NEW DELHI: A woman doctor at the centre of the recent hijab row after Bihar chief minister Nitish Kumar lifted her naqab during an event did not join duty on Saturday, officials confirmed to news agency PTI. They also reported no contact with her or the family members.Patna civil surgeon Avinash Kumar Singh confirmed that Nusrat Parveen had not reported for duty till 7 pm on Saturday, after which the “possibility window for the day” closed.“I have been informed that the last date of joining has been extended beyond December 20. It remains to be seen whether Parveen joins on Monday or not,” he said, without specifying the new deadline.The controversy erupted earlier this week during an appointment letter distribution programme at the chief minister’s secretariat in Patna. The video circulated widely on social media, capturing the moment Nitish Kumar questioned Parveen’s naqab when she came forward to receive her appointment letter along with other Ayush doctors.Also Read: Hijab row: SCBA issues ‘strongest condemnation’ over Nitish Kumar’s act; seeks unconditional apology from Giriraj Singh, Sanjay NishadCivil surgeon Singh said he was not aware of the reason for Parveen’s delay, as he “had no contact with her or the family members.”Vijay Kumar, a surgeon at Sabalpur PHC in Patna Sadar, where Parveen was supposed to join, also confirmed she had not reported for duty.“Around five-six people have joined today, and Parveen is not among them… Her name is in the list but we have not received her appointment letter from the civil surgeon office in Patna,” he said. As per protocol, candidates must first report to the civil surgeon’s office before joining their assigned workplace.Meanwhile, governor Arif Mohammad Khan expressed disappointment over the controversy.“It pains me to hear the word ‘dispute’ in this case. Can there be any row between a father and a daughter?” he asked.“What have you people made out of it? This man (Nitish Kumar) considers female students as his daughters,” he added while speaking to reporters in Patna.Earlier, Mahfoozur Rahman, principal of Government Tibbi College & Hospital (GTCH), where Parveen is a second-year student, also suggested the joining deadline had been extended “in this special case”.“Ayush doctor Nusrat Parveen has not joined yet, and there is no update on her future course of action,” Rahman said.According to him, the family wants to avoid media attention. “Her family said that they want to escape media coverage, and that the woman doctor will rethink whether to join or not,” he said.Rahman also dismissed rumours that the family had shifted to Kolkata. “They have themselves rubbished such false news reports,” he said, quoting Parveen’s husband as saying the family is not upset with Nitish Kumar or the government.He added that “the family is disappointed with the row stirred by the media.”Rahman said Parveen last attended college on December 17 or 18 and noted that she still has the option to either join duty or pursue higher education.

Power Minister Manohar Lal has held consultations with a panel of Members of Parliament on the proposed Electricity (Amendment) Bill, 2025, as the government seeks feedback on changes aimed at strengthening India’s power sector framework, PTI reported.MPs from various political parties in both the Lok Sabha and Rajya Sabha participated in the meeting of the Parliamentary Consultative Committee of the Ministry of Power, held in New Delhi on Thursday, the ministry said in a statement on Saturday. The consultation was convened to discuss key provisions of the draft Bill, which has been placed in the public domain for stakeholder feedback.The discussions come amid opposition from power sector employees. The All India Power Engineers Federation (AIPEF) has announced demonstrations on December 23 against the proposed amendments and has extended support to a nationwide strike called by central trade unions and the Samyukt Kisan Morcha, protesting labour law changes and demanding a legally guaranteed minimum support price for crops.Chairing the meeting, the minister said the Bill seeks to strengthen the legislative foundation of the power sector. He noted that the proposals aim to mandate cost-reflective tariffs and empower regulatory commissions to act suo motu when utilities delay tariff filings. He clarified that state governments may continue to provide subsidies to priority consumer groups such as domestic and agricultural users, and said the changes would not lead to higher costs for such consumers.According to the statement, the Bill also seeks to reduce distortions caused by cross-subsidies and surcharges to improve the competitiveness of Indian industry, including MSMEs, and support job creation. The minister emphasised the need to ensure reasonable electricity costs for industry.The draft legislation proposes to empower State Electricity Regulatory Commissions, in consultation with state governments, to exempt distribution companies from supplying large consumers. It also introduces a minimum obligation for using non-fossil fuel-based electricity and enables renewable capacity addition through market mechanisms alongside DISCOM agreements, with the aim of easing financial stress on utilities.Operational reforms proposed include incorporating Right-of-Way provisions in the Act and enabling distribution network sharing to avoid duplication, which the minister said would benefit consumers.Responding to concerns, Lal said apprehensions about privatisation, higher costs or adverse impacts on employees were unfounded and that safeguards would be in place.However, AIPEF chairman Shailendra Dubey has charged that the amendments could eliminate subsidies and cross-subsidies for farmers and poor domestic consumers, leading to higher electricity bills.

