Category: BUSINESS

New Delhi: The Department of Financial Services (DFS) on Wednesday, January 14, introduced a composite salary account package for central government employees to offer a comprehensive suite of banking and insurance benefits under a single account structure.

The product has three core segments — banking, insurance and cards, making it a one-stop financial solution for central government employees.

“The Department of Financial Services (DFS), Ministry of Finance, has taken a significant step towards enhancing the financial well-being and social security of Central Government employees by advising Public Sector Banks to introduce a composite ‘Salary Account Package for Central Government Employees’,” the finance ministry said in a statement.

The Salary Account Package was launched on Wednesday by Department of Financial Services Secretary M Nagaraju. The launch event was attended by Chairman SBI, MD and CEOs of all nationalised Banks, CEO NPCI through VC and all senior officers of DFS.

The packages have been carefully designed in consultations with banks to ensure maximum coverage, uniformity and convenience for employees across all cadres (Group A, B and C), it added.

The key features include personal accident insurance up to Rs 1.50 crore, air accident insurance up to Rs 2 crore, a zero-balance salary account with enhanced facilities, concessional interest rate on loans for housing, education, vehicle and personal requirements, among others.

Card benefits include airport lounge access, reward programmes, cashback offers, and unlimited transactions and nil maintenance charges.

“By integrating insurance, medical cover and enhanced banking facilities into one composite salary account package, the scheme provides employees with ease of access, financial security and peace of mind,” the ministry said.

DFS has advised public sector banks to widely publicise these products through their official websites, organise special awareness camps in government departments, proactively reach out to central government employees with detailed product information and facilitate the migration of existing salary accounts to this new package with employees’ consent, the ministry added.

London: Wikipedia unveiled new business deals with a slew of artificial intelligence companies on Thursday as it marked its 25th anniversary.

The online crowdsourced encyclopedia revealed that it has signed up AI companies, including Amazon, Meta Platforms, Perplexity, Microsoft and France’s Mistral AI.

Wikipedia is one of the last bastions of the early internet, but that original vision of a free online space has been clouded by the dominance of Big Tech platforms and the rise of generative AI chatbots trained on content scraped from the web.

Aggressive data collection methods by AI developers, including from Wikipedia’s vast repository of free knowledge, have raised questions about who ultimately pays for the artificial intelligence boom.

The Wikimedia Foundation, the nonprofit that runs the site, signed Google as one of its first customers in 2022 and announced other agreements last year with smaller AI players like search engine Ecosia.

The new deals will help one of the world’s most popular websites monetise heavy traffic from AI companies. They’re paying to access Wikipedia content “at a volume and speed designed specifically for their needs,” the foundation said. It did not provide financial or other details.

While AI training has sparked legal battles elsewhere over copyright and other issues, Wikipedia founder Jimmy Wales said he welcomes it.

“I’m very happy personally that AI models are training on Wikipedia data because it’s human-curated,” Wales told The Associated Press in an interview. “I wouldn’t really want to use an AI that’s trained only on X, you know, like a very angry AI,” Wales said, referring to billionaire Elon Musk‘s social media platform.

Wales said the site wants to work with AI companies, not block them. But “you should probably chip in and pay for your fair share of the cost that you’re putting on us.”

The Wikimedia Foundation last year urged AI developers to pay for access through its enterprise platform and said human traffic had fallen 8 per cent. Meanwhile, visits from bots, sometimes disguised to evade detection, were heavily taxing its servers as they scrape masses of content to feed AI large language models.

The findings highlighted shifting online trends as search engine AI overviews and chatbots summarise information instead of sending users to sites by showing them links.

Wikipedia is the ninth most-visited site on the internet. It has more than 65 million articles in 300 languages that are edited by some 250,000 volunteers.

The site has become so popular in part because it’s free for anyone to use.

“But our infrastructure is not free, right?” Wikimedia Foundation CEO Maryana Iskander said in a separate interview in Johannesburg, South Africa.

It costs money to maintain servers and other infrastructure that allows both individuals and tech companies to “draw data from Wikipedia,” said Iskander, who’s stepping down on Jan. 20, and will be replaced by Bernadette Meehan.

