All posts by Neel Achary

In a Bold First-of-Its-Kind Collaboration, Zee 5 and Collective Studios’ Historyverse Unveil Six AI-Driven Originals Drawing from Indian Mythology and History

FCNR-B Inflows May Reach Dollar 70 Billion, Easing Bank Liquidity Concerns

New Delhi, July 21: India’s banking sector may see improved liquidity conditions as inflows through Foreign Currency Non-Resident (FCNR-B) deposits are projected to increase significantly, with estimates suggesting they could reach up to $70 billion.

The expected rise in FCNR-B deposits is likely to provide banks with additional foreign currency resources and help ease funding pressures. The inflows are seen as a positive development for banks managing liquidity requirements amid changing financial conditions.

FCNR-B deposits allow non-resident Indians (NRIs) to place fixed deposits with Indian banks in foreign currencies, offering them an investment avenue while supporting the country’s financial system with overseas funds.

Banking experts believe stronger inflows could improve foreign currency availability, enhance funding stability, and support smoother operations for financial institutions. The development also reflects continued confidence among NRIs in India’s economic growth prospects.

As banks monitor deposit trends and market conditions, the expected increase in FCNR-B inflows is likely to play a role in maintaining a balanced liquidity environment and supporting the broader financial ecosystem.

The move comes as financial institutions continue efforts to strengthen their funding base and ensure adequate liquidity to support economic activity.

Rise of PIK Structures Masks Borrower Stress and Challenges Private Credit System, New Study Shows

July 21: A substantial liquidity shift is underway in the global private markets as private equity fund managers are increasingly turning to PIK (payment-in-kind) structures to manage cash flows, which in turn is raising challenging questions around transparency and risk management, according to new research* from Ocorian, a leading U.S. and global asset services provider.

The study of private equity fund managers in in the U.S. and across Europe, managing $3.511 trillion, found that almost nine out of 10 (86%) expect PIK prevalence within their private credit exposure to grow over the next two years. Of these, 4% say their use will increase dramatically, and 82% say it will increase slightly. The remaining 14% believe PIK prevalence will remain unchanged.

Search for flexibility in a challenging market

PIK structures allow borrowers to issue additional debt or equity to lenders rather than servicing interest obligations with immediate cash payments. While this provides breathing room for portfolio companies, it simultaneously signals underlying vulnerabilities in corporate balance sheets.

Worryingly, nine in 10 (90%) of those surveyed agree that there is a growing risk of PIK usage masking true borrower distress, with 16% of these strongly agreeing that deferring hard cash obligations makes it difficult to distinguish between proactive capital management and severe liquidity struggles.

Anatoly Sorin, UK Head of Loan Agency and Bond Trustee Services at Ocorian, said: “Our research reveals an overwhelming consensus that PIK structures are on the rise, and private equity fund managers are doing everything they can to support portfolio companies through a prolonged period of higher financing costs. However, this flexibility does come with a warning label.”

As PIK adoption grows, capability gaps emerge 

In addition to this challenge, Ocorian’s study also exposes operational and technological vulnerabilities connected to the growing adoption of PIK structures. As PIK interest compounds, it directly alters preferred return hurdles, the distribution waterfall, and the complex calculation of realised versus unrealised gains – the metric that ultimately dictates performance fees, or ‘carried interest’.

Only 17% of firms surveyed report having robust, automated systems capable of fully accounting for PIK compounding within the waterfall modelling. Just under a third (32%) admit they rely entirely on external providers, such as fund administrators, to handle the structural complexity. Just over a third (39%) acknowledge they can model PIK but require significant manual adjustment, while 10% say this remains a gap in their current capabilities. A further 2% state that PIK is not yet material enough in their current portfolio to warrant a dedicated system.

Anatoly Sorin, UK Head of Loan Agency and Bond Trustee Services at Ocorian, added: “With PIK structures becoming more prevalent, firms’ operational and technological capabilities must keep pace, either in-house or by outsourcing to expert third-party fund administrators with the skills and experience required to ensure that waterfall and carry calculations remain accurate, consistent and transparent.”

Abi Reilly, Partner, Regulatory & Compliance at Ocorian said: “As firms navigate the operational demands of PIK structures, governance and oversight need to remain front of mind. It is important that firms are able to evidence how these structures are monitored, modelled and reported on, particularly where complexity increases and third-party support is involved.”

India’s residential market shows resilience with 3 percent H1 2026 growth amid temporary quarterly dip: JLL

Mumbai, July 21: India’s residential market demonstrated resilience in H1 2026 (January-June), with sales volume increasing 3% to 138,382 units compared to the same period last year, reflecting sustained buyer confidence and robust market fundamentals. While quarterly sales moderated by 4% in Q2 2026 compared to Q1, this temporary softness does not diminish the sector’s overall positive trajectory, which continues to be supported by strong urbanization trends, improving infrastructure, and evolving lifestyle aspirations. 

