INDUSTRY News
At 36GB per month, Indians are world’s biggest mobile data users
Indians are the largest consumers of mobile data globally, using an average of 36 GB per user per month, far exceeding usage levels in advanced economies such as the US, Western Europe and China, a new report said. The surge is being driven by ultra-low data tariffs, affordable smartphones and a strong ecosystem of video and content streaming.
According to a mobility report by Ericsson, India’s per capita data consumption is already significantly higher than the global average of 21 GB per month. The report forecasts India’s data usage to nearly double to 65 GB per user per month by 2031, growing at a compound annual rate of about 10 per cent.
By comparison, Western Europe currently averages 25 GB per user per month, projected to rise to 51 GB by 2031. North America stands at 25 GB, expected to reach 49 GB, while China averages 23 GB, likely to increase to 42 GB over the same period.
Ericsson said the rapid expansion of 5G networks will be a key driver of future growth. India is expected to cross one billion 5G subscriptions by 2031, achieving nearly 79 per cent penetration, in line with global trends.
Rooftop solar installations gather pace, capacity touches 22.5 GW
India’s rooftop solar segment is witnessing rapid acceleration after years of slow growth, with installed capacity reaching 22.5 GW as of the end of October. This now accounts for nearly 17 per cent of the country’s total solar capacity of 130 GW, reflecting rising adoption among households and small enterprises.
The momentum is being driven in part by government support schemes such as the PM Surya Ghar: Muft Bijli Yojana, which has boosted demand for residential rooftop systems. Industry players say adoption has surged sharply in the past two years as electricity costs rise and grid demand peaks during extreme summers.
The growth also mirrors broader climate trends. Over the past decade, India’s average temperature has risen by 0.65 degrees Celsius above the 1991–2020 baseline, with 2024 ranking among the hottest years on record. This has pushed electricity demand to unprecedented levels, touching nearly 250 GW during the summer of 2024, largely due to increased cooling needs.
Rooftop solar is increasingly seen as a decentralised solution to manage peak demand, reduce household power bills and improve energy resilience, particularly for urban homes and micro enterprises facing rising energy costs.
ITR forms under new Income Tax Act to be notified before FY28
The government will notify new Income Tax Return (ITR) forms aligned with the Income Tax Act, 2025 before the 2027–28 financial year, Minister of State for Finance Pankaj Chaudhary told Parliament. The revised forms will reflect changes introduced under the new law, which is scheduled to come into force from April 1, 2026.
Chaudhary said a CBDT committee is currently holding consultations with tax experts, institutional bodies and field formations to simplify ITR formats and make them more taxpayer-friendly. The Income Tax Act, 2025, enacted in August, replaces the six-decade-old Income Tax Act, 1961, with the objective of reducing complexity and legal wordage.
He said all forms under the tax framework, including quarterly TDS returns and income tax returns, are being reworked. ITR forms applicable to the first tax year under the new Act, 2026–27, will be notified ahead of FY28, after incorporating amendments arising from Budget 2026.
For the current assessment year 2026–27, ITR forms will continue to be notified under the existing Act, with consolidation and simplification already underway, the minister said.
ED attaches ₹4,190 crore in crypto cases under PMLA
The Enforcement Directorate has attached proceeds of crime worth ₹4,189.89 crore in cryptocurrency-related cases under the Prevention of Money Laundering Act (PMLA), the government informed Parliament. One accused has also been declared a Fugitive Economic Offender in connection with such cases.
Minister of State for Finance Pankaj Chaudhary said the ED has investigated multiple crypto-linked offences, arresting 29 persons and filing 22 prosecution complaints so far. In addition, the Central Board of Direct Taxes has detected undisclosed income of ₹888.82 crore arising from virtual digital asset (VDA) transactions during search and seizure operations.
The CBDT has issued over 44,000 communications to taxpayers who invested or traded in VDAs but failed to disclose these transactions in the designated Schedule VDA of their income tax returns. The government has also brought VDAs under the ambit of the PMLA to strengthen oversight.
