India’s gross domestic product is expected to grow 6.7% in the fiscal year ending March 2027, unchanged from the March forecast in a Reuters poll conducted between April 20 and April 27 among 54 economists. That would mark a slight slowdown from the 7.0% growth estimated for the year ended March 31, 2026.

Forecasts for fiscal 2026-27 ranged from 5.9% to 7.5%, while growth was projected to edge up to 6.8% in 2027-28.Economists said the headline outlook masks deeper strain in the informal economy, where businesses and workers are more vulnerable to higher fuel costs, supply disruptions and weaker demand.

India’s shadow economy has previously accounted for nearly half of official GDP readings, although real-time data on its performance remains limited.In urban areas, which generate roughly 60% of India’s GDP, restaurants and hotels have reportedly shortened operating hours, reduced menus or shifted to alternative fuels such as firewood as conflict-related disruptions in the Middle East affect liquefied petroleum gas supplies.

“The informal segment is the worst hit and its ability to absorb shocks is very low. So we will see a ripple effect on jobs and demand,” said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. “All of that is going to play out if this problem persists beyond the near term.”India revised its GDP data methodology in recent years to improve the capture of informal sector activity, but economists said gaps remain substantial.

Yes Bank Chief Economist Indranil Pan said the disruption to the informal sector would not be reflected significantly in headline GDP figures.“That’s also the reason why we have not really changed our GDP much at this point in time,” he said.Inflation is expected to average 4.5% this fiscal year, according to the poll, remaining within the Reserve Bank of India’s 2% to 6% target range but more than double last year’s pace.

Despite higher price pressures, economists expect the RBI to keep interest rates unchanged through the end of 2027, reflecting concerns over balancing inflation control with growth stability.

Analysts said the government has attempted to cushion the impact of higher energy prices by cutting fuel duties, but a prolonged Middle East conflict could strain public finances and force a reallocation of spending away from infrastructure investment toward subsidies.

Capital expenditure has been a key growth driver in recent years amid weak private-sector investment, and any shift away from it could weigh on medium-term expansion.Aditya Vyas, chief economist at STCI Primary Dealer Ltd, said uncertainty linked to external shocks made a strong recovery in private investment unlikely in the near term.

“If push comes to shove, there could be a situation where a material diversion of funds from capex to subsidies happens,” Vyas said. “Price pressures are imminent and will in the medium term affect the fiscal front.”

GIFT Nifty futures were trading at 24,002 points at 7:58 a.m. IST, indicating the benchmark Nifty 50 would open below Monday’s close of 24,092.70.The Nifty and the BSE Sensex had snapped a three-session losing streak on Monday, supported by a rebound in information technology stocks after sharp losses last week.

However, analysts said broader market momentum remained fragile due to persistent geopolitical uncertainty in the Middle East.Investor concerns have centered on the Strait of Hormuz, a critical shipping route that handles about one-fifth of global oil flows. Continued disruptions and uncertainty around the conflict have pushed Brent crude prices close to $109 per barrel.

Higher oil prices are a significant risk for India, the world’s third-largest crude importer, as they raise inflation pressures, increase the import bill and can weigh on economic growth as well as corporate profitability.

Efforts to end the Iran conflict appeared stalled after a U.S. official said on Monday that President Donald Trump was dissatisfied with Tehran’s latest proposal to resolve the war.Back in domestic markets, foreign portfolio investors sold Indian equities worth 11.51 billion rupees ($122.2 million) on Monday, extending their selling streak to a sixth consecutive session.

Domestic institutional investors remained net buyers for a third straight day, purchasing shares worth 41.24 billion rupees and helping cushion broader market declines.Among individual stocks, UltraTech Cement, India’s largest cement producer by capacity, is expected to remain in focus after reporting quarterly profit above analyst estimates, supported by stronger demand and favorable weather conditions for construction activity.

State-owned Coal India also posted better-than-expected March-quarter earnings, helped by higher coal prices and stronger demand.SBI Cards and Payment Services reported a 14% year-on-year increase in quarterly profit, adding to investor focus on earnings-driven moves across sectors.

Market participants are expected to remain cautious in the near term, balancing domestic earnings momentum against external risks from energy prices, global inflation concerns and sustained foreign capital outflows.

Nearly a year after the April 22, 2025 terror attack in Pahalgam that killed 26 tourists, the families of victims such as Manjunath Rao and Bharath Bhushan continue to struggle with grief, trauma and the lasting psychological consequences of the violence.