The H1 performance was particularly encouraging across key markets. Bengaluru led with a 16% Y-o-Y increase in sales, followed by Chennai’s impressive 27% growth, demonstrating the strength of these markets despite broader headwinds. The four major markets of Bengaluru, Mumbai, Pune, and Delhi NCR collectively represented around 76% of total H1 2026 sales, reinforcing their position as India’s primary residential hubs. 

The temporary quarterly moderation in Q2 2026 can be attributed to seasonal factors, property price recalibration, and buyers adopting a more considered approach to purchase decisions. However, the positive half-yearly comparison with H1 2025 underscores the market’s underlying strength and ability to maintain growth momentum despite these short-term fluctuations.

The housing sector’s resilience is further evidenced by continued buyer activity across diverse price segments. While market dynamics have evolved, with buyers increasingly prioritizing quality, location, and amenities, the fundamental demand drivers remain intact. The sustained preference for projects from established developers offering superior specifications, prime locations, and assured delivery timelines reflects the maturity of India’s homebuying audience. 

Positive 3% Y-o-Y growth during H1 2026 reflects market resilience

Source: Real Estate Intelligence Service (REIS), JLL Research

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai; Delhi NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.

Data includes only apartments. Rowhouses, villas, and plotted developments are excluded from our analysis. 

“The H1 2026 performance underscores the maturity of India’s residential sector, with 138,382 units sold representing a solid 3% Y-o-Y growth despite temporary quarterly moderation. The fundamentals remain compelling, sustained urbanization, infrastructure development, and rising aspirations continue to drive homebuying decisions. What is particularly encouraging is the shift toward quality and quantum, with the INR 1-3 crore segment surging 58% Y-o-Y, demonstrating that buyers are increasingly willing to invest in well-located, premium developments that offer long-term value. The 9% increase in new launches to 168,507 units reflects strong developer confidence,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head – Residential Services, India, JLL.

“As property prices stabilize and buyers adjust to current market conditions, we expect sales momentum to improve in subsequent quarters. Ongoing infrastructure investments, expanding metro networks, improving connectivity, and development of new growth corridors, combined with enhanced access to housing finance and rising income levels, will continue to support homebuying decisions across diverse segments.” he added.

Market evolution reflects changing buyer preferences and aspirations

Source: Real Estate Intelligence Service (REIS), JLL Research

Robust launch activity signals sustained developer confidence and market optimism

Source: Real Estate Intelligence Service (REIS), JLL Research

H1 2026 witnessed strong launch momentum with 168,507 new homes entering the market, representing a healthy 9% increase compared to H1 2025. This robust supply addition reflects developer confidence in India’s residential market fundamentals, readiness to capitalize on sustained demand and their commitment to meeting evolving homebuyer needs. Bengaluru led with an exceptional 41% Y-o-Y increase in launches, followed by Mumbai’s 18% growth and Delhi NCR’s 14% expansion. The temporary quarterly slowdown in launch activity reflects developers’ strategic approach to project phasing and their focus on ensuring optimal market absorption. Major markets continue to attract significant development activity, with Bengaluru, Mumbai, and Delhi NCR leading the way in new supply additions. 

Property values maintain upward trajectory across key markets

Capital values across India’s seven major cities continued to appreciate during H1 2026, supported by strong market fundamentals, elevated construction costs, and consistent buyer interest. Home prices across India’s seven major cities continued to climb in Q2 2026, with yearly increases between 6% and 15%. Bengaluru saw the highest jump at 15%, followed by Chennai and Kolkata at 13%. This widespread price growth across all major markets stems from higher building costs and consistent buyer demand, which has encouraged developers to launch more premium housing options. 

Outlook: Strong fundamentals position sector for sustained growth ahead

India’s residential market is well-positioned for continued expansion, underpinned by favourable macroeconomic conditions, rapid urbanization, and rising household incomes. The temporary quarterly moderation observed in Q2 2026 represents a natural recalibration phase rather than a fundamental shift in market dynamics. As property prices stabilize and buyers adjust to current market conditions, sales momentum is expected to improve in subsequent quarters. The robust pipeline of quality projects across major markets will continue to attract discerning homebuyers seeking well-located, amenity-rich developments. Ongoing infrastructure investments, improving connectivity, expanding metro networks, and development of new growth corridors will further strengthen the residential market‘s prospects. Enhanced access to housing finance, coupled with stable interest rates and rising income levels, will support homebuying decisions across diverse buyer segments. The sector’s positive half-yearly performance, strong developer confidence reflected in launch activity, and sustained demand for quality housing position India’s residential market for continued growth.

