Category business

By:-Vineet Agrawal, Co-founder, Jiraaf

“India’s bond market is likely to enter 2026 on a firmer structural footing, even as near-term volatility persists. After an extended phase of tight monetary conditions, the focus is gradually shifting from inflation control to sustaining growth and maintaining fiscal discipline. While inflation is expected to remain broadly within the RBI’s comfort zone, the central bank is unlikely to rush into aggressive rate cuts, preferring a calibrated approach aligned with global monetary trends and domestic liquidity conditions.

Government borrowing remains elevated, but improving tax buoyancy and a clearer glide path on fiscal consolidation should help anchor long-term yields. Meanwhile, corporate bond issuance is expected to pick up, driven by refinancing needs and a gradual revival in private capital expenditure, adding depth and breadth to the credit market.

For investors, 2026 could shape up as a year of stable income and measured returns, with portfolios benefiting more from resilience than short-term volatility. With yields still attractive and credit fundamentals improving, bonds are increasingly re-emerging as a strategic allocation rather than a tactical trade.”

New Delhi, Dec 30:- As we close the year 2025, it is evident that the business environment in India has been a reflection of continuity, growth, and promising outlook. This is made evident by the successes achieved by sectors such as manufacturing, real estate, energy, education, healthcare, and others.

Indian real estate managed to maintain uninterrupted momentum throughout 2025 and was sustained by capital inflows worth approximately USD 6-7 billion. Against this backdrop,     Mr. Ajay Chaudhary, Founder, Chairman and Managing Director, ACE Group, emerged as one of the sector’s most execution-driven leaders. He said, “For ACE Group, 2025 has indeed been a strong year, marked by several milestones achieved through precision, planning and disciplined execution across the choicest range of high-end projects. As the premium housing market continues to evolve, our focus remains firmly on refined design, thoughtful living environments and timely delivery of future-ready homes with enduring value.”

From the developer’s standpoint, the year reflected continuity in demand and a clear preference for well-planned projects. Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group said,

“The real estate market has shown steady momentum through 2025 supported by firm buyer confidence and continued demand for well-planned developments. Our priority has been delivering projects that meet the expectations of today’s homebuyers. As we move into the New Year, we will continue to build projects keeping current buyer expectations in mind.”

From the real estate advisory space, Mr. Vijay Jain, Managing Director, Star Estate, distinguished himself with a pulse on hanging buyer behaviour. He noted,

“Residential sales remained strong across leading cities with well-thought out decisions from buyers during 2025. We saw greater emphasis on location quality, developer credibility and long-term value. This has reinforced the role of organised advisory, where transparency, market data and structured guidance play a critical role.”

The renewable energy sector also made significant headway in 2025 with India’s installed renewable capacity moving close to 200 GW. Highlighting the sector’s evolving maturity,    Mr. Sanjay Garg, Director, Shweta Solar Pvt. Ltd observed,

“India’s solar sector did consistently well in 2025, with customers becoming increasingly informed about performance, efficiency and long-term returns. This has pushed the industry to raise execution and service standards across the board.”

Reflecting leadership in distributed and rooftop solar adoption, Mr. Vinod Sharma, Director, Joint Solar concurred, “The steady rise in rooftop and distributed solar adoption shows how energy decisions are driving the growth. Beyond installation, customers are now focusing on durability, maintenance support and long-term savings, which are shaping the next phase of growth.”

From the grid automation space, Mr. Sanjay Verma, Executive Director, Sharika Enterprises Limited noted,

“With the rapid scaling of renewable capacity under India’s energy transition agenda, grid operators in 2025 have significantly accelerated investments in advanced grid monitoring, protection, and automation solutions. The growing penetration of intermittent generation sources is driving utilities and large energy consumers to prioritise grid resilience, real-time visibility, and intelligent control architectures to ensure system reliability, stability, and regulatory compliance.”

Education and healthcare continued to hold their fort through 2025. Mr. Utkarsh Gupta, Managing Director, Ramagya Group, a young and dynamic leader driving a more integrated education approach, shared,

“At Ramagya, the year witnessed a sharper focus on emotional well-being, values and real-world skills, alongside academics. This inclusive approach is reshaping how institutions prepare students for the future.”

