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capital suffocates
As the Diwali festive season comes to an end, pollution levels in Indian cities are back in the headlines. This annual crisis is particularly severe in Delhi and surrounding areas, where festive fireworks as well as stubble burning from northern states create hazardous air quality.
Central Pollution Control Board (CPCB) data shows that immediately after the festivities, AQI rose seven times in the National Capital Region between 12-2 pm, with PM2.5 (μg/m³) reaching 877 in Gurugram, followed by 760 in Noida and 743 in Delhi. Delhi’s 24-hour average AQI reached 345 on Diwali on October 20, the highest reading on Diwali since 2021’s 382. It worsened to 351 on October 21.
festive drive
India’s consumption grew sharply in September and October due to festive enthusiasm and higher spending due to the impact of the Goods and Services Tax (GST) cut.
A peppermint Analysis from the transport ministry’s vehicle portal, which tracks vehicle registrations, showed that car sales in the first two weeks of October rose by nearly 20% year-on-year compared to the same period last year. On the other hand, two-wheeler sales – seen as a proxy to measure demand at the lower end of the income spectrum – first grew 6.9% in September and then surged 46% in October.
However, economists said it was too early to suggest a recovery in consumption and said sustained momentum in the coming months would confirm it.
return of investors
After selling equities for three consecutive months, foreign investors are showing a possible change in their outlook. after almost withdrawing Foreign portfolio investors (FPIs) have invested Rs 76,619 crore in equities between July and September. According to the latest data from National Securities Depository Limited (NSDL), Rs 7,362 crore was infused into Indian markets during the current month till October 20.
While this suggests sentiments have improved with the recent festivals and GST rate cut, 2025 has seen massive outflows, with net sales seen in six of the last 10 months. So far in 2025, Indian equities have seen almost net selling 1.5 trillion.
numbers talk
15-16%: Indian exporters could face a potential US tariff rate as low as 50% if the long-pending trade deal between the two countries is finalized. peppermint Informed. India is hoping to conclude the trade deal by November.
49%: Singapore’s Keppel Ltd. has acquired a stake in pan-Asian solar developer Cleantech Solar from energy major Shell Plc. The deal, valued at approximately $200 million, gives Keppel full control of the company. peppermint Informed.
$7.7 billion: This is the amount that the Reserve Bank of India (RBI) sold in August to curb exchange rate volatility as well as a fall in the value of the rupee against the dollar, Press Trust of India reported.
3%: The year-on-year growth in India’s core sector output in September is lower than the 6.5% growth recorded in the previous month. The slowdown was widespread, with seven of the eight major sectors recording low growth or contraction.
6,600 crores: Indian e-commerce company Meesho may unlock value through its initial public offering (IPO). The Securities and Exchange Board of India (SEBI) approved the IPO earlier this week.
loan revival
After several slow quarters, banks in India are seeing a gradual revival in corporate loan growth, with strong demand pipelines raising expectations of a more robust turnaround in the second half of the current fiscal.
While the uptick is largely driven by working capital financing, some capital expenditure-linked debt and project financing deals are also re-emerging in sectors such as infrastructure, renewables and manufacturing. peppermint Informed.
HDFC Bank, Axis Bank, IndusInd Bank and Bank of India reported higher year-on-year growth in their corporate loan books in the second quarter. The demand for corporate credit at banks came at a time when 10-year benchmark government bond yields rose 20 basis points (bps) to 6.5% in the September quarter due to increased geopolitical uncertainties.
compensation correlation
For those in the highest corporate echelons, substantial pay checks are not just salaries, but high-level incentive packages directly linked to performance. Mint analysis of Nifty 500 companies confirms this correlation: in FY2012, when profit after tax grew 59% year-on-year, directors’ remuneration increased 35.5%. Similarly, FY24’s 34% profit growth translated into 18.1% wage growth. However, this alignment works both ways.
During the pandemic-induced challenging period of FY21, when profits declined 28%, directors’ salaries also declined marginally. Recently, businesses have faced a slowdown in consumption, leading to cost optimization measures to protect the bottom line. This trend is reflected in the estimated single-digit increase in directors’ remuneration in FY2015 amid modest profit recovery.
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