Newspaper Summary - 041225

 The macroeconomic and market dynamics in India in late 2025 are characterized by strong domestic growth indicators coupled with volatility in the currency market, ongoing adaptation to external geopolitical tensions (particularly US tariffs), and significant regulatory adjustments across digital services and capital markets.

Macroeconomic Resilience and External Headwinds

Currency Volatility and Policy Shift: A primary focus in late 2025 is the sharp depreciation of the Indian Rupee (₹), which breached the psychologically crucial 90 mark against the US Dollar, setting a new all-time low of 90.15/90.19 on December 4, 2025, marking a decline of about 5% for the calendar year. This decline is driven by sustained Foreign Portfolio Investor (FPI) outflows, high demand for dollars from importers (oil, metals, electronics), and higher crude oil prices.

Despite the depreciation, government policy appears subtly aligned with allowing the currency to weaken, with Chief Economic Advisor V. Anantha Nageswaran stating he is "not losing sleep" over the decline as it is not currently hurting exports or inflation. The prevailing view suggests that a weaker rupee may serve as a cushion against US tariff pressure on Indian exports. The Reserve Bank of India (RBI) intervention has been cautious, aiming only to minimize volatility rather than defending a specific level. For some analysts, the 90-per-dollar level is expected to become the "new normal" for the rupee due to India's comparatively higher inflation and lower domestic productivity than trade partners.

Growth Indicators and Structural Concerns: India’s growth is underpinned by projections of 6.6% for FY2025/26 by the International Monetary Fund (IMF), assuming prolonged US tariffs, before moderating slightly to 6.2% in FY2026/27. The services sector shows sustained resilience, with the HSBC India Services Purchasing Managers’ Index (PMI) rebounding to 59.8 in November from 58.9 in October, driven by robust new business intakes and eased price pressures.

However, underlying growth arithmetic reveals structural challenges: output-per-worker remains driven primarily by resource accumulation (capital deepening) rather than total factor productivity (TFP), which has been largely stagnant. Economists caution that relying on resource accumulation is insufficient to sustain 7–8% annual GDP growth over the long run, necessitating an "investment renaissance" and deep institutional reforms to unlock TFP gains.

Fiscal and Monetary Policy Setting: The government has deliberately shifted strategy from a year-by-year fiscal deficit target to a long-term public debt target (aiming for 50% of GDP by 31 March 2031), giving itself greater flexibility to navigate external economic uncertainty. Furthermore, favorable domestic conditions, including reduced input cost inflation (at a five-and-a-half-year low for the services sector), support the expectation of monetary easing, with the RBI's MPC deliberations commencing amid expectations of a 25 basis point rate cut.

Market Dynamics and Sectoral Performance

Equity Markets and Sectoral Shifts: The stock market reflects uneven performance. The Information Technology (IT) sector faces significant headwinds due to AI, automation, and ongoing U.S. labor mobility issues (e.g., stricter H-1B visa rules), leading to the combined weight of IT companies in the BSE Sensex plummeting to an 18-year low of 11.3%.

In contrast, the Metals sector saw a surge in sentiment, with the Nifty Metal index rising nearly 20% year-to-date, fueled by strong Q2 FY26 earnings, robust non-ferrous metal prices, and cost efficiencies. However, overall corporate capital expenditure (capex) growth moderated significantly to just 4% year-on-year in the first half of FY26.

Capital Mobilization and Debt Landscape: The Indian IPO market is highly active, with total fundraising for 2025 expected to surpass the previous record, potentially reaching ₹1.6 trillion. Major IPOs seeing strong initial demand include Meesho, Aequs, and Vidya Wires.

On the debt front, Indian companies are projected to raise as much as $14.5 billion overseas in 2026, primarily to refinance external commercial borrowings (ECBs) raised five years earlier. Domestic borrowing has become comparatively cheaper for better-rated companies due to local rate easing. Moreover, foreign capital inflows continue through major deals, such as Japan's JFE Steel Corp. commitment in JSW Steel’s subsidiary Bhushan Power & Steel. The insolvency resolution framework has shown improvement, with S&P Global Ratings revising India’s jurisdiction ranking to Group B from Group C, citing average recovery values improving to over 30%.