Ms. Poonam Sharma, Chairperson, Accurate Group of Institutions, who has been steering the institution’s focus on industry-linked higher education, added,

“In 2025, our effort at Accurate has been to ensure that classroom learning is supported by exposure, confidence-building and regular interaction with the real world. As we step into the next academic year, the emphasis will stay on keeping our programmes relevant to industry expectations, while helping students build practical skills and the confidence required to transition smoothly into professional roles.”

Ms. Sneha Rathor Khandelwal, CEO, Sanfort Group of Schools, one of the early education sector’s leading women voices said,

“2025 marked a milestone for Sanfort with the successful rollout of India’s first IB preschool chain. As we move into 2026, our focus remains on measured expansion, deeper academic integration and maintaining consistent learning standards across centres. Our franchising model continues to play a pivotal role in this journey and it has grown commendably this year. We look forward to expanding it further in the coming year.”

Mr. Arvind Kumar, CEO of Abante Integrated Management Services, one of India’s fastest-growing integrated asset management firms said,

“2025 has been a year of steady execution for us, with a clear focus on strengthening project delivery, operational discipline and on-ground coordination across assignments. As we move into 2026, the emphasis will be on scaling selectively, improving efficiency across the value chain and taking on more complex, integrated projects that demand both technical depth and execution reliability.”

Representing the technology distribution segment, Mr. Manoj Gupta, Managing Director, Fortune Marketing Pvt. Ltd, a seasoned industry professional shared, “India’s electronics and IT distribution ecosystem emphasised the importance of scale, reach and operational discipline in 2025.Building stronger channel networks and improving supply responsiveness became fundamental to supporting technology adoption.”

In the pharmaceutical space, companies used the year to sharpen portfolios and strengthen partner networks. Mr. Sumit Arora, Director, Alniche Lifesciences said, “Over the past year, our focus remained on strengthening our product portfolio and ensuring consistency in quality across markets. As we move into the New Year, we are looking at expanding our reach and building deeper relationships with our partners.”

Healthcare delivery also progressed steadily. Dr. Richa Rai, CEO, Heritage Hospitals, a forward-looking healthcare leader driving patient-centric care stated, “2025 was a year of consolidation for hospital-led healthcare. Investments in diagnostics, specialised services and digital systems helped improve patient outcomes and operational efficiency.”

Consumer-facing and technology-led businesses reported stable demand. Mr. Aman Choudhary, Executive Director  Marketing, Anmol Industries Limited observed,

“India’s packaged food market maintained its uninterrupted growth in 2025, supported by daily consumption, and deeper market penetration. Strengthening distribution reach, ensuring affordability and maintaining consistent quality were the focus areas. Anmol continues to focus on building trust through reliability and value as we move into 2026.”
Retail and lifestyle brands, particularly in fashion and consumer categories, continued to grow through 2025. Devo, a men’s premium occasion wear brand and a Siyaram’s initiative, expanded its presence across key markets during the year. Commenting on this, Mr. Gaurav Poddar, Executive Director, Siyaram’s said, “In 2025, Devo strengthened its retail presence with flagship openings across key North Indian cities including Prayagraj, Lucknow, Jalandhar, Delhi and Dehradun, taking our premium occasion wear to more than a dozen markets. The year was centred on refining craftsmanship, elevating design detail and creating in-store experiences that reflect evolving consumer tastes. Going forward, our priority remains on deepening our footprint in culturally strong markets while balancing tradition, modern elegance and consistent quality.”

Taken together, 2025 had been a year of good buyer sentiment with continuous performance of business. As 2026 beckons, business leaders across industries seem to be pretty determined to scale higher growth, cement trust-building and create long-term value.

As per the latest TeamLease Employment Outlook Report, Retail sector sentiment stays strong, with the Net Employment Outlook rising to 8.1% in HY2 from 5.2% in HY1, driven by festive demand, GST relief, omni-channel retail, and quick-commerce growth. Hiring will centre on category managers, pricing analysts, loyalty specialists, last-mile planners, and digital roles like ad-ops and shopper analytics, even as 7% of employers anticipate reductions in underperforming formats and admin-heavy roles. The sector is steadily shifting toward analytics-led customer engagement over physical store expansion. These findings are based on a survey of 1,251 employers across 23 industries and 20 cities, conducted from June to August 2025.

Strong Growth Momentum: Retail hiring stays strong with NEC rising to 8.1% in HY2  driven by festive demand, GST relief, omni-channel retail, and quick-commerce growth.

