DayStarter

Market snapshot

Equities: Friday close

The Nifty opened 32 points higher at 24,123. It moved above 24,150 and approached the 24,170 to 24,175 range during the first hour.

The market turned lower after 10:30 am. Selling became stronger around 11:15 am, and the index touched its day’s low near 24,075 around noon.

Buying improved during the final hour. A strong move in the closing auction pushed the Nifty to 24,175.65, the day’s high. It finished around 50 points above its opening level.

Sector performance

IT was the strongest sector, rising 3.51%. Metal gained 0.75%, while Pharma rose 0.53%.

Consumer Durables was the weakest sector, falling 0.48%. FMCG declined 0.46%, while Energy fell 0.26%.

F&O winners and losers

Ather Energy was the strongest F&O stock, rising 8.09%. Coforge gained 5.93%, while LTM rose 4.73%.

BDL was the biggest loser, falling 3.16%. Jubilant FoodWorks declined 2.69%, while TVS Motor fell 2.39%.

Commodities

Silver was the strongest major commodity in the table, rising 1.23%. Gold increased 0.21%. Crude oil fell 0.37%. Natural gas declined 3.27%.

Currency and bond yields

USDINR fell 0.10% to 95.45. India’s 10-year government bond yield rose to 6.91 from 6.89. The US 10-year Treasury yield increased to 4.69 from 4.67.

Institutional flows

Foreign institutional investors sold Indian equities worth a net ₹5,040 crore on 28 August. Domestic institutional investors bought a net ₹5,184 crore.

Across the five sessions shown below, FIIs were net sellers of ₹2,059 crore, while DIIs were net buyers of ₹19,309 crore.

Macro view

Industrial production

India’s industrial production grew 6.7% year-on-year in July. Growth had been 7.3% in June.

By sector:

• Manufacturing grew 7.3%.
• Electricity and gas supply grew 8.7%.
• Mining contracted 0.9%.

Within manufacturing, 19 of 23 industry groups expanded. Electrical equipment grew 28.3%, while motor vehicles grew 22.2%.

Zerodha AfterMarket Report

Forex reserves

India’s foreign-exchange reserves rose by $12.42 billion to a record $729.33 billion in the week ended 21 August. The previous peak was $728.49 billion in February.

Foreign-currency assets increased by $9.48 billion to $591.33 billion.

Zerodha AfterMarket Report

Disinvestment

The government has achieved around 78% of its FY27 disinvestment and asset-monetisation target of ₹80,000 crore within five months.

It has raised ₹55,757 crore through stake sales in nine public-sector companies, including LIC and Coal India, along with strategic sales and SUUTI remittances.

Zerodha AfterMarket Report

Fiscal position

India met the fiscal-consolidation path set for 2025-26. The fiscal deficit was 4.4% of GDP in 2025-26.

Finance Minister Nirmala Sitharaman said the government has also set a target of bringing borrowing down to 50% of GDP by 2030.

Mint, 31 August 2026

Chemical exports

The Centre may provide policy support and financial incentives to help Indian chemical exporters diversify into more geographic markets. The US accounts for 18% of India’s chemical exports.

China accounted for 41.8%, or $560 million, of India’s $1.34 billion of organic chemical imports in April 2026. A year earlier, China’s share was 29.4%.

Niti Aayog has targeted annual chemical exports of $81 billion by 2030.

Mint

Fertiliser subsidy

Imported urea prices fell 5.9% from $475 per tonne last July to $447. Other fertiliser inputs became more expensive:

• DAP rose 15.4% to $931 per tonne.
• MOP rose 9.7% to $383 per tonne.
• Phosphoric acid rose 17.9% to $1,360 per tonne.

Sachchida Nand, visiting professor at Icrier, said that under a moderate-price scenario, total fertiliser subsidy spending could rise to around ₹2.5 trillion this financial year. The government spent ₹2.17 trillion in FY26. The FY27 Budget estimate is ₹1.77 trillion.

Fertiliser is estimated to account for around 37.5% of total central subsidies of ₹4.55 trillion in 2026-27.

Mint; Fertilizer Department

MSME raw-material procurement

The MSME Ministry plans to triple the volume of raw materials it helps MSMEs procure through NSIC. The target is around 900,000 tonnes a year by FY30, compared with around 300,000 tonnes now.