Left- AI generated reperesentative image; Right- Ruchir Sharma (File photo)

The global economy has entered a phase where artificial intelligence has become the dominant force shaping growth, markets and policy, with the US now the most exposed to both its promise and its risks, according to economist and investor Ruchir Sharma.“This big factor has out-Trumped Trump – AI,” Sharma said in a conversation with Nicolai Tangen, earlier on December first week, arguing that artificial intelligence has now become “the singular focus of the global economy and particularly the US economy”.Ruchir Sharma, chairman of Rockefeller International and founder and chief investment officer of Breakout Capital, is a veteran global investor and economic commentator.“The US economy has now become one big bet on AI,” he said. “Outside of AI, there’s a lot of weakness in the US economy. But AI has continued to drive everything.”Sharma warned that the scale of this concentration leaves little margin for error. “This big bet on AI better works out for America,” he said. “Because if it doesn’t work out, then I think that there’s a lot of trouble for this country ahead.”

AI now dominates US economic growth

Veteran analyst pointed to the growing contribution of AI-linked capital expenditure to US growth. “The measures currently show that about 40% of economic growth in America this year has come from capex spending towards AI,” he said.Beyond investment, he stressed the importance of the wealth effect. “The stock market doing well, the financial assets doing well — that is clearly powering the spending of the top 10% in this country,” Sharma said. “And the top 10% is what’s driving the entire consumer spending.”He added that market gains themselves are heavily concentrated. “About 80% of the gains in the stock market this year have been powered by AI plays,” he said.“By some measures, you can argue that about 60% of economic growth in America today is being driven by AI.”

Productivity gains remain uncertain

Despite the scale of investment, Sharma said it is still too early to see decisive productivity gains from AI. “AI adoption is still in its nascent stage,” he said. “So far, it’s too early.”Asked how much of recent productivity improvement can be attributed to AI, Sharma replied, “Very little as yet.”Drawing a comparison with the internet boom, he said, “If you look back at the internet revolution in the late 1990s, the big bump in productivity really happened later. It takes a while for these benefits to come through.”He also said there is still uncertainty about how AI will ultimately be used. “We don’t even know as yet what exactly AI is going to end up doing,” Sharma said.

‘The most hated tech revolution’

The author of What Went Wrong with Capitalism, Ruchir Sharma argued that AI differs from past technological revolutions because of widespread fear rather than optimism.“This is the most hated tech revolution,” he said. “If you look back at the other big revolutions, people were very optimistic about what it would bring.”By contrast, Sharma said surveys show deep anxiety. “Only about 35% of people are feeling good about AI,” he said. “Most people want this to be regulated because they’re fearful about the impact.”“One, all the techno-optimists are telling them, ‘We’re coming for your job.’ And second is just fear — people don’t know how to use these tools,” he added.

