The week in charts: India’s EM rank, PSU bonanza, Rafale deal

India tops

India retained its top spot among emerging economies in 2024-25 for the fourth consecutive year despite facing headwinds in the second half, such as weak exports, a depreciating rupee, and falling market capitalization, showed Mint’s emerging markets tracker. India saw slippages in its rankings in the second half of 2024-25, but a strong start to the year helped it outperform peers. Stock markets, which have been struggling since late September 2024, saw a quick rebound in recent weeks after a brief shock from US tariffs, bringing some optimism.

Streamlining FDI

India aims to attract more foreign direct investment by empowering its trade missions abroad to grant in-principle FDI approvals, Mint reported. The move seeks to bypass bureaucratic delays amidst global supply chain shifts and aid businesses seeking alternatives to China due to high US tariffs. It also intends to reverse the recent decline in FDI inflows. After peaking at $84.8 billion in 2021-22, inflows were down to $71.3 billion in 2023-24. Currently, FDI proposals undergo a multi-stage approval process, often taking months.

Dividend bonanza

₹80,000 crore: That is the amount the government could earn as dividends from central public sector enterprises (CPSEs) in 2025-26, Mint reported. The record-high figure is on the back of strong earnings in the oil and gas, power, and mining sectors. In 2024-25, CPSEs paid ₹74,017 crore in dividends, exceeding the revised estimate of ₹55,000 crore. Increased demand for petroleum products is expected to boost dividends from oil and gas CPSEs. The petroleum ministry has projected a 4.65% year-on-year increase in oil demand for 2025-26.

Also Read: Q4 earnings live tracker, 30 April: The latest on how India Inc’s biggest companies fared

Coal rules

Amid soaring electricity demand and increased coal production, the Centre now aims to add 100GW of coal-fired power in the next seven years, up from the previous 80GW target set in 2024, Mint reported. This expansion will require an estimated investment of ₹1 trillion, with each MW costing around ₹5 crore. Coal-powered thermal plants (51.9%) dominate India’s electricity landscape despite an increase in solar and wind energy in recent years. This is coming on the back of 1 billion tonnes of coal production in 2024-25, which is projected to rise to 1.5 billion tonnes by 2030.

Earnings check

Early March quarter earnings hint that companies are recovering from demand contraction, though the rebound appears modest. Revenues rose 1.4% in Q4 as against a contraction of 0.3%, showed a Mint analysis of 184 companies that reported their results. Net profits, on the other hand, grew 12% year-on-year and continued to surpass revenue growth by a huge margin. Improved profitability was driven by cost-cutting and lower raw material prices. While demand shows signs of recovery, it is yet to pick up meaningfully, and hopes are hinged on higher spending after the tax relief.

Added firepower

₹63,000 crore: That is the value of the deal India signed with France for 26 Rafale-M fighter jets, made by Dassault Aviation, earlier this week. The agreement includes 22 single-seater and four twin-seater trainer aircraft that will be deployed on India's aircraft carriers, primarily INS Vikrant and will replace the ageing Russian MiG-29Ks. Deliveries are expected to commence in about four years, with the entire fleet arriving by 2030. French companies involved in the deal are likely to source components from their Indian partners.

Also Read: Global news wrap: 100 days of Trump, monetary polices, Pope’s passing

Contrarian calls

Despite the sharp market swings, the March quarter saw individual investors with holdings up to ₹2 lakh increase their stakes in 45% of BSE-listed stocks compared to the previous quarter. These stocks saw a steep median price fall of 25.4%, far sharper than the 14% decline in mutual funds-backed stocks and 21% decline in foreign portfolio investor-backed stocks, according to a Mint analysis. These include Gensol Engineering, VL E-Governance, and Noida Toll Bridge, among others, suggesting a contrarian buying approach by smaller individual investors amidst market turbulence.

Chart of the week: Crude fall

Amid global uncertainties, crude oil prices have declined sharply in recent months and are now hovering around $60 per barrel. While the impact of tariffs and the possibility of a recession in the US hit the outlook for fuel demand, signals of higher production from Saudi Arabia also impacted prices.

Also Read: In charts: Is Indo-Pak trade too little to matter?

Follow our data stories on the“In Charts" and“Plain Facts" pages on the Mint website.