NSIC distributed 364,374 tonnes of raw material worth ₹3,089 crore in 2025 under the Raw Material Distribution Scheme.

Mint; MSME Ministry FY26 Annual Report

PM SVANidhi

Women account for 46% of beneficiaries under the PM SVANidhi scheme. Around 3.5 million women have received benefits. The scheme has 7.8 million beneficiaries overall.

The government has disbursed ₹19,203 crore since the programme began in 2020.

Mint; PM SVANidhi portal

Fertiliser-management system

The Integrated Fertilizer Management System covers:

• More than 140 million Aadhaar-linked fertiliser buyers.
• More than 250,000 retailers.
• Around 70 million sale transactions each year.

The system helps manage nearly ₹2 trillion of annual fertiliser subsidies.

Department of Fertilizers

Indian Standard Time becomes official reference

The government notified the Legal Metrology (Indian Standard Time) Rules, 2026. The rules make Indian Standard Time the single reference for legal, administrative, commercial and other official purposes across the country.

They were notified on 27 August. They will take effect 180 days after publication in the official gazette.

PTI via Mint

Privatised airports: Ownership and economics

The Airports Authority of India owns and operates 122 airports. AAI previously managed the eight airports that have been privatised so far. Adani Group operates eight airports, including Mumbai. GMR Group also operates eight airports, including Delhi.

In 2024-25, AAI reported:

• Revenue of ₹20,648 crore.
• Net profit of ₹7,233 crore.
• Net margin of 35%.
• Capital expenditure of ₹5,568 crore.

The first phase of the new Noida airport reportedly cost ₹11,200 crore.

Revenue sources differ sharply between AAI and private operators. In 2024-25:

• 54% of GMR Aero’s revenue came from non-aeronautical activities.
• 9% of AAI’s revenue came from non-aeronautical activities.

The share of AAI revenue coming from privatised airports was 35.7% in 2024-25. It was 17.1% in 2007-08.

The next 11 airports proposed for privatisation handled 19.4 million passengers in 2024-25. The six airports privatised earlier handled 39.3 million passengers.

Of AAI’s 122 airports, 32 were profitable in 2024-25. Four of those profitable airports are part of the next privatisation group.

Mint; howindialives.com; AAI annual reports

Corporate action and earnings

HDFC Bank leadership transition

HDFC Bank chief executive Sashidhar Jagdishan said on Saturday that he will not seek another term when his current tenure ends in October. Deputy managing director Kaizad Bharucha is widely expected to take interim charge until a full-time chief executive is selected and receives regulatory approval.

HDFC Bank’s ADR rose 2.76% to $23.08 on Friday. The Indian-listed stock recovered from a 52-week low of ₹707 and closed 1.3% higher at ₹720.30.

Ownership has also shifted. Mutual fund holdings increased to 30.62% in June from 25.61% a year earlier. FPI holdings fell to 41.83% from 48.84%.

During Jagdishan’s tenure:

• The loan book tripled to ₹30.6 trillion.
• Deposits increased 2.6 times to ₹31.7 trillion as of 30 June.
• Price-to-book value fell from 3.2 times in 2020 to 1.8 times now.

Over the same period, ICICI Bank’s price-to-book ratio increased from 1.8 times to 2.7 times.

Mint

Tata Sons chairman search

Senior Tata Trusts executives have approached the Maharashtra charity commissioner to resolve a deadlock and formally begin the search for a new Tata Sons chairman.

Tata Trusts chairman Noel Tata, along with Sir Ratan Tata Trust trustees Darius Khambata and Jehangir HC Jehangir, requested permission for SRTT to nominate a member to the search panel jointly with Sir Dorabji Tata Trust.

Tata Trusts and smaller trusts, including SDTT and SRTT, own 65.9% of Tata Sons.

Mint

TAFE new plant

Tractors and Farm Equipment Ltd plans to build its fifth plant in a north Indian state. The facility will have capacity of around 60,000 tractors. It is expected to be ready within 18 months. The investment could be as much as ₹1,250 crore.

TAFE sold around 214,000 tractors last year. Revenue moved closer to ₹16,000 crore. Domestic sales grew 24.8%. TAFE had an 18% market share during the first nine months of FY26. Mahindra & Mahindra had 44%.