Sector-Specific Regulatory and Supply Issues:

1. Solar Energy: The industry is experiencing a severe market pain point due to massive oversupply—estimated capacity exceeds three times domestic demand—coupled with weakened domestic project demand and stalled exports to the US due to reciprocal tariffs. This environment is forcing painful consolidation, favoring large, vertically integrated players.
2. Aviation: IndiGo faced widespread delays and cancellations stemming from a pilot shortage, exacerbated by the full implementation of new, stricter Flight Duty Time Limitation (FDTL) norms starting November 1, 2025.
3. Financial Services Regulation: Regulators are grappling with increasing customer dissatisfaction, evidenced by a rise in grievances against the banking sector, particularly concerning loans/advances and credit cards. Private sector banks accounted for over 37.5% of complaints, a consequence of aggressive retail growth strategies.
4. Digital Governance: The Ministry of Communications retracted its controversial directive mandating the pre-installation of the Sanchar Saathi app on all smartphones, opting against making it mandatory due to pushback over surveillance concerns, highlighting the ongoing tension between cyber fraud control and digital autonomy. Simultaneously, SEBI introduced a streamlined "Single Window Automatic & Generalised Access for Trusted Foreign Investors" (SWAGAT-FI) framework to attract low-risk foreign investors by reducing compliance burdens.

---

India's economic landscape in late 2025 resembles a highly engineered ship navigating choppy international waters: while the domestic engine runs robustly, external storms (tariffs and FPI outflows) pressure the currency, requiring deft monetary and fiscal maneuvering, all while domestic markets undergo significant restructuring driven by technological shifts and regulatory overhaul. This delicate balance means that growth sustainability hinges not just on capital inflow but increasingly on executing critical reforms to boost productivity and policy alignment.

The sources reveal that in late 2025, India's Technology and Digital Innovation landscape is characterized by rapid growth in digital payments (UPI), a major restructuring and decline in the traditional IT services sector driven by Artificial Intelligence (AI), a surge in technology-driven investment and venture capital focus on AI and data centers, and an active but contentious regulatory environment regarding digital platforms and data privacy.

1. Digital Payments Revolution: UPI Dominance and Regional Disparity

The Unified Payments Interface (UPI) continues to be the bedrock of India’s digital payment ecosystem, driving unprecedented transaction volumes but showing signs of increasing fragmentation in transaction value across the country.

• Scale and Trend: UPI has revolutionized how Indians make everyday payments, recording more than 636 million payments worth nearly ₹82,000 crore on an average day in November 2025. In fact, it has topped 20 billion transactions in a month twice this year. The average transaction value is around ₹1,300, which is less than half of what it was in UPI’s initial years and is continuously declining, indicating a surge in small-value transactions.
• Driving Sectors (Micro-Payments): Growth is primarily fueled by micro-payments for everyday consumption categories such as groceries and supermarkets, and eating out/fast food restaurants. The volume of UPI transactions at groceries and department stores per 100 Indians rose by 34% in a year, marking a 6.4-fold increase since 2022. The average transaction size for eating places was notably low at ₹140 in 2025.
• Financial Inclusion and New Avenues: UPI usage is also rising sharply in categories related to financial institutions. Transactions involving debt collection agencies saw the highest rise across merchant categories in 2025. Securities brokers and digital gold purchases (average value ₹138) also recorded sharp rises, indicating a growing affinity for financial spending via UPI.
• Digital Divide: Despite national momentum, UPI adoption is highly uneven geographically. The 10 poorest states display the lowest per capita UPI spending (e.g., Bihar, Uttar Pradesh, Jharkhand at ₹5,000-5,800/month), significantly below the national average of over ₹17,400. Conversely, residents of Telangana, Goa, and Delhi pay the most, upwards of ₹25,000 per month through UPI.

2. The Information Technology (IT) Sector Crisis and AI Impact

The traditional Indian IT services sector is undergoing a major contraction due to global technology shifts, particularly the rise of AI.

• Market Share Decline: The combined weight of IT companies in the BSE Sensex has plummeted to an 18-year low of 11.3%. This decline is widely viewed as a reflection of the industry’s struggle to navigate Artificial Intelligence (AI), automation, and persistent labor mobility hurdles in the US (like stricter H-1B visa rules).
• AI as an Inflection Point: The recent slide aligns with the November 2022 launch of OpenAI's ChatGPT, seen as an inflection point that has upended traditional business models and slowed revenues. Automation and new service delivery models are disrupting the traditional focus on labor arbitrage.
• Sector Outlook: Analysts suggest that current valuations already incorporate the negative trends of GenAI-led deflation and demand apathy. Some experts anticipate a significant growth recovery starting in September 2026, coinciding with enterprises entering full-scale AI deployment.

