Insights

External Commercial Borrowings (ECBs) have long served as a vital channel for Indian companies seeking access to foreign capital. However, over the past year, ECB activity has moderated. In April–December 2025, registrations stood at approximately USD 27.6 billion compared with USD 43.3 b...

Background

India’s insolvency framework, anchored in the Insolvency and Bankruptcy Code (IBC), has significantly reshaped credit discipline and recovery processes since its introduction. However, practical...

India’s electricity demand story is no longer cyclical; it is structural. What was once considered weather-driven volatility is now evolving into a sustained, multi-year growth trajectory powered by urbanisation, rising incomes, electrification and climate realities. The accelerating adoption of air...

Executive Summary

Union Budget 2026 marks a deliberate shift in India’s tax policy framework—from enforcement-driven administration to a compliance- and certainty-led approach. Rather than focusing on headline tax rate changes, the Budget emphasises dispute reduction, voluntary compliance, procedural...