Innholdsfortegnelse for 4 January 2026 i Business Today

The era when labour strikes could paralyse India’s cities feels long past. No Dutta Samant today wields absolute power over a metropolis. Trade unions still exist, of course, but they sit at the edges of our polity, a spent force in mainstream politics. Employment may not be a guaranteed fundamental right, yet unions were once seen as its protectors—its sword arm. That has changed. The reforms of 1991 are often treated as the turning point. Since then, labour relations have arguably never been better, or worse, depending on where you stand. Against this backdrop, the Union government has finally codified a set of far-reaching labour reforms. The four Labour Codes promise to reshape the compact between employers and employees. Even the gig economy, now a major source of livelihood for…

FOR YEARS, the Employees’ Provident Fund Organisation (EPFO) has been seen as a lethargic entity with labyrinthine processes, which often resulted in requests from its over 300 million members being rejected or delayed. But over the past two years, it has made a concerted effort to iron out these wrinkles and help subscribers access their savings in time. In October, the Central Board of Trustees, chaired by Union Labour and Employment Minister Mansukh Mandaviya, simplified the partial withdrawal provisions by merging 13 categories into three broad headings—essential needs such as illness, education and marriage; housing; and special circumstances. Now, the EPFO is working on automating transfers, which remain a sore point for subscribers, says Central Provident Fund Commissioner Ramesh Krishnamurthi. He adds that one of the key areas of focus…

164% YTD RETURNS DELIVERED BY FORCE MOTORS, THE HIGHEST IN THE NIFTY 500 PACK ₹ 2.99 LAKH CRORE FUNDS RAISED FROM THE EQUITY PRIMARY MARKET TILL NOVEMBER; IT WAS ₹4.26 LAKH CRORE IN 2024 22.8X THE PRICE-TO-EARNINGS (P/E) RATIO FOR THE NIFTY50 INDEX IN NOVEMBER; TRAILING 12 MONTHS AVERAGE WAS 21.83 TEPID PERFORMANCE IN 2025, LARGE-CAPS LED WITH AN 11% RETURN. MID-CAPS RETURNED 5% WHILE SMALL-CAPS TURNED NEGATIVE STRETCHED VALUATION THE MARKET CAPITALISATION-TO-GDP RATIO WAS AT A RECORD HIGH, WAY ABOVE TRAILING FIVE-AND 10-YEAR AVERAGES DOMESTIC DOMINANCE FOREIGN INVESTORS HAVE STAYED AWAY BUT DOMESTIC MUTUAL FUNDS HAVE PROVIDED STRONG SUPPORT SECTORAL PERFORMANCE AUTO, METALS AND BANKING OUTPERFORMED BROADER MARKETS…

It was a deal that made the market sit up and take notice. In September 2025, food delivery firm Swiggy sold its entire 12% stake in ride hailing start-up Rapido for almost ₹2,400 crore. The size of the deal turned heads, but to seasoned watchers of India’s start-up ecosystem, the real story was in the timing. Rapido had just launched Ownly, an affordable food delivery business, making it untenable for Swiggy to continue owning a significant stake in a direct competitor. Behind the sale—and the board-room manoeuvres preceding it—lies a richer narrative; it’s the story of a market reaching maturity amid slowing growth and pivoting to capture its next set of customers. It drew the battle lines for what promises to be a war centred around value meals—wholesome food at…

THE GENOMIC REPORT arrives on Dr. Mandeep Singh Malhotra’s desk as early morning sun fills the oncology wing at New Delhi’s CK Birla Hospital. It is 7:40 am, minutes before the outpatient department opens, and he knows the contents of the envelope could alter the patient’s treatment pathway. Inside the envelope is a multi-gene tumour sequencing report, one of the thousands being processed each week in India. The report will determine whether targeted therapy is an option or whether chemotherapy should continue. “There is no room for guesswork anymore,” says Dr. Malhotra, his eyes darting through the variants, amplifications and deletions suggested in the report. A few years ago, this test would have taken weeks, cost many times what it does now, and required samples to be shipped to labs…

THE INDIA TODAY Group celebrates 50 years of journalism and influence in 2025. To commemorate this glorious occasion, India Today Group Chairman Aroon Purie and Vice-Chairperson and Managing Director Kalli Purie were joined by NSE Managing Director and CEO Ashishkumar Chauhan and ITG Group CEO Dinesh Bhatia to ring the National Stock Exchange’s Ceremonial Bell—a powerful symbol at the heart of India’s financial markets in Mumbai. The bell-ringing ceremony brought together two institutions that have shaped modern India—the newsroom that has chronicled the nation’s journey over the past five decades, and the exchange that powers its stock market. “Today, journalism at The India Today Group is digitally empowered, where storytelling transcends platforms, and where credibility and candid, constructive conversations—not clicks and TRPs—become the most valuable currency. We carry forward the…

ON A BRIGHT Friday Mumbai evening, Business Today honoured the Most Powerful that strives for value-added growth. Held at the NSE, the event was attended by exceptional women leaders known for their vision, resilience, and contribution to India’s business landscape. This year, the list relied on the key metric of profitability to identify women—including chairpersons, vice chairpersons, managing directors, joint MDs, chief executive officers, executive directors (promoter)—leading 100 most profitable firms. And some Super Achievers from other unlisted firms and other fields. From boardrooms to start-ups, from legacy institutions to new-age enterprises, the event captured the spirit of ambition, excellence, and change. Read on! LEADERS OF TOMORROW Ashishkumar Chauhan, MD & CEO, NSE » Inviting the unlisted players to list on the NSE, Chauhan lauded women for being the changemakers »…

“WHAT MATTERS MOST IS TO LEAD PEOPLE RESPONSIBLY” Q You pivoted through your career from a successful full-time CEO to become a social entrepreneur and author. Why did you do this and what are some of the key lessons you learnt in this change and the challenges you faced? I was 47 and a mentor of mine asked me ‘What are the biggest problems humanity faces and what are you doing about them?’ So, before I ran out of time, I decided to focus on things that mattered most to me, which is growing leaders and making a dent on climate change and youth unemployment. What I learned is that the biggest challenge is actually inside me—my attachments, my fears, my fixed ideas—and have worked to overcome these. Q You are…

SINCE THE IMPLE- MENTATION of the four Labour Codes on November 21, the government has been getting positive feedback on several of its aspects and is also working to clarify concerns, says Vandana Gurnani, Secretary, Ministry of Labour and Employment. In an interview to BT, she explains that the ministry is now working on framing rules, implementing the Codes and rolling out the digital infrastructure. Edited excerpts: What is the feedback you have received on the Labour Codes over the last few weeks? The overall feedback has been extremely positive and constructive and also very forward looking. There has been extremely positive feedback from many of the workers and trade unions on several progressive moves which enhance workers’ welfare. This includes the universalisation of minimum wages, which were earlier available to…

Last year, some social media users came across an advertisement featuring Union Finance Minister Nirmala Sitharaman endorsing an investment plan. It turned out that the hyper-realistic promo was fake, had been generated using Artificial Intelligence (AI) and Indian citizens who unsuspectingly clicked on an embedded hyperlink, which led to a fraudulent trading platform, had fallen prey to a scam. Rewind to 2018. The e-commerce giant Amazon abandoned an AI-powered recruiting tool after it was found to be biased against female candidates. The flaw had become embedded in the system from years of data skewed towards men. Separated by time, geography and context, the episodes had one common link: AI operat The Amazon experience served as an early warning of what happens when algorithms in- ing without guardrails. They weren’t…