3. Emerging Technologies and Strategic Digital Investments

Indian and global entities are making substantial investments in next-generation technologies like AI, data centers, and digital media applications, reflecting India's growth in digital infrastructure and market size.

• AI and Data Centers: The surge in AI demand, which requires massive computing power, has spurred unprecedented growth in data centers worldwide, including India. NTT e-launched a data center in Bengaluru, committing an additional ₹2,400 crore for its Devanahalli campus. Karnataka government ministers emphasized the importance of ensuring this infrastructure is energy-secure, renewable-energy aligned, and water-secure, incorporating new technologies like liquid cooling. However, the data center operator Sify Infinit Spaces is being cautious, tempering future investments to avoid over-exposure to a potential "AI bubble".
• Quantum Technology in Finance: The financial sector is preparing for a technological inflection point driven by quantum technologies (computing, security, and sensing). Quantum computing offers unprecedented capabilities for risk modeling, optimization, and advanced fraud detection. Critically, India needs a proactive national strategy for migrating digital infrastructure like UPI to Post-Quantum Cryptography (PQC) standards to safeguard against future quantum threats.
• AI in Consumer Experience and Content:
  • Virtual Try-On: Google launched its Virtual Apparel Try-On tool in India, enabling online shoppers to realistically preview how clothes look on their bodies using a single uploaded photo. This feature, powered by a custom AI model for fashion, is aimed at reducing uncertainty in online fashion purchases and reducing returns.
  • Music and Media: Music labels like Saregama are leveraging AI to transform vintage sound tracks into fresh revenue streams, boosting catalog visibility and monetization. AI is used to create video content for audio-only songs, enabling labels to cut costs by up to 70% and speed up production by 80%.
  • Tourism: The national tourism campaign 'Incredible India' is being relaunched in a "Gen Z avatar" integrating AI, big data, influencers, and digital creators for targeted global visibility.
• Tech Product Innovation (Hardware): New flagship device launches emphasize advanced computational photography and foldable displays:
  • OPPO Find X9 Pro: Features a Hasselblad Master camera system (200 MP telephoto, 50 MP Ultra XDR main camera), MediaTek Dimensity 9500 chip, and AI features like AI Mind Space and Lightning Snap, selling at a premium price of ₹1,09,999.
  • Samsung Galaxy Z TriFold: Unveiled a dual-folding 10-inch display, Snapdragon 8 Elite platform, and integrated AI features like Galaxy AI and Gemini Live.
• Venture Activity: Discount broking firm Zerodha invested $5 million in the research platform Tijori to move beyond retail trading and strengthen its offerings for cash-market and mutual fund investors. A significant portion of this capital is allocated to developing Tijori's AI-driven products.

4. Regulatory Environment: Digital Governance and Privacy

The regulatory landscape reflects a tension between government efforts to curb cyber fraud and public concerns regarding digital autonomy and surveillance.

• Sanchar Saathi Controversy (The Flip-Flop): The Ministry of Communications retracted its controversial directive to mandate the pre-installation of the Sanchar Saathi app on all smartphones. This decision followed widespread pushback and concerns over potential surveillance and intrusive governance. The Minister clarified that the app, intended to curb cyber fraud and secure IMEI data, is "completely optional" and can be deleted. Despite the rollback, tech analysts found the original mandatory requirement concerning, arguing that the government has "no business being in citizens lives and their phones".
• Digital Personal Data Protection (DPDP) Act: The government is actively promoting widespread awareness and adoption of the DPDP Act, 2023, and its associated Rules, which were notified in November 2025. The Act and Rules apply uniformly to all forms of digital personal data, including personal images, and the government is actively engaging social media platforms to counter issues like deep fakes and morphed images.
• FinTech Regulation: SEBI introduced the Single Window Automatic & Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework to simplify compliance and attract low-risk foreign investors, amending regulations for FPIs and Foreign Venture Capital Investors (FVCIs), effective June 1, 2026. The Indian Energy Exchange (IEX) board also approved the start of the IPO process for its associate, Indian Gas Exchange (IGX).
• Market Infrastructure Regulation (MII): There is a call to reform the outdated regulatory structure governing Indian exchanges (MIIs). Critics argue that the existing "utility mindset" constrains innovation, preventing exchanges from investing in adjacent technologies (like data analytics, AI/ML-enabled analytics, and product development) to compete effectively with global peers like Nasdaq and CME Group. The suggested solution involves establishing tiered governance to differentiate tightly-regulated core functions (clearing, access) from light-touch adjacent innovation functions.

