Is Emirates NDB looking at a USD 7.1 bn stake in IDBI Bank?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Proposal to expand GPS tracking of smartphones + BPCL, IOC buy sanctions-compliant Russian crude

Good morning, wonderful people, and happy Monday. Modi and Putin dominated India’s news stream throughout the weekend as the two signed 15 agreements including a pledge to take bilateral trade to USD 100 bn by 2030. Social media users are locking horns about the vegetarian menu for Putin’s dinner, but we’re not letting that distract us — we rang up an expert to help us make sense of it all.

THE BIG STORY this morning on the MENA-India corridor: UAE lender ENBD isn’t stopping with its USD 3 bn bid for RBL — it’s looking at taking a stake in state-owned IDBI Bank that could be worth north of USD 7 bn in what’s expected to be a sharply competitive bidding process.

MEANWHILE- Adia-backed ReNew is pushing ahead with a 6 GW solar component manufacturing facility and more non-sanctioned Russian crude will flow into two key state-owned refineries. In other energy news, the Modi government is proposing to expand its use of coal through 2047.

Market watchers welcomed the Reserve Bank of India’s decision to cut interest rates, hoping the move might throw a floor under the stock markets after a week that saw foreign portfolio investors head for the exits. And there’s a new proposal afoot to enhance the surveillance capacity of investigative agencies that will give Apple, Samsung, and Google executives some sleepless nights.

^^ We have all of that and more, below.

IN MENA THIS MORNING-

It’s going to be “All Abu Dhabi, All The Time” in MENA this week as Abu Dhabi Finance Week kicks off. The emirate is looking to cement its position as the self-proclaimed “capital of capital” with word on the street that the world’s largest listed hedge fund, Man Group (with USD 213.9 bn in AUM), is targeting a 2026 entry. The macro picture supports the hype: The UAE’s non-oil private sector expanded at its fastest clip in 11 months in November (PMI: 54.8)

Saudi Arabia is matching that optimism with hard assets: Policymakers are pressing head with the buildout of essential infrastructure even as they signal they’ll be taking a go-slower approach with gigaprojects: The Kingdom has tendered major capacity expansions for King Salman International Airport and its phosphate rail network, while awarding a SAR 3 bn sewage treatment contract in Makkah. Riyadh is pivoting toward a particularly Saudi flavor of “spending efficiency,” not signalling a stop. Meanwhile, officials are pushing ahead with a policy initiative to triple industrial capacity by 2035.

The World Bank thinks Saudi and the UAE had a good 2025: On track to expand at a 4.8% clip for the year, the UAE’s economy is the envy of the region. Saudi, meanwhile, grew a bit faster than the bank had originally expected this year — it now thinks KSA’s economy will expand at a 3.8% when all the numbers are in.

In Cairo, the Madbouly government is pushing ahead with aggressive incentives to court the private sector. That includes a package of three-year tax exemptions for new IPOs and an EGP 10 bn financing program for startups. It’s a signal to the IMF delegation in town that the reform drive is very much alive. Meanwhile, the USD 35 bn Leviathan gas agreement with Israel remains stuck in regulatory limbo until year-end, EnterpriseAM Egypt reports.

^^ Want to go deeper? Check out our UAE, Saudi, and Egypt editions.

WATCH THIS SPACE-

#1- Telcos look to have sparked a new surveillance and privacy controversy for the Modi government. Officials are reviewing a controversial proposal from the country’s telecom operators that would require smartphone makers to keep satellite-tracking (A-GPS) permanently enabled on all devices, Reuters reports, citing internal documents.

It’s a pass-the-buck strategy: The proposal comes from the Cellular Operators Association of India (COAI), which represents giants like Reliance Jio and Bharti Airtel.

BACKGROUND: The Modi government has long complained that the location data provided by telcos via cell towers is too imprecise for legal investigations.
The pivot: Rather than upgrading their own network infrastructure to improve triangulation, the telcos have proposed a solution that shifts the burden to the device: Mandate that Apple, Google, and Samsung hard-wire A-GPS location services to be “always on.”

