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2025 in the rearview: A year of tumult and triumph
India's economy in 2025 faced challenges from US tariffs and foreign investor exits. Despite these, domestic demand and reforms fueled strong growth. The rupee hit record lows while stock markets held steady. Key developments included GST rationalization, interest rate cuts, and significant investments. Gold and silver prices surged. Major deals and regulatory actions shaped the business landscape.
India's business and economic landscape in 2025, especially in the second half, was marked by strained India-US trade relations due to the imposition of steep US tariffs on Indian goods and geopolitical friction over energy ties with Russia. The tariffs, uncertainty over a trade deal with the US and sustained FPI outflows fed into currency jitters, with the rupee sliding to record lows as equity benchmarks held up on the back of resilient domestic demand. Despite these developments, growth momentum remained robust, aided by a series of reforms that included GST rationalisation, interest rate cuts and softer energy prices. The year also saw a flurry of regulatory and legislative actions, landmark deals, high-profile corporate flashpoints and marquee investments.
1. CURRENCY JITTERS
The rupee crashed to an all-time low, breaching the 91/dollar mark as persistent exits by overseas investors, the trade gap and a delay in the trade deal with Washington weighed on the Indian currency, which weakened 5.1% this year.2. STOCK TAKING
Nifty 50 and Sensex have risen 9.7% and 8.2%, respectively, so far, underperforming Asian and emerging market peers, even as robust local buying has cushioned the impact of foreign selling and helped the market during bouts of volatility. Total domestic institutional inflows in 2025 amounted to a record high of $86 billion as of December 26. Analysts expect FPIs to return with better earnings growth in FY27 and a potential trade deal with the US.
Indian companies rushed to sell shares to the public in 2025, making it a record year for listings. Nearly $22 billion was raised via IPOs in 2025.3. ALL ABOUT TRADE — Trump Tariffs:
In August 2025, the US imposed tariffs on Indian exports—initially a 25% ‘reciprocal' tariff, followed by an additional 25% penalty tied to India's continued imports of Russian oil—bringing the total to 50%.
→ India signed trade accords with the UK, Oman and New Zealand
→ Trade talks ongoing with the EU
→ Efforts on to diversify India's export destinations
4. RARE GOLDILOCKS PERIOD FOR ECONOMY
Real GDP registered six-quarter high growth in Q2, underpinned by resilient domestic demand amid global trade and policy uncertainties. Economic activity during the first half of the financial year benefitted from income tax rationalisation, softer crude oil prices, front-loading of government capital expenditure, and monetary and financial conditions supported by benign inflation.5. FPIs SHED EQUITY
Foreign portfolio investors sold shares worth $18 billion in 2025, the worst year for equity inflows, surpassing the previous record outflow of over $16b in 2022. In contrast, 2023 had seen $20b+ of equity inflows.
6. TURMOIL AT TATA TRUSTS
The tussle for control at the Tata Group appears to have been resolved. A majority of Tata Trust trustees voted out Mehli Mistry, a longtime confidant of the late group patriarch Ratan Tata and an influential figure in the affairs of the trusts and the broader Tata Group. Mistry indicated he won't press his challenge against the Tata Trusts' decision to end his tenure.
7. GOLD & SILVER: WINNING STREAK
Gold and silver prices posted record-breaking gains as investors rushed to safe-haven assets amid rising geopolitical tensions and growing expectations of interest rate cuts next year by the US Federal Reserve. So far this year, gold has soared more than 70%, putting it on course for its strongest annual gain since 1979, while returns from silver have been even higher. Global prices of the white metal have soared by $53.43, nearly 183%, from $29.24 per ounce recorded on December 31, 2024.8. YEAR-LONG REFORM PUSH
New lower rates came into effect on September 22 with 5% and 18% as the two slabs. The government estimated a ₹48,000 crore fiscal loss, banking on demand uplift to offset difference.
Four new labour codes—on wages (2019); industrial relations (2020); social security (2020); and occupational safety; and health and working conditions (2020)—were implemented, paving the way for universal social security and statutory minimum wages, while easing conditions for investment. The new codes came into effect five years after parliamentary approval, replacing 29 labour laws.
The Lok Sabha passed the SHANTI bill to allow private sector participation in the nuclear energy sector and the insurance bill to allow 100% FDI.
