Archive: January 1, 2026

Mahindra Farm Equipment Business sells 30,210 Tractors during December 2025, Records 37Percent Growth in Domestic Sales

Chandigarh, Jan 01st: Mahindra & Mahindra Ltd.’s Farm Equipment Business (FEB), part of the Mahindra Group, today announced its tractor sales numbers for December 2025. 

Domestic sales in December 2025 were at 30,210 units, as against 22,019 units in December 2024, reflecting a 37% year-on-year growth.

Total tractor sales (Domestic + Exports) during December 2025 were at 31,859 units, as against 22,943 units for the same period last year. Exports for the month stood at 1,649 units, a growth of 78%. 

Commenting on the performance, Veejay Nakra, President –Farm Equipment Business, Mahindra & Mahindra Ltd. said, “We have sold 30,210 tractors in the domestic market during December 2025, a growth of 37% over last year. Cash flow availability in the market has improved supported by favorable crop yields following the Kharif harvest. Additionally, conducive weather conditions and healthy reservoir levels have contributed to increase in Rabi sowing acreage, which is expected to sustain tractor demand in the coming months. In the exports market, we have sold 1,649 tractors, a growth of 78% over last year.”

Mahindra Auto clocks 50,946 SUVs and 86,090 total vehicle sales in December 2025

Chandigarh, Jan 01st:  Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, today announced that its overall auto sales for the month of December 2025 stood at 86,090 vehicles, a growth of 25% including exports.

In the Utility Vehicles segment, Mahindra sold 50,946 vehicles in the domestic market, a growth of 23% and overall, 86,090 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 24,786, a growth of 34%.

According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., “Wishing everyone a very Happy New Year! The calendar year 2025 ended on a positive note, with Mahindra clocking its highest-ever volumes in both SUVs and LCVs (<3.5T) segments, a significant milestone for the company.

In December, we achieved SUV sales of 50,946 units, a growth of 23% and LCV< 3.5T sales of 24,786 units, a growth of 34%. The total vehicle sales stand at 86,090 units, a 25% year-on-year growth.”

Mr. Anand Mahindra’s End of the Year Address

A Year of Market Leadership and Redefined Expectations

Business-wise, it has been a deeply satisfying year, not just because the numbers were strong, but because of what they signify. We did not just lead markets. We redefined expectations.

Our SUV business led the market with record share, reaffirming our ability to anticipate what customers genuinely desire. Our farm equipment business achieved its highest ever quarterly market share, proving that innovation on the ground transforms lives. Meanwhile, our electric three-wheelers continued to dominate a highly competitive space. Tech Mahindra sharpened its edge in AI and operational excellence, delivering its eighth consecutive quarter of margin expansion, while Mahindra Finance scaled new heights, combining robust profit growth with industry-leading asset quality. Mahindra Lifespaces continued its momentum in sustainable real estate with record Gross Development Value additions and industry-first Net Zero projects. Mahindra Holidays conceptualized Mahindra Signature Resorts, marking a bold shift toward experiential travel. And Mahindra Susten continued to power India’s green transition, reinforcing its leadership in renewable energy innovation.

These achievements are not just milestones – they are launchpads. They tell the story of a Group firing on all cylinders, united by purpose and powered by audacity.

From Dependability to Frontier Innovation

For decades, Mahindra was seen as a homegrown brand known for rugged dependability. Today, we are perceived as modern, confident, and future-ready. EVs did not just change our portfolio. They changed the conversation. They signalled that Mahindra is mastering frontier technologies and shaping the future of mobility. We have raised the bar, and now we must keep raising it.

Let me now share a couple of personal reflections on the shifting global landscape and the opportunities they open for us.

Navigating the AI Era: Why Blue Collar is the new ‘Gold Collar’

As AI reshapes industries, many fear disruption. I respectfully disagree. I believe AI is an accelerator not a threat. As intelligent systems take over routine tasks, practical skills, accelerated by AI, will become premium assets, offering income, dignity and raising blue collar work to a new level of long‑term relevance. AI will bring about a fundamental shift in the value of “hands on” skills: a technician who can work confidently alongside AI, a machinist who understands digital tools, and a craftsperson whose intuition is enhanced by data will change the world of shop floor work. We will rediscover the value of people who can build, craft, repair and operate the real machinery of life. When technology amplifies skilled hands, those hands can become as rewarding, if not more rewarding, than traditional white‑collar work. AI can turn blue collar into gold.

I am proud that we are walking the talk in this domain. I recently accepted the role of Chairman of the Board of Governors of the Young India Skills University in Telangana, a pioneering institution designed to prepare our youth for a world where high-tech proficiency must be paired with vocational mastery. The Group is committed to strengthen the talent pipeline that the world needs – from the Mahindra Tractors Skill Development Centres to Tech Mahindra’s future-ready talent academies.