Location on, privacy off: The measure would require location services to remain active even if a user attempts to disable them, using a mix of satellite and cellular signals to give authorities users’ down-to-the-meter location, Reuters reports.

Tech giants including Apple, Google, and Samsung are pushing back, having reportedly told officials that the mandate has no global precedent. Their argument: “Always-on” GPS could turn every commercial smartphone into a dedicated surveillance tool, creating security vulnerabilities for sensitive users, including military personnel, judges, and journalists.

It’s the second privacy firestorm in the past week: The story comes just days after the Modi government retreated from a separate order that would have required manufacturers to preload a state-run cyber-safety app, Sanchar Saathi, on all devices — and make it undeletable. That order was pulled following a sharp backlash over spyware concerns.

Our take: The Modi government has consistently sought tighter control over the digital landscape, but this specific proposal highlights a fracture within the industry. Telcos are happy to facilitate surveillance if it means the cost and technical burden fall on device manufacturers. For Apple and Samsung — who are currently being wooed by India’s PLI schemes to shift manufacturing away from China — this signals that market access may come with a compliance tax that conflicts with their global privacy standards.

Why it matters: India mandating always-on GPS could help set a dangerous global precedent. Other nations with strict surveillance regimes could cite the “India Model” to demand similar backdoors from Silicon Valley (think: the UK’s demands for a back-door to encrypted backups), forcing companies to choose between compromising their privacy architecture or exiting massive growth markets.

What’s next: The proposal is currently under review by the IT and Home Ministries. Expect intensified lobbying from the India Cellular and Electronics Association (ICEA) — which represents the device makers — to kill the proposal before it reaches the draft regulation stage.

#2- India mulls major coal expansion: New Delhi is weighing a sharp policy departure that would allow new coal-power capacity to be added until 2047, Bloomberg reports, citing unnamed sources. The plan — currently being hashed out by the Power Ministry and government think tank NITI Aayog — would mark a significant departure from earlier projections that saw capacity additions peaking in 2035.

What does this mean? The proposal could see total coal power capacity climb to 420 GW, an 87% jump from current levels, effectively extending the life of coal in India’s energy mix for another two decades. Coal is the most reliable option given domestic reserves and supply-chain risks in batteries and solar equipment, dominated by China, policymakers told the business outlet.

Climate trade-off? Some new coal capacity may aid grid stability as renewable generation grows. But this expansion complicates climate goals: emissions must peak by 2045 for India’s 2070 net-zero target, NITI Aayog estimates. India, the world’s third-largest emitter, has yet to publish its 2035 roadmap under the Paris Agreement, arguing that industrialized nations should bear more of the decarbonization burden.

#2- Big state refiners buy sanctions-compliant Russian crude: State-run Bharat Petroleum Corp (BPCL) has purchased four January-loading crude cargoes from non-sanctioned suppliers, Reuters reports. Indian Oil Corporation (IOC), India’s largest refiner, has also secured an undisclosed number of non-sanctioned Russian barrels for January loading, the newswire added.

MEANWHILE-Saudi Arabia has reduced January official selling prices for its Arab Light crude to Asia to USD 0.60 per barrel above the Oman / Dubai benchmark — the lowest in five years and down from USD 1 for December — amid signs of oversupply and weaker regional demand, DD News reports.

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DATA POINT-

India’s entertainment and media sector is projected to expand from USD 32.2 bn in 2024 to USD 47.2 bn by 2029, growing 7.8% annually — nearly twice the global pace, as per a PwC report. Internet advertising will rise from USD 6.2 bn to USD 13 bn, while OTT revenues will climb to USD 3.4 bn from USD 2.2 bn.

HAPPENING TODAY-

Telangana Rising 2047 will kick off today in Hyderabad, aiming to attract global investment and position the southern state as a future hub for technology and sustainable development. Modeled after the World Economic Forum in Davos, the event gathers over 1k global leaders and CEOs for talks about AI, renewable energy, and urban development.