Bubble signals are flashing

While calling AI a “good bubble”, Sharma said the market displays multiple warning signs.“I look at the four O’s,” he said — “overinvestment, overvaluation, overownership and overleverage.” On investment, he said, “Tech investment as a share of GDP is about 5% today. That’s roughly what we saw back in 2000.”On valuations, Sharma said, “By any stretch, the US stock market — and of course the AI plays — are overvalued.” While price-to-earnings ratios may not match dotcom levels, he said, “If you look at price to free cash flow or very long-term earnings, by those measures we are getting there.”Overownership is also visible. “Americans have about 52% of their financial wealth in equities today,” Sharma said. “That is higher than what it was even in 2000.”On leverage, he said conditions are changing fast. “The biggest issuers of debt in the last few months have been companies like Meta, Amazon and even Microsoft,” Sharma said, as firms rush to stay ahead in the AI arms race.

Interest rates are the real trigger

Sharma said bubbles rarely burst because of technology disappointment alone.“Every single bubble or mania in history has been pricked by just one factor — when interest rates finally go up,” he said.He expressed concern about the Federal Reserve’s policy stance. “Inflation is already quite sticky,” Sharma said. “The Fed’s 2% target is nowhere in sight. The Fed has missed its 2% target for five years in a row.”“The fact that the Fed is cutting interest rates in this environment is completely bewildering to me,” he added.If inflation accelerates or rates rise, Sharma warned, “That’s when this entire overinvestment AI bubble will burst.”

Global markets rotate away from the US

Sharma said one of the biggest surprises this year has been the underperformance of US markets relative to Europe, emerging markets and China.“At the beginning of the year, everyone was onto the American exceptionalism trade,” he said. “Instead, Europe, emerging markets and China have outperformed America.”He said extreme positioning played a role. “America’s weight in global equity indices was hitting nearly 70%,” Sharma said.But reforms also mattered. “In Europe, expectations were very low, but at least countries like Germany began to wake up and say, ‘We need to do something here’,” he said.

China’s private sector pivot

Sharma said China’s market rebound reflects necessity rather than ideology.“The economy in China is in big trouble outside of AI,” he said. “The property market is bust.”He said Beijing realised that competing with the US on AI required a shift. “There was a very important pivot,” Sharma said. “China realised that if we have to compete with America on AI, we need to back the private sector again.”“Jack Ma is back at Alibaba,” he noted, adding that the stock has doubled this year.

Government power and tariffs

Sharma said the expanding role of the state continues to distort capitalism.“The asymmetry remains,” he said. “On the upside, you capitalise the gains. On the downside, the risks are socialised.”On tariffs, he said, “There’s no objectivity or science behind it. It’s very arbitrary.”While tariffs have helped revenues — cutting the US deficit by about 1% of GDP — Sharma said, “Tariffs have had a negative effect on economic growth. It’s just been offset by the optimism around AI.”

Quality stocks offer a contrarian opportunity

Looking ahead, Sharma highlighted quality stocks as a neglected opportunity.“The last 12 months have been one of the worst runs that quality stocks have had in recorded history,” he said.“There has never been a better time to buy quality stocks,” Sharma added, referring to companies with high returns on equity, low leverage and strong cash flows.He also expects global markets to continue outperforming the US. “These tend to be multi-year trends once they begin,” he said.While he declined to predict exact timing, Sharma offered a clear signal to watch: “At the slightest sign that interest rates are going to go up — that’s when you know this is done.”