The coexistence of rapid digital adoption (UPI, AI integration) alongside necessary but complex regulatory adjustments (DPDP, MII reform, Sanchar Saathi pushback) reflects India's trajectory as a modernizing digital economy, balancing innovation potential with systemic risk and privacy concerns. This environment is akin to building a state-of-the-art superhighway network (digital payments/AI infrastructure) while simultaneously establishing the traffic rules and safety mechanisms (regulation) necessary for long-term stability and public trust.

The sources indicate that in late 2025, Indian corporate strategy and sector dynamics are shaped by three major themes: strategic restructuring for deleveraging and growth, an intense focus on premiumization and vertical integration, and the influence of regulatory changes and geopolitical shifts on core sectors like aviation, steel, and energy.

1. Strategic Restructuring, Mergers, and Joint Ventures

Indian corporations are actively engaging in large-scale strategic moves, often involving international partnerships, to optimize balance sheets and fund ambitious growth plans.

Deleveraging through International JVs (Metals Sector): A prime example is the deal involving JSW Steel, which is entering an equal joint venture (JV) with Japan’s JFE Steel Corporation by transferring the steel assets of Bhushan Power & Steel Ltd (BPSL) to a new entity. This deal is valued at ₹31,500 crore and involves JFE acquiring a 50% stake in JSW Kalinga for ₹15,750 crore. Critically, this transaction is designed to delever JSW Steel’s balance sheet by ₹37,250 crore, reducing net debt to EBITDA from 2.97 times to 1.15 times by March-end. The JV will combine JFE's technological expertise with JSW Steel's operational capability and project execution. The BPSL facility's capacity is planned to be expanded from 4.5 million tonnes per annum (mtpa) to 10 mtpa by 2030.

Focus on Core Business and Divestment: Companies are streamlining operations by focusing on core strengths and divesting non-core assets.

• Pernod Ricard India sold its Imperial Blue business division to Tilaknagar Industries for ₹3,442.34 crore to double down on a premiumization strategy. The divestment allows them to concentrate resources on higher-margin segments like Royal Stag, Blenders Pride, and premium imported brands.
• Ola Consumer has paused its food and grocery operations (including its cloud-kitchen business, and ONDC orders) as part of a restructuring of its non-core portfolio, suggesting a renewed focus on strengthening its core mobility business, especially after slipping to third place in the market.

Aerospace and Manufacturing Expansion: Aerospace supplier Aequs is increasing its capacity to produce higher-value aircraft parts to benefit from the global trend of planemakers increasing sourcing from India due to supply chain constraints elsewhere. Aequs's IPO received strong initial demand, particularly from retail investors, showing market confidence in this specialized manufacturing segment.

2. Sectoral Dynamics: Premiumization and Consolidation

Across consumer, construction, and manufacturing sectors, premiumization and vertical integration are key strategic pillars for margin protection and differentiation.

Cement Sector's Premium Push: Cement makers like Nuvoco Vistas, Birla Corp., and JK Lakshmi Cement are focusing on premium products to boost margins without raising prices, especially following the rationalization of the GST rate on cement.

• Nuvoco Vistas achieved a record premium mix of 44% of volume in Q2 FY26 and is targeting further increases.
• Birla Corp. attributes its profitability to a stronger push into trade sales, blended cement, and premium brands, viewing its presence across value and premium segments as a strategic advantage.
• The strategy aims to overcome heightened competition by relying on higher net realization from internal initiatives, such as shifting volumes towards states with better prices and margins.

Solar Energy Oversupply and Vertical Integration: The solar energy sector faces a severe oversupply crisis, with manufacturing capacity expected to exceed three times domestic demand by 2025. This requires a strategy of consolidation and backward integration for survival.

• The ensuing "pain" will force consolidation, favoring large, cash-rich, vertically integrated players (like Adani, Waaree, Premier, and Tata Power) who are investing across the entire value chain (cells, wafers, and ingots).
• Smaller, standalone module makers relying solely on imported inputs and policy protection are likely to struggle or be pushed out of the market.
• The market risks a global boom-and-bust cycle, necessitating an edge beyond temporary government incentives.

