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Indian Economy

Salaries in India set to climb 9% in 2026 despite global slowdown: Aon survey

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Amid global economic headwinds, salaries in India are projected to rise by 9% in 2026, driven by strong domestic demand, steady investments, and supportive government policies, according to Aon’s Annual Salary Increase and Turnover Survey 2025–26. The forecast represents a slight uptick from the 8.9% average salary growth recorded in 2025, highlighting the continued resilience of India’s economy even as many other markets experience slower expansion. The 30th edition of Aon’s survey draws insights from 1,060 organisations across 45 industries, revealing significant variations in salary hikes by sector. Real estate and infrastructure firms are expected to see the steepest pay increases at 10.9%, followed closely by non-banking financial companies (NBFCs) at 10%. Other key sectors — including automotive, engineering design services, retail, and life sciences — are likely to post average salary hikes of around 9.6–9.7%, reflecting ongoing investments in critical and skilled talent areas. “India’s growth narrative remains strong, propelled by infrastructure investments and policy support. Organisations are adopting a strategic approach to compensation to ensure sustainable growth and workforce stability amid global uncertainty,” said Roopank Chaudhary, Partner and Rewards Consulting Leader, Talent Solutions, India at Aon. The report also notes a continued decline in employee attrition, which fell to 17.1% in 2025 from 17.7% in 2024 and 18.7% in 2023 — signaling greater workforce stability. With reduced churn, companies are increasingly focusing on upskilling and development initiatives to strengthen their talent pipelines and prepare for future growth opportunities. Source: PTI

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PM Modi on GST reforms: “Savings festival to bring smiles to every household”

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Prime Minister Narendra Modi on Monday praised the rollout of the new Goods and Services Tax (GST) reforms, describing them as a step that will reduce expenses and spread happiness across homes. Speaking during his visit to an exhibition in Itanagar, Modi interacted with local traders and retailers, emphasizing how the changes would ease financial burdens. Sharing newspaper headlines on social media platform X, he wrote, “From markets to households, GST Bachat Utsav brings a festive buzz, ensuring lower costs and brighter smiles in every home!” The revised GST structure, which came into effect on September 22, coinciding with the start of Navratri, replaces the earlier four-tier system of 5%, 12%, 18%, and 28% with a simplified two-rate model of 5% and 18%. The government projects that these changes, along with earlier income tax reliefs, could result in national savings of ₹2.5 lakh crore. In his address on Sunday, Modi highlighted that the reforms would empower farmers, youth, women, shopkeepers, small traders, and entrepreneurs. He stressed that MSMEs stand to gain significantly, with higher sales and reduced tax liabilities creating a “double bonanza.” The Prime Minister also urged citizens to prioritize Indian-made products, stating that self-reliance and pride in local goods will accelerate the nation’s progress. Source: Hindustan Times

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GST on Premium TVs Cut to 18%: A Game-Changer for Media, Entertainment, and OTT

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At its 56th meeting, the GST Council delivered a festive-season boost to consumers and the electronics industry. Finance Minister Nirmala Sitharaman announced that starting September 22, all televisions above 32 inches will now attract 18% GST, down from 28%. This tax relief significantly reduces the cost of premium LED, Smart, and 4K TVs, making them more accessible to middle-class households and potentially reshaping the way Indians consume content across TV and OTT platforms. Bigger TVs, Lower Prices Previously, larger televisions were categorized as luxury items, putting them out of reach for many. With the revised GST slab, prices will drop noticeably. For example, a 40-inch smart TV priced at ₹22,000 earlier attracted ₹6,160 in tax, pushing the final price to ₹28,160. Under the new rate, the tax is just ₹3,960, bringing the final price down to ₹25,960 — a saving of ₹2,200. Boost for Consumer Electronics and Manufacturing The tax cut not only makes large-screen TVs more affordable but also encourages upgrades from smaller sets. Industry experts say this will spur sales during the festive season, particularly Diwali, while helping manufacturers by reducing supply-chain distortions and improving profitability through input tax credits. Increased demand is expected to stimulate fresh investments in production capacity. Connected TVs to Drive OTT Adoption As larger smart TVs become mainstream, they are set to accelerate the growth of Connected TV (CTV) viewership. With built-in streaming capabilities, households will have easier access to platforms like Netflix, Amazon Prime Video, Disney+ Hotstar, and others. The shift toward bigger screens is expected to drive subscription growth and normalize high-quality OTT viewing as part of everyday entertainment. Advertising Opportunities on the Rise The ripple effect will also benefit advertisers. With more viewers consuming content on CTVs, brands gain opportunities for targeted, interactive ad campaigns. This creates a strong incentive for the advertising ecosystem, further boosting the revenue potential of streaming platforms. A Win-Win for Consumers and the Media Sector Overall, the GST cut on premium TVs is poised to be a triple win—consumers enjoy affordable upgrades, manufacturers see higher demand and investment opportunities, and the media & OTT sector benefits from increased viewership, subscriptions, and advertising growth. Source: TOI  