Chaudhary said crypto-assets remain unregulated in India, but enforcement agencies are stepping up monitoring and capacity-building efforts to track illicit flows, improve investigations and address emerging financial risks linked to digital assets.
DRI flags crypto, stablecoins funding drug and gold smuggling
The Directorate of Revenue Intelligence (DRI) has warned that the use of cryptocurrencies for illicit payments and transfer of proceeds of crime has surged in recent years, particularly in cases linked to drug trafficking and gold smuggling. In its Smuggling in India Report 2024–25, the Directorate of Revenue Intelligence noted that stablecoins such as USDT are increasingly replacing traditional hawala networks for cross-border transfers.
According to the report, cryptocurrencies enable rapid and difficult-to-trace international transactions, allowing smuggling syndicates to bypass formal financial systems and regulatory oversight. The decentralised, pseudonymous and borderless nature of crypto assets has made them a preferred tool for criminal networks operating across jurisdictions.
The DRI observed that in both gold and narcotics smuggling, sale proceeds are either routed through hawala channels or sent directly as cryptocurrency to masterminds based abroad. Anonymous crypto wallets, often accessed using VPNs, facilitate off-the-book payments for under-invoiced or misdeclared imports, helping smugglers evade customs duties and taxes.
The report cautioned that this trend poses serious challenges for enforcement agencies and called for advanced blockchain forensics, stronger inter-agency intelligence sharing and specialised analytical tools to effectively trace illicit crypto flows and combat associated crimes.
NCLT clears Flipkart’s move to shift domicile to India
The National Company Law Tribunal (NCLT) has approved Flipkart’s proposal to shift its domicile to India from Singapore, paving the way for the e-commerce major’s plans to list on domestic stock exchanges. The approval marks a significant step in the Walmart-controlled company’s journey towards a potential initial public offering targeted for 2026.
Flipkart had initiated the process of relocating its holding structure earlier this year, joining a growing list of Indian consumer-facing startups that have “flipped back” to India. The move is aimed at aligning corporate structures more closely with local regulations and tapping into India’s buoyant primary market.
People familiar with the development said the tribunal’s nod removes a key regulatory hurdle. Flipkart is the second major company from Walmart’s India portfolio to prepare for a domestic listing, following PhonePe, which has also re-domiciled to India.
Market participants note that companies with strong domestic brands and revenues increasingly prefer Indian listings to gain better valuations and local investor participation. While Flipkart has not officially commented, the relocation is expected to simplify compliance, improve regulatory clarity and strengthen its positioning ahead of a public issue in one of the world’s fastest-growing digital commerce markets.
Income Tax Department nudges taxpayers to withdraw wrong donation claims
The Income Tax Department has launched a NUDGE (Non-Intrusive Usage of Data to Guide and Enable) campaign to encourage taxpayers to voluntarily correct returns and withdraw wrongful claims, particularly those linked to fake donations. The initiative follows the detection of widespread misuse of deductions claimed through Registered Unrecognised Political Parties (RUPPs) and non-genuine charitable trusts.
The Central Board of Direct Taxes (CBDT) said SMS and email advisories have been sent from December 12, 2025, to taxpayers flagged through data analytics for suspicious claims. The campaign is positioned as a taxpayer-friendly opportunity to revise returns without facing immediate enforcement action.
Authorities found that intermediaries had created nationwide networks of agents who filed returns with incorrect donation claims on a commission basis. Investigations revealed that several RUPPs were non-operational, failed to file returns and were not engaged in political activity, yet were used to issue bogus donation receipts. These entities allegedly acted as conduits for hawala transactions, cross-border remittances and tax evasion.
Taxpayers have until December 31, 2025, to file revised returns for Assessment Year 2025–26. For older years, updated returns can be filed with additional tax. The department said the exercise aims to improve compliance while reducing litigation.