The bulk of Wikipedia’s funding comes from 8 million donors, most of them individuals.

“They’re not donating in order to subsidise these huge AI companies,” Wales said. They’re saying, “You know what, actually, you can’t just smash our website. You have to sort of come in the right way.”

Editors and users could benefit from AI in other ways. The Wikimedia Foundation has outlined an AI strategy that Wales said could result in tools that reduce tedious work for editors.

While AI isn’t good enough to write Wikipedia entries from scratch, it could, for example, be used to update dead links by scanning the surrounding text and then searching online to find other sources.

“We don’t have that yet but that’s the kind of thing that I think we will see in the future.”

Artificial intelligence could also improve the Wikipedia search experience by evolving from the traditional keyword method to more of a chatbot style, Wales said.

“You can imagine a world where you can ask the Wikipedia search box a question, and it will quote to you from Wikipedia,” he said. It could respond by saying, “Here’s the answer to your question from this article and here’s the actual paragraph. That sounds really useful to me, and so I think we’ll move in that direction as well. ”

Reflecting on the early days, Wales said it was a thrilling time because many people were motivated to help build Wikipedia after he and co-founder Larry Sanger, who departed long ago, set it up as an experiment.

However, while some might look back wistfully on what seems now to be a more innocent time, Wales said those early days of the internet also had a dark side.

“People were pretty toxic back then as well. We didn’t need algorithms to be mean to each other,” he said. “But, you know, it was a time of great excitement and a real spirit of possibility.”

Wikipedia has lately found itself under fire from figures on the political right, who have dubbed the site “Wokepedia” and accused it of being biased in favour of the left.

Republican lawmakers in the US Congress are investigating alleged “manipulation efforts” in Wikipedia’s editing process that they said could inject bias and undermine neutral points of view on its platform and the AI systems that rely on it.

A notable source of criticism is Musk, who last year launched his own AI-powered rival, Grokipedia. He has criticised Wikipedia for being filled with “propaganda” and urged people to stop donating to the site.

Wales said he doesn’t consider Grokipedia a “real threat” to Wikipedia because it’s based on large language models, which are the troves of online text that AI systems are trained on.

“Large language models aren’t good enough to write really quality reference material. So a lot of it is just regurgitated Wikipedia,” he said. “It often is quite rambling and sort of talks nonsense. And I think the more obscure topic you look into, the worse it is.”

He stressed that he wasn’t singling out criticism of Grokipedia.

“It’s just the way large language models work.”

Wales say he’s known Musk for years but they haven’t been in touch since Grokipedia launched.

“I should probably ping him,” Wales said.

What would he say?

“’How’s your family?’ I’m a nice person, I don’t really want to pick a fight with anybody.”

Seoul: South Korea’s data protection watchdog on Wednesday, January 14, urged online retailer Coupang to take down its independent probe results into a massive data leak from its mobile application and website, describing them as unverified information.

The Personal Information Protection Commission took issue with the company’s notice that claims a former employee breached the personal information of 33 million users but saved data from only about 3,000 accounts, which Coupang claimed was later deleted. Coupang is currently under investigation by authorities over the data breach, which the company earlier reported in November as having impacted the personal data of 33.7 million customers, such as their names, phone numbers and delivery addresses.

The regulator said the company’s internal probe results could lead to confusion among the public as it has yet to be verified by an official investigation, noting the notice could be considered as interfering in its investigation into the company.

It noted Coupang has been uncooperative with its investigation by delaying or failing to submit requested documents, warning such acts could be seen as acts of obstruction that could be considered in possible future penalties.

It also called on the company to make improvements to its response measures to the leak, such as adding a function within its mobile app and website for users to look up whether their data has been breached.

Meanwhile, ordering a temporary suspension of business operations at e-commerce giant Coupang may be possible, the head of South Korea’s antitrust watchdog said, amid an ongoing investigation over a recent large-scale data breach at the US-listed company.

“If an order is not implemented or if it is deemed insufficient to provide relief to affected consumers, a business suspension is also possible,” Ju Byung-gi, chairman of the Fair Trade Commission (FTC), said in a radio interview.