The attack, which took place in the Baisaran Valley area of Pahalgam in Indian-administered Kashmir, remains one of the deadliest assaults on civilians in the region in recent years. Armed attackers opened fire on tourists, killing 26 people, many of whom were visiting Kashmir with their families.

The incident triggered a strong political and military response from India, including Operation Sindoor, which targeted what New Delhi described as terrorist bases in Pakistan.For the families of those killed, however, the consequences have extended far beyond national security and diplomatic tensions. A year later, many remain trapped in the emotional aftermath of that day.

Among the victims was Manjunath Rao, a realtor from Shivamogga in Karnataka, who had travelled to Kashmir with his wife and son for what was meant to be their first family visit to the Valley. According to family members, the trip was planned as a personal milestone and an opportunity to spend time together away from work and routine responsibilities.

Instead, it ended in violence.

Rao was shot dead during the attack in front of his wife and son, an experience that relatives say has left deep and continuing emotional scars on the family. His relative, Ravi Kiran, told local media that the family has found it difficult to recover from the shock of witnessing the killing directly.

The trauma, according to relatives, is intensified by the fact that the death unfolded in front of his immediate family. His wife and child were not only left to cope with the loss of a husband and father, but also with the memory of the attack itself.Family members say daily life has not returned to normal.

Routine activities continue, but the emotional burden remains. The family has attempted to move forward, yet the event continues to shape conversations, relationships and personal well-being.Mental health experts often note that violent loss witnessed firsthand creates a prolonged form of trauma, particularly for spouses and children.

In such cases, grief is frequently accompanied by recurring memories, anxiety and emotional withdrawal. While the report does not provide clinical details, relatives describe the family’s condition as one of continuing struggle rather than closure.

Another victim, Bharath Bhushan, was an IT professional from Bengaluru who was also among those killed in the same attack. Like Rao, he had travelled as a civilian tourist and was not connected to any political or security institution.Bhushan is survived by his wife and son.

According to the report, his family has chosen to remain largely silent in public, reflecting what relatives describe as the depth of their grief.His father reportedly expressed severe emotional distress and has found it difficult to speak openly about the loss. The silence of the family has itself become part of the story, illustrating how some families respond to tragedy not through public statements, but through withdrawal and private mourning.

The absence of public engagement does not lessen the impact. Rather, it reflects a different form of coping in which grief remains internal, often making recovery slower and more isolating.

For Bhushan’s wife and child, the long-term challenge is both emotional and practical. The sudden death of a family’s primary earning member can reshape household stability, financial planning and emotional security. Though the report focuses primarily on emotional trauma, the broader implications of such losses often extend into every aspect of family life.

The Pahalgam attack also had immediate strategic consequences. India responded by launching Operation Sindoor, a military action targeting locations identified as terrorist infrastructure across the border in Pakistan. The operation was presented as part of a broader national security response following the killings.

The incident intensified already fragile India-Pakistan relations and brought renewed focus to cross-border terrorism and civilian security in Kashmir. It also reshaped political discourse around counterterrorism policy and tourism security in the region.However, for the families directly affected, geopolitical responses offered little immediate relief.

For them, the central reality remains deeply personal: the absence of a husband, father, son or provider whose death cannot be reversed by military retaliation or political declarations.The report from Shivamogga places particular attention on how families continue to live with trauma long after public attention fades.

News coverage often focuses on the day of an attack, the number of casualties and the government response, but survivors and relatives continue to navigate consequences that unfold over months and years.

In Rao’s case, relatives describe a family trying to rebuild daily life while carrying memories of direct violence. In Bhushan’s case, silence and emotional withdrawal indicate grief that remains unresolved.Both cases reflect a broader truth about acts of terrorism: the damage extends beyond those killed. It enters homes, alters childhoods, changes family structures and creates emotional disruptions that may last for decades.

One year later, the names of the victims remain tied not only to the attack itself, but to the ongoing struggle of those left behind.

As public memory moves forward and political attention shifts elsewhere, families like those of Manjunath Rao and Bharath Bhushan continue to live with a reality that remains unchanged since April 22, 2025 a moment of violence that permanently divided life into before and after.

In Bengaluru, mental health professionals and public health data indicate a growing association between weakened social connections and psychological distress, particularly among working-age adults.

According to estimates from the World Health Organization, depression and anxiety disorders account for a significant share of the global disease burden, with social isolation identified as a contributing risk factor in multiple studies.

Indian health authorities have similarly flagged the role of changing urban lifestyles in shaping mental health outcomes.

A 29-year-old software professional in Bengaluru, whose identity is being withheld due to privacy concerns, sought clinical support in 2025 after experiencing prolonged anxiety and sleep disruption. According to medical records reviewed with consent, the individual reported limited in-person social interaction outside of work and increasing reliance on digital communication.