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Cable TV Operators Seek GST Cut to 5% Amid Rising Costs

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The All India Digital Cable Federation (AIDCF) has urged Finance Minister Nirmala Sitharaman to lower the goods and services tax (GST) on cable television services from 18% to 5%, citing mounting financial stress and rising consumer bills. In its appeal, the federation argued that such a move would not only align with Prime Minister Narendra Modi’s vision for GST reforms but also ensure affordable access to television services for millions of households across India. According to AIDCF, cable TV currently reaches more than 64 million homes and sustains around 1–1.2 million jobs. However, the sector is struggling with steep hikes in broadcaster tariffs, shifting consumer preferences, and growing competition from unregulated OTT platforms. “Satellite channel prices have spiked by nearly 600% in recent years, causing a 35–40% surge in monthly consumer bills. A GST cut would help ease this burden and maintain affordability,” said Manoj P. Chhangani, Secretary General of AIDCF. The federation highlighted that the industry, made up of 852 multi-system operators and about 1.6 lakh local cable operators—most of them small entrepreneurs in towns and villages—is under severe liquidity pressure. A lower GST rate, it said, would help sustain operations, curb subscriber churn, and enable investment in broadband services, complementing the government’s Digital India initiative. Representing over 60% of India’s cable TV market, AIDCF has requested that the demand be considered at the 56th GST Council meeting scheduled for September 3–4 in New Delhi. The council is also reviewing a proposal to simplify the GST structure by merging the current four-tier system (5%, 12%, 18%, 28%) into two slabs—5% and 18%. Source: Economic Times  

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Online Gaming Bill becomes law after President’s assent

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President Droupadi Murmu has approved the Promotion and Regulation of Online Gaming Bill, 2025, officially turning it into law just a day after the Rajya Sabha cleared it. The new legislation imposes a complete ban on online money gaming services, prescribing penalties of up to three years in jail and fines as high as ₹1 crore for operators. Advertising such banned platforms could attract up to two years imprisonment and fines of ₹50 lakh. The Rajya Sabha passed the bill in just 26 minutes, following the Lok Sabha’s approval in seven minutes, despite opposition protests questioning the rushed process. Union Electronics and IT Minister Ashwini Vaishnaw, defending the law, said millions were being pushed into debt traps. “From time to time, society faces social evils. It is the responsibility of the government and Parliament to intervene with appropriate laws,” he told the House. He also cited official estimates showing that 450 million players have collectively lost over ₹20,000 crore to money-based online gaming. Prime Minister Narendra Modi welcomed the move, stressing that the law will promote e-sports and social gaming while shielding society from the dangers of gambling-driven online games. “This Bill highlights our commitment to make India a hub of gaming, innovation, and creativity. It will encourage healthy gaming while protecting people from harmful effects of money gaming,” he said. However, the decision has sparked outrage within the industry. Representatives of the ₹31,000 crore sector argue that the ban is a “death knell” for legitimate businesses, warning that offshore operators will benefit while Indian companies suffer. They pointed out that the sector employs over 200,000 people and has attracted ₹25,000 crore in foreign investment since 2022. In the immediate aftermath of the law’s passage, major platforms including Dream11 and WinZO announced they would shut down operations. Source: Hindustan Times