Mint; Crisil

SBI and the NSE IPO

State Bank of India and SBI Capital Markets plan to sell up to a 1% stake in NSE through the exchange’s proposed ₹30,000 crore IPO. SBI owns 3.23% of NSE. SBI Capital Markets owns 4.33%.

Last month, SBI and Amundi reduced their combined holding in SBI Mutual Fund through a ₹9,800 crore public offer. The offer was subscribed 42 times. After the listing, SBI’s holding fell to 55.46% from 61.76%.

PTI via Mint

Country Delight IPO preparations

Beejapuri Dairy, which operates Country Delight, has started early preparations for an IPO. The company could raise $200 million to $300 million. A listing is being considered within the next 12 to 18 months. Informal pitches to investment bankers are expected to begin within 7 to 10 days.

The company raised:

• ₹65 crore of debt from Alteria Capital in May 2026.
• ₹200 crore of equity from Temasek in March 2025.

Mint

UPI AutoPay interoperability

NPCI is preparing to make UPI AutoPay interoperable. Users would be able to move recurring payment instructions between apps and merchants and shift existing mandates from one payment gateway to another.

The top 10 banks processed nearly 1.8 billion UPI e-mandate transactions in July. This was more than three times the 585 million processed in July 2025.

Mint; NPCI

Adani Enterprises

Adani Enterprises shares have gained 41% so far in 2026 to ₹3,169. Motilal Oswal Financial Services started coverage with a sum-of-the-parts target price of ₹3,880. Morgan Stanley started coverage with a target of ₹3,638.

Motilal values Adani Airport Holdings, which represents 48% of its total valuation, at 35 times enterprise value to EBITDA using September 2028 estimates. It assigns GMR Airports a multiple of 15 times FY29 estimates.

Mint

Ather Energy

Ather Energy is introducing more mainstream design features, including:

• Handlebar-mounted headlights.
• Centre stands.
• Longer seating.

Ather finished FY26 as India’s third-largest electric two-wheeler maker. Sales rose 82% to 239,178 units. Its market share reached 17%. Ather shares have risen 438% over the past year since the company listed in May 2025. The company plans to expand annual manufacturing capacity to 920,000 units by late 2027.

Mint; FADA

Tata Motors electric commercial vehicles

Tata Motors expects demand for electric commercial vehicles to remain strong. During Q1FY27, the company had more than 3,400 electric commercial vehicle orders across different segments.

PTI via Mint

Electric buses and trucks

The government may provide interest subsidies for charging infrastructure under its proposed financing programme for electric buses and trucks. The plan was estimated at ₹9,852 crore in May.

It could provide:

• Interest subsidies.
• Credit guarantees.

The target is to help finance:

• 50,000 electric buses.
• 50,000 electric trucks.

The programme would run for five years. India currently has 67,657 public EV chargers.

Mint; BHEL

TVS Motor

TVS Motor appointed Peyman Kargar as its next CEO and director. His five-year term begins on 27 January 2027. He will replace K N Radhakrishnan. Kargar currently leads TVS Motor’s international business.

Zerodha AfterMarket Report

Tejas Networks

Tejas Networks shares rose nearly 13% after receiving a Letter of Intent from TCS. The potential ₹1,537 crore order covers:

• RAN equipment.
• Accessories.
• Installation materials.

The equipment is intended for BSNL’s 4G network.

Zerodha AfterMarket Report

IndiGo Ventures and Sarvam

IndiGo Ventures will invest in Indian AI startup Sarvam as part of its Series B round. Financial terms were not disclosed.

Zerodha AfterMarket Report

Telecom subscribers

India’s wireless subscriber base increased by 55.38 lakh in July to 128.79 crore. Subscriber additions were:

• Bharti Airtel: 26.8 lakh.
• Reliance Jio: 24.4 lakh.
• Vodafone Idea: 2.4 lakh.
• BSNL: 1.68 lakh.

Zerodha AfterMarket Report

Highway inspections

The Road Transport Ministry will appoint Engineers India Ltd as a third-party inspection agency. It will inspect around 5,000 km of expressways and national highways. The initial appointment will be for three years.