Treating clinicians noted that the absence of stable social networks was a contributing factor in the patient’s condition, alongside occupational stress.

Urbanisation and migration have altered traditional support systems across India’s major cities. Data from the National Mental Health Survey of India conducted under the National Institute of Mental Health and Neurosciences found that nearly 10.6% of adults in India suffer from mental health disorders, with higher prevalence reported in urban metropolitan regions.

Researchers associated these patterns with factors including social fragmentation, work-related pressures, and reduced community engagement.In Bengaluru, a major technology hub, long working hours and geographically dispersed families have contributed to shifts in social behaviour.

Mental health practitioners report that patients increasingly describe a narrowing of social circles, often limited to workplace interactions or online platforms. While digital connectivity has expanded communication channels, clinicians note that it does not always provide the same level of emotional support as in-person relationships.

Academic research cited by the WHO indicates that social isolation and loneliness are linked to increased risks of depression, anxiety, and other psychological conditions.

These findings are supported by longitudinal studies in multiple countries, which show that individuals with limited social ties are more likely to report poorer mental health outcomes over time.

Mental health professionals in Bengaluru report that the effects of weakened social connections often emerge gradually, making early detection difficult. A psychiatrist at a private hospital, speaking on condition of anonymity, stated that many patients do not initially identify social isolation as a contributing factor.

Instead, they present with symptoms such as fatigue, irritability, or sleep disturbances, which are later contextualised within broader patterns of limited social engagement.Data from the Ministry of Health and Family Welfare indicates that mental health services remain underutilised, with a significant treatment gap across the country.

Estimates suggest that a majority of individuals experiencing mental health conditions do not receive formal care. Experts attribute this to stigma, limited awareness, and uneven distribution of mental health infrastructure.The Bengaluru case reflects these broader trends.

According to clinicians involved in the treatment, the patient delayed seeking help for several months, attributing symptoms to routine stress. It was only after the condition began to affect work performance that medical consultation was pursued.

Treatment included a combination of counselling and structured efforts to rebuild social interaction, including participation in group activities.

India’s policy framework has increasingly recognised mental health as a public health priority. The Mental Healthcare Act established legal rights for individuals with mental illness and mandated access to services.

Government programmes have also focused on expanding community-based care and integrating mental health into primary healthcare systems.At the international level, the WHO has emphasised the importance of social determinants in mental health outcomes.

In its policy guidance, the organisation identifies social inclusion and community participation as protective factors against mental illness. These recommendations have informed national strategies, including initiatives aimed at promoting workplace well-being and community engagement.

Despite these measures, implementation challenges persist. Urban centres such as Bengaluru face increasing demand for mental health services, while supply remains constrained. Experts highlight the need for preventive approaches that address underlying social factors, including isolation and lack of support networks.

The case of the Bengaluru professional underscores the interaction between individual experience and broader structural trends.

While clinical intervention addressed immediate symptoms, practitioners involved in the case indicated that long-term outcomes depend on sustained social engagement and support mechanisms, reflecting patterns observed in public health research.

The new capital comes at a time when the demand for ultra-fast delivery of groceries, daily essentials, and other products is surging, reflecting the changing habits of urban consumers across India.

Founded in 2021, Zepto has quickly positioned itself at the forefront of India’s rapid digital adoption and urban convenience economy.

The platform enables customers to receive groceries and other essentials in under 10 minutes, a service that has rapidly gained traction among busy city dwellers.

Zepto’s growth mirrors the broader expansion of India’s quick commerce market, which was valued at around 640 billion rupees in fiscal year 2025 and is projected to triple by 2028, according to analytics firm CareEdge.

“Our success is a reflection of how urban consumers in India are embracing convenience without compromising on choice or quality,” said Aadit Palicha, CEO and co-founder of Zepto.

“With approximately $900 million of net cash in the bank, we are extremely well-capitalized and ready to accelerate our growth, invest in technology, and enhance the customer experience across the country.”

The latest funding round attracted both new and existing investors, including U.S.-based pension fund California Public Employees’ Retirement System, General Catalyst, Goodwater Capital, and Lightspeed.

This diverse investor base underscores growing global confidence in India’s quick commerce ecosystem and Zepto’s ability to lead the sector.

The company’s valuation has jumped from $5 billion in its previous funding round last year, demonstrating strong investor belief in its growth potential and operational excellence.

Zepto competes with major players such as Eternal’s Blinkit and Swiggy’s Instamart, and has steadily expanded its product range to include more than 45,000 items, covering groceries, electronics, and apparel.