Nearly 70 per cent of real estate developers expect housing prices to rise by more than 5 per cent during the 2026 calendar year, driven by sustained demand, according to a sentiment survey conducted by industry body CREDAI and property data analytics firm CRE Matrix, PTI reported.The survey, conducted in November and December with responses from 647 developers, found that 68 per cent of participants anticipate home prices to increase by over 5 per cent next year. Of these, 46 per cent expect prices to rise in the 5–10 per cent range, while 18 per cent see appreciation between 10 per cent and 15 per cent. Around 3 per cent of respondents forecast a sharper rise of 15–25 per cent, and 1 per cent expect prices to climb by more than 25 per cent.Only 25 per cent of developers believe price growth will be below 5 per cent, while 8 per cent expect negative growth in housing prices.The survey report was released during a CREDAI conclave held in New Delhi on December 19–20.Beyond pricing, the survey indicated a broadly positive outlook for the residential segment in 2026. Nearly two-thirds of developers said they expect demand for homes to grow by more than 5 per cent in the coming year, reflecting continued end-user interest rather than speculative buying.Commenting on the findings, CREDAI president Shekhar G Patel said the survey shows that growth in the housing market is increasingly anchored in genuine demand. “The sector is witnessing a calibrated approach to new supply, with stronger emphasis on cost efficiency through technology adoption and closer alignment between product offerings and evolving homebuyer preferences,” Patel said.He added that faster project approvals and greater regulatory clarity would be critical to sustaining the momentum. “Streamlined clearances can unlock the next phase of housing supply across markets, support timely project delivery, and enable more balanced and sustainable urban growth,” Patel said.Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap, said the findings point to steady demand expectations, disciplined supply addition and a sharper focus on long-term value creation in the residential real estate sector.CREDAI represents more than 13,000 real estate developers across the country.

Gold, one of the strongest-performing assets this year, is expected to remain “moderately to strongly positive” in 2026, while silver is also likely to retain its momentum, according to a market outlook report by financial advisory firm PL Capital, PTI reported.Gold prices have risen more than 60 per cent so far in 2026, supported by strong global demand, ETF inflows, central-bank purchases and persistent macroeconomic uncertainty. Global gold demand touched a record 1,313 tonnes in the July–September quarter of 2025, the report said.“India has recorded its highest gold ETF inflows on record this year. The 2026 outlook (for gold) stays moderately to strongly positive,” PL Capital said.Silver, meanwhile, has significantly outperformed gold, gaining over 100 per cent in 2025 and crossing the USD 60 per ounce mark. The report attributed the rally to a powerful industrial demand cycle, driven by sectors such as solar photovoltaic systems, electric vehicle batteries, semiconductors and power electronics.“Supply remains in structural deficit, reinforcing the strong outlook for 2026,” it said.On the domestic front, PL Capital noted that India entered December with strong momentum, record-low inflation and improving earnings visibility. The Reserve Bank of India’s 25 basis points cut in the repo rate to 5.25 per cent, along with lower CPI projections and upgraded GDP estimates, is expected to support a favourable rate environment through 2026.Indian equities, the report said, have shown resilience amid global uncertainty, with the Sensex and Nifty rising about 8–9 per cent cumulatively in 2026 so far.“Over the next 6–24 months, the earnings cycle is expected to broaden across consumption, financials, capex-linked sectors and select industrials,” PL Capital said, adding that it retained a large-cap bias in the near term while selectively adding high-quality midcaps as earnings visibility improves.Preferred investment themes for 2026 include banks, non-banking financial companies, consumer staples and discretionary stocks, defence and ports, the report added.

Nine US lawmakers have sent a letter to US Defence Secretary Pete Hegseth seeking a ‘ban’ on 17 Chinese companies. In the letter, the lawmakers urged Pentagon (now Department of War) to add these companies to its 1260H list over alleged links to the Chinese military. List of companies that the letter includes are Chinese AI firm DeepSeek; smartphone maker Xiaomi, chip companies Hua Hong Semiconductor, Kingsemi and Shennan Circuit; display and imaging companies BOE Technology Group and Tianma Microelectronics; sensing, surveillance and robotics firms CloudMinds, LeiShen, Livox, RoboSense, Tiandy Technologies, Unitree Robotics and others.In the letter, the lawmakers said that the firms “represent the next logical tranche of military-civil fusion contributors whose designation under Section 1260H would directly support Congress’s intent that US taxpayer funds not underwrite PRC military-industrial and internal-security or intelligence capabilities”.