Coupang announced the results of its internal probe on December 25, saying a former employee had stolen personal information from 33.7 million user accounts but saved data from only about 3,000 accounts, which, it claimed, was later deleted.

New Delhi: KRAFTON India and Royal Enfieldtoday announced a landmark partnership that bridges two of India’s most influential cultural domains – mobile gaming and motorcycling. The collaboration debuts Royal Enfield’s iconic Bullet 350 and the OG cafe racer Continental GT 650 as rideable motorcycles inside BATTLEGROUNDS MOBILE INDIA (BGMI), offering an unprecedented blend of automotive heritage and interactive entertainment.

• The iconic Royal Enfield Bullet 350 and sporty Royal Enfield Continental GT 650 will be introduced as rideable motorcycles inside the BGMI universe

• Both motorcycles to make their debut in the game from January 19, 2026, as a part of the BGMI 4.2 update that goes live on January 15, 2026

• New update introduces a range of exclusive Royal Enfield-themed in-game content and rewards

• Royal Enfield to also showcase a unique custom-built Royal Enfield Continental GT 650 inspired by elements from the BGMI universe

Royal Enfield also showcased a custom-built, real-world motorcycle inspired by BGMI’s tactical and war-ready aesthetic – crafted on the soul of the Continental GT 650 – underscoring the creative synergy between both brands.

Opening 2026 with one of the most significant brand integrations in Indian gaming history, this collaboration reinforces BGMI’s continued ambition to expand its universe through culturally relevant, localised experiences, while reflecting Royal Enfield’s intent to engage India’s next-generation audiences through innovative digital platforms. Gaming enthusiasts will soon experience the thrill of riding legendary Royal Enfield machines across virtual battlegrounds, while auto aficionados will see their passion reflected inside one of the country’s largest entertainment ecosystems.

“This strategic partnership with Royal Enfield embodies BGMI’s vision of creating culturally meaningful and locally rooted experiences,” said Seddharth Merrotra, Head of Business Development & Partnerships at KRAFTON India. “2026 will be a year of many firsts, and we’re kicking it off with one of our most ambitious brand integrations yet, while fundamentally elevating how partnerships enhance player engagement and drive shared value. Royal Enfield is an iconic name in the global automotive universe and its deep community roots with evolving digital ethos make it a natural ally for BGMI’s player-centric universe. Together, we are weaving storytelling, lifestyle, and digital culture into gameplay in a way that truly reflects the aspirations of modern Indian youth. Looking ahead, this collaboration sets a strategic foundation for future partnerships that are experiential, immersive, and deeply connected with our community’s passions across movies, sports, FMCG and lifestyle landscapes.”

Extending the BGMI universe beyond the screen is the custom motorcycle built on Royal Enfield’s cafe racer Continental GT 650. The collaboration’s real-world centrepiece stretches the imagination and stands as a symbol of battlefield ownership, bridging the digital battleground and the physical world. Built in collaboration with a Delhi based custom builder, the motorcycle is an epitome of creativity and craftsmanship and crafted using traditional metal forming and modern rapid prototyping for an exciting fusion. Design elements such as picatinny rails, armoured plating, parachute tie-down points, and balloon tyres draw directly from traversal, combat, and survival mechanics within BGMI, thus fusing the two worlds together.

Speaking on the collaboration and the custom-built motorcycle, Adrian John Sellers, Head- Custom & Motorsports, Royal Enfield, said, “Partnering with BGMI is about more than just presence; it’s about meeting our community in their element and amplifying the shared values of thrill, freedom, and self-expression. The custom-built Continental GT 650 is the physical heartbeat of this collaboration—an intersection where the raw, tactical aesthetic of gaming meets the soul of custom motorcycling. By blending BGMI’s battle-ready elements with Royal Enfield DNA, we have created a machine where imagination isn’t limited by reality. It is a celebration of creative exploration for a community that thrives on both the digital and the open road.”

