Good Morning. Homegrown carriers like IndiGo, Air India, and Akasa are now flying direct to London, Frankfurt, and Bali — no pit stops needed. With quicker trips, cheaper fares, and fewer airport naps, India’s skies just got a whole lot smarter.

Indian benchmark indices ended higher after a volatile session on Tuesday, with the Nifty closing near 25,700. The Sensex rose 335.97 points (0.40%) to 83,871.32, while the Nifty gained 120.6 points (0.47%) to settle at 25,694.95.

In other news, India has slashed its December purchases of Russian crude. Meanwhile, in today’s Build On Blockchain, we learn how the technology can keep records so secure that they can’t be altered or forged later.

DECODE THE NEWS

Is This The End of Layovers? India’s Airlines Are Making Direct Flights The New Normal

By Neelam Mathews

What?

For years, Indian flyers bound for Europe or the US had one default option — a pit stop in Dubai, Doha, or Singapore. Gulf and Southeast Asian carriers built empires on India’s transit passengers while homegrown airlines stayed grounded with short-haul fleets and limited reach.

Not anymore. India’s carriers are flying direct — and changing the global flight map. IndiGo, Air India, Akasa Air, and Air India Express are now connecting Indian cities straight to destinations like London, Frankfurt, Bali, and Guangzhou, cutting out the middlemen. The payoff? No transit visas, no airport limbo, fewer hours in the air, and lower fares.

The shift is already hitting traditional hubs. Dubai Airports says of the 11.9 million Indian passengers it handled in 2023, nearly 5 million were transiting. By end-2025, that’s expected to fall to 2.5 million. A similar squeeze is coming for Abu Dhabi and Sharjah.

Why?

Indian carriers are expanding fast. Air India is restarting Tel Aviv flights and adding long-hauls to North America and Asia. IndiGo, India’s largest carrier, has launched over 10 new international routes this year — from Delhi–Bali to Mumbai–London — and is taking delivery of one aircraft a week. Akasa Air is venturing into the Gulf and Africa, while SpiceJet just began wide-body flights to Phuket.

The next challenge? Securing traffic rights, managing costs, and navigating crowded airports. But for now, India’s airlines are playing offense — not just catching up to foreign carriers but carving their own space in global skies.

Once just a source of passengers for global hubs, India is now building its own. The age of “fly Indian, fly direct” has officially taken off.

BUILD ON BLOCKCHAIN

SC Opens the Blockchain Door, It’s Time to Walk Through It

By Vishwas Ved

What?

Buying land in India is not easy. Even after paying money and registering the sale, sometimes it can be difficult to prove that you truly own the land.

The most common issue is two or more people claiming the same piece of land.

When this happens, the matter invariably goes to court, and it can drag on for many years. This not only causes stress and financial burden for the parties involved, but also adds to the pile of pending court cases.

The Supreme Court has now stepped in, saying this problem is serious. The judges said on Friday during a hearing that our system mostly records documents, not ownership, which leaves room for doubt.

Why?

The court went to the extent of saying that buying land should not feel like a gamble, and steps should be taken to end the dichotomy between registration and ownership under the property laws.

And then came the unexpected: the court suggested that blockchain may help because it can keep records so securely that no one can modify them later or fudge papers. The court has directed the Law Commission to study how this could be done.

In the past, we have written about how blockchain could become the peacemaker India needs for its endless land disputes.

At the same time, we have also written about how many blockchain projects have failed because the users did not approach the technology properly.

So, we take the liberty of offering a few tips to the commission on what steps it needs to take to make the most of blockchain.

Brought to you in partnership with Algorand India.

Join The Core at the 2025 Algorand India Summit in Bengaluru on December 6-7. Register today to discover how blockchain technology is helping transform access to finance.

CORE NUMBER

Rs 34,007 crore

That’s the number to which new business premiums rose — up 12.1% year-on-year — as India’s life insurance industry continued to grow at a healthy pace in October 2025, according to CareEdge Ratings, citing data from the Life Insurance Council and IRDAI.