Its service is increasingly popular among tech-savvy urban consumers who value speed, convenience, and reliability.

By combining advanced logistics, intelligent inventory management, and a focus on hyper-local delivery hubs, Zepto has created a scalable model that meets the rising expectations of modern shoppers.

Industry experts say Zepto’s success highlights a broader trend in India’s retail landscape. Urban lifestyles, growing smartphone penetration, and a preference for digital-first shopping experiences have accelerated the adoption of quick commerce platforms.

As more consumers opt for fast, seamless, and personalized delivery services, companies like Zepto are set to play a pivotal role in transforming everyday shopping habits.

Zepto’s recent achievements also point to the potential for future public market success.

With plans for an eventual public listing, the company is preparing to leverage its strong market position, robust funding, and innovative technology to capture an even larger share of India’s booming e-commerce and quick commerce markets.

Analysts note that Zepto’s ability to scale rapidly while maintaining customer satisfaction positions it as a standout performer in the sector.

“The growth of Zepto reflects a powerful shift in how Indians shop for essentials,” said a market analyst. “Consumers are increasingly expecting instant access to products, and Zepto’s infrastructure and capital position allow it to meet this demand efficiently and reliably.”

As India’s quick commerce ecosystem continues to expand, Zepto’s strategic funding, strong valuation, and customer-focused operations exemplify the positive momentum in the sector.

With continued investment in technology, logistics, and product offerings, the platform is well-poised to redefine the future of urban retail in India and set a benchmark for innovation in convenience-driven commerce.

According to officials, the searches were related to possible violations of the Foreign Exchange Management Act (FEMA). The agency targeted NGOs and firms funded by OSF and SEDF, as well as Aspada Investments Private Limited, a holding company of SEDF. Authorities stated that Aspada acts as an investment advisor and fund manager for SEDF in India and is a wholly owned subsidiary of a Mauritius-based entity.

Officials revealed that the agency traced a money trail of INR25 crore from Soros-linked companies to several Indian NGOs. Additionally, foreign direct investment (FDI) amounting to INR300 crore, funneled through OSF’s subsidiaries, is under scrutiny. It is believed that SEDF has funded over a dozen companies in India with investments totaling INR300 crore.

ED’s Investigation into Foreign Funding

A senior officer, speaking anonymously, confirmed that ED recently launched a FEMA probe against Soros and his companies. “Our teams carried out raids at eight locations in Bengaluru to investigate contraventions in FDI rules by SEDF and OSF and the subsequent utilization of those funds,” the officer said.

Preliminary investigations indicate that OSF was placed under the Ministry of Home Affairs’ (MHA) prior reference category in 2016, restricting it from making unregulated donations to Indian NGOs. However, officials suspect OSF circumvented these restrictions by establishing subsidiaries in India and routing funds under the guise of FDI and consultancy fees.

A second official noted that ED is examining the end-use of other FDI funds brought in by SEDF and OSF in India.

SEDF’s Investment History in India

According to VCCEdge, the data platform owned by HT Media, SEDF invested INR50 crore in its impact-focused subsidiary, Aspada Investments, in 2013. Aspada Fund 1, its first fund, later raised around INR271 crore, which it used to invest in over a dozen companies, including quick commerce platform Dunzo Digital, WayCool Foods and Products, and NeoGrowth Credit.

SEDF later sold a controlling stake in Aspada to LGT, a private banking and asset management group owned by the Princely House of Liechtenstein. In 2021, this entity was renamed Lightrock, which continues to invest in impact-driven businesses in India.

OSF’s Presence and Restrictions in India

OSF, one of the world’s largest private funders of human rights advocacy, impact investment, and justice-related initiatives, began operations in India in 1999. However, officials confirm that OSF does not have a formal office in the country.

The organization’s website acknowledges that its funding activities in India have been constrained since mid-2016 due to government restrictions.

Political Controversy Surrounding George Soros

The Bharatiya Janata Party (BJP)-led central government has previously linked Soros to Congress leaders Sonia Gandhi and Rahul Gandhi. In December 2024, BJP MP Nishikant Dubey accused the Congress of collaborating with the Organized Crime and Corruption Reporting Project (OCCRP), a global investigative journalism initiative allegedly backed by Soros’ OSF, to undermine India’s Parliament and government. BJP MP Sambit Patra also alleged that Rahul Gandhi was part of a “triangle” with Soros and OCCRP aimed at destabilizing India.

Neither OSF nor SEDF has responded to queries regarding the ED’s latest actions.