The partnership is part of the BGMI 4.2 update launching on 15 January 2026, with the Royal Enfield-themed in-game content and rewards through a special SPIN format being available for players from 19 January 2026 to 22 February 2026. Rewards include permanent Mythic (Red Tier) rewards like Revel 01 Set, Bullet Line – P90 gun skin, CrankGuard helmet and Roadborn Rucksack backpack, which comes along with the permanent items: Royal Enfield Continental GT 650 and theRoyal Enfield Bullet 350. All elements are designed to reflect the brand’s legacy and battle-ready ethos within BGMI. Driving sustained engagement, the collaboration also introduces a first-of-its-kind login-based mechanic. Players who log into BGMI daily for 60 minutes – without the requirement to actively play – will be eligible to collect a Royal Enfield Event Crate. These crates will include premium permanent Mythic (Red Tier) rewards, with players able to collect up to 34 Event Crates during the event period, reinforcing long-term engagement and daily participation.

About KRAFTON, Inc.

Headquartered in South Korea, KRAFTON, Inc. is dedicated to discovering and publishing captivating games that offer fun and unique experiences. Established in 2007, KRAFTON is home to globally renowned developers that include PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, VECTOR NORTH, Neon Giant, KRAFTON Montréal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games, Flyway Games, Tango Gameworks and inZOI Studio. Each studio strives to continuously take on new challenges and leverage innovative technologies. Their goal is to win over more fans by broadening KRAFTON’s platforms and services. With a passionate and driven team across the globe, KRAFTON is a tech-forward company that possesses world-class capabilities and is set on expanding its business horizons to encompass multimedia entertainment and deep learning. For more information, visit www.krafton.com.

About KRAFTON India

In India, KRAFTON is responsible for premier mobile games, including BATTLEGROUNDS MOBILE INDIA (BGMI), which has surpassed 200 million downloads, Bullet Echo India, Road To Valor: Empires, and CookieRun India, among others. Committed to enhancing the start-up ecosystem in India, KRAFTON has invested over $170 million in several Indian startups across interactive entertainment, gaming, Esports, and technology, since 2021. KRAFTON actively supports India’s game development ecosystem through its KRAFTON India Gaming Incubator (KIGI) while strengthening the Esports ecosystem with flagship events like the BATTLEGROUNDS MOBILE INDIA SERIES (BGIS) and BATTLEGROUNDS MOBILE INDIA PRO SERIES (BMPS). For more information, visit https://krafton.in/

About Royal Enfield

The oldest motorcycle brand in continuous production, Royal Enfield has created beautifully crafted motorcycles since 1901. From its British roots, a manufacturing plant was established in Madras in 1955, a foothold from which Royal Enfield spearheaded the growth of India’s mid-sized two-wheeler segment. Royal Enfields are engaging, uncomplicated, accessible and fun to ride; a vehicle for exploration and self-expression. It’s an approach the brand calls ‘Pure Motorcycling’. Royal Enfield’s premium line-up includes the Bullet 650, Classic 650, Bullet 650 and the Guerrilla 450 modern roadster, Hunter 350, Meteor 350, Super Meteor 650, Interceptor 650 and Continental GT 650 twins, the Shotgun 650, the Himalayan 450, the Scram 440 ADV Crossover, the iconic Bullet 350, Classic 350 and Goan Classic 350. The company recently unveiled its new city+ electric mobility brand – the Flying Flea – a fresh take on urban mobility, blending authentic design with advanced technology.

Riders and a passionate community are fostered with a rich profusion of events at a local, regional and international level. Most notable are Motoverse (previously Rider Mania), an annual gathering of thousands of Royal Enfield enthusiasts in Goa, and Himalayan Odyssey, a yearly pilgrimage over some of the toughest terrain and highest mountain passes.

A division of Eicher Motors Limited, Royal Enfield operates through more than 2074 stores across all major cities and towns in India and through nearly 1212 stores in 80+ countries around the globe. Royal Enfield also has two world-class technical centres, in Bruntingthorpe, UK, and in Chennai, India. The company’s two state-of-the-art production facilities are located at Oragadam and Vallam Vadagal, near Chennai. Across the world, Royal Enfield has seven modern CKD assembly facilities in Bangladesh, Nepal, Brazil (2), Thailand, Argentina and Colombia.

For further information, please contact: corpcomm@royalenfield.com

(Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.).