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RBI Reports 98% of ₹2000 Notes Returned to Banks Following Withdrawal

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The Reserve Bank of India (RBI) has announced that over 98% of the ₹2000 denomination banknotes have been returned to the banking system, nearly two years after their phased withdrawal was initiated in May 2023. According to the latest RBI update released on May 2, 2025, the total value of ₹2000 notes in circulation has plummeted from ₹3.56 lakh crore on May 19, 2023—the date the withdrawal was declared—to just ₹6,181 crore as of May 31, 2025. This indicates that 98.26% of the high-value notes have been successfully absorbed back into the formal banking channel. Initially, banks across the country facilitated the exchange or deposit of ₹2000 notes until October 7, 2023. Post this deadline, the facility has continued through the RBI’s 19 Issue Offices, where individuals and entities can still deposit the notes into their bank accounts. Since October 9, 2023, these offices have been exclusively handling such transactions. Additionally, the RBI allowed people to send ₹2000 notes via India Post from any post office, enabling direct credit into their bank accounts through designated RBI offices—a move that added convenience for those in remote or rural areas. Importantly, while the notes have been withdrawn from circulation, the RBI has clarified that the ₹2000 denomination remains legal tender. The decision to withdraw the notes was part of the central bank’s broader currency management strategy aimed at optimizing the denomination structure and curbing hoarding of high-value currency. The RBI continues to monitor and report on the status of the withdrawal process, ensuring transparency and public awareness throughout the transition. Source: DD News  

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Ratan Tata, Visionary Leader and Philanthropist, Passes Away at 86

