What would India's markets and small businesses expect from Union Budget 2026?

With less than 48 hours to go before India’s Finance Minister, Nirmala Sitharaman, tables the Union Budget in Parliament for the 2026–27 fiscal. Kunal Shankar, The Hindu’s Deputy Business Editor, speaks to colleagues Soundariya Preetha, who has tracked India’s MSMEs for over two decades — based out of Coimbatore,  and Lalatendu Mishra, who has followed the markets and the Reserve Bank of India for just as long, and is based out of Mumbai. They discuss how the customary Economic Survey, settled by Chief Economic Adviser V. Anantha Nageswaran, has been received by India's small businesses and the markets. They also talk about what these sectors are looking for in the Union Budget amid tariff headwinds visibly straining India's largest export sector - the MSMEs; and the volatility wrecked onto the markets as foreign investors exit Indian markets in droves and a precipitous depreciation of the rupee against the U.S. dollar. Host: Kunal Shankar Edited by Sharmada Venkatasubramanian Learn more about your ad choices. Visit megaphone.fm/adchoices

India's Ministry of Finance is set to scrap curbs on Chinese firms bidding for government contracts, which were introduced in 2020, following a deadly clash between the country's troops in the Galwan Valley. Now that India is showing a change of heart, the Ministry's actions beg the question: Will removing curbs on Chinese FDA help India? Here, we discuss. Tune in! Guests: Mr. Shyam Saran, former Foreign Secretary to the Government of India and currently President of the India International Centre, and Mr. Santosh Pai, partner at Dentons Link Legal and an honorary fellow at the Institute of Chinese Studies Host: Nitika Francis Edited by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

Bangladesh is out of the ICC T20 World Cup starting next month. It will be replaced by Scotland. Cricketing observers have slammed the sport’s governing establishment for mismanaging the issue. It all began when Kolkata Knight Riders released Bangladeshi cricketer Mustafizur Rahman on BCCI orders. The Bangladesh Cricket Board (BCB) did not take kindly to this. It banned the telecast of IPL 2026 in Bangladesh. And subsequently, it asked for all its league matches in India to be shifted to Sri Lanka, which is the co-host. The ICC refused the request. Bangladesh refused to participate unless its demand was met. The ICC brought in Scotland in its place. The entire sequence of events has raised many questions: Is the ICC guilty of ‘double standards’? Could Bangladesh’s request have been accommodated? Is cricket’s role in the sub-continent changing? Guest: Amol Karhadkar from The Hindu’s Sports Bureau Host: G Sampath Edited by Jude Francis Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

There are plenty of questions swirling around US President Donald Trump’s Board of Peace. Trump has extended invitations to dozens of countries to join this outfit, including India. But many, including his European allies, are yet to confirm their participation. Interestingly, Norway, Denmark and Sweden have refused, while Pakistan and the UAE have already said ‘yes’.  Is this Board of Peace only about Gaza reconstruction? Or is this about setting up a parallel body to settle global conflict on American terms? Is Trump trying to create a new UN, as Brazilian President Lula has alleged? Most importantly, should India join this Board, or stay away? Guest: Stanly Johny, International Affairs Editor, The Hindu Host: G. Sampath Edited and produced by Sharmada Venkatasubramanian Learn more about your ad choices. Visit megaphone.fm/adchoices

A recent Supreme Court ruling has put the process of how India taxes foreign investors in focus. The top court ruled in favour of the Income Tax Department by setting aside the Delhi High Court’s judgment quashing the tax demand of Tiger Global.  Tiger Global ⁠and Indian tax authorities have been locked in a legal tussle over its 2018 stake sale in Flipkart to Walmart worth ₹14,440 crore $1.6 billion. The deal was part of the ‌U.S. retail company’s $16 billion acquisition of Flipkart that year. Indian tax authorities ‍argued Tiger Global wrongly used the India-Mauritius tax avoidance treaty to not pay any tax on its profits, the investment firm argued it can do so as the treaty exempted such a transaction. The tax authorities say the Tiger Global Mauritius units served merely as a conduit for Tiger Global U.S., a description the investment ⁠firm says is incorrect. The Supreme Court has been hearing the case since January 2025 and the ruling has raised wider questions about tax treaties, anti-avoidance rules, and how India balances tax fairness with investor confidence. Guest: Vinod Joseph, Partner, Investment Funds practice at Economic Laws Practice  Host: Nivedita V Edited by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

