Economy and Business Highlights:
India's economic performance continues to impress, with the Gross Domestic Product (GDP) growing by a robust 8.2% in the second quarter of Fiscal Year 2025-26, solidifying its status as the world's fastest-growing major economy. This growth follows a 7.8% expansion in the preceding quarter. The Organisation for Economic Co-operation and Development (OECD) has maintained India's FY26 growth outlook at 6.7%, citing rising real incomes, monetary policy easing, and strong public capital expenditure as key drivers. Newly appointed FICCI President Anant Goenka also projects the GDP to expand by over 7% this financial year. Chief Economic Adviser V. Anantha Nageswaran anticipates India's GDP growth for FY26 to be 7% or more.
Despite the strong economic growth, the Indian Rupee has experienced a challenging period, hitting an all-time closing low of 89.87 per dollar on Tuesday, nearing the crucial 90-mark. The Reserve Bank of India (RBI) intervened by selling US currency to slow the depreciation. HSBC forecasts India's current account deficit (CAD) to increase to 1.4% of GDP in the current fiscal year, up from 0.6% last year.
In other financial news, the RBI has identified SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), indicating their critical role in the Indian financial system. The RBI also imposed a monetary penalty of ā¹3.10 lakh on Mannakrishna Investments Private Limited for non-compliance with regulatory directions related to governance issues. NPCI Bharat BillPay Limited (NBBL) launched "Banking Connect," an interoperable net banking platform designed to simplify online merchant payments. The Pension Fund Regulatory and Development Authority (PFRDA) is planning to introduce a fund-of-funds within the National Pension System (NPS) as part of its pension reforms.
The government is actively pursuing economic reforms, including an overhaul of the Insolvency and Bankruptcy Code (IBC), with a parliamentary panel seeking an advance ruling system to expedite resolutions. India has also revamped its standards regime, withdrawing seven quality control orders and introducing new ones to ease the compliance burden on industries. The Centre plans to invite bids for ā¹7,280-crore rare earth magnet plants by January 2026. Finance Minister Nirmala Sitharaman has called for a coordinated global effort to strengthen economic governance.
In the business sector, Meesho, a SoftBank-backed e-commerce firm, raised ā¹2,439 crore ahead of its planned IPO. Tata Communications acquired a 51% stake in US-based AI platform Commotion Inc. However, uncertainty surrounding a pending India-US trade agreement is posing a risk to over $2 billion worth of summer apparel orders for Indian exporters.
Science & Technology:
Dr. Jitendra Singh, Union Minister of State for Science & Technology, is set to inaugurate the First International Conference on Science & Technology Clusters on December 4-5 in New Delhi, aimed at fostering global collaborations. India is positioning itself as a leader in the bio-revolution, leveraging its deep-tech capabilities and robust startup ecosystem. The Defence Research and Development Organisation (DRDO) successfully tested a high-speed rocket-sled escape system for fighter aircraft. India is also preparing to induct its third indigenously built nuclear-powered ballistic missile submarine, INS Aridhaman, significantly expanding its sea-based nuclear deterrent.
The Unique Identification Authority of India (UIDAI) recorded 231 crore Aadhaar authentication transactions in November 2025. The National Highways Authority of India (NHAI) signed an MoU with Reliance Jio to implement a telecom-based safety alert system across national highways. The Department of Telecommunications (DoT) has mandated the pre-installation of the Sanchar Saathi app on all new mobile handsets manufactured or imported into India, a move designed to combat cybercrime and track lost phones.
International Relations:
Ahead of a meeting between Prime Minister Modi and President Putin, Russia has expressed its readiness to address India's trade deficit concerns. German Ambassador to India, Philipp Ackermann, lauded India's impressive GDP growth, highlighting the country as an increasingly attractive investment destination and a stable regional partner. India was re-elected to the International Maritime Organization (IMO) Council in Category B for the 2026ā27 term, securing the highest number of votes.
Appointments:
Usha Janakiraman has been appointed as the new Executive Director of the Reserve Bank of India (RBI), effective December 1, 2025. Vivek Chaturvedi has been named the new Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Anant Goenka has taken charge as the President of the Federation of Indian Chambers of Commerce and Industry (FICCI).