Mumbai: Indian equity markets are entering 2026 on a firmer footing after a year of consolidation, with improving valuations, realistic earnings expectations and strong domestic fundamentals shaping a more constructive outlook, according to a report released on Wednesday, January 14.

While global events could be a source of uncertainty, India’s macro fundamentals remain strong, according to smallcase managers.

They believes that the coming year is likely to reward earnings-led investing rather than momentum-driven trades.

They project a strong consumption-led growth cycle in 2026, supported by moderate inflation, tax cuts, GST reductions, and interest-rate cuts that boost disposable incomes and ease borrowing conditions, said the report.

“As we move into 2026 which structurally is more constructive than 2025, valuations look far more reasonable today, earnings expectations are realistic rather than euphoric, and India enters the year with macro stability,” said Sonam Srivastava, smallcase Manager and Founder of Wright Research.

We expect returns to be earnings-led in 2026 rather than multiple-led, which favours disciplined stock selection and factor-driven strategies, Srivastava added.

Sneha Jain, smallcase Manager, Founder and CEO, WealthTrust Capital Services said that after the valuation reset in 2025, large caps, traditionally the premium P/B cohort, are now trading below SMIDs on a price-to-book basis — an inversion that signals subdued expectations despite superior balance-sheet strength, cash flows and governance.

“This provides valuation comfort and makes large caps relatively more attractive over the next 6–8 months, though allocations should remain aligned to overall asset allocation, with large caps serving as a stability anchor rather than a tactical overweight,” she mentioned.

Fiscal discipline, sustained infrastructure spending, support for manufacturing and MSMEs, and clarity on long-term capital gains taxation matter more than short-term incentives.

According to Prachi Deuskar, smallcase Manager and Co-founder, Lotusdew Wealth and Investment Advisors, “We anticipate the Union Budget will reinforce policy continuity around infrastructure, formalisation, and fiscal prudence, alongside measures to deepen household financial participation.”

We also expect some support measures for the MSMEs, such as easier access to finance, credit guarantees, and incentives to boost productivity and market access, she added.

Hong Kong: China’s trade surplus surged to a record of almost USD 1.2 trillion in 2025, the government said on Wednesday, as exports picked up in December.

Customs data showed that China’s global surplus rose 20 per cent from the previous year, with exports at USD 3.77 trillion and imports at USD 2.58 trillion. The 2024 trade surplus was USD 992 billion.

China’s exports for December were up 6.6 per cent from the previous year, better than economists’ estimates and higher than November’s 5.9 per cent year-on-year increase. Imports in December were up 5.7 per cent year-on-year, compared to November’s 1.9 per cent.

Economists expect exports to continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

Strong exports have helped keep China’s economy growing at an annual rate close to its official target of about 5 per cent, but they have also triggered alarm in countries that fear a flood of cheap imports is damaging local industries.

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

Silver prices surged by Rs 6,000 to hit a fresh lifetime high of Rs 2,71,000 per kg in the national capital on Tuesday, January 13, and gold climbed to yet another record of Rs 1,45,000 per 10 grams amid sustained buying by the stockists.

According to the All-India Sarafa Association, the white precious metal extended its gains for the third consecutive day by jumping Rs 6,000, or 2.3 per cent, to Rs 2,71,000 per kilogram (inclusive of all taxes).

On Monday, January 12, the metal had surged by Rs 15,000, or 6 per cent, to touch a lifetime high of Rs 2,65,000 per kg from its close of Rs 2,50,000 per kg on Friday.

With the latest rise, the white metal had gained Rs 21,000, or 8.4 per cent, over the last three trading sessions.

So far this year, silver has appreciated by Rs 32,000, or 13.4 per cent, from Rs 2,39,000 per kilogram recorded on December 31, 2025.

Gold of 99.9 per cent purity also rose by Rs 400 to hit a fresh record of Rs 1,45,000 per 10 grams (inclusive of all taxes) on Tuesday. In the previous session, the yellow precious metal had climbed Rs 2,900 to reach Rs 1,44,600 per 10 grams.