A New Era for Indian Excellence in Education

This shift in the nature of work coincides with a tectonic shift in global talent mobility. As the education policies in the West evolve and visa norms tighten, the traditional “brain drain” could give way to a remarkable “brain gain” for India.

For decades, world’s brightest minds looked West for best-in-class education. Today, as those doors narrow, India’s own potential is expanding. This isn’t just a challenge, it is a historic opportunity to pivot from being the world’s “back office” to becoming its premier “think tank”. With the rapid growth of Global Capability Centers (GCCs) on our soil, the world has already signalled its trust in Indian innovation. Now, we must provide the institutional backbone to support it.

Scaling the Ambition of Mahindra University

To seize this moment, Mahindra University is scaling its ambition to become a global lighthouse for learning. I have pledged significant personal time and financial commitment to this vision because I believe that in an era of restricted borders, we must build the world-class universities right here.

We are not simply educating students. We are nurturing creators, builders and innovators who will shape the next wave of global growth. Education is not just a social good, it is an ultimate strategic investment in India’s rise as a global talent leader.

Our Role as Mentors and Builders

Building world-class institutions is not the task for a single board or a small team of academics. It is a mission for the entire Mahindra Community. To truly create a flagship institution of global excellence, we must infuse our classrooms with the real-world grit and innovation that defines our businesses.

I am calling on each of you to engage with these initiatives – whether it is through mentoring students at Mahindra University, helping design industry-relevant curricula for the Young India Skills University and Mahindra’s skill centers, or offering internships that turn “blue collar” roles into “gold collar” careers. Your expertise is our most valuable curriculum. Our businesses are the ultimate laboratories for these students. I urge our leaders to be teachers and our managers to be mentors. Let us open our doors to this new generation of talent and show them that the world’s most exciting frontier is right here at home. 

Building the Future Together

The world may be unpredictable, with technology evolving and geopolitics shifting. But uncertainty is not our enemy, it is our proving ground. Equipped with sharper capabilities, deeper skills and an unwavering commitment to nurturing world-class talent, we will not just navigate the storm, we will chart new courses for growth.

The future belongs to those who build it. Let us build it together.

Wishing you and your families a Happy New Year.

India’s 2025 Free Trade Agreements and Export Missions: Unlocking Export Opportunities and Market Access, says PHDCCI

As the year 2025 draws to an end, India’s export policy landscape reflects a pivotal change toward global integration. Launch of the Market Access Support (MAS) Intervention under the Export Promotion Mission (EPM) by the Government of India marks a strategic shift in country’s export strategy, aimed at strengthening international market access for India’s exporters, particularly micro, small and medium enterprises (MSMEs), and first-time exporters said President of PHD Chamber of Commerce and Industry (PHDCCI), Mr Rajeev Juneja.

Market Access Support Intervention, implemented under the NIRYAT DISHA sub-scheme of EPM, addresses structural constraints that have limited India’s exporters participation in global value chains. By providing institutional and financial support for international trade fairs, Buyer–Seller Meets (BSMs), Reverse Buyer–Seller Meets (RBSMs), MAS lowers entry barriers and improves buyer discovery for Indian firms, he said.

Export Promotion Mission, with a total outlay of ₹25,060 crore for FY 2025–26 to FY 2030–31, consolidates previously uneven export support schemes into a single, integrated framework. It combines financial support under Niryat Protsahan—such as interest subvention, collateral support, and credit enhancement—with non-financial support systems under Niryat Disha, including quality certification, branding, logistics facilitation, and market access initiatives. Together, these measures aim to improve market readiness, reduce compliance complexity, and enhance global competitiveness, he added.

Within MAS, cost-sharing mechanisms and a mandatory minimum of 35 per cent MSME participation, and special support for priority sectors are intended to create opportunity for diversified export growth. Partial airfare support for small exporters with turnover up to ₹75 lakh further eases participation problems. This signals a shift toward outcome-based, data-driven export promotion, he said.

To further amplify support to exporters India’s evolving international trade strategy in 2025, is marked by the signing of several major Free Trade Agreements (FTAs), a list is provided in Table 1. A key milestone was the India–United Kingdom Comprehensive Economic and Trade Agreement (CETA), signed in July 2025, with an eye on expanding market access across goods and services in a major G7 economy. The agreement is expected to lower export costs and improve competitiveness in sectors such as engineering goods, textiles, pharmaceuticals, and professional services, he said.

In December 2025, India also signed a Comprehensive Economic Partnership Agreement (CEPA) with Oman. This agreement strengthens India’s trade entry in the Gulf region, particularly for labour-intensive goods and services. Additionally, the conclusion of a Free Trade Agreement with New Zealand secured zero-duty access for 100 per cent of Indian exporters, opening new opportunities in the Oceania region.

