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The World This Week
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Good Morning. India’s IPO boom shows no signs of slowing, while across the globe, Trump faces a major political setback in recent elections. COP30 kicks off in Brazil with just 60 heads of state, highlighting the uphill battle on climate action. Back home, former coal secretary HC Gupta and another senior official were cleared in the coal scam, and Bihar’s elections are underway.
Indian equity benchmarks slipped on Thursday. BSE Sensex was down 148 points or 0.2 percent at 83,311, while NSE Nifty declined 88 points or 0.3 percent to 25,510.
In other news, ED summons Anil Ambani again in money laundering probe. Meanwhile, India’s Services PMI slows to 58.9 in October as cost pressures ease.
India IPO Boom, US Politics, Bihar Polls: The Week That Was
India’s stock market remains below its September 2024 highs, but IPO mania shows no signs of slowing. With over Rs 1.26 lakh crore raised so far this year, India ranks fourth globally for IPO fundraising. The catch? RBI data suggests households are borrowing to invest in these offerings rather than for productive growth, as private sector investment stagnates. Promoters are cashing out amid surging retail appetite.
Oil prices ease on sluggish global growth, while China’s manufacturing PMI signals tepid expansion. Across the Atlantic, the US government remains mired in its longest shutdown, disrupting flights and public services.
Politics is shaking things up. Zohran Mamdani, a Democratic newcomer in NYC, defeated Trump-backed rivals despite attacks on his faith, immigrant background, and socialist leanings. Democrats also gained in Virginia and New Jersey, and California approved new maps favoring Democrats—signs of waning Trump support. Meanwhile, the US Supreme Court is reviewing his authority to levy tariffs, with potential global trade implications.
Trump’s foreign policy is also in focus. Revived US military infrastructure in Puerto Rico hints at possible action on Venezuela, while threats to Nigeria over alleged attacks on Christians risk inflaming local conflicts tied to climate and land disputes.
On the global stage, COP30 has kicked off in Brazil with limited turnout. In Mexico, President Claudia Sheinbaum’s street harassment incident highlights ongoing battles against sexism. Corporate drama continues too: Norway’s sovereign wealth fund is pushing back on Elon Musk’s $1 trillion Tesla share grab.
Back home, former coal secretary HC Gupta cleared in the coal scam, while Bihar elections began on November 6, with results due November 14—though fiscal realities may hinder campaign promises.
With markets and politics—the week was packed, and the world keeps spinning.
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EYE ON RETAIL
Neither Formal Nor Informal, Gig Workers Ecosystem Influences New Labour Policies
What?
Food, groceries and even services — most urban cities are now dependent on gig workers for their daily essentials. As India’s online shopper ecosystem swelled to over 270 million in 2024, the gig worker economy has also grown exponentially.
A NITI Aayog report said that India had around 10 million gig workers as of FY25, which is expected to zoom to 23.5 million by FY30.
The market and regulations are also evolving to accommodate this growing workforce.
Of the 10 million such workers, 6 million are riders or last-mile delivery partners, the rest are on cab aggregator platforms, sales or hospitality.
The gig ecosystem has overtaken the staffing services ecosystem in size, which stands at around 6.5 million. Unlike the latter, the former was at zero around 15 years ago and has grown at an exponential pace.
Why?
But one of the biggest challenges for them is that neither are they completely a formal industry, nor are they part of the informal sector.
“They are formal in a limited sense because they still get their payouts credited to their bank accounts and are not paid in cash. The government has some visibility on how much they earn. They are not formal as they’re still not under the purview of social security,” said Balasubramanian Anantha Narayanan, the senior vice-president at TeamLease Services.
However, there has been movement on this end.
The Parliament has enacted The Code on Social Security, 2020, which defines ‘gig workers’ and ‘platform workers’ and provides measures for their social security. This includes benefits such as life and disability cover, accident insurance, health and maternity benefits, and old age protection.
It could be a game-changer for hundreds of thousands of young Indians choosing to work intermittently, in the form of gigs, as opposed to steady jobs.
Watch the full podcast here. This series is supported by Flipkart.