Traders attributed the surge to sustained demand for safe-haven assets amid heightened geopolitical uncertainty.

“The record-breaking rally in precious metals continues, underpinned by persistent safe-haven demand that is sustaining the broader bullish trend in bullion, driven by prolonged geopolitical tensions, most recently centred on Iran,” Saumil Gandhi, senior analyst, Commodities at HDFC Securities, said.

In the global markets, spot gold eased by USD 10.93, or 0.24 per cent, to USD 4,586.49 per ounce, after touching a record of USD 4,630.47 per ounce on Monday, January 14.

“Spot gold is consolidating its gains after a steep rally as it reached a fresh record high of USD 4,630 per ounce on Monday amid geopolitical concerns and growing threat to the Federal Reserve’s independence,” Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.

He added that a joint statement was issued by a coterie of former Federal Reserve chairs, Treasury secretaries, and economists criticising the Department of Justice’s probe into Fed Chair Jerome Powell, which has helped temper fears over the central bank’s autonomy, leading to profit-taking in gold.

Spot silver was traded 0.58 per cent higher at USD 85.64 per ounce in the overseas trade. The white metal had surged by USD 6.3, or 7.9 per cent, on Monday to scale a fresh peak of USD 86.26 per ounce.

Silver leads commodity gains, surging to around USD 86.60 per ounce level, amid sustained investment demand and technical strength, Gaurav Garg, Research Analyst at Lemonn markets desk, said.

The US dollar index is trading near resistance levels and has lent support to bullion prices by eliminating depreciation headwinds, he added.

Gandhi said the market focus is now on US consumer inflation and new home sales data, which are set to be released later in the day. The outcome of the data release will provide fresh cues on the Federal Reserve’s monetary policy and short-term direction for bullion prices.

New Delhi: India fell to third place among buyers of Russian fossil fuels in December 2025 after Reliance Industries and state-owned refiners sharply cut crude oil imports, a European think tank said on Tuesday, January 13.

The total Russian hydrocarbon imports by India stood at 2.3 billion euros in December, down from 3.3 billion euros in the preceding month, according to the Centre for Research on Energy and Clean Air (CREA).

“Turkiye displaced India as the second largest importer, purchasing Euro 2.6 billion of Russian hydrocarbons in December,” it said.

China remained the top buyer, accounting for 48 per cent (Euro 6 billion) of Russia’s export revenues from the top five importers.

“India was the third highest buyer of Russian fossil fuels, importing a total of Euro 2.3 billion of Russian hydrocarbons in December,” CREA said.

“Crude oil constituted 78 per cent of India’s purchases, totalling Euro 1.8 billion. Coal (Euro 424 million) and oil products (Euro 82 million) constituted the remainder of India’s monthly imports.”

In November, India spent 2.6 billion euros on the purchase of Russian crude oil, which is processed in refineries to make fuels like petrol and diesel.

“India’s Russian crude imports recorded a sharp 29 per cent month-on-month reduction to the lowest volumes since the implementation of the price cap policy. These drops occurred despite total imports growing marginally,” CREA said without giving absolute numbers.

These cuts, it said, were led largely by the Jamnagar refinery of Reliance Industries, which reduced its imports from Russia by half in December.

“The entirety of their (Reliance’s) imports were supplied by (Russia’s) Rosneft, albeit from cargoes purchased before the US Office of Foreign Assets Control (OFAC) sanctions came into effect,” it said. State-owned refineries also cut Russian imports by 15 per cent in December.

The US has imposed sanctions on Rosneft and Lukoil, two of the largest oil producers in Russia, to cut off the Kremlin’s resources for funding the Ukraine war.

Indian Oil continues imports as Reliance, HPCL cut down

The sanctions have resulted in companies like Reliance Industries, Hindustan Petroleum Corporation Ltd (HPCL), HPCL-Mittal Energy Ltd and Mangalore Refinery and Petrochemicals Ltd halting or cutting imports for now. However, other refiners like Indian Oil Corporation (IOC) continue to buy from non-sanctioned Russian entities.

India, the world’s third-largest oil importer, emerged as the biggest buyer of discounted Russian crude after Western countries shunned Moscow following its February 2022 invasion of Ukraine.

