BusinessLine Podcasts

Supreme Court rules in tax department’s favour in Tiger Global case The Supreme Court has held that Tiger Global’s capital gains arising from its 2018 stake sale in Flipkart to Walmart Inc. are taxable under domestic law in a setback for the US investment firm.  The Apex court overturned a Delhi High Court ruling that allowed Tiger Global to claim exemptions under the India-Mauritius tax treaty. The decision is a win for local tax authorities, who argued that Tiger Global used its Mauritius entities to avoid paying taxes. The ruling can set a precedent for how India applies tax treaties to offshore exits, potentially increasing uncertainty for global investors seeking clarity on capital gains. Tiger Global first invested in Flipkart in 2009 with an initial $9 million. Over the following years, it steadily increased its exposure to about $1 billion, building a stake of roughly 20% in the company. In 2017, Tiger began monetising the investment by selling part of its holding to SoftBank Group Corp. December trade deficit widens as imports surge 8.8%, export growth modest at 1.86% India’s goods trade deficit widened significantly in December 2025 to $25.04 billion from $20.63 billion in previous December as exports increased 1.86 per cent (year-on-year) to $38.51 billion while imports grew at a higher 8.8 per cent to $63.55 billion, per data released by the Commerce Department. Exports to the US declined a marginal 1.83 per cent in December 2025 to $6.89 billion amid the 50 per cent tariffs applied by Washington on most Indian exports in August-end. “In the US we are still holding on as there is more focus on areas where tariffs are low. Where tariffs are more, exporters are showing more resilience and holding on to the supply chains,” Commerce Secretary Rajesh Agrawal said at a media briefing on Thursday. On the proposed India-US bilateral trade agreement (BTA), the Secretary said the negotiations were on in a virtual mode and efforts were on to close gaps in the “remaining issues”. SEBI weighs oversight of unlisted share market as focus shifts to disclosure gaps The Securities and Exchange Board of India (SEBI) is examining whether it should step in to regulate the fast-growing unlisted share market, which currently operates largely outside its direct oversight, Chairman Tuhin Kanta Pandey said on Thursday. Speaking on the sidelines of the Association of Investment Bankers of India’s (AIBI) annual convention, Pandey said SEBI is discussing the issue with the Ministry of Corporate Affairs to assess whether the regulator has the legal authority to oversee companies that are not listed on stock exchanges, and if so, how far such regulation can extend. “SEBI first needs to examine whether it has the legal authority to regulate companies that are not listed on stock exchanges and how far such regulation can extend,” he said. Mumbai civic polls heat up as Fadnavis, Thackeray brothers trade barbs As polling took place in Mumbai on January 15, the political temperature rose sharply, with a fierce exchange of words between Maharashtra Chief Minister Devendra Fadnavis and the Thackeray brothers amid a tightly fought election to the Brihanmumbai Municipal Corporation (BMC). Shiv Sena (UBT) chief Uddhav Thackeray appealed to Mumbai’s voters to turn out in large numbers, calling the civic polls an opportunity to unseat what he described as a corrupt BJP regime.Uddhav’s party, along with Raj Thackeray’s Maharashtra Navnirman Sena (MNS), also deployed so-called “Bhagwa Guards” in several constituencies to keep a watch on alleged dual voting. State Election Commissioner Dinesh Waghmare said that after voting ended at 5:30pm, that the turnout so far is 46-50 per cent, which is higher than the figure for the 2017 civic polls. The results of the Mumbai civic polls will be out on Friday, January 16.