THE CORE QUIZ
Amazon entered warehouse robotics in 2012 by acquiring which company? |
Which company is India’s largest silver producer? |
India is set to resume product inspections and import approvals from which country? |
CORE NUMBER
58.9
That’s India’s Services Purchasing Managers’ Index (PMI) reading for October — down from 60.9 in September, marking the slowest pace of expansion since May, according to the HSBC India Manufacturing PMI by S&P Global.
Why It Matters: The moderation signals that while India’s services sector remains robust, demand momentum is easing amid competition and erratic weather. A PMI above 50 still indicates growth.
By The Numbers:
58.9 → October services PMI, down from 60.9 in September
54.3 → Long-run average PMI, showing activity remains well above trend
60.4 → Composite PMI (services + manufacturing), down from 61.0 in September
14 months → Slowest rise in input costs, easing pressure on firms
<5% → Share of firms raising output prices, lowest in seven months
Flashpoint: Heavy rains and stiffer competition slowed new business growth and hiring, with job creation at one of its weakest rates in 18 months.
The Big Picture: Despite softer momentum, service providers remain upbeat, banking on stronger demand and advertising to sustain growth, even as optimism dips to a three-month low.
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FROM THE PERIPHERY
ED Probes Anil Ambani.
The Enforcement Directorate (ED) has once again summoned Reliance Group chairman Anil Ambani for questioning in connection with an ongoing money laundering investigation, PTI reported. The summons comes two days after the agency attached assets worth over Rs 7,500 crore linked to Ambani and his group companies under the Prevention of Money Laundering Act (PMLA). Attached properties include Ambani’s Mumbai residence in Pali Hill, Reliance Centre in Delhi, and several residential and commercial assets across major cities, with a total value of Rs 3,084 crore.
Context: The probe relates to alleged diversion of public funds by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Yes Bank had invested nearly Rs 5,000 crore between 2017 and 2019, which later turned non-performing. Funds are alleged to have been diverted to related entities.
Setting: The investigation, part of a broader case involving loan diversions exceeding Rs 17,000 crore, also covers Reliance Infrastructure. Reliance Infra said operations remain unaffected, noting Ambani has not been on its board for over three years.
Meta’s Scam Revenue.
Internal Meta documents reviewed by Reuters suggest the company expected to earn about 10% of its 2024 revenue — roughly $16 billion — from ads tied to scams and banned goods. The files, spanning from 2021 to 2025, indicate Meta knowingly profited from fraudulent e-commerce, investment schemes, and illegal casinos that reached billions of users on Facebook, Instagram, and WhatsApp.
Flashpoint: Meta spokesperson Andy Stone disputed the findings, saying the documents “present a selective view that distorts Meta’s approach.” He called the 10% estimate “rough and overly-inclusive,” adding that Meta “aggressively fights fraud and scams.” According to Stone, scam-related ad reports have fallen 58% globally, and Meta removed 134 million scam ads in 2025 alone.
Outcome: Despite internal warnings, Meta limited bans to advertisers 95% certain to be fraudulent and even charged higher rates to others flagged as “likely scammers.” A 2025 internal review said Meta’s platforms were used in about one-third of US scams.
Bottoms Up, India!
India achieved the highest growth in total beverage alcohol (TBA) consumption, among 20 key global markets for the third consecutive half-yearly period, according to IWSR, an alcohol research firm.
Fast Facts: Whisky remains the country’s favourite drink, followed by vodka and rum, but the real story is the rise of premium labels. Premium spirits expanded 8% in both volume and value. Globally, Irish whiskey and agave-based spirits saw double-digit gains, while US whiskey declined 10%.
Outcome: Industry analysts say this “premiumisation” trend could soon make India one of the world’s top five alcohol markets, overtaking traditional heavyweights like Japan and Germany.
PODCASTS
Markets Seek Direction
On Episode 720 of The Core Report, financial journalist Govindraj Ethiraj talks to Atul Chaturvedi, Special Advisor, SEA & Chairman at the Asian Palm Oil Alliance (APOA) as well as Amit Pabari, Managing Director at CR Forex Pvt. Ltd.
Markets seek direction
AI job cuts or AI washing.
India’s problem-of-plenty in this crop.
Why did Indigo report such a sharp loss on account of forex ?
Soybean is a key bugbear in the India-US BTA discussions. Where do things stand now ?
Why there could be massive air traffic delays in the US in coming days.
Guess where Google is planning to set up a data centre…
Eye on Retail
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