Business Standard Official

BS Editorial | Rupee slides past ₹90/USD, reflecting a $10.9B Q2 BoP deficit and wider trade gap. While US tariffs challenge exports, currency weakness supports tradable sectors. RBI’s $688 bn reserves and ongoing India-US Trade talks will shape near-term FX dynamics. https://mybs.in/2esKdI4

India is preparing to finalise a major defence agreement with Russia, under which it will lease a nuclear-powered attack submarine for about $2 bn. The deal comes after nearly 10 years of negotiations and ahead of Russian President Vladimir Putin’s two-day visit to New Delhi on Thursday. Putinis scheduled to land in the capital around 6:35 pm and will attend the 23rd India-Russia Annual Summit. This will be his first official trip to India since the Ukraine conflict began in February 2022. https://mybs.in/2esL6oX

Fitch Ratings raised India's GDP growth forecast for the current fiscal to 7.4%, from 6.9%, on increased consumer spending and improved sentiment boosted by GST reforms. It said falling inflation gives the RBI room for one more policy rate cut in December to 5.25%, following 100 bp of cuts in 2025 so far. https://mybs.in/2esL6jM

Air quality in the national capital showed slight improvement but remained in the ‘very poor’ category. Most areas were shrouded in smog, with the majority of monitoring stations recording an AQI above 300, raising health risks for residents. https://mybs.in/2esL6fj

Opinion | Stop blaming Nehru: Real question is why India didn't change course after him More than 60 years after his passing, Nehru is still held responsible for India’s economic shortcomings. Yet, by 1964, India’s per capita income was not far behind Thailand and ahead of China and Korea. The divergence came later, when other Asian nations shifted to export-led growth while India stuck to state-led import substitution and the licence raj. Successive govts expanded this model—PSUs grew from 5 in 1951 to 365 today, Indira Gandhi nationalised banks, and import protection persisted. Even partial reforms came only in 1991. As Ajay Chhibber argues, the problem is inertia, not Nehru himself. Labour reforms and PSU privatisation under the Modi government are steps in the right direction, but India must act decisively to unlock capital, improve infrastructure, and reduce public debt. The time to correct course is now. https://mybs.in/2esKdIY

Health With BS | Why we keep smoking despite knowing the damage it does, how nicotine hijacks the brain and stress-linked habits take hold. Read here 👉 https://mybs.in/2esL6ix

Opinion | The govt’s mandate to pre-install the Sanchar Saathi app on smartphones has been withdrawn after concerns from handset makers and privacy debates. Launched in 2023 to help users report suspicious calls and track lost phones, the app had become the centre of discussion over compliance and privacy. Nivedita Mookerji notes that India’s fight against spam and cyber fraud has been ongoing since 2006, with multiple consultations by TRAI and DoT. She highlights that a govt app alone is unlikely to solve the problem and calls for a renewed stakeholder consultation process. https://mybs.in/2esKdIh

Markets With BS | From Reliance Industries to Infosys, here is a list of stocks that will be in the limelight today. Take a look https://mybs.in/2esL6ew

Good morning! This is what Business Standard's front page looks like today. Read the stories on http://business-standard.com

Amid backlash, the Centre on Wednesday said that it has decided not to make the pre-installation of the Sanchar Saathi app mandatory for mobile manufacturers.   "The government with an intent to provide access to cyber security to all citizens had mandated pre-installation of Sanchar Saathi app on all smartphones. The app is secure and purely meant to help citizens from bad actors in the cyber world," the Ministry of Communications said. https://mybs.in/2esKd5u

BS Editorial | Recent telecom directives must be reconsidered; best way to combat cybercrime would be to foster awareness among users rather than to force SIM-binding and the pre-installation of an app. https://mybs.in/2esKBT9

BS Editorial | Things could become difficult if GST collection drops in the coming months. Further rate adjustments may be necessary to safeguard revenue over the medium to long run. https://mybs.in/2esKBSv

Chief Economic Advisor V Anantha Nageswaran on Wednesday said he expects the Indian rupee to improve against the dollar next year. His comment came as the rupee hit a record low, crossing the 90-mark against the US dollar in opening trade. "It will come back next year. Right now, it's not hurting our exports or inflation. I am not losing my sleep over it. If it has to depreciate, now probably is the right time," Nageswaran said on the sidelines of a Confederation of Indian Industry (CII) event in New Delhi, reported PTI. https://mybs.in/2esKd4L

Book Review | Breaking the Engagement: How China Won & Lost America by David Shambaugh By setting out a road map to navigating the US-China relationship, the book offers an understanding of what we can expect from this “indefinite comprehensive competitive rivalry.” Read full review by Gunjan Singh 👇🏻 https://mybs.in/2esKBTV

The Donald Trump administration on Tuesday ordered an immediate pause on all immigration applications filed by nationals of 19 countries previously placed under a United States travel ban, leading to widespread cancellations of green card interviews and naturalisation ceremonies. The step follows a string of rapid moves taken after last week’s shooting near the White House and has extended the administration’s post-attack security response. https://mybs.in/2esKcvi

Datanomics | India's nuclear energy ambitions need a capacity push India’s nuclear energy share in total installed capacity remains limited, fluctuating between 1.9% and 2.9% from FY10 to FY24. Read more: https://mybs.in/2esKBJx

India’s services sector regained momentum in November, with business activity expanding at a faster pace after a mild slowdown in October, according to the HSBC India Services Purchasing Managers’ Index (PMI) survey compiled by S&P Global. The seasonally adjusted index rose to 59.8 in November, up from 58.9 in October, signalling a “historically sharp” expansion in output. https://mybs.in/2esKcu7

The Indian rupee slid to a record low on Wednesday, crossing the 90-mark against the US dollar in the opening trade. At 9 am, the INR traded at 90.06 against 1 USD. More: https://mybs.in/2esKcuD