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India’s Helicopter Puzzle
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Good Morning. When we think about helicopters in India, we think of a mode of transport either used by government officials, extremely wealthy people, or for medical emergencies or rescue operations. While that may be, there is a huge potential for the industry to grow, and the launch of Airbus and Tatas’ joint assembly line in Karnataka could have been a turning point. But like many promising ventures, it risks being grounded by bureaucracy.
Indian equity benchmarks saw a good day of trading on Monday, closing with gains for the fourth consecutive session, thanks to banks and oil and gas shares. The BSE Sensex closed at 84,363.37, up 411.18 points or 0.49%. The Nifty50 closed at 25,843.15, going up 133.30 points or 0.52%.
In other news, car sales look up this Dhanteras. Meanwhile, US president Donald Trump isn’t letting go of his Russian oil problem with India.
P.S. There won’t be an edition of The Core newsletter on Wednesday as The Core team will be on a break on the occasion of Diwali. We will be back in your inboxes on Thursday.
DECODE THE NEWS
India’s Helicopter Industry Hovers Between Promise and Policy Paralysis
What?
When India’s first private helicopter assembly line was launched this year in Karnataka’s Vemagal, it was more than just a milestone in manufacturing. It hinted at a new beginning for a sector that has long been mired down by regulatory turbulence.
The joint initiative between Airbus and Tata Advanced Systems Ltd. (TASL) to manufacture H125 single-engine helicopters brings potential for growth amidst regulatory uncertainties.
“This is a strategic extension of our aerospace capabilities,” said Sukaran Singh, CEO of Tata Advanced Systems Limited, had said. Meanwhile, Airbus India head Jürgen Westermeier had said, “India is an ideal helicopter country. A ‘Made in India’ helicopter will help develop this market and position helicopters as an essential tool for nation-building.”
The first deliveries are expected by early 2027, with plans to scale production based on regional demand.
This comes as India gears up to manufacture civil helicopters for local, para-public, and international sales, with Mahindra Aerospace handling the production of fuselages.
India’s civil helicopter industry has all the elements that it needs to take off — manufacturing ambition, urgent demand across tourism, energy, and medical services. The sector, however, remains weighed down by fragmented policy and skeletal infrastructure.
Why?
From ferrying pilgrims to Kedarnath and Amarnath, to supporting offshore oil operations in Mumbai High and Krishna Godavari Basin, helicopters have quietly served a vital role in mobility. Operators like Pawan Hans, Global Vectra, and Heritage Aviation dominate this space, yet the sector’s vast potential remains untapped.
Rohit Kapur, co-founder of The Jet Company and former president of the Business Aircraft Operators Association (BAOA), a key advocacy body for India's general and business aviation sector, had said during a recent conference, “Helipads and heliports are dependent on policy push, and infrastructure is the responsibility of the government. Helicopter operators can only push to a limited extent.”
Even the Director General of Civil Aviation Faiz Ahmed Kidwai admitted at a recent BAOA conference, “A lot more could have been done. The potential has not been achieved. In a country where people use helicopters for weddings, we can do much more.”
After years of being stalled, will India’s helicopter segment truly have its moment?
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CORE NUMBER
51,000
That’s the total number of deliveries that car market leader Maruti Suzuki made on Dhanteras, its highest ever on the occasion. Partho Banerjee, senior executive officer- marketing and sales, Maruti Suzuki, said, “Last year we did approx 41,500 deliveries and this year we crossed the 50,000 mark, which is almost 10,000 more than last year.”
Hyundai too saw a significant jump, delivering about 14,000 cars. Tarun Garg, whole-time director & COO at Hyundai Motor India, said it was “20% higher than last year.”
The Backstory: The demand follows deferred purchases over much of the past two months, with buyers awaiting a possible GST cut. The positive momentum is now fueled by festive spirit, OEM discounts, dealer incentives, and the recent tax reduction. Carmakers noted that Dhanteras deliveries were spread over multiple days this year, as the festival fell on a Saturday — a day many customers avoid buying metal.
What’s Next: Hyundai’s Garg expects this momentum to continue after the festive season. “The November marriage season is likely to further lift demand, while December, traditionally a strong month for retails, is expected to maintain the positive momentum.”
FROM THE PERIPHERY
Oil or Nothing!
US President Donald Trump said the United States will keep tariffs of up to 50% on Indian goods until New Delhi stops importing Russian oil.
The Backstory: He claimed Prime Minister Narendra Modi told him India would halt such purchases, and warned that if India denies this, the tariffs will remain. India has rejected that claim.
Setup: Washington argues that by buying Russian crude, India was helping fund Moscow’s war in Ukraine. India says energy security needs drive its oil trade. The announcement comes as both sides resume trade talks suspended earlier this year, with officials calling the discussions “congenial” despite tensions over tariffs and energy ties.
RBL Bank Hits 5-Year High.
RBL Bank surged to a five-year high on Monday after Dubai-based Emirates NBD announced a $3 billion deal to acquire a 60% stake in the Indian private lender, Reuters reported. The stock rose to Rs 319.10 by 09:59 a.m. IST, its highest since February 2020. Since reports of the deal emerged on October 13, shares have jumped 10% and more than doubled in 2025, outpacing the 15% gain in the private bank index.
Context: The deal marks the largest cross-border acquisition in India’s financial sector. RBL Bank has seen a leadership overhaul since its CEO’s abrupt exit in 2021 and has been working to restore investor confidence amid earlier concerns over governance and unsecured lending risks.
The Shift: The transaction reflects rising global investor interest in India’s growing economy, as US credit issues and global tensions weigh on sentiment. According to Bloomberg, nearly $15 billion in financial deals have been struck in India this year, including recent investments by Abu Dhabi’s IHC and Japan’s Sumitomo Mitsui in Sammaan Capital and Yes Bank, respectively.
Retailers Gain Margin.
India’s organised apparel retailers could get a 200 basis points boost in revenue growth this fiscal, with overall growth expected to stay steady at 13–14%, thanks to recent GST rationalisation, according to Crisil Ratings’ latest report.
By the Numbers: The new 5% GST on apparel priced up to Rs 2,500 — replacing the earlier dual rates — will drive demand in the fast-fashion and mid-premium segments, which together account for nearly 65% of sectoral sales. Meanwhile, the higher 18% levy on apparel above Rs 2,500 could weigh on premium wear such as wedding and woollen clothing.
Catch Up Quick: However, easing input costs — due to lower cotton prices and a GST cut on synthetic fibres and yarn — should support profitability. Crisil expects operating margins to inch up to 14–14.5%, aided by festive spending and the growing appeal of affordable fashion.
THE CORE QUIZ (Answers)
According to the Mercedes-Benz Hurun India Wealth Report 2025, what net worth qualifies someone as an ultra high-networth individual?
Answer: Over $12 million
What total tariff burden could Chinese goods face in the US starting November 1?
Answer: 130%
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