Infosys Q3 results: Revenue jumps 8.9% to ₹45,479 crore; beats expectations Infosys reported a decline in profit for the December-ended quarter of FY26, with PAT falling 9.6% sequentially and 2.2% year-on-year (YoY) to Rs 6,654 crore. Despite the dip, the IT major raised its constant currency revenue growth guidance for FY26 to 3–3.5%, up from the 2–3% forecast issued in the previous quarter. Revenue rose 8.9% YoY and 2.2% quarter-on-quarter to Rs 45,479 crore. In constant currency (CC) terms, revenue grew 1.7% YoY and 0.6% QoQ. Large deal momentum improved, with total contract value (TCV) reaching $4.8 billion during the quarter, including 57% net new deals, up from $3.1 billion in the September quarter. PM Internship scheme falters as funds go unused Data from Controller General of Accounts (CGA) showed as against the budget allocation of over Rs 11500 crore, the Ministry spent little over Rs 500 crore. The allocation for the full year has a 94 per cent share, or over Rs 10,800 crore, for the PM Internship Scheme. During FY25, budget allocation was revised to around Rs 1,078 crore from Rs 2,667 crore. The ministry had admitted before the Standing Committee that it was largely because the funds were surrendered under the PM Internship Scheme. CGA data showed actual expenditure was around Rs 680 crore only. Maharashtra, Tamil Nadu top performers in Niti Aayog’s export preparedness index 2024 Maharashtra has topped the Niti Aayog’s Export Preparedness Index (2024) in the large States category followed by Tamil Nadu and Gujarat in the second and third places respectively.  Uttarakhand, Jammu & Kashmir and Nagaland bagged the top three spots among small States, North East and Union Territories. The report was released by Niti Aayog CEO B V R Subrahmanyam on Wednesday. EPI 2024 assesses the export capabilities (performance and readiness) and potential of Indian States and Union Territories covering the period FY2022-FY2024 and has been prepared with the support of Deloitte. India steps up bunker construction along LoC after Operation Sindoor  Following Operation Sindoor, the central government has intensified its focus on strengthening border infrastructure in Jammu and Kashmir. In north Kashmir’s Uri sector, the government is constructing at least 500 new bunkers to protect civilians living along the Line of Control (LoC), officials said, as part of broader measures aimed at enhancing safety in border areas vulnerable to cross-border shelling. The lack of adequate bunkers in border areas across Jammu and Kashmir during the Operation Sindoor operation laid bare the risks faced by residents during periods of heightened tension along the 740-km-long LoC.

Amidst changing business environment, Tata Consultancy Services has embarked on a transformation journey with AI at its centre. In conversation with businessline, TCS CEO K Krithivasan and CFO Samir Seksaria, talk about how enterprise clients are accelerating AI decisions despite global uncertainty, how deal cycles are shortening, and why the long-held American dream is no longer the primary aspiration for India’s IT talent. Read the full interview by Vallari Sanzgiri and Thomas K Thomas in the Hindu Businessline. ‘No more 10-minute delivery’: Quick commerce players do away with deadline after labour minister intervenes Union Labour Minister Mansukh Mandaviya has persuaded major delivery aggregators to remove the mandatory 10-minute delivery deadline, following a series of sustained interventions, sources said Tuesday. A meeting was held with leading platforms including Blinkit, Zepto, Zomato and Swiggy among others to address concerns related to delivery timelines. According to sources, Blinkit has already acted on the directive and removed the 10-minute delivery promise from its branding. Other aggregators are expected to follow suit in the coming days. The move is aimed at ensuring greater safety, security and improved working conditions for gig workers. World Bank estimates 7.2% growth for FY26, 6.5% for FY27 World Bank on Tuesday pegged FY26 growth rate at 7.2 per cent which is lower than government’s projection of 7.4 per cent. For the next fiscal, the growth rate could be 6.5 per cent. “Growth in India is projected to slow to 6.5 percent in FY2026/27, assuming that the 50 percent import tariffs by the United States remain in place throughout the forecast horizon,” the Bank said in its latest Global Economic Prospects report. Securities transaction tax collection likely to miss Budget target The regulatory tightening of Futures and Options (F&O) trading, among other factors, led to a decline in securities transaction tax (STT) collections. Should current trends persist, revenue is expected to fall short of underperform against Budget estimates, a scenario not seen since FY20. Data made public by the Income Tax Department show that STT collection was around ₹44,500 crore as on January 11. Meeting Budget estimates will require a collection of over ₹33,400 crore in the remaining 79 days, a target that appears increasingly challenging.