Sebi eased FPI entry rules, relaxed IPO issue sizes for large Indian companies, and allowed insurance companies and pension quotas in the anchor books of IPOs. Also, the minimum investment limit was cut in long-value PE funds to boost investor participation.
9. iPHONE EXPORTS
Apple clocked a record $10 billion (₹88,730 crore) in iPhone exports from India in the first six months of the fiscal year, up 75% from $5.71 billion in the year-ago period.
It recorded its highest-ever quarterly revenue in India in the three months ended September, anchored by record iPhone sales in the world's second largest smartphone market, where demand for premium handsets is continuing to set new records.
10. TROUBLE IN THE SKY
June 12: A London-bound Air India B787 carrying 242 people crashed shortly after taking off from Ahmedabad, killing all on board save one, in one of the worst such incidents in the country's aviation history. Nineteen people were killed on the ground.
After new pilot rest and duty-hour norms were enforced, chaos and confusion reigned at major airports as the country's largest airline, IndiGo, cancelled flights, jeopardising travel plans and forcing the government into crisis control mode.
11. GAMES OUT OF THE MONEY
The Online Gaming Bill was passed in the Lok Sabha on August 20, banning all online games with a monetary aspect. (The online money gaming sector was worth ₹27,400 crore). For the first time, esports was recognised as an official sport. Major players hit included Dream11, Games24x7, MPL, Zupee, and Gameskraft—firms backed by marquee investors such as Tiger Global, ChrysCapital, and Alpha Wave Global.
12. INTEREST RATES COME DOWN
The economy now faces a prolonged period of low rates, which should continue supporting debt and equity markets.
1st repo rate cut (25bps—maiden in 5 years) on Feb 7
2nd rate cut (25bps) on Apr 9
3rd rate cut (50bps) on Jun 6
4th rate cut (25bps) on Dec 5
13. VODAFONE BAILOUT
Early this year, the government decided to convert a part of Vodafone Idea's spectrum payment dues into equity shares worth ₹36,950 crore, reducing the cash-strapped telco's statutory liabilities by that amount to boost its commercial viability and help prevent an industry duopoly. The Centre had converted Vi's accrued interest into equity in 2023 as well. In November, the Supreme Court modified its October 27 order and permitted the Centre to create a special package for Vi involving its AGR liabilities totalling more than ₹83,400 crore. The court had in October restricted the relief to the additional demand of ₹9,450 crore raised by DoT until FY19.
14. SUPREME VERDICT(S)
May 2: Supreme Court scraps JSW Steel's ‘illegal' BPSL (Bhushan Power and Steel) deal, orders liquidation.
Jul 31: SC agrees to hear case again, recalls May 2 judgment.
Sep 26: SC approves JSW Steel's BPSL acquisition, reversing May 2 verdict, bringing to an end one of the longest insolvency battles after about eight years.
15. REGULATORY ACTION
Sebi imposed a ban on NY-based Jane Street for allegedly manipulating stock indices, ordered seizure of “illegal gains” amounting to ₹4,844 crore ($570 million) in one of the toughest punitive actions against an international trader of this size.
16. CORPORATE LEADERS
Priya Nair appointed HUL's first woman CEO
P&G named Mumbai-born Shailesh Jejurikar its chief executive effective January 1, 2026
17. WEIGHT-LOSS DRUGS BULK UP PRESENCE
India, projected to have the world's second-largest overweight or obese population by 2050 in absolute numbers, is becoming a key battleground for weight-loss drugs. Eli Lilly (US) established an early lead with Mounjaro (tirzepatide) while Novo Nordisk (Denmark) sought to cement its presence with Wegovy and Ozempic (semaglutide) before cheaper generic versions hit the shelves in March next year as its patent expires. Mounjaro became the top-selling therapy by value in October, with sales doubling within months of its March launch. More than 20 Indian drugmakers, including Dr Reddy's, Cipla, Sun Pharma, Zydus and Lupin, plan to launch cheaper versions once Novo's patent on semaglutide expires.
A 2.5 mg Mounjaro KwikPen (Lilly) costs about ₹13,125 for a month's usage, with the highest 15 mg dose going up to ₹25,781.
Novo's Wegovy lowest dose of 0.25 mg is priced at ₹10,850 for a one-month pack. It launched Ozempic last week for a monthly price of ₹8,800 for 0.25 mg.