Our guest today is a legend in the world of entrepreneurship. He began his adult life as an immigrant student in the US, way back in the 1960s. He started his own company in the US tech space at a time when Indian-Americans were not particularly known for entrepreneurship.  In 1987, he became the first Indian-American founder to take a venture-backed company public on the Nasdaq. He was also the first Indian-American to serve as a top executive in a multi-billion-dollar Silicon Valley giant, blazing a trail that would be followed by the likes of Sundar Pichai and Satya Nadella. Subsequently, he set up The IndUS Enterpreneurs (TiE) a non-profit to mentor entrepreneurs in the US and India. He has been a hugely successful venture capitalist and angel investor. And now, at the sprightly young age of 80, he is out with a memoir  that talks about his entrepreneurial journey: ‘The Ground Breaker: Risks, Rewards, and Lessons from a legendary Entrepreneur’. Guest: Kanwal Rekhi, Indo-American businessman and venture capitalist Host: G Sampath Edited by Shiksha Jural Produced by Shiksha Jural and Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

People of the Global South have long argued that the so-called rules-based international order is a fiction. That it was only ever applied selectively, with the big powers doing the selection. But now, for the first time, there is official acknowledgement of this fiction from a prominent Western leader. In an extraordinary speech at the World Economic Forum in Davos, Canadian Prime Minister Mark Carney publicly stated that even the ‘pretence’ of a rules-based order is over, and that this is not a moment of transition but ‘rupture’.  Taking potshots at President Donald Trump’s weaponisation of tariffs, he said that the new definition of a country’s sovereignty is its ability to withstand pressure from the big powers.  His speech has resonated with many across the world, and has become a talking point in strategic circles. But are his remarks just great content, or will they prove consequential? Should India be taking a leaf out of Carney’s book, especially when dealing with the big powers?  Guest: Suhasini Haider, The Hindu’s Diplomatic Affairs Editor. Host: G Sampath Recorded by Aniket Singh Chauhan Edited and produced by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

Days after the January 3rd U.S. attack on Venezuela and the capture of its sitting President Nicolas Maduro, U.S. President Donald Trump has intensified his push to seize Greenland, calling it an absolute necessity for the U.S. national security. On January 17, Trump imposed a 10% tariff on eight European countries over their support for Greenland. This ambiguity revives imperial undertones and tests NATO’s Article Five pledge. Does Trump's Greenland plan signal the end of NATO, and what does it mean for European security? Guest: C. Raja Mohan, journalist, academic, and a foreign policy analyst; T.G. Suresh, associate professor at the Centre of Political Studies, JNU Host: Smriti Sudesh Edited by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

There's a new Barbie in town. She avoids direct eye contact, makes repetitive physical movements in social settings, and her pretty purple dress is comfortable and free from irritating seams. Her pink headphones -- they're more than just a fashion statement. Mattel, the multinational toy company, has launched an ‘autistic’ Barbie as part of its range of “inclusive” dolls. It has partnered with the U.S.-based Autistic Self Advocacy Network (ASAN) to create an intentional set of features that aim to reflect experiences typically invisible in mainstream toy aisles. In today's episode, we go beyond the marketing dimension to discuss what an autistic Barbie could mean for autism awareness, inclusion, and long-term care initiatives in India. Guest: Dr. Nidhi Singhal, Director of Research and Training at Action for Autism (National Centre for Autism) Host: Vibha B Madhava Edited by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices

On January 3rd, The United States of America launched Operation Absolute Resolve bombing the city of Caracas in Venezuela and capturing the sitting president Nicolas Maduro. He has been accused of Narco terrorism. He is now jailed in New York. Meanwhile, Trump has stated that he would be effectively running the country for the benefit of both U.S. and Venezuela. He also said that he would open the country for American Oil companies. The recent developments in Venezuela is said to have huge political ramifications not only for Latin America but across the world. Tune in! Guest: Tariq Ali, political activist, filmmaker, and writer Host: Bhagavathi Sampath Edited by Jude Weston Learn more about your ad choices. Visit megaphone.fm/adchoices