HAPPENING THIS WEEK-

A US trade delegation is expected in New Delhi for talks on the proposed bilateral India-US trade agreement, Reuters reports, citing what it says was an Indian government source. India wants the Trump administration to pull back from punitive tariffs on Indian goods.

THE BIG STORY ABROAD-

It’s relatively calm in the global business press this morning — among the stories making headlines:

#1- Netflix will acquire Warner Bros Discovery in a USD 72 bn agreement, which would give it control of Warner’s portfolio, including HBO and major franchises like Harry Potter and Batman. Warner Bros Discovery CEO David Zaslav is expected to remain in charge of the studio under Netflix’s ownership. Regulators are expected to scrutinize the merger over antitrust issues, but if approved, it would expand Netflix’s influence across film, television, and streaming. (Financial Times | New York Times | CNN | Reuters | BBC | Bloomberg)

#2- Australia kicks off the world’s first social media ban: Australia is rolling out the world’s first social media ban for anyone under 16 years of age, with Meta already deactivating hundreds of thousands of teen accounts on Instagram, Facebook, and Threads ahead of the 10 December deadline. The ban will make it illegal for anyone under 16 years old to hold accounts on major platforms, including TikTok, YouTube, Snapchat, Reddit, and X, with companies facing fines of up to AUD 49.5 mn (c. USD 33 mn) if they fail to comply. (BBC | Reuters | Guardian | Washington Post)

ENBD to bid for USD 7.1 bn stake sale of state-owned IDBI bank

ENBD eyeing another bank acquisition in India? India is preparing to invite bids as early as this month for an INR 595 bn (USD 7.1 bn) majority stake sale in Mumbai-based and state-owned IDBI Bank, Bloomberg reports. Emirates NBD has received “fit-and-proper clearance” from the central bank for its bid. Mumbai-based Kotak Mahindra Bank and Toronto’s Fairfax Financial Holdings are also bidding.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The 60.72% stake — 30.48% held by the government and 30.24% by state-owned Life Insurance Corporation of India (LIC) — includes management control of the bank. Talks with the three bidders are in advanced stage and the formal bidding process could open before the end of the year, Bloomberg added.

Timeline: The government aims to finalize a strategic buyer by March 2026, although delays linked to clearance processes could shift timelines. The shortlisted bidders are currently conducting due diligence.

Why it matters: If completed, the stake sale would mark one of India’s largest privatizations in the banking sector in decades. Bloomberg seems to think Kotak Mahindra Bank is the stronger contender but is unlikely to proceed if valuation expectations rise significantly.

Our take: Emirates NBD is continuing to evaluate avenues in Indian banking following its announcement that it would seek a majority stake in RBL Bank. ENBD is looking for a strategic foothold in India’s capital market as the country’s credit needs are likely to grow exponentially in the coming years.

Other Gulf investors are keen for a piece of India’s financial sector. Earlier this year, Abu Dhabi-based International Holding Company (IHC) picked up a controlling stake in Sammaan Capital for USD 1 bn.

Adia + Masdar-backed ReNew to build 6 GW solar manufacturing plant

Gurugram-based green energy developer ReNew, backed by the Abu Dhabi Investment Authority (Adia) and Abu Dhabi’s Masdar, will invest INR 39.9 bn (USD 480 mn) to set up a 6 GW solar ingot-wafer manufacturing plant in Andhra Pradesh (AP), Hindu Businessline reports.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

India’s first: The facility will be the country’s first commercial-scale integrated ingot-wafer manufacturing unit, producing core building blocks used in solar cells and modules. The project will be executed through ReNew Photovoltaics, a subsidiary of Nasdaq-listed ReNew Energy Global, one of India’s largest renewable power producers.

Approval process: The investment proposal was approved by the Andhra Pradesh State Investment Promotion Board chaired by Chief Minister N Chandrababu Naidu. The facility is backed by the government’s production-linked incentive scheme for solar manufacturing that aims to reduce import reliance while supporting India’s 300 GW solar energy goal for 2030.

Project timeline + capacity: The project is expected to be completed by March 2026, with commercial production beginning by January 2028.

