India’s business year, decoded
Policy shifts, market swings, and big bets.
🗓 Morning, folks! ☀️
India’s 2025 mood? Resilient.
Between landmark domestic achievements and a geopolitical landscape that felt like a game of Jenga, the nation stayed standing, and then some.
We’re talking massive tech inflows, space-age milestones, and navigating the turbulence of trade wars and aviation crises.
It was a year of transformation that proved India isn’t just watching the future happen; it’s building it.
Before we dive in, here’s a quick picture of the team that brings you your daily insights.
Let’s hit it 🚀
News that made headlines 💪🏻
May 7: Operation Sindoor
India launched a high-precision tri-service strike on terror camps across the LoC. Domestic defence stocks surged following the mission’s success.
June 25: Shubhanshu Shukla
Group Captain Shubhanshu Shukla launched to the ISS as part of the Axiom-4 mission, becoming the second Indian in space and conducting 18 days of microgravity research.
July 15: Tesla India entry
Tesla opened its first flagship showroom at Mumbai’s BKC. The entry sparked a valuation race among local EV players like Tata and Mahindra.
Aug 27: Trump tariffs
US tariffs on Indian goods escalated to a 50% total duty, targeting oil and trade deficits. Textiles and jewellery were hit hardest, while Pharma remained exempt.
Current scenario: The two countries are under discussion regarding tariffs to reach a balanced trade deal.
Sept 22: GST simplification
The “GST 2.0” reform replaced the 12% and 28% brackets with a simpler structure. Daily essentials became cheaper, boosting middle-class consumption.
Nov 21: New Labour Code
India implemented four comprehensive Labour Codes to modernise the workforce. The laws introduce a national floor wage and social security for gig workers.
Dec 2: IndiGo meltdown
A crew shortage crisis led to over 2,000 flight cancellations in a single week. The “meltdown” forced a government review of pilot rest and duty rules.
Dec 5: RBI rate cut
The RBI slashed the repo rate to 5.25%, the lowest in several years. The cut aimed to ease EMIs and spur growth in the housing and auto sectors.
Dec 9: AI hub commitments
Microsoft, Google, and Amazon pledged over $68 billion for India-based AI hubs. These investments focus on “Sovereign AI” and massive new data centers.
Dec 23: New airlines approved
The Ministry granted NOCs to Al Hind Air and FlyExpress. These new carriers aim to challenge the IndiGo-Air India duopoly in 2026.
A snapshot of 2025’s market playbook 📈
The Indian stock market in 2025 was a mixed bag. High valuations and global trade uncertainties tested everyone’s patience.
The Scorecard: the Nifty 50 managed over 10% returns, while the Nifty MidCap100 lagged at 5.4%.
The BSE SmallCap index has struggled the most, falling over 11% in dollar terms, its steepest drop in three years.
IT Headwinds: sector giants faced a "Trump shock" with H-1B visa fees spiking to $100,000 per applicant and a proposed 25% outsourcing tax, putting pressure on margins.
Monetary Boost: The big silver lining? The RBI was aggressive. They slashed the repo rate by a cumulative 1.25%, bringing it down to 5.25% to keep the growth engine humming into 2026.
What stood out this year 👇🏻
From a rush of IPOs to metals enjoying their moment in the spotlight, the year delivered several moments that reshaped industries.
This is our pick of the stories that stood out the most.
IPO party raged all year long 🎉
India saw over 80 mainboard IPOs between April 2024 and March 2025, raising around ₹1.63 trillion, a sharp jump from ₹619 billion in FY24. This surge placed India fourth globally for IPO activity in 2025.
Big names like Groww, Lenskart, Tata Capital, Physics Wallah, Pine Labs, and LG Electronics made their D-Street debut.
Gold and Silver sparkled at all-time highs ⭐️
Silver was the MVP of 2025, surging over 150% due to industrial demand from AI data centers and solar panels. Gold also hit record highs as investors rushed to safety amid US-Venezuela tensions.
The rich got richer 💸
18 people globally now hold fortunes above $100 billion, collectively adding $745 billion to their net worth this year alone.
🎙️ The Pod
We launched This is Business. We’re getting out of the office and heading on the ground to talk to the people actually building India’s wildest companies.
If you’ve missed the episodes so far, you can catch up here.
So, what’s in store for 2026? 🗓️
A potential India-US trade deal and a comeback in corporate earnings could give markets the fuel they need for higher valuations and a fresh uptrend.
Tariffs may not break India’s growth story, but any delays could pinch labour-heavy sectors like textiles, seafood, and gems and jewellery, with spillover effects on jobs.
The Union Budget 2026-27 will be in sharp focus for clues on fiscal discipline, capex push, and reform momentum.
And after a record FII sell-off in 2025, all eyes are now on one thing, a turnaround in foreign investor flows.
Thats it for the year!
🙏 Big thanks to you, our readers, for sticking with us.
Coffee Crew, out!
Happy New year you guys, thank you for all the efforts you put 👏