Traditionally reliant on Middle Eastern oil, India dramatically increased Russian imports as sanctions and reduced European demand made the barrels available at steep discounts, pushing its share from under 1 per cent to nearly 40 per cent of total crude imports.

Russia supplied about 25 per cent of all crude oil that India imported in December, down from 35 per cent in the previous month.

“In December, five refineries in India, Turkiye and Brunei that use Russian crude exported Euro 943 million of oil products to sanctioning countries. The importers included the EU (Euro 436 million), USA (Euro 189 million), UK (Euro 34 million) and Australia (Euro 283 million). An estimated Euro 274 million of these products were refined from Russian crude,” CREA said.

There was a 9 per cent month-on-month reduction in the refineries’ exports to sanctioning countries. The decrease was led chiefly by the EU and UK, which recorded monthly reductions of 26 per cent and 53 per cent, respectively.

“In contrast to those two, exports to Australia (Euro 284 million) increased by 9 per cent in December. The biggest exporters to Australia were the Jamnagar refinery in India (Euro 132 million) and the Hengyi refinery in Brunei (Euro 116 million),” the think tank said.

“There was a 121 per cent increase in exports to the USA, totalling Euro 189 million. These exports originated in the Jamnagar refinery and the Tupras Aliaga refinery in Turkiye.”

China remained the largest global buyer of Russian fossil fuel, accounting for 48 per cent (Euro 6 billion) of export revenues from the top five importers. Crude oil made up 60 per cent (Euro 3.6 billion) of China’s purchases, followed by coal and pipeline gas. Seaborne crude imports rose 23 per cent month-on-month, driven by higher ESPO-grade crude inflows, while Urals-grade imports increased 15 per cent, reaching the highest fourth-quarter volumes since Q2 2023.

The European Union ranked fourth among buyers, with Russian fossil fuel imports worth 1.3 billion euros, half of which was LNG. Hungary was the fourth-largest single-country buyer, while Saudi Arabia imported 328 million euros of Russian oil products, ranking fifth in December.

New Delhi: Electronics exports from the country have crossed Rs 4 lakh crore in 2025 and are expected to grow when four semiconductor plants begin production this year, Union minister Ashwini Vaishnaw has said.

According to official estimates, electronic production reached around Rs 11.3 crore and exports were to the tune of Rs 3.3 lakh crore in 2024-25.

“Electronics exports crossed Rs 4 lakh crore in 2025, creating jobs and bringing foreign exchange. Momentum will continue in 2026 as four semiconductor plants come into commercial production,” Vaishnaw said in a social media post on Monday.

The mobile phone industry dominates the country’s electronics manufacturing sector at present.

According to industry estimates, more than 25 lakh people are employed in the electronics sector.

The minister shared a report which states that iPhone exports from India have hit Rs 2.03 lakh crore in 2025, which is almost double that of Rs 1.1 lakh crore Apple exported in the calendar year 2024.

According to the mobile manufacturers industry body, India Cellular and Electronics Association, mobile phone production in the country is expected to reach USD 75 billion (about Rs 6.76 lakh crore), comprising export of over USD 30 billion or about Rs 2.7 lakh crore, by the end of the current fiscal year.

Mobile phones worth Rs 5.5 lakh crore were produced in the country, and exports from the segment were around Rs 2 lakh crore in 2024-25.

Neil Shah, Co-Founder and VP for Research at market research and analysis firm Counterpoint, said Apple has become a poster child for India by expanding its manufacturing post-US tariffs on China and with exports from India reaching a record high.

“India will be touching almost 30 crore units of mobile phone production, and one in four smartphones produced in India will be exported in 2025.

“High ASP (average selling price) or premium USA market is one of the largest export destinations driven by Apple, Samsung, and Motorola, also boosting the export value reaching highest ever,” Shah said.

According to the International Data Corporation’s Worldwide Quarterly Mobile Phone Tracker for the third quarter of 2025, Apple clocked its highest-ever supplies of 50 lakh iPhones for the domestic market in a quarter.