The letter is signed by: John Moolenaar, Chairman, Select Committee on China; Rick Scott, Chairman, Senate Special Committee on Aging; Eric A. “Rick” Crawford, Chairman, House Permanent Select Committee on Intelligence; Andrew R. Garbarino, Chairman, Committee on Homeland Security; Rob Wittman, Chairman, House Armed Services Committee, Tactical Air and Land Forces Subcommittee; Bill Huizenga, Chairman, House Committee on Foreign Affairs, South & Central Asia Subcommittee; Dusty Johnson, Chairman, Committee on Agriculture, Commodity Markets, Digital Assets, and Rural Development Subcommittee; Darin LaHood, Chairman, House Permanent Select Committee on Intelligence, Subcommittee on NSA and Cyber; Andy Ogles, Chairman, Committee on Homeland Security, Cybersecurity and Infrastructure Protection Subcommittee.

What is Pentagon’s 1260H list

Pentagon’s 1260H list is a US Department of Defense roster of Chinese military-linked companies that are believed to support China’s defence or intelligence activities. It is required under Section 1260H of the 2021 National Defense Authorization Act. Companies on the list face increased scrutiny, restrictions on US government contracts, and potential sanctions. The list is used to warn US entities against doing business with firms tied to China’s military–civil fusion strategy.

Letter signed by 9 US lawmakers seeking to ban DeepSeek, Xiaomi and other Chinese firms

The letter, dated December 18, 2025 reads:Dear Secretary Hegseth:We write to urge you to expand the Department’s list of Chinese military companies maintained pursuant to Section 1260H of the FY 2021 National Defense Authorization Act to include a set of Chinese firms that support “military-civil fusion” (MCF) and advance People’s Liberation Army (PLA) capabilities across various sectors, including: biotechnology and life sciences; sensing, surveillance, and robotics; consumer smart devices; large-scale AI models; displays and imaging; semiconductors and manufacturing equipment; and power batteries and energy storage.We applaud recent actions taken by the Department, including the addition of Tencent to the1260H list in January 2025 as well as reports that an October 7 letter from Deputy Secretary ofWar Stephen Feinberg informed the Armed Services Committees that Alibaba, Baidu, and BYDshould be added to the list of companies that aid the PRC’s military.The firms listed below represent military-civil fusion contributors central to PLA modernization,internal-security operations, and power-projection capabilities. Their designation under Section1260H would directly support Congress’ intent that U.S. taxpayer funds not underwrite PRCmilitary-industrial and internal-security or intelligence capabilities.