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Ratan Tata, the esteemed former chairman of the Tata Group and one of India’s most beloved business icons, passed away on Wednesday at the age of 86. Tata had been admitted to Breach Candy Hospital in Mumbai for age-related health conditions, including blood pressure complications. Despite rumors about his deteriorating health over the past week, his passing has left the nation mourning a towering figure in Indian industry and philanthropy. Known for his leadership and integrity, Ratan Tata transformed the Tata Group into a global powerhouse after taking over as chairman in 1991. Under his guidance, the group made bold international acquisitions, including Tetley, Jaguar Land Rover, and Corus Steel, firmly establishing India’s presence in the global business landscape. His leadership not only expanded the Tata Group but also brought international attention to India’s economic potential. Beyond business, Tata was deeply committed to philanthropy, contributing to education, healthcare, and rural development through the Tata Trusts. His quiet demeanor and humility endeared him to millions. Despite his immense success, he led a modest life, avoiding the lavish lifestyle associated with billionaires. Tata received numerous honors throughout his life, including India’s highest civilian awards, the Padma Bhushan in 2000 and the Padma Vibhushan in 2008. His philanthropic efforts and contributions to society earned him further accolades, including the Assam Baibhav in 2021 for advancing cancer care in Assam. Prime Minister of India shared condolence over the loss saying “My mind is filled with countless interactions with Shri Ratan Tata Ji. I would meet him frequently in Gujarat when I was the CM. We would exchange views on diverse issues. I found his perspectives very enriching. These interactions continued when I came to Delhi. Extremely pained by his passing away. My thoughts are with his family, friends and admirers in this sad hour. Om Shanti.” Alongside, President of India has tweeted a message saying “In the sad demise of Shri Ratan Tata, India has lost an icon who blended corporate growth with nation building, and excellence with ethics. A recipient of Padma Vibhushan and Padma Bhushan, he took forward the great Tata legacy and gave it a more impressive global presence. He inspired seasoned professionals and young students alike. His contribution to philanthropy and charity is invaluable. I convey my condolences to his family, the entire team of the Tata Group and his admirers across the globe.” As the nation mourns his passing, Defense Minister Rajnath Singh expressed his condolences, calling him a “Titan of the Indian industry” and a visionary who left an indelible mark on India’s economy and society. Ratan Tata’s legacy as a business leader and philanthropist will continue to inspire generations to come. The country unites in grief, with heartfelt tributes and condolences flooding in from across the spectrum – business tycoons, political dignitaries, and ordinary citizens alike – to celebrate the extraordinary life and achievements of Shri Ratan Tata. India has lost a giant, a visionary who redefined modern India’s path. Ratan Tata wasn’t just a business leader – he embodied the spirit of India with integrity, compassion and an unwavering commitment to the greater good. Legends like him never fade away. Om Shanti 🙏 pic.twitter.com/mANuvwX8wV — Gautam Adani (@gautam_adani) October 9, 2024 It is a very sad day for India and India Inc. Ratan Tata’s passing away is a big loss, not just to the Tata Group, but to every Indian. At a personal level, the passing of Ratan Tata has filled me with immense grief as I lost a dear friend. Each of my numerous interactions with… — Reliance Industries Limited (@RIL_Updates) October 9, 2024 My last meeting with Ratan Tata at Google, we talked about the progress of Waymo and his vision was inspiring to hear. He leaves an extraordinary business and philanthropic legacy and was instrumental in mentoring and developing the modern business leadership in India. He deeply… — Sundar Pichai (@sundarpichai) October 9, 2024 Ratan Tata: the man who made India proud. His legacy remains in posterity. May his soul rest in peace. pic.twitter.com/Sk414lTjKW — Uday Kotak (@udaykotak) October 9, 2024 I am unable to accept the absence of Ratan Tata. India’s economy stands on the cusp of a historic leap forward. And Ratan’s life and work have had much to do with our being in this position. Hence, his mentorship and guidance at this point in time would have been invaluable.… pic.twitter.com/ujJC2ehTTs — anand mahindra (@anandmahindra) October 9, 2024 Deeply saddened by the demise of legendary industrialist and true nationalist, Shri Ratan Tata Ji. He selflessly dedicated his life to the development of our nation. Every time I met him, his zeal and commitment to the betterment of Bharat and its people amazed me. His commitment… pic.twitter.com/TJOp8skXCo — Amit Shah (@AmitShah) October 9, 2024 The passing away of Ratan Tata is the end of an era. He was deeply associated with the modernisation of Indian industry. And even more so with its globalisation. Was my privilege to have interacted with him on numerous occasions. And benefitted from his vision and insights.… — Dr. S. Jaishankar (@DrSJaishankar) October 10, 2024 I am heartbroken to hear of the passing of Ratan Tata Ji, a proud son of the nation. Over three decades, I was privileged to have a deeply personal and close family relationship with him, where I witnessed his humility, simplicity, and genuine respect for everyone, regardless of… — Nitin Gadkari (@nitin_gadkari) October 9, 2024

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Weakened Modi Government Faces Challenges in Fiscal Consolidation