Retail inflation rises to 1.33% in December Retail inflation based on Consumer Price Index (CPI) rose to 1.33 per cent in December as against 0.71 per cent of November, Statistics Ministry reported on Monday. some of the data points are as follows Rural Inflation: An increase in headline and food inflation in rural sector was observed in December, 2025. The headline inflation in December was at 0.76 per cent while it was 0.1 per cent in November. Urban Inflation: An increase from 1.4 per cent to 2.03 per cent was observed in headline inflation of urban sector. Increase is also observed in urban food inflation from (-)3.6 per cent in to (-) 2.09 per cent. Social security. Govt mulls raising EPFO, ESIC wage ceiling to ₹30,000 Following a recent directive from the Supreme Court of India and a long-standing demand from labour unions, the Ministry of Labour and Employment is actively examining a proposal to revise and standardise the wage ceilings for both the Employees’ Provident Fund Organisation (EPFO) and the Employees’ State Insurance Corporation (ESIC). At present, the EPFO wage ceiling stands at ₹15,000 per month, while the ESIC threshold is ₹21,000. It is proposed that both ceilings be revised and capped at a uniform monthly level of ₹25,000 to ₹30,000, sources familiar with the matter said. TCS profit falls nearly 14%at ₹10,657 crore for Q3 Tata Consultancy Services (TCS) net profit declined 13.9 per cent to ₹10,657 crore for the third quarter of the financial year 2025-26, compared to the same quarter of the previous fiscal year, owing to exceptional items like restructuring expenses, new labour code impact, legal claim. Net profit declined by 11.7 per cent on a sequential basis compared to ₹12,075 crore reported in Q2 of FY26. Exceptional items including cost of restructuring cost of ₹253 crore, impact of new Labour Code amounting to ₹2,128 crore, and provision towards legal claim of Rs 1,010 crore. Setback for ISRO: PSLV-C62 mission faces anomaly at the end of third stage The Indian Space Research Organisation (ISRO) encountered an anomaly at the end of the third stage of the PSLV-C62 mission, which was carrying the EOS-N1 Earth Observation satellite along with 15 co-passenger satellites from domestic & international customers on Monday. The mission saw successful takeoff at 10:18 AM from the First Launch Pad at Satish Dhawan Space Centre, Sriharikota. After completion of the first two stages, the mission saw anomalies towards the end of the third stage. As a result, the payload, which included domestic and international satellites along with a special DRDO spy satellite, was not deployed into the intended orbit.

ISRO to kick off 2026 with launch of Earth Observation Satellite The Indian Space Research Organisation (ISRO) is getting ready to launch the PSLV-C62 mission carrying the EOS-N1 Earth Observation satellite along with 15 co-passenger satellites from domestic & international customers on Monday. The mission is the ninth dedicated commercial mission undertaken by NewSpace India Limited (NSIL), the commercial arm of the space organisation. This launch will be the 64th flight of the Polar Satellite launch Vehicle(PSLV) - a workhorse of ISRO’s notable missions like Chandrayaan-1, Mars Orbiter Mission, Aditya-L1 and Astrosat Mission.  The PSLV-C62/EOS-N1 mission would initially deploy the Earth Observation Satellite-N1 made by DRDO, followed by other co-passenger satellites into the sun-synchronous orbit around 17 minutes after lift-off. The mission will carry satellites from Indian start-ups like Dhruva Aerospace and OrbitAID Aerospace’s AayulSAT, an experimental payload to demonstrate in-orbit satellite refueling technology. X accepts its mistake, says will work as per Indian laws: government sources After a few exchange of communications, Elon Musk-owned X (formerly twitter) has finally accepted its mistake and stated that around 3,500 pieces of content have been blocked, and over 600 accounts were deleted from its chatbot ‘Grok’. The company has also said that going forward, it will not allow obscene imagery, adding that it will work as per law of the land. “X has accepted its mistake and has said it will work as per Indian laws. The company has blocked around 3,500 pieces of content and over 600 accounts were deleted. Going forward, X will not allow obscene imagery,” a senior official at Ministry of Electronics and Information Technology (MeitY) told businessline, reports S Ronendra Singh. SEBI set to give the nod for NSE IPO with NOC likely to be issued in a month’s time The No Objection Certificate (NOC) for the much-anticipated listing of the National Stock Exchange (NSE) is likely to be issued as early as in a month’s time, as per SEBI Chairman Tuhin Kanta Pandey. “They are right now waiting for our no objection and once they get it, they have to follow other processes and go ahead with preparations...Possibly within this month we will issue it [NOC],” Pandey said in a select media round table in Chennai, reports Sindhu Hariharan. Censor politics: The delay of actor-turned politician Vijay’s Jana Nayagan likely to redraw TN poll alliances The denial of the Censor Board nod to Jana Nayagan, starring actor-turned-politician Vijay could potentially alter the political equation in the Tamil Nadu with Assembly polls three months away, and has set off various alliance possibilities, say political observers. Jana Nayagan has been touted as the much-anticipated farewell film for Vijay, the founder of political party Tamilaga Vettri Kazhagam (TVK) who threw his hat into the TN political ring. The movie was scheduled to be released on January 9 but its release now stands indefinitely postponed due lack of censor certificate, writes TE Raja Simhan. And from this week’s portfolio edition How safe are large-cap stocks? Over the last one to two years, it has become almost cliched to point out that large-caps are attractive/offer value than small- and mid-cap stocks. How true is that? Of the 100 large-caps, 96 hit their all-time highs in the past five years and 42 of these 96 are trading at least 20 per cent below their peaks. So, before tuning into the usual safety mantras for large-caps, investors should get a hang of why many stocks in that segment, too, have tanked. Bl.portfolio’s conducted an analysis (data from Bloomberg) to find whether large-caps delivered earnings in line with consensus estimates prevailing at their all-time highs. Nishanth Gopalakrishnan explains.