Priority Roles in Demand: Demand is highest for category managers, pricing analysts, loyalty specialists, last-mile planners, and roles in digital ad-ops and shopper analytics.

Selective Reductions in Legacy Roles: 7% of employers expect reductions, mainly in underperforming store formats, redundant checkout roles, and admin-heavy positions, as the sector shifts toward analytics-led customer engagement.

Top Job Functions: Percentage of Employers Interested in Hiring:

• Sales and Marketing – 81%
• Blue Collar – 39%
• Back office and admin – 35%

Top Job Locations: The major hubs attracting retail talents are:

• Mumbai – 31%
• Bengaluru – 28%
• Delhi – 25 %

Reflecting on the findings, Balasubramanian A, Senior Vice President, TeamLease Services, said,

“ The jump in the Net Employment Outlook from 5.2% in HY1 to 8.1% in HY2 highlights the retail sector’s robust confidence and resilience. The retail sector’s upbeat hiring sentiment signals strong consumer confidence and a resilient market outlook. As technology-led roles gain prominence, businesses are clearly prioritising efficiency and deeper customer engagement. This sustained momentum sets the stage for steady job creation and continued growth across the sector.”

India’s primary market in 2025 combined record-breaking activity with increasingly discerning investor behaviour, creating one of the most active yet rational IPO years in recent times. Mainboard listings rose to 106  raising INR 1.83 lakh crore, while the SME segment matched the momentum with 260 listings, raising INR 12,210 crore.

Issuance Mix and Demand Patterns

Automotive, consumer discretionary, and industrial companies led fundraising, supported by financial services and technology. A key trend was the shift in investor behaviour:

• Mainboard IPO subscriptions increased to 29.2x from 25.3x in 2024, while retail participation moderated to 7.7x amid valuation concerns.

• SMEs recorded an average subscription of 69.6x, driven by strong HNI demand at 186x, though still lower than last year’s 175x overall and 427x in the HNI category.

SMEs emerged as the preferred high-risk, high-reward segment, with peak participation in Q2–Q3 and September.

Listing Performance and Market Differentiation

2025 marked a departure from 2024’s exuberance:

• Mainboard IPOs debuted with average gains of 9.06%

• SME listings gained 11.23%, both significantly lower than the previous year.

A clear size-performance pattern emerged: smaller IPOs outperformed larger ones. Issues under ₹2 billion delivered 37% gains, compared with 29% for ₹50 billion-plus offerings.

Standout Moment: The LG Electronics Frenzy

LG Electronics dominated market headlines with a record INR 4.4 trillion in bids, marking the highest-ever subscription for a domestic IPO. The issue was 54x subscribed overall, including 166x from QIBs, leaving retail investors largely dependent on lottery-based allocations a trend seen in several high-interest offerings.

Sentiment and Market Behaviour

Despite abundant domestic liquidity, investor sentiment remained cautious. Global headwinds, FPI outflows, valuation pushback, and the rise of OFS-led structures encouraged discipline. Yet, steady SIP inflows and growing DII participation ensured that supply did not outpace demand.

Overall, 2025 was a year of high volumes, sharper pricing discipline, and clear performance divergence, with SMEs dominating participation and smaller, sensibly priced offerings leading returns.

Outlook for 2026

The outlook for 2026 appears positive for the Nifty, supported by several policy-driven tailwinds:

• GST-related benefits and the growth impulse from rate cuts in 2025 are expected to reflect in economic activity.

• The revised tax structure, with zero tax up to ₹12 lakh, should further support consumption and household spending.

• H2 performance is expected to outpace H1, with the market positioned for a growth rebound backed by favourable policies and improved foreign inflows as global quantitative tightening pauses and easing cycles potentially resume.

The upcoming Union Budget is likely to provide additional room for infrastructure and capital expenditure, supporting the investment cycle in 2026 after a temporary slowdown in 2025 due to lower tax collections.