Over two lakh taxpayers flagged for ₹5,500 crore bogus deductions
More than two lakh taxpayers have been flagged by the Income Tax Department for claiming suspicious deductions worth nearly ₹5,500 crore, mainly under Section 80GGC, linked to donations routed through dubious political parties and non-genuine charitable organisations. Official sources said over 1.4 lakh taxpayers with questionable claims amounting to ₹4,100 crore are currently under scrutiny.
Data analytics revealed that these deductions were often routed through Registered Unrecognised Political Parties (RUPPs) that were either non-existent, inactive or non-compliant with statutory requirements. In several cases, professional syndicates allegedly used social media platforms and messaging apps to lure taxpayers with promises of guaranteed refunds in exchange for commissions.
Following enforcement actions and targeted communication, around 54,000 taxpayers have already withdrawn ineligible claims worth approximately ₹1,400 crore and updated their returns. Most of the claims were below ₹5 lakh, though a few corporate entities were found to have claimed significantly higher deductions.
The department conducted nationwide verification drives in July 2025, covering 150 premises, and identified over 100 RUPPs suspected of facilitating bogus donation-linked deductions. Officials said the ongoing nudging strategy combines technology-driven detection with voluntary compliance to curb tax evasion while minimising prolonged legal disputes.
SEBI launches PaRRVA to curb misleading performance claims by market intermediaries
In a significant step to strengthen transparency and investor protection, the Securities and Exchange Board of India (SEBI) has launched the Past Risk and Return Verification Agency (PaRRVA), a new framework to authenticate historical performance claims made by regulated market intermediaries. The initiative has been introduced on a pilot basis by CARE Ratings, in collaboration with the National Stock Exchange.
Speaking at the launch, SEBI Chairman Tuhin Kanta Pandey said PaRRVA would allow SEBI-registered investment advisers, research analysts and algorithmic trading brokers to present independently verified performance data to investors. The move is aimed at addressing growing concerns over misleading and exaggerated return claims, particularly by finfluencers and unregistered entities operating outside the regulatory framework.
Pandey noted that unverified performance narratives often distort investor decision-making and undermine trust in regulated intermediaries. “If we enable registered entities to communicate validated performance, investors can take more informed decisions,” he said.
PaRRVA will operate through a two-tier structure, with a SEBI-registered credit rating agency acting as the verification agency and a recognised stock exchange functioning as the PaRRVA Data Centre. The mechanism is expected to promote fair disclosure, discourage false marketing and enhance confidence in India’s securities markets.
Central Information Commission returns to full strength after nine years
India’s transparency watchdog, the Central Information Commission (CIC), has returned to full strength after nine years with the appointment of former IAS officer Raj Kumar Goyal as Chief Information Commissioner, along with eight Information Commissioners. All appointees recently took the oath of office, restoring the Commission to its sanctioned capacity for the first time since 2016.
The post of CIC had remained vacant since September, following the completion of Heeralal Samariya’s tenure. Transparency activists welcomed the move, noting that the Supreme Court had repeatedly directed the government to fill vacancies to address a mounting backlog of appeals and complaints. Currently, the CIC is handling more than 31,000 pending cases, with applicants often waiting over a year for hearings.
Activists Anjali Bhardwaj and Amrita Johari said the appointments followed sustained judicial pressure since 2018. However, they reiterated concerns about transparency in the selection process, pointing out that details such as shortlisting criteria and applicant names were not placed in the public domain, despite Supreme Court directions.
A three-member committee led by Prime Minister Narendra Modi recommended the appointments, and President Droupadi Murmu administered the oath. With full staffing restored, the CIC is expected to improve disposal rates and strengthen enforcement of the Right to Information Act.
Sundaram Home Finance targets 100 emerging business branches by year-end
Sundaram Home Finance has outlined an aggressive expansion strategy for its Emerging Business (EB) segment, aiming to scale up its branch network to 100 by the end of the current financial year and double disbursements to around ₹500 crore in FY26. The company currently operates 50 EB branches and plans to add another 50 within just 12 months.