As the pool of skilled tradespeople continues to shrink in the US, Walmart is moving to strengthen its in-house workforce to keep its vast operations running — from conveyor belts and refrigeration systems to electrical networks and basic infrastructure at stores and distribution centres, AP reported.The world’s largest retailer and biggest private employer has revamped its training programme over the past year to expand the pipeline of maintenance technicians, a category of jobs that has become increasingly difficult to fill amid a tightening labour market. These technicians handle tasks ranging from equipment repair to electrical and mechanical work across Walmart’s logistics hubs and retail outlets.The shortage has opened new career paths for workers such as Liz Cardenas, 24, who joined Walmart in May 2023 as an automation equipment operator at a distribution centre in Lancaster, Texas. Her initial role involved monitoring conveyor belts to ensure cartons moved smoothly. Today, she fixes conveyor systems and other machinery when they break down.Cardenas said her hourly pay has nearly doubled to $43.50, and she plans to undergo further training that could bring higher pay and responsibility. “I was able to move out of my parents’ house,” she said. “I have my own apartment. I was able to get a car, and I’m able to give more to my 401(k).”Analysts say labour shortages have been driven by a wave of retirements and a slowdown in immigration that began during the pandemic and has since intensified with President Donald Trump’s aggressive deportation push. In skilled trades, the problem is sharper. A McKinsey analysis of 12 trade categories — including welders, carpenters and maintenance technicians — projected an imbalance of 20 job openings for every one net new worker between 2022 and 2032.McKinsey warned that high churn could cost companies more than $5.3 billion annually in hiring and training expenses alone. The shortages are unfolding even as some firms cut jobs amid higher costs from tariffs, shifts in consumer spending and rising investments in artificial intelligence.In response, the Business Roundtable — a lobbying group representing chief executives of about 150 major US companies — launched a new initiative in June to address shortages in skilled trades. Co-led by home improvement retailer Lowe’s, the effort involves outreach to elementary, middle and high schools to raise awareness about trade careers.“While technology continues to evolve, it cannot replace plumbers, electricians, construction workers, maintenance and repair pros, or other tradespeople,” said Lowe’s chairman and CEO Marvin Ellison.Lowe’s began a 90-day online training programme in 2022 for employees interested in trades such as carpentry and utility maintenance. Its charitable arm has also invested $43 million since 2023 in 60 organisations, including technical colleges and non-profits, to recruit and train skilled workers.Mervin Jebaraj of the University of Arkansas’s Walton College of Business said such programmes may ease shortages but will not close the gap, especially given tighter immigration. “For as long as somebody physically needs to fix this, the shortage will persist,” he said. “We don’t have enough people.”Walmart chief executive Doug McMillon told AP that lack of awareness was a major factor. “Most Americans probably don’t know what a tech makes that helps take care of our stores and clubs,” he said.Walmart overhauled its tuition-free training initiative in spring 2024, initially in the Dallas-Fort Worth area, and later expanded it to Vincennes, Indiana, and Jacksonville, Florida. The programme blends classroom learning with hands-on instruction in HVAC, electrical work and general maintenance.Nearly 400 employees had graduated as of mid-November, Walmart said. All 108 associates from the pilot batch secured technician roles, with average pay around $32 an hour. The company aims to train 4,000 workers by 2030.R.J. Zanes, vice-president of facility services for Walmart and Sam’s Club in the US, said maintenance roles are especially critical during the holiday season. A refrigeration failure at a single store can lead to losses of $300,000 to $400,000 in spoiled goods, he said.“We have to ensure that we’ve got the right skills there to do preventative maintenance,” Zanes said, “and when we do have a breakdown, get it back up as fast as possible to minimise downtime.”

Gaurav Bhatia (ANI image)

NEW DELHI: The Bharatiya Janata Party (BJP) on Saturday alleged that Congress leader Rahul Gandhi had joined hands with “anti-India forces” during his visit to Germany.Party spokesperson Gaurav Bhatia asserted that the Congress MP was part of a larger conspiracy against the country. The BJP also linked Gandhi to US billionaire investor George Soros, repeating earlier allegations of foreign influence.Addressing a press conference at the BJP headquarters, Bhatia alleged that Gandhi met individuals hostile to India while abroad.“If anyone meets anti-India forces and insults Bharat from foreign soil, it’s none other than Rahul,” Bhatia charged. He added, “George Soros and Rahul Gandhi are two bodies but one soul.”The BJP spokesperson displayed a purported photograph of Gandhi with Cornelia Woll, president of the Berlin-based Hertie School, claiming it as evidence of his interaction with “anti-India forces in Germany”. Bhatia alleged that Woll is a trustee of the Central European University, which he said is funded by Soros’s Open Society Foundation.Questioning Gandhi’s foreign visits during parliamentary sessions, Bhatia asked, “What kind of anti-India agenda is it that the Leader of Opposition Rahul Gandhi is hatching a conspiracy against Bharat by joining hands with such anti-India forces?” He further claimed that Gandhi frequently travels abroad during or ahead of Parliament sessions and meets people who are “jealous of India and attack its integrity”.Bhatia also alleged that this was not the first such instance, accusing Gandhi of defaming India during previous foreign visits.“This is not the first time Rahul Gandhi is indulging in such anti-national activities,” he said. “Rahul Gandhi has become Mir Zafar,” the party spokesperson asserted.The BJP reiterated its claim that Soros makes “anti-India statements” and provides funds to create unrest in the country. “George Soros is not an Indian; he is a foreigner. But Rahul Gandhi has taken the oath of protecting the Constitution,” Bhatia said. He added, “These snakelets within India need to be treated. People of the country are demanding it.”The BJP’s remarks come amid Rahul Gandhi’s ongoing visit to Germany, where he toured BMW’s headquarters in Munich. During the visit, Gandhi criticised the Centre over manufacturing, saying India needs to “produce more” and that manufacturing in the country was “declining”.In a video shared by the Congress, Gandhi said India needs to focus more on production-led growth. “Manufacturing is the backbone of strong economies. Sadly, in India, manufacturing is declining. For us to accelerate growth, we need to produce more—build meaningful manufacturing ecosystems and create high-quality jobs at scale,” he said.In another video clip from the visit, Gandhi remarked, “India needs to start producing. Production is the key for the success of any country. And our manufacturing is declining which actually should be going up.”The BJP strongly objected to Gandhi’s remarks, accusing him of running down the country from foreign soil at a time when Parliament was in session. BJP MP and party spokesperson Sambit Patra said the Leader of Opposition carries a “huge responsibility” and must act with restraint while travelling abroad. “The LoP has a huge responsibility. The LoP has to behave in a really responsible manner, especially when the LoP is on foreign soil. Parliament is in session here, several Bills are being discussed in the House and Rahul Gandhi is in Germany to address the Indian diaspora,” Patra said.Referring to Gandhi’s visit to the BMW plant, Patra alleged that the Congress leader praised German manufacturing while portraying India negatively. “Today, we saw Rahul Gandhi visiting the BMW factory in Munich and there, he appreciated their manufacturing and said that he is sad that manufacturing is poor in India,” he said, rejecting Gandhi’s claim and citing official data to assert that India’s manufacturing sector was on a growth path.The BJP’s latest attack also revives allegations made earlier this year, when party spokesperson Gaurav Bhatia accused the Congress and Rahul Gandhi of working with foreign forces to destabilise India. In February, Bhatia had claimed that organisations linked to George Soros were involved in “anti-India activities” and alleged that funding to certain NGOs during the Congress-led UPA government was significantly higher than under the current BJP government.At the time, Bhatia had accused Gandhi of collaborating with foreign forces to weaken India, citing alleged links to Soros-funded organisations.

