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Original analysis, derived from public data. India-anchored.

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Rows of solar panels stretching across an open field under a blue sky

Business

India's Renewables Are Shrinking Its Coal Bill While Its Oil Bill Grows

The IEA credits renewables with saving India more than $100 billion in fuel imports since 2011. Every dollar of it was coal and gas. Crude, the import whose bill jumped in 2026, cost $90.6 billion in six months.

November 12, 2026

A spread of overlapping Indian 100-rupee banknotes

Business

India's Tax Refund Surge Only Undoes Last Year's Slump

Refunds jumped 26 percent to Rs 3.08 lakh crore by November 10, barely above where they stood two years ago. Strip them out and individual taxpayers paid 10.6 percent more, the opposite of what the net figure suggests.

November 12, 2026

Black-and-white view of a bucket-wheel excavator, a spreader and conveyor machinery working the benches of a large open-cast coal mine

Markets

Coal India Is Listing the Subsidiary That Earns a Third of Its Profit

Mahanadi Coalfields made ₹10,698 crore of Coal India's ₹31,071 crore profit in the year to March 2026. Once it trades on its own, Coal India's stock starts to look like a holding company.

November 12, 2026

An onion wholesaler sits at his desk in an open shopfront beside stacked mesh sacks of onions and a basket of loose onions

Business

One Vegetable Tipped India's Inflation Past 6%, but the RBI Is Watching the Core

Onion is 0.7% of the basket but added about half a point to October 2026's 6.09%; without it, inflation would have been about 5.59%. The number the RBI cares about is core, up for a third month.

November 12, 2026

A pile of Indian 500 rupee banknotes issued by the Reserve Bank of India, photographed close up

Business

Two Foreign Banks Put More Into Indian Lenders Than Foreign Funds Sold in a Year

Blackstone's Rs 5,000 crore bet on IIFL Finance is new money for the lender, not an exit for a seller. MUFG and Emirates NBD alone put more fresh equity into Indian lenders in 2026 than foreign funds pulled out of financial stocks in all of 2025-26.

November 11, 2026

Dark navy grid texture, the house fallback cover

Business

Most of India's Battery Recyclers Just Lost Their Export Market

The ban keeps lithium, nickel and cobalt in India. It also leaves the shredders who make most of the country's black mass with only domestic refiners to sell to.

November 11, 2026

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