more balanced when required, and consistently reliable.“The challenge will be to scale these experiences thoughtfully, while keeping food accessible and ensuring great customer experience for millions of people who now depend on it as part of daily life,” he added.Sharma said value-conscious users are emerging as a key growth driver as food delivery becomes a daily habit for students, office-goers and families.“At magicpin, we are seeing food delivery become a daily habit across students, office-goers and families who are looking for affordability without compromise,” he said.The company’s focus has been on expanding everyday meal consumption — from late-night campus orders and office lunches to celebration-driven dining — while ensuring users continue to save meaningfully on each order, Sharma added.India’s food delivery platform sector generated Rs 1.2 lakh crore in gross output in 2023-24 and has been expanding at a pace faster than the overall economy, emerging as a significant economic engine, according to an NCAER–Prosus report.The sector’s direct employment rose to 1.37 million in 2023-24 from 1.08 million in 2021-22, the report released earlier this month said.