Driving the news

While the political headlines from the Winter Session focused on the usual parliamentary theatrics, Parliament quietly passed a legislative package that fundamentally alters the DNA of your personal finances.In a matter of days, the rules governing how you insure your life, save for retirement, and invest in the market were rewritten. The changes are technical but the impact is personal. By passing bills that allow up to 100% foreign ownership in insurance and pension firms, and by overhauling banking regulations, the government has effectively ended the era of “capital-starved” financial services. This isn’t just policy tweaking; it is a direct response to a harsh new global reality.With US President Donald Trump slapping 50% tariffs on Indian goods-threatening the country’s export engines-New Delhi has pivoted aggressively. The strategy is clear: if exports slow down, internal investment must speed up. The result for you? A flood of global competition that promises lower premiums, better pension products, and a banking sector flush with Japanese and Western capital.

Why it matters:

From allowing 100% foreign ownership in insurance and pension firms to cleaning up mutual fund fee structures, the reforms are sweeping – and they aim to funnel both domestic and global capital into India’s growth story.

1. Insurance goes global – and your premiums may follow

Zoom in:The Sabka Bima Sabki Raksha Bill lifts the foreign direct investment (FDI) cap in insurance from 74% to 100%. This means global players can now fully own Indian insurers, bringing in capital, scale, and innovation without local JV constraints.What they’re saying:According to PRS Legislative Research, the bill also lowers entry thresholds for foreign reinsurers and expands IRDAI’s oversight on agents and commission disclosures – a signal that regulation will evolve with the market.Reuters notes that the move is meant to fix chronic under-penetration and low consumer confidence in insurance products.The big pictureThis change could usher in better service, more transparent pricing, and modern insurance products like behavior-based health plans. But medical inflation and claim volatility could temper expectations of cheaper premiums in the short term.Between the lines:This isn’t just about foreign companies. It’s about shifting Indian households from informal assets like gold and real estate toward formal, risk-managed financial products.