A key focus of this expansion is strengthening presence outside Tamil Nadu, signalling a sharper push into smaller towns across southern India. According to the company, the initial phase of the EB segment was spent understanding customer needs in semi-urban and rural markets within Tamil Nadu. With these insights, the lender now plans faster growth across Andhra Pradesh, Telangana and Karnataka, while also entering select Tier-3 and Tier-4 locations within Tamil Nadu.
Managing Director D. Lakshminarayanan said that the company has gained confidence from the performance of its existing EB branches, enabling it to scale operations more rapidly. Recently, new branches were opened in towns such as Pattukottai, Sulur, Thuraiyur and Chidambaram.
The EB segment focuses on affordable housing finance in underserved markets and is expected to play a key role in Sundaram Home Finance’s long-term growth strategy.
India set to cross one billion 5G subscriptions by 2031: Ericsson report
India is projected to have more than one billion 5G subscriptions by the end of 2031, highlighting the rapid adoption of next-generation connectivity in the country, according to the latest Mobility Report released by Ericsson. The report also notes that India already leads the world in mobile data usage per smartphone.
Average mobile data consumption per active smartphone in India currently stands at 36 GB per month—the highest globally—and is expected to rise to 65 GB by 2031. This growth is being driven by affordable tariffs, widespread availability of low-cost smartphones and heavy usage of video streaming and social media platforms.
At the end of 2025, India had about 394 million 5G subscriptions, accounting for 32 per cent of total mobile connections. Globally, 5G subscriptions are forecast to reach 6.4 billion by 2031, making up nearly two-thirds of all mobile subscriptions. Around 65 per cent of these are expected to be standalone 5G connections.
Ericsson said affordable 5G fixed wireless access equipment and rising enterprise adoption are also accelerating data usage. Overall mobile data traffic grew 20 per cent year-on-year in 2025, with India and China leading the surge, and is expected to grow at an annual average of 16 per cent through 2031.
Indian cybersecurity product firms to generate nearly $6 billion revenue in 2026: DSCI
India’s cybersecurity product companies are expected to generate revenues of nearly $6 billion in 2026, according to the Data Security Council of India (DSCI). Nasscom’s data security arm estimates that Indian cybersecurity product firms earned $4.46 billion in revenues in 2025, reflecting strong momentum in the sector.
Speaking at the Annual Information Security Summit 2025, DSCI CEO Vinayak Godse said revenues are projected to rise to $5.98 billion in 2026, underlining healthy year-on-year growth. He noted that the segment has expanded four-fold over the past five years and recorded 25 per cent growth in 2025 alone. Artificial intelligence is expected to play a decisive role in shaping the sector’s future, with firms still assessing its long-term impact.
Godse also highlighted that geopolitical developments have created a favourable environment for Indian cybersecurity firms, which have traditionally served domestic and US markets. New geographies, particularly the Middle East, are emerging as key growth destinations. DSCI researchers said India now has over 400 cybersecurity product companies, with Karnataka, Delhi NCR and Maharashtra as major hubs, driven by Digital India, DPDP Act compliance and cloud adoption.
New labour codes to lift workforce formalisation by 15%: SBI report
The implementation of India’s four new labour codes is expected to boost workforce formalisation by at least 15 per cent and expand social security coverage to around 85 per cent, according to a report by State Bank of India (SBI). The report also estimates that the reforms could generate 7.7 million new jobs over the medium term and reduce unemployment by 1.3 per cent.
SBI noted that the reforms could lead to a consumption boost of nearly ₹75,000 crore, supporting overall economic growth. The assessment is based on a labour force participation rate of 60.1 per cent for individuals aged 15 and above, and a working-age population share of 70.7 per cent across rural and urban areas.
The report emphasised that the actual gains would depend on effective implementation, firm-level adjustment costs and complementary state-level rules. According to SBI, the labour codes are designed to empower both workers and enterprises by creating a protected and productive workforce aligned with the evolving nature of work, thereby strengthening India’s economic resilience and competitiveness.