NBFC and Financial Sector Shifts (Gold Loans & Debt): The gold loan sector is booming due to the 70% rally in gold prices, making gold collateral attractive.

• Muthoot Finance reported a 47% year-on-year growth in gold loan assets under management (AUM) in the first half of FY26 and sharply revised its full-year growth guidance upward (from 15% to 30-35%).
• The company is funding its expansion, including opening more branches, through the issuance of non-convertible debentures worth ₹35,000 crore.
• The sector faces tightening competition from banks and microfinance institutions.

3. Regulatory and External Challenges to Operations

Corporate strategy is consistently being modified by external macro factors and regulatory constraints.

Aviation Sector Crisis (IndiGo): India’s largest airline, IndiGo, faced widespread flight disruptions (delays and cancellations) due to a growing pilot shortage and a surge in crew leave requests. This operational strain was triggered by the full implementation of stricter Flight Duty Time Limitations (FDTL) norms beginning November 1, 2025, which demand longer weekly rest periods (48 hours instead of 36). Analysts cite poor planning by the airline in adjusting crew rosters and making new hires despite pre-announced regulatory timelines.

Regulatory Impact on Capital Markets and Trade:

• Financial Inclusion/Debt Relief: The Insolvency and Bankruptcy Code (IBC) regime shows improvement, with S&P Global Ratings upgrading India’s jurisdiction ranking to Group B from Group C due to successful creditor-led resolutions and average recovery values improving to over 30%. However, delays and unpredictability stemming from legal challenges remain concerns.
• Trade Policy and Local Content: The heavy industries ministry proposed new, temporary localization rules for e-ambulances under the PM E-drive scheme, allowing manufacturers to import traction motors fitted with rare earth magnets till March 2026. This nuanced approach highlights the government's difficulty in balancing the immediate need for electric vehicle adoption with the long-term goal of increasing domestic supply chain capability.
• Geopolitical Resilience: The trade relationship with Russia is focused on reducing India’s significant trade deficit ($59 billion in FY25). Russia is offering assurances of wider sourcing from India (medicines, devices, food, and automobiles) and deeper cooperation in sectors like digital technology and AI to secure ongoing defense and energy purchases from India despite Western pressure.

The current corporate environment is defined by strategic self-help—deleveraging and premiumization—that aims to insulate companies from systemic risks like currency volatility and external tariff shocks, while leveraging long-term opportunities afforded by India’s structural shift towards formalized and technology-driven growth.

---

Analogy: Corporate strategy in late 2025 is like a competitive race where the runners are not only focused on speed (growth) but are also actively changing their shoes mid-race (restructuring debt and divesting non-core assets) and trading their plain uniforms for specialized performance gear (premiumization and vertical integration) just to keep pace with the shifting, high-stakes competition.

The sources provide a detailed view of India's Commodities and Trade landscape in late 2025, dominated by currency volatility, geopolitical disruptions (tariffs and strategic partnerships), and critical sectoral crises (solar oversupply) and buoyancy (metals and gold).

1. External Trade and Currency Impact

Currency Volatility and Exports: The sharp depreciation of the Indian Rupee (₹) is a central factor influencing trade dynamics. The Rupee breached the psychological 90 mark against the US Dollar, closing at a new all-time low of 90.15/90.19 on December 4, 2025, amidst sustained Foreign Portfolio Investor (FPI) outflows and high demand for dollars from importers.

However, this weakness is viewed by policymakers as potentially beneficial for exports under pressure. The Chief Economic Advisor, V. Anantha Nageswaran, indicated he is "not losing sleep" over the decline, stating it is "not hurting exports or inflation" and suggesting that allowing the rupee to weaken acts as a "cushion" against US tariff pressure on Indian exports. Commerce Minister Piyush Goyal supported this view, noting that merchandise exports aggregated in October and November 2025 showed growth despite global turmoil and the impact of the 50% US tariffs imposed in August.

Strategic Trade Alignments and Deficits: India is actively working to diversify its trade relationships and address widening deficits, particularly with Russia.

