Editorial Comment

Stable environment: Base-year revisions may not have immediate implications

The RBI's MPC held rates steady, citing improved growth and benign inflation, while announcing regulatory steps to boost credit flow and strengthen digital payment safety

After the trade deal: Exporters will benefit if New Delhi stays active

The India-US interim trade framework signals a thaw in ties, tariff relief for exporters, protected farm interests, and a renewed push for reforms to make trade gains sustainable

Powering data centres: AI leadership depends on control of power supply

Google's Intersect Power deal shows how AI's explosive energy needs are pushing Big Tech from buying clean power to owning it-reshaping grids, climate goals and regulation

Fiscal policy planning: Why India needs a clearer medium-term plan

India's fiscal discipline has improved, but high debt, future spending pressures and bond-market constraints make deeper consolidation increasingly difficult

India's cities need mobility reform, not just infrastructure spending

The Budget puts cities at the heart of growth, but without fixing buses, walking and last-mile links, India's urban mobility crisis will keep choking productivity

Defence spending rises in Union Budget, but capability gains remain key

Operation Sindoor shapes FY27 defence Budget as India lifts spending to 2% of GDP, boosts capital outlay and modernisation to prepare for a potential two-front conflict

State power discom profits hide a deeper and unresolved fiscal problem

After a decade of losses, the state discoms reported profits of about ₹2,700 crore in 2024-25, a turnaround from the losses of over ₹25,000 crore the previous year

Lower US tariffs help India, but diversification remains essential

US tariff relief lifts markets and sentiment, but India must use the trade deal to deepen reforms, attract capital flows and diversify exports

Budget 2026: Govt should have a clear road map for disinvestment target

Even for 2025-26, miscellaneous capital receipts were budgeted at ₹47,000 crore, but were later revised down

Devolution for growth: 16th FC rejigs inter-state formula with care

State governments have long argued that their space for policy experimentation and autonomy has been shrinking

A Budget for uncertain times: Modest fiscal path, services-led growth

FM goes for modest fiscal consolidation, while focusing on services and state capex for growth

Holding steady: Banks resilient as global spillovers and risks persist

RBI says banks and NBFCs remain resilient with strong capital and asset quality, but flags risks from unsecured lending and global spillovers in a volatile world

Withdrawing to the West: US defence strategy raises global concern

America First reshapes US defence priorities, urging allies to secure themselves and raising fresh doubts over Taiwan and Asia's stability as Washington turns inward

In a fragile world: Economic Survey 2026 will enable informed debates

Economic Survey 2025-26 flags stronger growth but warns that global uncertainty, fiscal discipline, and lower import protection are key to sustaining momentum

Creating employment: India-EU FTA can increase labour-intensive exports

The India-EU FTA offers major export and job gains for labour-intensive MSME sectors, but success will hinge on meeting EU standards and easing logistics bottlenecks

Market signals: Global factors will continue to drive stock markets

Indian investors are in a difficult spot, given the uncertainty. In January to date, the benchmark Nifty saw a small correction of around 3.3 per cent after gaining 9.8 per cent in 2025

Rewiring power reforms: Discom profitability is an encouraging start

India's discoms return to profitability after a decade of losses, boosted by fuel cost pass-through, smart metering, and sector reform incentives

A big deal: The India-EU partnership will open up new opportunities

India and EU seal historic free trade deal, opening vast markets and cooperation avenues while urging India to boost competitiveness and reforms

Strategic alliance: Pax Silica can reshape global tech supply chain

The bloc brings together complementary strengths. The US and Japan can provide technological leverage while South Korea dominates chip manufacturing

Demographic shift: State finances reflect the rapid transition ahead

Nationally, the working-age population is expected to peak around 2031, but several states have already crossed that point