🎧 On today's episode:From SEBI charging BofA India over insider-trading lapses in a 2024 block deal, to the US pulling out of the International Solar Alliance. India and Germany close in on an $8B submarine pact, while Tamil Nadu launches India’s first deep-tech startup policy with a ₹100-cr fund.​

🎧 On today's episode: From FY26 GDP growth accelerating to 7.4% on strong services momentum, to SEBI postponing B-30 mutual fund incentives for smaller cities until March 1. A UP sugar mill sheds its colonial name tied to Bhagat Singh s judge, while Dhurandhar smashes records as Hindi cinema s top-grossing film ever at ₹831 crore.

🎧 On today s episode: Crorepati taxpayers surge even as India s overall return filings barely budge, spotlighting a sharper skew in incomes and a maturing but narrow tax base at the very top. India s steel giants come under the scanner as a competition probe flags alleged price collusion at Tata Steel, JSW Steel, SAIL and others, raising tough questions on market power, compliance, and penalties for top executives. Services momentum cools but stays solid, with December s PMI easing to an 11‑month low of 58, as resilient demand, exports, and benign inflation offset rising competition and currency jitters heading into 2026. And despite fresh US tariffs, India s exports to America jump, powered by a spike in high‑value telecom gear like new‑generation smartphones and petroleum products, underscoring how Indian manufacturers are climbing the value chain even under trade pressure.

🎧 On today’s episode: Trade tensions resurface as Donald Trump warns of new tariffs over India’s Russian oil purchases. Turbulence at Air India — insiders question if Tata’s turnaround plan needs new leadership. Despite U.S. overtures, experts say India-Venezuela energy ties won’t surge anytime soon. And in Andhra Pradesh, a gas leak at an ONGC drilling site sparks chaos but no casualties.

🎧 On today’s episode: From unexpected winners in AI, crypto, and commodities, to Indian investors facing overseas fund caps, luxury EV trends under GST 2.0, and U.S. oil plans in Venezuela.

The government’s ₹11 lakh crore infrastructure spending in FY26 aims to boost connectivity, efficiency and sustainability. While such investment offers high multiplier effects, outcomes depend on utilisation and execution. In this businessline podcast – year-ender series, Janaki Krishnan discusses the opportunities and challenges in India’s infrastructure push with Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings.

Despite the growth of OTT platforms, 2025 proved a landmark year for Indian cinemas, with box-office revenues surpassing ₹13,000 crore. Kamal Gianchandani, President of the Multiplex Association of India, explains why theatrical releases continue to matter and how a wide range of content—from big-budget spectacles to animation—has resonated with audiences. In this BusinessLine year-end podcast on the entertainment sector, hosted by Meenakshi Verma Ambwani, Gianchandani also reflects on the defining trends of 2025 and shares his outlook for the film industry in 2026.