BACKGROUND- A consortium of investors including Masdar, Adia, and Canada Pension Plan Investment Board are planning to take Nasdaq-listed ReNew private and have filed an application with the US Securities and Exchange Commission

IN CONTEXT- AP signed 35 MoUs worth a combined INR 3.65 tn (USD 43.8 bn) in investment pledges at last month’s Confederation of Indian Industry Partnership Summit in Visakhapatnam, with the energy sector accounting for INR 2.65 tn (USD 31.8 bn) of the commitments. ReNew announced INR 600 bn (USD 7.2 bn) in new renewable-energy projects, taking its total commitments in AP to INR 820 bn (USD 9.8 bn). The momentum reinforces AP’s push to become a major clean-energy and manufacturing hub under its investment pipeline strategy.

Reserve Bank of India cuts rates, to deploy INR 1 tn in open market ops for liquidity boost

RBI cuts rate for India’s Goldilocks run: The Reserve Bank of India’s (RBI) monetary policy committee has lowered the repo rate by 25 basis points (bps) to 5.25% from 5.50%, RBI Governor Sanjay Malhotra said at a press conference. The central bank has now cut policy rates by a cumulative 125 bps during 2025.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Keeping its monetary policy stance neutral, the governor cited rapid disinflation and resilient growth behind the “rare Goldilocks” period. He added that inflation, at a record low of 0.25% in October, provides room for policy maneuver, while economists anticipate a further rate cut towards a terminal 5%.

Growth up, inflation down: The RBI raised its FY 2026 GDP growth forecast to 7.3% from its previous estimate of 6.8%. The inflation forecast is also down to 2% from 2.6% in October. Disinflation has become broad-based due to favorable food-supply conditions, moderating global commodity prices, and adequate reservoir levels, Malhotra said.

On the INR depreciation: The central bank will tolerate a weaker currency but intervene to curb undue volatility. “We don’t target any specific price levels or bands. We let markets function; they are very deep and efficient. We just let the [INR] find its correct position, correct level,” Malhotra stated.

India’s forex reserves are at USD 686 bn, providing a healthy import cover of more than 11 months of imports.

External risks poke the bear: The RBI flagged downside risks from global conditions, but expects India to “comfortably” meet external financing needs.

Liquidity injection and currency swaps-

Liquidity boost: The RBI will buy government-bonds worth INR 1 tn (USD 11 bn) this month to inject liquidity into the banking system. It will also conduct a USD 5 bn INR-USD foreign-exchange swap, under which it will purchase USD and sell them back three years later, as it seeks to address tight liquidity following extensive currency-market intervention.

The governor stressed that the repo rate is the primary monetary-policy instrument, with open-market operations focused on liquidity management rather than influencing government-bond yields. The bond purchases are expected to offset cash drain caused by RBI’s USD sales to support a weakening INR, which has become Asia’s worst-performing currency this year.

India, Russia chart long-term roadmap with USD 100 bn target by 2030

Prime Minister Narendra Modi and Russian President Vladimir Putin announced a Vision 2030 document to deepen cooperation in trade, energy, defense, space, nuclear power, and connectivity during the annual India-Russia summit, according to a joint press release. The two sides are targeting USD 100 bn in bilateral trade by 2030.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Here’s what you need to know:

Trade: Program 2030 will expand bilateral trade to USD 100 bn, and negotiations will continue on a trade agreement with the Eurasian Economic Union.
Bilateral currency settlement: The leaders agreed to continue efforts to use national currencies for trade settlements.
Energy: Russia committed to ensuring “uninterrupted shipments of fuel” to India. The two sides agreed to expand collaboration in oil, gas, petrochemicals, nuclear energy, and underground coal gasification.
Fertilizers: A long-term fertilizer supply arrangement includes setting up a new urea plant in Russia to bolster supplies to India.
Labor: The two will make it easier for skilled Indian workers to take jobs in Russia.
Connectivity: They agreed to strengthen the International North-South Transport Corridor (INSTC), the Chennai-Vladivostok maritime route, and the Northern Sea Route, and signed MoUs on training specialists on shipping in polar waters.
Civil nuclear + space: They agreed on collaboration between the Indian Space Research Organization and Russia’s Roscosmos on human spaceflight and satellite systems as well as support for nuclear projects.
Defense: They will conduct joint research and co-develop and co-produce Russian military equipment in India. No major equipment deals were announced.
Tourism and people-to-people ties: India announced plans for new e-tourist visas for Russian citizens to boost tourism.
Multilateral coordination: The two sides agreed to cooperate in the UN, BRICS, SCO, and G20; Russia is backing India’s bid for a permanent UNSC seat.