India, Afghanistan to set up joint chamber of commerce and industry
India and Afghanistan have agreed to institutionalise a joint chamber of commerce and industry and depute commercial representatives at their respective embassies, the Ministry of External Affairs (MEA) said. The decision was taken during the November 19–25 visit of Afghan Minister of Industry and Commerce Nooruddin Azizi to India.
During the visit, Azizi met External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Minister of State Jitin Prasada. The MEA said the discussions reflected a strong commitment by both sides to deepen cooperation in trade, investment and economic engagement.
The move follows recent steps by India to upgrade its technical mission in Kabul to a full-fledged embassy. The Taliban-led government in Afghanistan has expressed interest in expanding trade ties with India, inviting Indian companies to invest in mining projects and offering a proposed five-year tax holiday for Indian businesses. India reiterated its commitment to advancing economic partnership with Afghanistan in a manner that delivers sustainable benefits to people in both countries.
India’s GDP grows 8.2% in Q2, fastest pace in six quarters
India’s economy expanded by 8.2 per cent in the July–September quarter, marking its fastest growth in six quarters, supported by a strong rebound in manufacturing and robust services activity. With growth of 7.8 per cent in the April–June quarter, GDP growth for the first half of FY26 stood at 8 per cent, reinforcing India’s position as the fastest-growing major economy.
Manufacturing output rose sharply by 9.1 per cent in Q2, aided by strong domestic demand ahead of the festive season. Construction grew 7.2 per cent, while agriculture expanded 3.5 per cent, supported by favourable conditions. Services continued to show healthy momentum, contributing significantly to overall growth.
Prime Minister Narendra Modi said the strong growth reflected the impact of pro-growth policies and reforms. Chief Economic Adviser V Anantha Nageswaran indicated that full-year growth could be 7 per cent or higher, exceeding the government’s budgeted estimate of 6.5–6.8 per cent. Policymakers expect momentum to continue in the coming quarters, aided by GST rationalisation, labour reforms, low inflation and easing interest rates.
Rs. 1 lakh crore R&D scheme to open new avenues for edible oil industry: SEA
The Solvent Extractors’ Association of India (Solvent Extractors’ Association of India) has said that the government’s Rs. 1-lakh-crore Research, Development and Innovation (RDI) scheme will create significant new opportunities for the Indian edible oil sector. In his monthly communication to members, SEA President Sanjeev Asthana described the initiative as a visionary move aimed at accelerating technology-led growth across key sectors.
Asthana said the scheme’s focus on providing long-term, low-cost funding for high-risk, high-impact research in areas such as agri-tech, biotechnology, clean energy and deep-tech could directly benefit the edible oil industry. He noted that the programme could spur innovation in improved oilseed varieties, climate-resilient agriculture, precision farming practices, processing optimisation and digital traceability systems, thereby reducing import dependence and strengthening domestic capacity.
He also welcomed the government’s approval of the Rs. 25,060-crore Export Promotion Mission, stating that it would streamline export support through a digital, outcome-oriented framework. Asthana further urged the Department of Agriculture to restore weekly crop-sowing updates, citing their importance for informed import-export planning.
Government infuses over Rs. 3,100 crore in women-led startups over six years
The government has infused more than Rs. 3,100 crore into women-led startups over the past six years through key initiatives such as the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme and the Credit Guarantee Scheme for Startups, according to the Ministry of Commerce and Industry. The funding aims to strengthen female entrepreneurship and improve access to capital for women founders across India.
Union Commerce and Industry Minister Piyush Goyal said India now has over 2 lakh government-recognised startups, with nearly 48 per cent having at least one woman director or partner. He added that 2025 alone saw more than 44,000 startups recognised, the highest annual addition since the launch of the Startup India initiative in 2016.
Under the FFS, alternate investment funds backed by the government have invested about Rs. 2,838.9 crore in 154 women-led startups between 2020 and 2025. The scheme is operated through Small Industries Development Bank of India, which channels capital to SEBI-registered funds. Maharashtra, Karnataka and Goa emerged as top recipients in 2025.
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