By:- Mr. Tushar Verma Executive Vice President, REHAU India & Sub Con on Year’s performance in the interior industry

When I reflect on 2025, I see a year where the Indian furniture and interiors business became more deliberate in how it grew. Design conversations did not stop, but they were increasingly supported by serious discussions around materials, performance, and execution. Categories like edgebands and decorative surfaces saw consistent traction, largely because customers and project partners began paying closer attention to finish quality, edge detailing, and how products perform over time, not only on day one. The element that stood out equally was the strength of collaboration across the ecosystem. Engagements with OEMs, architects, fabricators, and channel partners became far more focused on problem-solving and delivery. That shift helped improve site execution, reduce rework, and bring better predictability into projects. Decorative surfaces also grew as a business segment, with growing demand for restrained colours, tactile finishes as well as solutions that fit both residential & large-format commercial spaces. As the year closes, the industry feels stable alongside being better aligned and prepared to scale with clarity & discipline.

Precious metals came under pressure following yesterday’s aggressive sell off. Gold fell by more than 5%, while silver experienced more than double that volatility. The speed of the correction, as much as its magnitude, was the key element behind the intensity of the market reaction.

The move appears to have been driven by a combination of profit taking and the unwinding of leveraged positions. Silver was at the center of the action after the recent rapid surge, understandably prompting participants to lock in gains. A key aggravating factor was the increase in margin requirements last Friday, with an additional  5,000 per March contract. This amplified the downside move, turning the pullback into a negative feedback loop that each additional leg lower pushed more positions below maintenance thresholds, triggering further forced selling until fresh flows eventually absorbed the pressure.

Thin seasonal liquidity also played a meaningful role. At this time of year, market depth is typically thinner leaving pricing more fragile and more sensitive to flows. In such an environment, relatively modest positioning adjustments can translate into pronounced price moves in the absence of the usual market depth.

That said, context remains critical. Stepping back, both gold and silver have effectively retraced to levels seen just before the holiday period, barely a week ago. This does not necessarily imply the correction is over. However, this environment is clearly attractive for speculative flows, and importantly, the longer term fundamentals for precious metals remain intact.

Tactically, attention now shifts to key technical reference points. In silver, 70 – 71 per ounce range stands out as a support and monitoring area, even though prices at those levels would still sit meaningfully above the 50 day moving average, reflecting the speed of the prior rally. In gold, price action continues to show resilience around the 4,350 levels, which coincides with the upper boundary of the previous price channel. As volatility subsides and liquidation pressures ease, this pullback could ultimately prove to be a renewed opportunity rather than trend reversal in gold.

Mumbai, Dec 30: If beauty in 2025 had a headline, it would read: India flirted hard and swiped right on what worked.

This wasnʼt a year of blind loyalty or long-term commitment. It was the year of curious, confident experimentation. Consumers chased what was viral, sampled what was trending, and moved fast, but only the products that truly delivered earned repeat screen time in their routines.

Ingredient lists were scanned like subtitles. Reviews mattered. Reels influenced carts. And routines evolved in real time.

With a community of over 45 million beauty lovers across 19,000+ pincodes, Nykaaʼs Best of 2025 doesnʼt just decode what sold, it captures the beauty zeitgeist of India in 2025: what people flirted with, fell for, and folded into everyday life.

Because in 2025, beauty behaved less like a long marriage, and more like dating apps on a good day: fast, curious, trend-led, and brutally honest.

Some Categories Didnʼt Just Trend. They Went Monumental.

• The Pout Power: We sold 1,750 lipsticks every hour. Whether it was a swipe of the M.A.C MACximal Matte in Mehr or the cult-favorite Charlotte Tilbury Pillow Talk, somewhere in India, a pout was being perfected every two seconds.
• Infrastructure for the Eyes: Stack all the kajals sold in 2025 and youʼd build 575 Burj Khalifas. Clearly, a sharp wing isnʼt a phase; itʼs infrastructure.
• Base Camp: The volume of foundation sold could paint 250 football fields. From the high-coverage NARS Natural Radiant Longwear to the “skin-first” Smashbox Halo Healthy Glow Tinted Moisturizer, India is committed to the base like never before.
• The Pink City: Blush sales hit such heights this year that if they were paint, Jaipur wouldnʼt need a refresh for the next century. (Yes, Kay Beautyʼs Velvet Crème Blush deserves a mention.)
• Reviews as the final word: Cetaphil Gentle Skin Cleanser (Dry to Normal Skin with Niacinamide) won without breaking a sweat. With 1.3 lakh+ ratings and a stellar 4.5-star rating, it officially became Indiaʼs most-reviewed beauty product on Nykaa, proof that sometimes, the quiet classics win the loudest applause.
• Brand Topper: Dot G Key didnʼt just sit pretty on vanities this year, it lived rent-free in peopleʼs search histories. In fact, “Dot & Key Face Moisturiserˮ emerged as the fastest-growing beauty search keyword on Nykaa in 2025, clocking 63% growth. From ceramides to sunscreen, the brandʼs barrier-first, no-fuss philosophy struck a chord with a generation that wants skincare to work hard and feel good doing it. Cute packaging helped, but performance sealed the deal.

