OPINION, P10 THE YEAR IN PICTURES From moments that lifted our spirits to events that traumatised us, check out some of the images that defined the year that was Pages 8-9 Its variety of bowlers makes India favourites WELL BEING CRISPR became big in 2025, it will continue in the new year Page 11 PHOTO FINISH RINGSIDE VIEW, TUSHAR BHADURI A CRISPR future for cardiac health LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XX NO. 29 INTERVIEWWITH IBRAHIM MAHAMA AHMEDABAD 14 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, DECEMBER 28, 2025 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 , ● Sex toy space sees hushed yet speedy growth INDIA CIRCA 2025 is shaping up to be a sex-positive society, albeit secretly, if the sexual wellness market in the countryis anyindication.With new and innovative sexual wellness products and toys flying off shelves and being sold next to everydaygroceries,the scale ■ SPOTLIGHT, P7 Bollywood in a loop For Indian cinema, 2025 was the year of sequels, with 2026 looking even bigger, as filmmakers lean into connected stories for guaranteed plots and safe franchises amid creative fatigue. But is the audience lapping it up? Buyers by age (%) VIKRAM CHAUDHARY New Delhi, December 27 FOR DECADES, MOTORCYCLES have been the preferred mode of mobility for the masses due to theirhigherfuel efficiency compared to scooters, reliability over broken roads, and the ability to travel a longerdistance comfortably. However, sales data for 2025 shows that motorcycles are hitting a growth plateau,even as scooters are growing in double digits. The January-November 2025 sales data collated from the Society of Indian Automobile Manufacturers (SIAM) 17 yrs on, Zia’s son enters voters’ list BNP acting chairman Tarique Rahman completed the formalities to enlist himself on Bangladesh's voter list and obtain a national identity card, two days after his return from 17 years of self-exile. ■ PAGE 14 Record annual surge for gold and silver prices in 46 years Gold international $ per ounce Silver international $ per ounce Dec 31, 2021 1,829.20 23.31 Dec 30, 2022 1,824.02 23.95 Dec 29, 2023 2,062.98 2,624.50 4,520.95 23.80 28.90 75.63 MCX spot gold ` per 10 gm MCX spot silver ` per kg 47,899 54,556 61,764 67,780 62,939 75,913 137,591 73,019 85,851 228,948 Dec 26, 2025 Dates Dec 31, 2021 Dec 30, 2022 Dec 29, 2023 Dec 31, 2024 Dec 26, 2025 PRESS TRUST OF INDIA New Delhi, December 27 TOYS FOR MEN 51 50 20 18 TOYS FOR COUPLES 25-35 35-50 50+ Metro cities Years Source: Laid in India Survey 2025 of consumer demand is evident—with some companies clearing out stocks in less than a month,and others introduc- two-wheelers; choices aplenty among scooters Tier-2 cities SALES METRICS Scooters ing products in lower price ranges for wider affordability. As per an IMARC report, India’s sexual wellness mar- HEATWAVES, WILDFIRES, DROUGHTS and storms cost the world more than $120 billion in 2025,according to a new report analysing the escalating cost of climate change. The report by UK-based NGO Christian Aid underscores the cost with fossil fuel companies playing a central role in driving the crisis. The N E W D E L H I , P U N E CY24 -1 shows that this year, scooters grew a healthy 10.7%, even as motorcycle sales dropped 1%. Previously, both scooters and motorcycles had been growingcomfortably—in2023, 25 ANI New Delhi, December 27 INDIA NEEDS TO be comfortable with people and companies going bankrupt, as continuous insolvency and bankruptcy are essential for building a risk-taking and dynamic economy,said member of the Economic Advisory Council to the Prime Minister (EAC-PM) Sanjeev Sanyal. In an interview with ANI,Sanyal said a healthy economic system must allow for “continuous churn”, where old companies shut down, and new ones emerge to Wildfires in US Deaths: Deaths: Over 400 Over 1,750 report noted that cost of climate inaction is equally clear, as communities continue to bear the brunt of a crisis that could have been averted with urgent action to reduce 5 11.7 Displaced: Over 1.4 mn Deaths: At least 30 greenhouse gas emissions. “These disasters are not natural—they are the predictable result of continued fossil fuel expansion and political delay,” said Emeritus Continued on Page 2 ● 'SAVE MGNREGA' FROMJANUARY5 Congress leaders Rahul Gandhi, Sonia Gandhi, Mallikarjun Kharge and others after the party working committee meeting in Delhi on Saturday. The party announced a nationwide campaign from January 5 against MGNREGA's repeal. Also, party leader Digvijaya Singh caused a flutter when he lauded the RSS and BJP, but later back-tracked PTI Zepto files confidential IPO papers 21 PRESS TRUST OF INDIA New Delhi, December 27 scootersgrew9%,whilemotorcycles