What does that all mean?

To make sense of signals from the summit, we dialed Indian expert Nivedita Kapoor, who is based in Moscow, where she’s a senior research fellow at the Institute of China and Contemporary Asia of the Russian Academy of Sciences.

The summit outcomes were “on expected lines,” Kapoor told EnterpriseAM, noting that the main emphasis was on economic ties. Since the details of Vision 2030 are not available to the public, she said, “it is difficult to conclude what concrete measures it seeks to reach the target of USD 100 bn, especially if there is a reduction in oil imports.”

Bilateral trade between India and Russia reached USD 68.7 bn in FY 2023-24, largely driven by energy shipments. Trade before the Ukraine conflict in 2022 had stood at around USD 10-11 bn for several years. “The Western cap on Russian oil prices after 2022 actually allowed for large-scale import of Russian oil as Europe sought to distance itself from these supplies, which pushed the trade to over USD 60 bn,” Kapoor told us.

The weak presence of the Indian private sector in the Russian economy has continued, with Indian exports remaining at about USD 4.8 bn and the overall trade still concentrated in a few sectors of the economy, Kapoor noted.

An end to the Ukraine-Russia conflict would ease US pressure, stabilize the Russian economy, and provide a “more conducive environment for India-Russia economic ties,” according to Kapoor.

On crude purchases: New Delhi would prefer to diversify its energy sources, including from Russia, and avoid “any overdependence” on any one country, Kapoor noted. Given the risk of US secondary sanctions, “one would expect a reduction in oil imports from Russia” in the months ahead, adding that future imports will depend on “how strictly the US seeks to monitor and implement sanctions, how willing India is to circumvent these sanctions, and how much risk private companies are willing to take.”

Iran a key piece of the puzzle: For logistics, India wants to promote access to Russia via the INSTC, which passes through Iran, Kapoor highlighted. The limited trade volumes and incomplete infrastructure in Iran have prevented the route from becoming a major corridor, “but efforts remain ongoing, especially with India’s eye on China’s Belt and Road Initiative.”

OUR TAKE-

India’s economic and political ties with the West have expanded significantly over the last two decades, particularly under the Modi government. While embracing Putin may not yield significant long-term economic benefits for the Indian economy, New Delhi is signalling to Washington that it cannot be arm-twisted into any geo-political camp and would like to have its options open, particularly after the Trump administration’s imposition of stinging tariffs. With engagements from Beijing to Brussels to the GCC and the Indo Pacific, Modi is doubling-down on India’s strategic autonomy in a chaotic world order.

VinFast to invest USD 500 mn in Tamil Nadu as it expands EV lineup with state support

Vietnamese EV major doubles down: VinFast will invest USD 500 mn (INR 44.6 bn) to expand its manufacturing facility in Tamil Nadu as part of a broader USD 2 bn investment pledge to build dedicated assembly lines for electric buses and e-scooters, according to a press release.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

What’s next? A new 500-acre land parcel adjoining its existing 400-acre facility in Sipcot Industrial Park in the southern state of Tamil Nadu will support the expansion, taking plant capacity from 50k to 150k EVs annually.

State backs build-out: The Tamil Nadu government will provide regulatory clearance and infrastructure support, including power, water, roads, and waste management. The expansion broadens Vinfast’s India portfolio beyond electric cars and will create jobs and avenues for localization, making the Indian state a strategic hub in its global build-out, the release said.