Government Plans Simplified Export Rules to Support Small Businesses and Boost Trade

New Delhi, July 21: The government is considering easing export-related regulations to support small exporters and help them expand their presence in global markets.

The proposed changes aim to simplify compliance procedures, reduce operational challenges, and make it easier for small businesses to participate in international trade. The move is expected to benefit exporters who often face difficulties navigating complex processes and documentation requirements.

Small and medium-sized exporters play an important role in India’s economy by creating employment opportunities and contributing to the country’s export growth. The proposed reforms are aimed at providing them with a more business-friendly environment and improving their competitiveness.

Officials said the government is focusing on reducing procedural hurdles while ensuring that export systems remain transparent and efficient. Easier rules could encourage more small businesses to explore overseas markets and strengthen India’s position in global trade.

Industry representatives have welcomed steps aimed at improving ease of doing business, saying simplified processes can help smaller exporters save time, reduce costs, and focus on expanding their operations.

The proposed measures are part of the government’s broader efforts to promote exports, support entrepreneurship, and create more opportunities for businesses across sectors.

The final framework is expected to be shaped after consultations with stakeholders and relevant authorities.

Explore Finland: The Best Day Trips from Helsinki

July 21: Helsinki is more than Finland’s vibrant capital, it’s the ideal gateway to experiencing the country’s diverse landscapes, heritage and culture. For Indian travellers flying directly to Helsinki with Finnair, Finland’s efficient rail and public transport network provides seamless access to destinations beyond the capital, from medieval towns and pristine national parks to emerging cultural hubs, all within a few hours. These easy day trips offer an opportunity to experience a different side of Finland while making the most of a Helsinki itinerary. 

Porvoo: Finland’s Most Charming Medieval Town

[Credit: Finnair]

 Located just over an hour from Helsinki, Porvoo is one of Finland’s oldest towns and among its best-preserved medieval destinations. The picturesque Old Porvoo is characterised by cobbled streets, colourful wooden houses and the iconic red riverside warehouses that have become symbols of the city. Highlights include the historic Porvoo Cathedral, independent boutiques, art galleries and local cafés, where visitors can sample the traditional Runeberg Torte, one of Finland’s most celebrated pastries.

Nuuksio National Park: Escape into Finnish Nature

[Credit: Visit Finland]

 Less than 90 minutes from Helsinki, Nuuksio National Park offers visitors an introduction to Finland’s celebrated natural landscapes. Home to peaceful lakes, dense forests and well-marked hiking trails, the park provides opportunities to experience the country’s rich biodiversity and outdoor lifestyle. The Finnish Nature Centre Haltia further enriches the visit with interactive exhibitions, guided experiences and a restaurant showcasing locally inspired cuisine.

Lahti: Finland’s Emerging Cultural Hub

 [Credit: Finnair]

 Just over an hour by train from Helsinki, Lahti has established itself as one of Finland’s leading cultural destinations. The city is home to Malva – Museum of Visual Arts, housed within the historic Malski brewery complex, alongside the architecturally acclaimed Sibelius Hall, which overlooks the shores of Lake Vesijärvi. During summer, Lahti Harbour becomes a lively waterfront destination, with cafés, restaurants and outdoor terraces creating a vibrant atmosphere that reflects the city’s contemporary character.

 Discover More with Finnair

 From the medieval charm of Porvoo and the pristine landscapes of Nuuksio National Park to Lahti’s thriving cultural scene, these destinations showcase the diversity of experiences available just beyond Helsinki. With Finnair’s direct flights from Delhi to Helsinki and seamless onward rail and public transport connections, travellers can easily extend their journey and discover more of Finland beyond the capital.

Turmeric Prices Climb in Erode as Supply Concerns Push Rates Higher

July 21: Turmeric prices have witnessed a significant increase in Erode, Tamil Nadu, with rates approaching ₹20,000 per quintal as concerns over drought conditions and limited supply continue to impact the market.

Traders and farmers said reduced availability of turmeric stocks, along with uncertainty over future production, has contributed to the recent rise in prices. The supply pressure has strengthened demand for available stocks, leading to higher market rates.

Erode, one of India’s major turmeric trading centres, has been experiencing increased activity as buyers look to secure supplies amid concerns over crop availability. The price movement has drawn attention from farmers and traders across the region.

Farmers are hopeful that the rise in prices will help improve their earnings after facing challenges related to weather conditions and cultivation costs. However, market participants are closely watching the upcoming crop outlook and weather patterns to assess future price trends.

Traders said that while higher prices may benefit growers, sustained increases could also affect buyers and industries that depend on turmeric as a key raw material.

The turmeric market is expected to remain closely linked to supply conditions, rainfall patterns, and demand trends in the coming weeks as stakeholders monitor developments.