Context: This marks the second consecutive month of double-digit growth, a sharp turnaround from the 5.2% decline recorded in August. The rebound was mainly driven by stronger sales in the individual policy segment, especially non-single premium plans, reflecting a growing customer preference for recurring-payment products. State-owned LIC maintained its leading position, while private insurers also achieved double-digit growth.

Setting: Analysts said the recent reduction in GST on individual life insurance policies has also supported demand, helping insurers maintain their growth momentum. The previous GST rate of 18% on individual life and health insurance premiums was completely removed from September 22, 2025.

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FROM THE PERIPHERY

India Cuts Russian Oil.

India has sharply reduced purchases of Russian crude for December delivery, reflecting the impact of US trade talks and Western sanctions, The Economic Times reported. Five major refiners — Reliance, BPCL, HPCL, MRPL and HPCL-Mittal — haven’t booked any Russian cargoes, marking a major shift for the world’s third-largest oil importer.

Flashpoint: The move follows President Donald Trump’s recent sanctions on Rosneft and Lukoil and his decision to double tariffs on Indian imports. India, which sourced 36% of its oil from Russia this year, is now turning to the US, the Middle East and Latin America.

What’s Next? Only IOC and Nayara Energy have bought limited Russian barrels. Indian refiners are cautious amid tighter due diligence and active trade negotiations with Washington, which has pushed India to diversify and buy more American crude.

Adani Enters Storage.

Adani Group has announced its entry into the Battery Energy Storage Systems (BESS) sector with a landmark 1126 MW / 3530 MWh project at Khavda — set to be India’s largest and among the world’s biggest single-site BESS installations.

Flashpoint: Expected to be commissioned by March 2026, the project will use over 700 BESS containers and cutting-edge lithium-ion technology to enhance grid stability, manage peak loads, and support round-the-clock renewable power. Integrated with advanced energy management systems, it will boost India’s energy security and accelerate the shift to a low-carbon future.

Expert's Say: Gautam Adani, Chairman of Adani Group, called the initiative “a cornerstone of a renewable-powered future.” The Group aims to expand its storage capacity to 15 GWh by FY27 and 50 GWh within five years, aligning with India’s net-zero goals.

Hydrogen Hiccups?

India is likely to miss its goal of producing 5 million metric tonnes of green hydrogen by 2030, a top renewable energy official told Reuters. The government now expects output closer to 3 million tonnes by the end of the decade, pushing the full target to around 2032.

Setup: The delay stems from postponed export-oriented projects amid global policy uncertainty, particularly in Europe. India is now refocusing on domestic demand for sectors such as shipping, methanol and refineries.

Impact: More than 40 gigawatts of renewable-energy projects also lack firm buyers, slowing the supply needed for hydrogen production.

IndusInd’s Pay Clawback.

Private lender IndusInd Bank has begun proceedings to claw back salaries and bonuses from its former chief executive Sumant Kathpalia and former deputy CEO Arun Khurana, after an internal review uncovered misreporting and misconduct that cost the bank about US $230 million, Reuters reported.

Flashpoint: The review, covering the period between December 2023 and March 2025, found accounting irregularities in the bank’s derivative trades, alongside failures in internal controls and possible regulatory breaches.

Impact: Both Kathpalia and Khurana are already under investigation by the Securities and Exchange Board of India (SEBI) for insider trading and related violations.

PODCASTS

On Episode 723 of The Core Report, financial journalist Govindraj Ethiraj talks to Sanjeev Prasad, Managing Director & Co- Head at Kotak Institutional Equities.

• Why the more sceptical market analysts are changing their mind on Indian markets

• Is the US taking a step back from its aggressive stance on tariffs globally, including India 

• Are Indian investors selling their mutual funds to fund their purchases, including for festivals?

• Britannia sees another sudden CEO resignation

• Picking new investment themes as 2025 comes to an end

THE TEAM

✍️ Zinal Dedhia, Kudrat Wadhwa, Shubhangi Bhatia | ✂️ Rohini Chatterji | 🎧 Joshua Thomas

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