India’s economy and markets 🎧 On today’s episode: From strong auto and tractor sales to updated GST rules, and international reinsurers entering GIFT City, here’s an overview of key market and policy developments.

With continued reforms and strong production growth, India's defence industry is at a turning point as 2025 comes to an end. Businessline's Dalip Singh and Rajinder Singh Bhatia, President SIDM, and Chairman Kalyani Strategic Systems Ltd, discuss major developments influencing the defence industry in this exclusive Year-Ender podcast. According to Bhatia, total defence production increased by 16–18% to ₹1.51 lakh crores, and the private sector in India made a substantial contribution to the country's readiness, as demonstrated by top-notch systems used in operations like Operation Sindhoor. Expectations for announcement of revised DAP 2025 and last year’s reforms like the Defence Production Manual (DPM) opening ammunition to private players are discussed, along with other goals like necessity for theatre commands. With capital acquisitions up over 20% and budget growth of 9–10%+ anticipated for 2026–2027, the sector aims to produce ₹3 lakh crores by 2029–2030.

Stepping into 2026: Telecom, gig workers, economy, and exports 🎧 On today’s episode: Vodafone-Idea gets AGR relief, Zomato and Swiggy raise payouts amid strike calls, RBI highlights global risks but backs India’s resilience, and a ₹4,531-crore scheme boosts exporters.

As 2025 draws to a close, India's economy navigates fiscal pressures and growth uncertainties. In this special Year-Ender podcast, businessline’s Shishir Kumar Sinha speaks with Ranen Banerjee, Economist at PwC, to unpack key trends shaping the Indian economic landscape. ​ Banerjee anticipates gross tax revenues at 94-95% of budgetary estimates with a shortfall of 1-1.1 trillion rupees, offset by higher RBI dividends and public sector enterprise payouts, keeping the fiscal deficit near the 4.4% target. Discussions highlight robust government CapEx supporting infrastructure amid lagging private investment due to capacity utilization at 70-75% and global headwinds. Looking to FY27, growth is projected at 6.5-7% with inflation at 3.5-4% post base year changes.

Your markets and policy update Data privacy, spectrum policy, energy flows, and carbon costs 🎧 On today’s episode: India Inc braces for steep data protection costs, a new spectrum roadmap powers future connectivity, Russian crude imports fluctuate under sanctions, and EU carbon rules tighten margins for Indian metal exporters.

In this year-end special, businessline’s Aishwarya Kumar speaks with Vishal Bali, Executive Chairman, Asia Healthcare Holdings (AHH), on the dramatic shifts reshaping Indian healthcare in 2025. They discuss how consolidation has moved from a strategic possibility to an industry-wide imperative, driven by fragmented markets, rising middle-class demand, and underfunded public healthcare.  The conversation covers the surge in mergers and acquisitions, expanding opportunities in tier 2 cities, the role of private equity in fueling growth, and the sector’s path toward greater scale and efficiency. Bali also shares insights on how corporate hospitals are bridging gaps in access and quality while preparing for the next wave of growth in India’s healthcare landscape. Tune in to hear the full story and understand the trends shaping the future of healthcare in India. Data inputs from Kaivaan Movdawalla, Partner, and National Healthcare Leader at EY- Parthenon India.

Welcome to 'The morning report' brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point. Check out the top news for the day.

As 2025 draws to a close, the insurance industry stands at an important inflection point. In this special bl Year-ender podcast , businessline’s Nagar Sridhar speaks with Naveen Chandra Jha, MD & CEO of SBI General Insurance, to decode the key trends shaping India’s general insurance landscape. From expectations of 9–10% industry growth and the rising dominance of health insurance, to upcoming regulatory shifts like IFRS 17 and risk-based capital, Jha shares an insider’s perspective on what lies ahead. The conversation also dives into pressing challenges such as climate risks, cyber threats, underinsurance, and the need for innovative protection products.