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Can a weakened Narendra Modi government continue its work of narrowing the fiscal gap, which it has been able to do in recent years? Economists say it is doable, but perhaps not at the pace the government would have preferred. Following exit polls, analysts were optimistic about the Indian economy’s fiscal deficit coming down to its target of 4.5 percent by FY26. This optimism was based on the prediction of a landslide victory for the BJP-led NDA. However, the actual election results were different: the NDA has enough numbers to form a government at the Centre, but the BJP on its own falls short of the majority of 272 seats needed in the 543-seat Lok Sabha. The narrower margin of victory for Indian Prime Minister Narendra Modi’s alliance in elections will forestall reforms that could have potentially facilitated aggressive fiscal consolidation, an analyst at Moody’s Ratings told Reuters in an interview. “If the BJP, like it did in 2014 and 2019, had won over 273 seats on its own, it could have pushed on with curbing the gap at a much more aggressive speed,” said Christian de Guzman, senior vice president of the sovereign risk group at Moody’s. “It looks like the prospects for even more aggressive consolidation are not as bright as they were before the election results. However, I still think that the prospects for consolidation will remain intact, and they will retain a level of fiscal discipline.” India’s Fiscal Deficit Plans India aims to narrow its fiscal deficit to 4.5 percent of GDP by the end of FY26, down from the 5.1 percent projected for the current year ending in March 2025. Some reports indicate that India is now likely to bring down its FY25 fiscal deficit target to 4.9 percent. The smaller mandate for Modi raises the risk of more populist spending to consolidate political support, Guzman said. Although the BJP’s manifesto and the Interim Budget announced by Finance Minister Nirmala Sitharaman did not hint at much populist spending, the full budget due in July will be more telling. This budget will account for the government’s plans, including the Reserve Bank of India’s record Rs 2.11 lakh crore surplus transfer. The government could use this surplus to further consolidate the fiscal position or to garner political support, Guzman added. “A shaky political outcome perhaps suggests higher odds for the latter.” Challenges to Ambitious Reforms Fitch Ratings noted that the weakened majority for Modi’s alliance could pose challenges for the more ambitious elements of the government’s reform agenda. Guzman acknowledged India’s high growth and robust economic prospects over the medium-term are already factored into their ratings, as is the progress made on macroeconomic and financial stability. However, to upgrade India’s sovereign outlook or rating, Moody’s would need to see a “much more material improvement on the fiscal side,” Guzman explained. This includes a significant reduction in government debt and an improvement in debt affordability, such as a reduction in the proportion of revenue accounted for by interest payments or debt servicing.

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Amit Shah Prioritizes Rupee Trade as Top Agenda for New Government

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Amit Shah, the Home Minister of India, has emphasized the significance of trade conducted in the Indian rupee, calling it a top priority for the new government. The move to facilitate trade in the national currency has reached its final stages of negotiation with several countries, although matters have been temporarily suspended due to ongoing Lok Sabha elections. Shah highlighted the potential of rupee trade as a significant step forward, citing the country’s robust fundamentals and the relative stability of the Indian currency against most international counterparts. Finance Minister Nirmala Sitharaman echoed this sentiment, emphasizing that many countries are showing interest in establishing trade relations based on rupee transactions. Following the Reserve Bank of India’s July 2022 circular permitting invoicing, payment, and settlement of trade in Indian rupees, rupee invoicing has gained traction. India has already initiated rupee trade with neighboring countries like Nepal and Bhutan, while efforts are underway to facilitate trade in the national currency with Russia and Sri Lanka. The transition to rupee invoicing is expected to bring various benefits, including lower transaction costs, enhanced price transparency, faster settlement times, and reduced hedging expenses. Additionally, it is anticipated to contribute to the internationalization of the rupee and alleviate the burden of holding foreign reserves by the RBI. Sitharaman emphasized India’s stable economic fundamentals, transparent taxation policies, and robust systems, which have bolstered investor confidence and positioned India as an attractive destination for trade and investment. With a growing middle class and a sizable market, India’s economic prospects appear promising, garnering attention and engagement from global partners. Overall, the prioritization of rupee trade underscores the government’s commitment to leveraging India’s economic strengths and fostering stronger trade ties on both regional and international fronts.

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Indian Cabinet Approves Rs 9,589 Crore FDI in Suven Pharmaceuticals by Cyprus-Based Firm

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The Cabinet has given its nod for a foreign investment of approximately Rs 9,589 crore in Suven Pharmaceuticals by Berhyanda Ltd, a company based in Cyprus. This approval pertains to the acquisition of up to 76.1% of Suven Pharmaceuticals’ shares by Berhyanda through the transfer of shares from existing promoter shareholders and public shareholders via a mandatory open offer. The total foreign investment could potentially rise to 90.1% in Suven Pharmaceuticals. Various regulatory bodies, including SEBI, RBI, and CCI, have assessed the proposal, and it has now received Cabinet Committee on Economic Affairs (CCEA) approval. The decision is contingent upon compliance with all relevant rules and regulations. Over the past five years (from 2018-19 to 2022-23), the pharmaceutical sector has attracted a total of Rs 43,713 crore in foreign direct investment (FDI). Notably, the sector experienced a significant 58% growth in FDI in the previous fiscal year.

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