Since entering India, VinFast has built out manufacturing, distribution, charging, and aftersales networks, with 24 dealers operating across major cities and a target of 35 by year-end.

IN CONTEXT– We also covered reports of a possible consortium of Emirati investors, led by Emirates Driving, to provide at least USD 1 bn in funding to the Vietnamese automotive company.

Indian nurse-mobility platform targets Gulf expansion amid 50k-staff shortage

Mumbai-based healthcare-worker platform BorderPlus aims to send 1k Indian nurses to GCC countries by FY 2027 as Saudi Arabia, Qatar, and Bahrain ramp up recruitment to meet a projected shortfall of 50k nurses by 2027, Business Standard reports. The platform will dispatch its first cohort of 50 nurses within three months and begin GCC-focused onboarding by January 2026 through partnerships with hospitals in Saudi Arabia and the UAE.

Mobility markets widen: India already sends 25-30k nurses to the Gulf annually, or nearly half of all arrivals. BorderPlus, which operates in Germany, plans to add the UK, Canada, Australia, and New Zealand next.

Parliamentary cooperation with Saudi

India’s parliament will set up a parliamentary friendship group with Saudi Arabia to deepen legislative cooperation between the two countries, ANI reports, citing Lok Sabha Speaker Om Birla. The initiative aims to support regular engagement between committees, deepen institutional collaboration, and strengthen cooperation across sectors including defense, energy, capacity building, and emerging strategic areas, Birla said.

Andhra Pradesh courts investors

The Andhra Pradesh State Investment Promotion Board cleared USD 229 mn (INR 20.44 bn) in fresh investment proposals on Thursday, Press Trust of India reports. The state’s chief minister, N. Chandrababu Naidu, asked officials to ensure all projects receive faster clearances and transparent approvals to strengthen the state’s investment momentum.

AI to drive global growth in 2026 in a robust but risk-exposed environment -Deutsche Bank

AI is set to be the global economy’s core growth engine in 2026, even as geopolitical tensions and political uncertainty continue to weigh on sentiment, according to Deutsche Bank’s Capital Markets Outlook (pdf). The bank expects a robust but risk-exposed global environment, with active risk management and diversification across asset classes — such as private equity, infrastructure, and private credit — essential for investors.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

AI-linked investment will remain the structural driver next year, anchored by heavy spending in the US and China. AI is a “game changer,” global chief investment officer Christian Nolting said, though he warned of overinvestment risk and energy-supply constraints, alongside rising state intervention through subsidies and export controls.

Diversification across assets in equity markets is likely to pick up, with small and mid-cap stocks potentially becoming more popular as investors eye allocations with lower interest rates, Deutsche Bank said. The bank penciled in continued gains for Big Tech, with other AI-linked sectors like industrials, energy suppliers, and construction — particularly of data centers — also set to catch up.

The bank expects most regions to see double-digit earnings growth, spread across more sectors than usual as diversification picks up, with sectors like pharma and luxury consumption set to see a boost.

It expects the S&P 500 to end next year in the green, up 9.2% from yesterday’s close, while the Eurostoxx 50 is expected to be up 4.8% from the latest close

2026 is also expected to see income from interest prioritized over capital gains, after bond markets returned to a normalized yield regime, with positive real yields in US and EU sovereigns “possible,” Deutsche Bank said.

In commodities, strategic rare earth metals will remain a priority on the back of the AI boom, with competition for access set to intensify. Oil prices are likely to remain low, near USD 60 per barrel on the back of an incoming oversupply, though gold prices may rise on demand from central banks and investors looking to add a safe asset to their portfolio. Deutsche Bank expects gold to reach the USD 4.5k mark by the end of the year.

Downside risks remain, with the bank pointing to an overhang of a possible trade conflict between the US and China with sticking points like semiconductors and rare earth minerals persisting despite partial relief from trade agreements and truces. Any additional tariffs would act as an indirect tax hitting global supply chains, the report said. Other downside risks include inflation and high levels of government debt.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Hong Kong’s Hang Seng in the red, and South Korea’s Kospi and China’s CSI 300 in the green ahead of key export data expected out of China later today. Meanwhile, Wall Street futures are flat following a strong week for all three US indices.