rose 9.2%, and in 2024, scooters increased by 21%, while motorcycles grew14%. Continued on Page 2 QUICK COMMERCE UNICORN Zepto has filed preliminarypaperswith markets regulator Securities and Exchange Board of India (Sebi) to raise `11,000 crore through its initial public offering using a confidential route, people familiarwith the devel- opment said on Saturday. The company is targeting a stock market listing sometime next year, a move that could make it one of the youngest startupstodebutonIndian exchanges.If the listing goes through, Zepto will join rivals Zomato and Swiggy, both ofwhich are alreadylisted ontheexchanges.Peoplefamil- iar with the development said Zepto has filed “the pre-filed draft red herring prospectus with Sebi and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges”. Continued on Page 2 ‘Corporatechurnmust fordynamiceconomy’ Typhoons in Philippines Floods in Fl China potential of the market can be gauged from the fact that all sexual-wellness brands combined are tapping into just generally considered ‘male’ purchase; scooter a family asset (%) 14 10.7 ket, which stood at $1.4 billion in 2024, will have grown to $2.5 billion by 2033, with a growth rate of 6.20%. The 5% of the total addressable market of the country. Raj Armani, founder of IMBesharam, the oldest and largest pleasure products company in India, said: “We are currently seeing 45% growth in demand, 20% growth in revenue,and a massive 175% surge in traffic compared to 2024.”He added: “The category has expanded by nearly 200% since the sexual wellness boom began, marking a major cultural and behavioural shift among Indian consumers.” ■ Motorcycle 9 9.2 CY23 CY25 Motorcycles Dual-use vibrators, curated pleasure kits, remote-control toys, app-connected devices Tier-3 cities mostly happening in scooters Da Damage ($ bn) Cy Cyclones & floods in SE Asia Strokers, masturbators, extension sleeves, prostate massagers, smart toys 31 30 COST OF CRISES IN 2025 60 M U M B A I , Vibrators, massagers take their place. He stressed that constant change is necessary for long-term economic strength. Using the airline sector as an example, Sanyal said the closure of Jet Airways created space forotherairlines to expand.He added that companies that fail to follow rules or meet standards should be allowed to shut down.“We shouldallowcontinuous churn,”he said. Sanyal also said that success should not be viewed negatively and that people should not resent companies that perform well. Continued on Page 2 Climate disasters cost world $122 bn ● $6-bn damage caused by floods in India, Pakistan L U C K N O W , Region-wise (%) ● Sales growth in THE RIDE CHOICE double digits, as ■ Buyers ■ Transition preferring to electric bikes hit plateau gearless mobility A revisit of the OG market collapse is an unsettling mirror to our present times Dec 31, 2024 K O L K A T A , TOYS FOR WOMEN Scooters the new wheels of masses Why the crash of 1929 still matters GOLDAND SILVER prices surged sharply in 2025, marking their steepest rise in 46 years, as per Bloomberg data. Gold prices jumped 72.3% so far this year, while silver prices soared 166.7%. Internationally, gold climbed from $2,625 per ounce in December-end 2024 to $4,521 per ounce currently. — Kishor Kadam K O C H I , BUILT FOR NEW INDIA OF TRAFFIC JAMS ■ WORDS WORTH, P4 Dates H Y D E R A B A D , PLEASURE ECONOMY SREYA DEB New Delhi, December 27 UKRAINIAN President Volodymyr Zelensky is all set to discuss territorial issues, the main stumbling block in talks to end the war, with US President Donald Trump in Florida on Sunday. ■ PAGE 14 READ TO LEAD 2025was ayearof sexual awakening forIndians WHAT'S INSIDE Zelensky, Trump to meet today C H E N N A I , The Ghanaian artist was named the most influential figure in the art world Page 6 Professor Joanna Haigh of Imperial College London. The ten most financially costly events all had an impact of more than $1 billion with the combined total topping more than $122 billion in damage. Most of these estimates are based only on insured losses,meaning the true financial costs are likely to be even higher, while the human costs are often uncounted. The report also highlighted ten extreme weather events that didn’t rack up big enough insured losses to make the top ten but were just as devastating and often affected millions. “These included several events in poorer countries where manypeople don’t have insurance and where data is less available,”the report said. PADMA VIBHUSHAN RATAN N TATA 28.12.1937 - 09.10.2024 Remembering Ratan N Tata, an icon of industry and a humanitarian, on the occasion of his 88th birth anniversary. TATA SONS & TATA GROUP OF COMPANIES Continued on Page 2 Ahmedabad