These FTAs collectively expand India’s preferential trading network and reduce tariff and non-tariff barriers in key markets. When combined with Market Access Support, exporters will benefit from both domestic institutional support and enhanced external market access. MAS will play a critical role in enabling Indian exports including MSMEs to convert tariff concessions into actual orders and long-term commercial relationships said Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI.

Convergence of export facilitation reforms and new trade agreements will deepen global integration, and strengthen competitiveness with ultimate goal of expanding exports to USD 2 trillion by 2030. As an end-of-year assessment, 2025 stands out, he added.

IREDA Posts Strong Provisional 9-Month Performance with 44% Growth in Disbursements, Loan Book Up 28percent

New Delhi, Jan 01st: Indian Renewable Energy Development Agency Ltd. (IREDA) has reported strong business performance for the nine months ended December 31, 2025, registering healthy growth across key operational parameters, based on provisional data.

Loan sanctions during the period stood at ₹40,100 crore, reflecting a growth of 29% over ₹31,087 crore recorded during the corresponding period last year. Loan disbursements increased significantly by 44% to ₹24,903 crore, compared to ₹17,236 crore as on December 31, 2024.

The outstanding loan book of the company reached ₹87,975 crore as on December 31, 2025, marking a growth of 28% over ₹68,960 crore in the same period of the previous year, reaffirming IREDA’s expanding role as a largest pure-play green financing NBFC.

Shri Pradip Kumar Das, Chairman & Managing Director, IREDA said, “The strong performance up to December 2025 underscores increasing confidence in IREDA’s financing capabilities and the continued momentum in the renewable energy sector. Our expanding loan book reflects IREDA’s critical role in enabling India’s green energy growth.”

Shri Das expressed his sincere gratitude to the Hon’ble Union Minister for New & Renewable Energy; Hon’ble Minister of State for New & Renewable Energy; Secretary, MNRE; Board of Directors and all stakeholders for their continued guidance and support. He also appreciated Team IREDA for their dedication and contribution towards sustained growth.

Figures are provisional and subject to audit.

India’s Credit Story in 2025 Wasn’t About More Borrowing. It Was About Better Borrowing

As rates eased and embedded finance went mainstream, Indian households became more selective, more digital, and more disciplined with credit.

If 2024 was about restraint, 2025 was about intention.

“Across lending categories, we saw a clear shift toward purposeful, higher-ticket credit,” says Yashoraj Tyagi, CEO, CASHe. “Borrowers weren’t chasing easy money. They were making deliberate decisions tied to real needs.”

Housing set the tone. Home loan originations rose sharply, with nearly 40 percent of volumes coming from loans above Rs 75 lakh. According to Tyagi, this wasn’t just about affordability improving. “It reflects rising income confidence and a willingness to commit to long-term assets, not speculative buying.”

Auto loans followed a similar pattern. Volumes recovered, but growth was driven by larger ticket sizes and EV financing. “The EV story is important,” Tyagi notes. “Buyers are thinking beyond upfront cost and factoring in total ownership economics. That’s a sign of a more mature borrower mindset.”

Even personal loans evolved. While growth remained strong, demand skewed toward tickets above Rs 10 lakh, often used for consolidation, business needs, or meaningful life upgrades rather than discretionary spending. Borrowers in Tier 2 and emerging urban markets increasingly opted for shorter tenures and digital pre-approvals.

“What stood out was discipline,” Tyagi says. “People borrowed because they needed to, not because credit was easily available.”

That discipline showed up in asset quality. Despite tighter underwriting in unsecured credit, delinquencies remained stable. “Risk didn’t stay under control because lenders got aggressive,” he explains. “It stayed under control because borrowing stayed anchored to real transactions.”

A big structural shift behind this trend was embedded finance. In 2025, lending moved decisively closer to the point of need, inside property platforms, auto ecosystems, payroll systems, and commerce apps.

“Embedded finance is no longer a distribution experiment,” Tyagi says. “It’s becoming the default way credit is accessed. When loans are offered in context and backed by richer data, you improve both conversion quality and risk outcomes.”

Interest rates helped, but they didn’t distort behaviour. With cumulative rate cuts of 125 basis points, borrowing costs eased and EMIs fell, particularly in housing finance.

“Rate cuts didn’t suddenly create new borrowers,” Tyagi points out. “They improved feasibility. Fence-sitters moved forward, and some borrowers upgraded ticket sizes, but decisions stayed measured.”

Regulatory actions reinforced that tone, improving liquidity while pushing lenders to sharpen underwriting rather than reprice risk.

Looking ahead to 2026, Tyagi expects credit demand to remain strong, but access and pricing to evolve further. “Incomes are rising, aspirations are rising faster, and credit demand will grow. The difference is how credit is delivered and how risk is managed.”

He adds that early stress detection will rely less on static bureau scores and more on cash-flow and behavioural signals. “That’s how you scale without letting delinquencies creep up.”