2. Your SIP just got a silent upgrade

Driving the news:While Parliament debated insurance and pensions, Sebi -the market regulator -quietly cut how much mutual funds can pay distributors and brokers.Why it matters:This could reduce investor costs by 10–15 basis points – seemingly small, but meaningful over long horizons due to compounding effects.

Zoom in:A 0.15% drop in fees on a Rs 10 lakh investment compounding at 12% over 20 years could boost your final returns by Rs 2.5 lakh.What next:This structural change shifts incentives. Fund houses must now compete more on performance than payouts. Expect:

The bottom line:Sebi is betting on investor-first capitalism – and this tweak may quietly boost your long-term wealth more than flashy IPOs.

3. Pensions embrace the market – and volatility

The big picture:The PFRDA is giving pension funds more flexibility to invest in equities and diversified assets – signaling a shift away from the Provident Fund-style safety net to higher-risk, higher-return strategies.Why it matters:Pension assets are long-term and ideal for funding infrastructure, industrial growth, and decarbonization. Think highways, power plants, and ports – built using your retirement contributions.Zoom in:Foreign pension managers – now allowed 100% ownership – may bring modern portfolio theory to your nest egg, optimizing for long-term, inflation-adjusted returns.The trade-off:Expect higher short-term volatility in your pension balance – but potentially better long-term outcomes.What they’re saying:As one top regulator told Reuters, the move is about channeling household savings into productive use – not parked cash or gold.

4. Market regulation gets muscle with the Securities Markets Code

Catch up quick:The Securities Markets Code Bill, 2025 proposes new enforcement tools for SEBI, including market courts, expanded conflict-of-interest rules, and stricter timelines for dispute resolution.

Why it matters:India’s retail investor base is booming. If markets are seen as unfair or slow to resolve fraud, investors retreat to safer (but less productive) assets like gold or real estate.Between the lines:This bill is about trust. It’s a bet that cleaner, faster enforcement will encourage deeper participation in financial markets.If it works:Households will feel safer parking wealth in markets – deepening capital pools and improving market efficiency over time.

5. Nuclear power enters the private era – and links back to your wallet

Driving the news:Parliament passed the SHANTI Bill, opening civil nuclear energy to private and foreign players for the first time.Zoom in:The government is targeting a 10x increase in nuclear power capacity – from 10 GW today to 100 GW by 2047.Why it matters:Power prices affect inflation, job creation, and industrial competitiveness. Nuclear energy is stable baseload power — essential for a fast-growing economy.The household angle:

Between the lines:The bill also tweaks nuclear liability rules – shifting some risks away from operators and toward the state – a key move to attract global investment.

6. The macro play: Foreign capital in, market jitters out?

The context:This reform blitz follows US President Donald Trump’s 50% tariffs on Indian goods. With exports under pressure, India is doubling down on internal liberalization to attract foreign investment.Why it matters:From Japanese banks buying into Yes Bank to US firms eyeing mutual fund expansion, global players are already responding. But there’s turbulence:

What they’re saying:Barclays India CEO Pramod Kumar told Bloomberg: “The latest spate of reforms will help revive global investor sentiment amid tariff worries.”Grant Thornton Bharat’s Vivek Ramji Iyer summed it up: “Deregulation in action.”Between the lines:The tension between long-term reforms and short-term volatility will define market behavior in 2026. But the structural story is intact – and foreign capital is still betting on India.

What you’ll feel first – and what will take years

In the next 12–18 months:

In the long term:

The bottom line: Parliament didn’t tweak your budget – it redirected your future

This wasn’t budget-session tinkering. It was a full-system reboot for your portfolio. If executed well:1. Insurance becomes cheaper and smarter2. Mutual funds offer higher net returns3. Pensions go from sleepy to strategic4. Markets gain muscle – and trust5. India gets global money to power domestic dreams

What’s next:

Watch for implementation. Fee drops, product launches, new FDI deals, and regulatory enforcement will determine whether the promise translates to better financial outcomes – or just more noise.