Apple leads both the premium (smartphones priced in the range of Rs 53,000-71,000 apiece) and super-premium segment (priced above Rs 71,000 apiece), which drove the growth of the country’s smartphone market in the September quarter.

Mumbai: Equity benchmark indices Sensex and Nifty found firmer ground on Monday after facing a massive drubbing in the past five trading sessions, propelled by bargain hunting in energy, banking and metal stocks amid renewed optimism surrounding a potential India-US trade deal.

However, escalating geopolitical tensions and unrelenting foreign fund outflows capped the sharp gains, traders said.

In volatile trading, the 30-share BSE Sensex climbed 301.93 points, or 0.36 per cent, to settle at 83,878.17. During the morning trade, it tumbled 715.17 points, or 0.85 per cent, to 82,861.07, breaching the 83,000 level.

The 50-share NSE Nifty edged higher by 106.95 points, or 0.42 per cent, to 25,790.25. The benchmark tanked 209.9 points, or 0.81 per cent, to 25,473.40 in morning trade.

The session began on a cautious note, but sentiment improved sharply in the latter half of the day after optimistic remarks from US Ambassador Sergio Gor, as the market staged a strong recovery.

“Sentiment was shaped by a combination of global and bilateral developments. Early caution reflected ongoing geopolitical tensions and global trade uncertainties that weighed on risk appetite.

“However, the mood improved in the afternoon after reports suggested that India–US trade discussions are progressing and are set to continue, which encouraged value buying and eased some concerns. This change in tone, along with selective bargain hunting after recent declines, supported the late-session rebound,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

From the 30-Sensex firms, Tata Steel, Asian Paints, Trent, State Bank of India, Hindustan Unilever, UltraTech Cement, ICICI Bank and Bharti Airtel were among the gainers.

On the other hand, Infosys, Bajaj Finance, Bharat Electronics, Larsen & Toubro and HDFC Bank were the laggards.

The BSE smallcap gauge declined 0.68 per cent, and the midcap index dipped 0.41 per cent.

Safe-haven assets remained in demand as geopolitical tensions persisted, helping precious metals extend their rally. The commodities space outperformed, supported by firm metal prices amid supply-side constraints and renewed buying interest, Bajaj Broking Research in a note said.

Among sectoral indices, metal jumped 1.92 per cent, commodities (1.06 per cent), energy (0.85 per cent), PSU banks (0.58 per cent), consumer durables (0.54 per cent) and FMCG (0.44 per cent).

Realty dropped 1.13 per cent, capital goods (0.82 per cent), industrials (0.67 per cent), telecommunication (0.46 per cent) and power (0.36 per cent).

Signalling an intent to rebuild strained ties, President Donald Trump’s new ambassador to India on Monday said that no country is as essential as India to the United States, and asserted that both sides are actively engaged to firm up a trade deal.

In his arrival speech, Gor also announced an invitation to New Delhi for a US-led strategic alliance, known as ‘Pax Silica’ on critical minerals and artificial intelligence.

The comments made just hours after he began work are seen as a welcome outreach by the Trump administration, which has mounted pressure on India in recent months over tariffs and H1B visas.

“The Indian market rebounded from the day’s lows as investor sentiment improved following favourable remarks on the trade deal by the US Ambassador ahead of the next round of negotiations.

“This positive undertone provided a lift to overall market sentiment. Value buying was also evident in consumer and banking stocks, as investors sought opportunities after recent corrections, supported by expectations of stronger Q3 earnings and improving demand,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

Foreign institutional investors offloaded equities worth Rs 3,769.31 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,595.84 crore, according to exchange data.

In the past five trading days, the BSE benchmark declined 2,185.77 points or 2.54 per cent, and the Nifty tumbled 645.25 points or 2.45 per cent.

In Asian markets, South Korea’s Kospi index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher.

Markets in Europe were trading on a mixed note.

US markets ended in positive territory on Friday.

Brent crude, the global oil benchmark, dipped 0.27 per cent to USD 63.17 per barrel.

On Friday, the Sensex tumbled 604.72 points or 0.72 per cent to sink below the 84,000-level and settle at 83,576.24. The Nifty dropped 193.55 points or 0.75 per cent to 25,683.30.