• Russia Partnership: Russian President Vladimir Putin's visit is focused on addressing the $59 billion trade deficit India recorded with Russia in FY25 (imports of $63.84 billion vs. exports of $4.88 billion). Russia is offering assurances of wider sourcing from India (medicines, devices, food products, and automobiles) and deeper cooperation in digital technology and AI to secure its continued defense and energy purchases (like Su-57 fighter jets and S-400) despite mounting Western pressure. They are also expected to set a timeline for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) bloc.
• FTA Alignment: Senior industry figures emphasize the need for alignment between FTAs, the Production-Linked Incentive (PLI) schemes, and the Customs duty structure to create a predictable long-term roadmap for global trade. The FTA with the UAE, for instance, has already boosted two-way trade significantly toward the $100 billion target.
• Talent Mobility: India's external affairs minister highlighted that countries creating roadblocks in the flow of professionals, such as through new H-1B visa fees implemented by the Trump administration, will be "net losers".

2. Commodity Market Dynamics (Metals, Energy, Gold, and Sugar)

Metals Sector Boom and Trade Friction: The metals sector is displaying strong optimism, driven by sound financial performance and rising prices.

• Performance: The Nifty Metal index surged nearly 20% year-to-date, propelled by a strong Q2 FY26 performance that saw EBITDA and PAT rise 15% and 18%, respectively, beating consensus estimates. This buoyancy is supported by firmer aluminium and zinc prices and cost efficiencies.
• Iron Ore Imports: India's iron ore imports hit a six-year high in 2025 (over 10 million tonnes in the first 10 months) as steel mills increased overseas purchases to cover shortages of high-grade ore and capitalize on lower global prices.
• Copper Price Surge: Copper prices have also seen a surge (over 4% in the past week), breaking a month-long consolidation, supported by a weaker dollar, supply concerns, and lower LME-registered warehouse stocks.

Solar Energy Crisis and Overcapacity: The solar industry is grappling with a severe oversupply, which complicates its trade position and domestic market survival.

• Supply-Demand Mismatch: India’s solar module manufacturing capacity is estimated to exceed 125GW by 2025, more than three times the domestic demand of around 40GW. This oversupply is shrinking margins and forcing painful industry consolidation.
• External Shock: The crisis is exacerbated by the "unexpected disappearance of US export potential due to tariff wars". Previously, about 90% of India's solar module exports were destined for the US.
• Cost Disparity: An entirely 'Made in India' module would cost more than double the Chinese-manufactured modules, making it uncompetitive without heavy policy support.

Gold and Debt: The price of gold remains strategically important, influencing financial services.

• Central Bank Buying: Despite gold prices hitting a record high of $4,381.58 an ounce in October, central banks, especially those in emerging markets (led by Poland and Kazakhstan), continued making strategic purchases to build reserves amidst macroeconomic uncertainty. Russia was noted as selling three tonnes of gold to capitalize on the high prices.
• Domestic Market Impact: The 70% rally in domestic gold prices over the past year boosted the gold loan sector, making gold collateral highly attractive and aiding lenders like Muthoot Finance to achieve significant growth in Assets Under Management (AUM).

Sugar Exports: The agricultural trade sector is responding positively to market conditions.

• Export Deals: Following government permission to export 1.5 million tonnes (mt) of sugar, contracts for over 1,00,000 tonnes have been completed. Industry experts note that the Rupee depreciating past 90/$ makes Indian sugar more economically viable to compete globally. Major export destinations include Afghanistan, Sri Lanka, Somalia, Yemen, and countries in the Middle East and Africa.
• Industry Push: Cooperative sugar factories are advocating for an additional 1 mt of exports to firm up domestic prices and alleviate the burden of mounting inventory, estimated to balance 7.5 mt in mill godowns.

3. Logistic and Infrastructure Investments

The efficacy of India's trade relies heavily on ongoing infrastructure upgrades and logistics solutions.

• Aviation and Logistics: The Adani Group plans to invest $15 billion to boost passenger capacity at its airports to 200 million annually over the next five years, aligning with India's projected air traffic boom. FedEx expanded its Bengaluru express hub to 100,000 sq ft, positioning the city as a critical export gateway and benefiting from e-commerce exports, which account for 30–35% of its total business.
• Maritime Infrastructure: Russia's state-affiliated Delo Group is planning JVs to develop terminals on India's inland waterways (like rivers and canals) and at strategic ports, including Mormugao in Goa, leveraging Russia’s expertise in transport and logistics.