Some people shop. Some people commit.

A shopper from Nagpur placed Nykaaʼs single highest-value order of 2025, ₹4 lakhs in one go, 91 products, no browsing, no second thoughts.
Was it a wedding? A launch? A glow-up era? We donʼt know. But we do know the face was going to be camera-ready for anything.

Moral of the story? When India loves beauty, it loves it wholeheartedly.

Skin First, Always: The Barrier Era

In 2025, “glow” was the result, but “barrier health” was the requirement. Consumers stopped chasing miracles and started playing the long game with ceramides and peptides.

Forever Status: Icons like Cetaphil Gentle Skin Cleanser and Simple Kind to Skin Refreshing Facewash proved they never go out of style. India is clearing the shelves at warp speed, with 19 cleansers finding a new bathroom mirror every single minute.

Moisture Mania: Nykaa sold 25 moisturisers a minute, making hydration the most consistent step in beauty routines. Neutrogena Hydro Boost and Cetaphil Moisturising Cream topped the charts in this category. So by the time you finish this paragraph, 50 more routines just got a hydration upgrade.

Serums: The Power Move

If moisturisers were the foundation, serums were the intentional “main character.”

The Glow-Getter: Minimalist 10% Vitamin C Serum For Face For Glowing Skin became the ultimate bright spot in Indiaʼs vanity, leading the charge for radiant, even-toned skin.

Ingredient Literacy: India memorized percentages like passwords. From The Ordinary Niacinamide 10% + Zinc 1% to targeted peptides, these were the go-to solutions for consumers who know their molecules from their marketing.

K-Beauty – From Discovery to Discipline: Not a Trend. A Habit.

2025 marked the year K-beauty completed its transition from curiosity to core routine.

Trust over Hype: Products like Beauty of Joseon Relief Sunscreen didnʼt just go viral, they stayed, were repurchased, and relied upon.

Lips as Self-Care: Glossy finishes, lip oils, nourishing balms, and creamy textures officially dethroned old-school mattes. Cult favourites like LANEIGE Lip Glowy Balm became the sweet spot where self-care met self-expression, making lips the main character of the beauty routine.

The Glass Skin Standard: COSRX Advanced Snail 96 Mucin Power Essence remained a staple, aligning perfectly with Indiaʼs growing preference for barrier care and skin longevity. K-beauty wasnʼt being explored anymore. It was being trusted.

Fragrance: Building an Aura Wardrobe

India stopped looking for “the one” signature scent and started building wardrobes. 5 fragrances were sold every minute.
Main Character Energy: From the luxury of DIOR Sauvage to the sweet comfort of Plum Bodylovinʼ Vanilla Caramello EDP, scents became a daily personality trait.

Makeup, But Make It Intelligent: The Era of the Multitasker

Heavy glam took a backseat this year, not because makeup disappeared, but because it evolved. Consumers leaned into skin tints, breathable bases, and formulas that worked overtime. Makeup didnʼt want attention; it wanted performance.

Tint-Meets-Treatment: Products like Smashbox Halo Tinted Moisturizer and LʼOreal Paris Infallible 24H Tinted Serum led the movement.

Lips, but Smarter: Liquid lipsticks became the statement piece of 2025, long-wear, no-transfer formulas ruled the day. Standouts included LʼOreal Paris Infallible Matte Resistance Liquid Lipstick and Nykaa Matte To Last! Transferproof Liquid Lipstick that color and performance can coexist effortlessly.

Enduring Icons: Meanwhile, classics like Maybelline Instant Age Rewind Concealer reminded everyone that cult status isn’t a trend; it’s a legacy.
In 2025, makeup didnʼt shout. It showed up and did the job.

The Ritual Upgrade: Bath, Body & Hair

Body care moved from “functional hygiene” to “intentional ritual,” with Bath & Body Kits surging by 93%.