18. DEAL COUNTER
→ JSW Paints has agreed to acquire Akzo Nobel's India business for ₹8,986 crore. The deal, coming after months-long negotiations, will catapult the Parth Jindal-led paint maker to No. 4 from lower down the order in the decorative paints segment, which accounts for three-fourths of the industry.
→ Vedanta outbid Adani Enterprises to win control of debt laden Jaiprakash Associates (JAL) with a ₹17,000-crore aggregate offer
→ Alpha Wave, IHC become investors in Haldiram
→ Ahmedabad-based drugmaker Torrent Pharma agreed to buy a controlling stake in JB Chemicals from global private equity firm KKR at an equity valuation of ₹25,689 crore ($3 billion). Post-deal Torrent will rank fifth (by market share) in the $26-billion Indian pharmaceutical market.
→ Manipal Health Enterprises, India's second-largest hospital chain, acquired Sahyadri Hospitals from Canada's OTPP. Likely deal price: ₹6,400 crore.
19. TESLA ENTRY
Tesla officially entered India with the launch of its Model Y SUV priced at about ₹60 lakh as Maharashtra rolled out the red carpet.
20. RATING UPGRADE
S&P Global Ratings raised its long-term sovereign credit rating on India for the first time in 18 years to BBB from the lowest investment grade of BBB-, citing the country's economic resilience and sustained fiscal consolidation. It kept the outlook for the country stable, indicating no near-term downgrade risk, despite the US imposing an additional 50% tariff on India.
21. RENEWABLE POWER
India's installed power capacity crossed 500 GW on September 30, with non-fossil fuel sources accounting for more than 51% of the total. Solar capacity stood at 127.33 GW, while wind power was at 53.12 GW. In April–September, India added 28 GW of non-fossil capacity and 5.1 GW of thermal capacity. On July 29, the country saw its highest-ever renewable energy share in electricity generation with renewable sources meeting 51.5% of the country's total demand of 203 GW. With this milestone, India has achieved one of its major COP26 goals of having 50% of installed power capacity from non-fossil fuel sources by 2030.
22. CLEAN CHIT
Sebi gives a clean chit to Adanis, says Hindenburg charges couldn't be established.
23. VISA TARIFF
US President Donald Trump imposed a hefty $100,000 annual fee on companies sponsoring employees for H-1B visas, a major chunk of which (around 70%) goes to Indians. The move set off a wave of panic among techies at home and abroad as officials said the rules applied only to new issuances. Later, US authorities announced increased vetting of all H-1B applicants and their dependents by including screening social media accounts. On December 23, the US amended H-1B regulations (effective February 27, 2026) to prioritise applications based on higher wages and skills instead of random lottery.
24. INVESTMENT DESTINATION
Microsoft will invest $17.5 billion in India to expand its AI and cloud infrastructure, chief executive Satya Nadella said in December after meeting Prime Minister Narendra Modi. This will mark the $3.64 trillion company's largest investment in Asia and comes on top of the $3 billion committed in January.
→ Amazon will step up investments in India to $35 billion by 2030—an increase of about $20 billion from a previously stated commitment—as it ramps up 10-minute delivery and doubles down on other businesses, said Amit Agarwal, its senior vice-president for emerging markets. The company invested $40 billion in India in the 15 years to 2024, he said.
25. IN WORLD OF FINANCE
→ RBI approved the application of Japanese giant Sumitomo Mitsui Banking Corp (SMBC) to acquire up to 24.99% in Yes Bank.
→ Global investment conglomerate International Holding Co (IHC), the most valuable holding company in West Asia, will acquire a controlling stake of 41.2% in Sammaan Capital (formerly Indiabulls HFC) for a total consideration of ₹8,850 crore ($1 billion) through its affiliate Avenir Investment RSC Ltd. The deal will be the largest primary capital infusion in an NBFC in India.
→ Emirates NBD Bank PJSC, the second-largest bank in the UAE, agreed to pick up a majority stake in RBL Bank for ₹26,850 crore ($3 billion). It's the largest acquisition of an Indian bank by a foreign financial institution as well the largest FDI in banking.
→ MUFG Bank, Japan's largest lender, said it would subscribe to a preferential equity allotment for a 20% stock ownership in Shriram Finance with a financial commitment of ₹39,620 crore in what would be the biggest FDI in India's financial services.
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