BACK PAGE | PAGE 20 COMPANIES | PAGE 4 Themanwholeftyaadon kibaraatforgenerations INTERNATIONAL | PAGE 7 Accel, Google tie up to fund localAI startups HYDERABAD, TUESDAY, NOVEMBER 25, 2025 EU must ease tech rules for lower steel tariffs: Lutnick FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 174, 26 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 84,900.71 ▼ 331.21 NIFTY: 25,959.50 ▼ 108.65 NIKKEI 225: 48,625.88 ▼ 1,198.06 HANG SENG: 25,716.50 ▲ 496.48 `/$: 89.24 ▲ 0.17 `/€: 102.90 ▲ 0.23 BRENT: $62.58 ▲ $0.02 GOLD: `1,22,780 ▲ `208 PAGE 2 INDIA, CANADA TO REVIVE TRADE TALKS INDIAAND CANADA have agreed to resume talks on an ambitious Comprehensive Economic Partnership Agreement, over two years after the talks were suspended amid political differences, reports Mukesh Jagota. » LABOUR REFORMS « Implementation and engagement to hold key, write Santosh Mehrotra & Harshil Sharma Page 8 Laws to bring more clarity, writes Divya Baweja Page 10 Code offers hope for gig workers, write Anshul Prakash & Kruthi N Murthy Page 10 THE SHARP FALLin the rupee is expected to hit companies which have high unhedged exposure to foreign currency debt. But the good news is that India Inc has been consistently reducing its unhedged position. According to data from the Reserve Bank of India (RBI), the share of unhedged external commercial borrowings (ECBs) was 26.1% in March 2025, down sharply from 32.9% in September 2024. It hovered around 45% two years ago. Companies have raised $33.6 billion through ECBs up to August in the 2025 calendar year. The figures were $56.4 billion in 2024 and $42.4 billion in 2023, as per RBI data. Kunal Sodhani, head of treasury at Shinhan Bank, explained that the increase in volatility of the rupee under the Trump regime forced manymore corporates to start hedging,therebyreducing the share of unhedged exposure. Some dealers said that the unhedged portion has fallen further, given the expectation of the US government’s tariffs and continued pressure on the domestic currency since the beginning of this financial year. In FY26, the rupee has MONEY MATTERS DOLLAR VS RUPEE on Monday. Earlier, companies used to shy away from hedging because of the cost. However, the recent volatility has made them wary, said experts. For firms which have unhedged positions, the repayment cost is expected to go up by 4-5%. THE CENTRE PLANS to push through a dozen major Bills in theupcomingWinterSessionof Parliamenttospeedupreforms and boost investments. Starting December 1, the session is expected to feature a slewofmajorlegislationsonsectors ranging from insurance to atomic energy, a Parliament document showed. These Bills slated for discussion and passage aim to improve the ease of doing business in Asia’s thirdlargest economy. Prime Minister Narendra Modi plans to make India a“developed country”by 2047, a goal that requires growth closerto 8%. The economy is expected to grow7.3% in the three months to September, according to the median estimate in a Bloomberg survey of economists. The data are due on Friday. The government is also facing pressure from Washington’s trade policies, with US President Donald Trump imposing tariffs of 50% on Indian goods,among the highest in theworld. The PM overhauled the goods and services tax (GST) in September to spur domestic consumption and help the economywithstand US levies. Continued on Page 7 Continued on Page 7 (inverted scale) 89.238 89.409 0.19% Nov 21 Nov 24 (close) (close) % SHARE OF UNHEDGED ECBs 45.0 44.0 Mar 2022 Sept 2022 46.0 Mar 2023 32.9 Sept 2024 26.1 Mar 2025 Source: RBI THE PRESSURE ON THE CURRENCYWILL RECUR UNLESS RBI BRINGS RUPEE BACK BELOW 87, WRITES JAMAL MECKLAI OPINION, PAGE 8 »INSIDE« RUPEE REBOUNDS ON RBI INTERVENTION PAGE 6 depreciated by 4.42%— the highest in three years. Some economists believe that unless the India-US trade deal is signed soon, the rupee will continue to be under pressure. On Friday, the domestic currency breached the 89-level for the first time, closing at a record low of 89.41.It recovered marginally SANJAY MALHOTRA, RBI GOVERNOR RESERVE BANK OF INDIA (RBI) Governor Sanjay Malhotra said on Monday that the current economic indicators suggest there is a scope for repo rate cut, but a decision on it will be made by the Monetary Policy Committee (MPC). His statement comes days ahead of the MPC’s upcoming meeting scheduled from December 3 to 5. “At the Octobermeeting of the Monetary Policy Committee,it was indicated that there is a scope for a We are like an all-rounder,but an all-rounderwho first focuses on bowling or defence,and hits fours and sixes, if required further rate cut in the (monetary) policy. None of the macro indicators, including inflation, released after that (post October MPC meeting), suggest that the scope (for rate cut) has reduced.So,there is definitely a scope (for a rate cut), but MPC will decide on it in the upcoming meeting,” Malhotra said in an interview with Zee Business. Headline inflation, as measured by the Consumer Price Index (CPI), fell to a record low of 0.25% in October, compared to 1.44% in September. During the current easing cycle, the MPC has reduced the repo rate by 100 basis points (bps) between February and June 2025. Continued on Page 7 »INSIDE« PVT CAPEX PROJECTS SPIKE IN SEPT QTR: RBI BULLETIN PAGE 2 Household savings up sharply SAIKAT NEOGI New Delhi, November 24 EQUITY INVESTMENTS RISE AFTER PLUNGING TO a half-century low in FY23 on account of the pandemicinduced income crunch, net financial assets of Indian households recovered smartly in the subsequent two years, data from the Reserve Bank of India (RBI) released on Monday showed. 14 8.1 12 10 8 6 4 2 0 Continued on Page 7 Net financial assets of households (% GDP) FY20 Source: RBI Safran Aircraft Engines is a complete engine manufacturer, with proven expertise in the technologies underpinning the M88 and M53 engines that power the Rafale and Mirage fighters deployed by the Indian Air Force. The company develops a state-of-the-art MRO ecosystem in India for the benefit of M88 customers. A major player in Indian Industry, Safran’s comprehensive know-how powers the country’s air supremacy. HYDERABAD Financial liabilities (% GDP) 3.9 3.9 3.8 5.9 6.2 4.7 2 3 F F FY20 FY21 FY22 FY23 FY24 FY25 6.0 Equities as % of financial assets FY25 15.1 ECONOMY CHRISTINA TITUS Mumbai, November 24 SHRUTI SRIVASTAVA & ABHIJIT ROY CHOWDHURY November 24 HITESH VYAS Mumbai, November 24 8.7 ALL GOVT AND private offices in Delhi will function with 50% staff strength and the rest will work from home as per stage three of the Graded Response Action Plan in view of high air pollution levels, an order issued on Monday said, reports PTI. IndiaInc’sunhedged dollarloansplunge 7.3 DELHITOWORK AT50% STRENGTH, WFH FOR REST Data show room exists for rate cut: RBI guv 8.8 PAGE 20 Govt readies reforms push in Parliament 4.1 BACK PAGE REVOLATILITYINTRUMPREGIMEPROMPTSMOVE 4.1 IN THE NEWS FY20 FY21 FY22 FY23 FY24 FY25