The Shower Scene: It wasn’t just a wash; it was a treatment with Chemist At Playʼs Exfoliating Body Wash (4% Lactic Acid) and the comforting Dove Relaxing Care

Shea Butter & Vanilla.

Scalp is the New Skin: Haircare got serious. Through the last year, over 1 crore rosemary-based products were sold. WishCare Hair Growth Serum moved at a rate of one unit every minute, proving India is officially over the “quick fix” and into the “thick fix.”

The Gloss Factor: LʼOréal Professionnel Absolut Repair and LʼOréal Paris Hyaluron Moisture shampoos kept the frizz at bay for 72 hours at a time.

Nykaa Now: For the “I Need It Yesterdayˮ Generation

Imagine this, youʼre halfway through packing for a holiday when you realize your face wash is bone dry. One shopper in Bangalore found herself in this exact “pre-flight panic.” Realizing she was flying to Delhi that same night, she didn’t think a restock was possible. She ordered her favorite cleanser via Nykaa Now while still at her office desk. The result? The package didn’t just meet her at home; it beat her there. Thatʼs not just delivery; thatʼs a travel hack.

When “Instant” Actually Means Instant:

The 6-Minute Flex: In Hyderabad, someone restocked their full barrier-repair kit, Minimalist 10% Vitamin C Serum and CeraVe Moisturizer, while a Bella Vita Perfume Set landed in Delhi… all in 6 minutes. Thatʼs faster than deciding what to watch on Netflix.

The “Everything Everywhere All At Once” Order: While most people use us for quick fixes, Chennai went for the “full vanity overhaul.” Our largest basket of the year featured 96 products in a single order, a makeup-heavy haul of Nykaa Cosmetics, Lakme and Neutrogena that proved our assortment is as deep as our delivery is fast.
Whether it’s one serum or ninety-six lipsticks, Nykaa Now is making sure the only thing you waited for in 2025 was your nails to dry.

The Big Picture: Smarter, Softer, More Intentional

Beauty in 2025 wasnʼt about chasing whatʼs next, it was about building routines that last. Beauty in 2025 wasnʼt about chasing whatʼs next, it was about moving fast, choosing smart, and switching without guilt.

Indian consumers explored freely, followed trends unapologetically, and built routines that evolved with them. From barrier-first skincare to intelligent makeup, indulgent body care and mood-led fragrances, beauty became deeply personal, and joyfully flexible.

And as always, Nykaa remained the space where curiosity met with credibility, trends met trust, and discovery happens at the speed of now. Shop these favourites on www.nykaa.com or at a Nykaa store near you.

As we move into 2026, luxury housing is increasingly being shaped by fundamentals such as quality of planning, environmental performance and hospitality-oriented, service-led living, all of which play a decisive role in long-term liveability and asset value. The sector is seeing a clear shift toward well-conceived, exclusive communities where strong design, open spaces and a serviced-residence mindset come together to elevate everyday living. At Central Park, our focus continues to be on these core pillars, creating thoughtfully managed environments that deliver enduring value for both residents and investors.

India, Dec 30:  India’s intercity bus segment has seen a significant structural transformation in 2025, moving from a largely festival-driven travel option to a consistent, high-frequency pillar of the country’s mobility ecosystem, according to data from IntrCity SmartBus.

The shift is particularly evident in winter travel trends, with advance bookings for the December–January period rising by nearly 33% year-on-year, and average booking lead times more than doubling to around 20 days. Winter now accounts for close to 55% of annual holiday planning, driven by clustered long weekends and a growing preference for longer, experience-led journeys.

Consumer expectations have also evolved, with reliability, safety, and air quality increasingly influencing booking decisions alongside price—especially during peak travel periods and disruptions across other transport modes.

Commenting on the trend, Manish Rathi, Co-founder & CEO, IntrCity SmartBus, said, “2025 marked a clear structural shift for intercity bus travel in India. Demand is no longer limited to peak festival dates; travellers are booking earlier, travelling more frequently, and prioritising reliability, safety, and overall experience, making intercity buses a core part of year-round mobility.”

As a result, intercity buses are increasingly absorbing time-sensitive and event-driven demand, signalling a transition towards an experience-based, high-frequency travel model with long-term implications for India’s transport infrastructure.