Sensex (as of dispatch)	85,624	– 0.1% (YTD: +9.07%)
NIFTY 50 (as of dispatch)	26,159	– 0.1% (YTD: +10.18%)
ADX	9,951	+0.4% (YTD: +5.7%)
DFM	5,984	+0.9% (YTD: +16.0%)
Tadawul	10,631	+0.1% (YTD: -11.7%)
EGX30	41,762	+0.6% (YTD: +40.4%)
Boursa Kuwait	8,189	+0.8% (YTD: +18.6%)
QSE	10,704	-0.1% (YTD: +1.3%)
S&P 500	6,870	+0.2% (YTD: +16.8%)
FTSE 100	9,667	-0.5% (YTD: +18.3%)
Euro Stoxx 50	5,724	+0.1% (YTD: +16.9%)
Brent crude	USD 63.73	0.0%
Natural gas (Nymex)	USD 5.12	-3.2%
Gold	USD 4,229	-0.3%
BTC	USD 90,640	+1.5% (YTD: -3.0%)

CALENDAR

DECEMBER

1-19 December (Monday-Friday): Winter Session of Indian Parliament, New Delhi.

11 December (Thursday), FICCI Commercial Real Estate Conclave, Taj MG Road, Bengaluru.

2026

JANUARY

1 January (Thursday): India assumes the Presidency of Brics.

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition, Le Méridien Conference Center, Dubai.

26 January (Monday): Republic Day (Public Holiday).

27 January (Tuesday): India-EU Summit (to potentially finalize FTA), New Delhi.

27-30 January (Tuesday-Friday): India Energy Week, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday): India Agri Expo, Ludhiana Exhibition Center, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTech World Expo, Jio World Convention Center, Mumbai.

9-10 February (Monday-Tuesday): Pune International Business Summit (PIBS), SL Kirloskar Convention Center, JW Marriott, Pune.

14-18 February (Saturday-Wednesday): IHGF Delhi Fair (Spring), New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

4 March (Wednesday): Holi (Public Holiday).

12 March (Thursday): ET Entrepreneur Summit & Awards, Bengaluru.

19-22 March (Thursday-Sunday): Bharat Urja Manthan – Global Energy Conclave, New Delhi.

20 March (Friday): Eid Al Fitr (Public Holiday).

23-25 March (Monday-Wednesday): Indiasoft: International IT Exhibition & Conference, New Delhi.

23-25 March (Monday-Wednesday): Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PlastiWorld India, Jio World Convention Center, Mumbai.

31 March (Tuesday): Mahavir Jayanti (Public Holiday).

Signposted to happen sometime in March 2026

Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory Puducherry.

APRIL

3 April (Friday): Good Friday (Public Holiday).

23-25 April (Thursday-Saturday): Rail & Metro Technology Conclave, Bharat Mandapam, New Delhi.

29 April-2 May (Wednesday-Saturday): Bharat Buildcon, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo, ITPO, Pragati Maidan, Delhi.

MAY

1 May (Friday): Buddha Purnima (Public Holiday).

26 May (Tuesday): Eid Al Adha (Public Holiday).

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo, Bharat Mandapam, Pragati Maidan, New Delhi.

26 June (Friday): Muharram (Public Holiday).

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar Freetrade Agreement (details yet to be announced);
India-EU Trade and Technology Council Ministerial Meeting, Brussels, Belgium.

AUGUST

15 August (Saturday): Independence Day (Public Holiday).

26 August (Wednesday): Prophet Mohammad’s Birthday (Public Holiday).

OCTOBER

2 October (Friday): Gandhi Jayanti (Public Holiday).

20 October (Tuesday): Dussehra (Public Holiday).

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti (Public Holiday).

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star, Dubai.

25 December (Friday): Christmas Day (Public Holiday).

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