Markets face Black Friday pressure, growth rebounds, Axis Finance suitors, & Trump’s golden visa issues. Read it all in our Editor's Picks Newsletter!

Dear Reader,

The Indian economy showed a promising rebound in the December quarter, according to new government ?numbers released today. The economy grew at 6.2 percent?comapred to the slow pace of 5.6 percent in the preceding three months, reports Ishaan Gera. This quarterly growth rate, however,was still a tad below the 6.3 percent estimated by a wide section of economists polled in an MC survey. For FY25, the government has now forecast growth at 6.5 percent. On the brighter side, private consumption surged to 6.9 percent in the fiscal third quarter, led by rural demand and festival spending, with full-year growth expected to hit 7.6 percent, reports Adrija Chatterjee. However, investment demand slowed slightly to 5.7 percent in the quarter, with the share of investment in GDP marginally declining to 33.4 percent, reports Meghna Mittal. Interestingly, Chief Economic Adviser V Anantha Nageswaran predicts the Mahakumbh will give India's nominal GDP a boost, pushing it past the $4 trillion mark.

There was a bloodbath in the stock markets today with ?a the Sensex plunging 1,414 points, or 1.9 percent, and the Nifty ending below 22,150 on fresh tariff concerns, reports Neeshita Beura. While all sectoral indices bled on Friday, the?IT and auto indices took the steepest cut, plummeting around 4 percent. To know more about the factors spooking investors, check out J Jagannath's in-depth analysis. Meanwhile, the Reserve Bank of India injected $10 billion?into the financial system through a forex swap auction to address the liquidity deficit in the financial system.

An important change of guard will take place on the regulatory front, with Tuhin Kanta Pandey set to take over as SEBI chairman. A seasoned bureaucrat, Pandey was the architect?of the Air India privatisation and Life Insurance Corp.'s mega stake sale, writes Meghna Mittal. Also read Asha Menon’s piece on Madhabi Puri Buch's three-year tenure as SEBI chairperson and mixed that it turned out to be.

In the ?banking sector, private equity giants Carlyle and Advent International are among suitors?for Axis Bank's NBFC unit, Axis Finance, as the lender seeks to sell a controlling stake, reports Hamsini Karthik. The deal, valued at $1.2-1.4 billion, is set to attract several other financial investors. Talks are still in the initial stages, with a deal expected to take 6-9 months.

Indian drugmakers are finding themselves in the crosshairs as the Trump administration considers slapping a 25 percent tariff?on generic drugs from India. Industry body Indian Pharmaceutical Alliance (IPA) has asked the government to consider abolishing tariffs on US pharma imports, reports Vishwanath Pilla.

In good news for ?millions of salaried Indians, the EPFO central board has recommended retaining the?8.25 percent interest rate?for FY25, reports Moneycontrol. The decision is subject to the finance ministry’s approval. The EPFO board also decided to boost insurance benefits under the Employees' Deposit Linked Insurance scheme.

As India's insurance regulator pushes large insurers to go public, some are dragging their feet, reports Malvika Sundaresan. Insurance companies have requested the regulator to grant more time before considering an IPO. They are hesitant to dilute their stakes?and are seeking clarity on the new risk-based capital framework before considering a listing.

And finally, Donald Trump's new 'gold card' plan has wealthy Indians rushing to immigration consultants?for advice. The gold card would replace the EB-5 visa, which grants permanent residency for a $1.05 million investment, with a new visa requiring nearly five times that amount, reports Pavan Burugula. This move has left many wealthy people worried that their existing EB-5 visas may be revoked, and companies are also seeking clarity on the impact of the new rules. The uncertainty has led to a flurry of queries to consulting firms, with many advising clients to just wait and watch.

Regards,

Nalin Mehta

Managing Editor

Moneycontrol