For borrowers, his advice is straightforward. “Going into 2026, be intentional. Take credit for long-term value, not short-term wants. Clean up expensive debt, keep utilisation low, and protect your credit score.”

He sums it up simply: “In a changing rate cycle, discipline matters more than timing.”

2025 made one thing clear. India’s credit market isn’t just growing. It’s growing up.

NSE EMERGE achieves 700th SME listing milestone

Chandigarh, Jan 01st: National Stock Exchange of India Limited (NSE), India’s leading stock exchange achieved the milestone of crossing 700 listings of SME companies on its NSE EMERGE platform on 24th December 2025.

As of today, 700 companies from various sectors are listed on NSE Emerge platform and have collectively raised over INR 21,252 Cr. The total market capitalisation of these companies was approximately INR 2,22,338 Cr.

On the achievement of milestone of 700th listing on the EMERGE platform, NSE Chief Business Development Officer, Mr. Sriram Krishnan mentioned “We had the 600th listing on 19th Feb 2025 and now the 700th listing have both happened within the same year which highlights the resilience of SME IPO platform. The modifications undertaken by market regulator SEBI in March 2025, our stringent evaluation criteria and focus on good corporate governance practices have played a pivotal role in taking this market to a mature phase.”

2025 a Defining Year for General Insurance Sector; Reforms to Drive Growth in 2026: IFFCO-TOKIO

India’s general insurance industry recorded steady growth in 2025, supported by higher awareness, improved penetration and a strong push towards digital-first solutions, said Mr. Subrata Mondal, Managing Director & CEO, IFFCO TOKIO General Insurance Company Limited.

Rising demand for health insurance, aided by the waiver of GST for retail customers, continued to support growth across health segments. The motor insurance segment also witnessed decent traction following GST reduction in the automobile sector, initiatives by OEMs, and stricter enforcement of mandatory insurance by government agencies.

Commenting on evolving risks, Mondal said, “Ever-growing complexity in risk perceptions and geo-political situation across the globe have resulted in emerging solutions in climate-linked risks, trade uncertainties, cyber-attacks, merger & acquisition and surety in Corporate sector.”

He highlighted the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, as a key development for the industry. Proposals such as allowing up to 100% FDI in insurance companies and formal recognition of Managing General Agents (MGAs) are expected to attract fresh capital, improve distribution efficiency and expand coverage to underserved segments.

Growing interest in GIFT City as an international insurance and reinsurance hub is also strengthening India’s position as a regional risk-management centre.

Looking ahead, Mondal said the sector remains optimistic about 2026, which is expected to be a year of consolidation, adaptability and sustainable growth, with insurers focusing on underwriting discipline, data-driven decision-making and customer-centric innovation

Tata Consulting Engineers: Engineering the next phase of India’s growth with certainty and responsibility

By Mr Amit Sharma, Managing Director and CEO, Tata Consulting Engineers,

As the year draws to a close, it is timely to reflect on how Tata Consulting Engineers continues to prepare for the next phase of India’s engineering and industrial growth.

The year witnessed sustained momentum across infrastructure, power, mining and metallurgy, hydrocarbons and chemicals, and advanced facilities. These sectors are being shaped by large-scale investments, regulatory developments, and rising expectations around delivery certainty, safety, and sustainability. Tata Consulting Engineers has remained focused on delivering integrated engineering and project consultancy services that combine technical depth with long-term value.

Within the power sector, nuclear energy is gaining renewed importance as a reliable and clean source of baseload capacity. Policy developments such as the Shanti Bill are expected to improve the investment environment by addressing risk and liability concerns, enabling broader participation in nuclear programmes. With decades of experience in nuclear engineering and project support, Tata Consulting Engineers is well-positioned to contribute to capacity expansion and technology advancement, with a strong emphasis on safety and governance.

Artificial intelligence and digital engineering are increasingly shaping how projects are conceived and delivered. Through data-led design, digital twins, automation, and advanced analytics, we are improving planning accuracy, strengthening decision-making, and enhancing predictability across complex programmes. These capabilities support safer execution, better coordination, and future-ready assets.

Alongside this, there is a growing focus on aligning capital and operational considerations at the design stage itself. The long-term value of infrastructure and industrial assets depends not only on efficient construction, but on reliable performance over their full lifecycle. By integrating CAPEX and OPEX thinking early, we help clients design assets that are easier to operate and maintain, more resilient, and better aligned to lifetime cost and performance objectives.

Looking ahead, emerging sectors such as semiconductors, advanced manufacturing, data centres, and high technology facilities will play a defining role in India’s industrial landscape. Anchored by its Owner’s Engineer and Project Consultant model, Tata Consulting Engineers remains committed to engineering excellence, responsible growth, and trusted partnerships that support national and global development priorities.