Zerodha AfterMarket Report

Other corporate developments

• Hindusthan National Glass and Industries issued a default notice to B9 Beverages, maker of Bira 91. It is seeking ₹11.77 crore for glass bottles manufactured against confirmed purchase orders.
• NCLAT upheld the clean-slate principle under the Insolvency and Bankruptcy Code and rejected claims from a Sintex Industries shareholder seeking around ₹110 crore in compensation.
• ONGC issued an Expression of Interest to appoint a global offshore rig-broking consultant as it examines acquiring deepwater drillships or creating a joint venture.
• Jindal Stainless is increasing annual coin-blanks capacity by 20% to 12,000 tonnes.
• Amrutanjan Health Care plans to establish 100,000 direct chemist outlets during the current financial year.

PTI via Mint

Upcoming events

Economic calendar

Week ahead

• 31 August to 1 September: Prime Minister Narendra Modi to attend the 26th SCO Summit in Bishkek, Kyrgyzstan.
• 31 August: Finance Minister Nirmala Sitharaman to lead India’s delegation at the G20 FMCBG meeting.
• 1 September: India to stop stamping physical boarding passes at immigration.
• 3 September: Tesla’s steering-wheel-free Cybercab is scheduled to debut in Austin, Texas.
• 4 September: Google Assistant is scheduled to stop working on Android, with Gemini taking over.
• 4 September: OpenAI is scheduled to launch ChatGPT ads and provide access to its Ads Manager platform.

Mint

Global pulse

Global markets

Global markets were mixed. The Nikkei 225 gained 0.41%, while the Dow Jones, Hang Seng and FTSE 100 also ended slightly higher. The Nasdaq 100 fell 0.31%, while the Shanghai Composite declined 0.11%.

Crude oil

WTI crude fell below $83 per barrel. Weekly losses were close to 5%. Goldman Sachs said Persian Gulf oil exports were recovering as more shipments moved through the Strait of Hormuz.

Regional exports have increased to 15 million to 16 million barrels per day. At the March lows, exports were 5 million to 6 million barrels per day. They are still below pre-conflict levels.

Zerodha AfterMarket Report

SK Hynix

SK Hynix plans to begin volume production of next-generation HBM4E chips at its Indiana facility in Q3 2029. The company expects the current memory-chip shortage to continue until the end of 2030.

Zerodha AfterMarket Report

Toyota

Toyota’s global sales fell 4.8% year-on-year in July to 856,125 vehicles. Production declined 2.1%.

By region:

• China sales fell 24.3%.
• Middle East sales fell 44.5%.
• US sales fell 0.8%.
• Japan sales rose 11%.

Zerodha AfterMarket Report

ICBC

ICBC reported first-half net profit of 173.7 billion yuan, or $25.85 billion. This was 3.3% higher than a year earlier.

Zerodha AfterMarket Report

BYD

BYD reported first-half net profit of 12.3 billion yuan, or $1.83 billion. Profit fell 20.5% year-on-year. Revenue fell 7.1% to 344.8 billion yuan.

Zerodha AfterMarket Report

Nepal flood disaster

At least 752 people have been confirmed dead. More than 3,000 remain unaccounted for. More than 8,700 people have been rescued. Almost 20,000 security personnel have been mobilised.

Chinese authorities said 261 foreign nationals from 23 countries are missing after a mudslide hit Gyirong Port on the China-Nepal border. The US is providing more than $3.6 million of humanitarian aid, including emergency food supplies.

India sent:

• An 11-member medical and tunnel-rescue team.
• A fourth flight carrying essential supplies.

Bloomberg via Mint; Xinhua via Mint; US Embassy in Nepal; S. Jaishankar

Iran sanctions

The US announced plans to sanction the UAE branches of Egypt’s Banque Misr. China, which buys 90% of Iran’s oil, signalled that it would resist US pressure.

Alex Zerden, former US Treasury official and founder of Capitol Peak Strategies, said the public actions taken by the Treasury Department this week did not match the earlier hype.

Bloomberg via Mint

India-Uzbekistan trade

India and Uzbekistan set a target of increasing bilateral trade to $5 billion by 2030. The two countries also agreed to:

• Broaden the range of goods traded.
• Remove non-tariff barriers.
• Address investment hurdles.

Bilateral trade reached $1.3 billion in 2025. This was 33.3% higher than a year earlier.

Mint; Prime Minister’s Office; Commerce Ministry

Low-Earth orbit satellites

At least 41,000 more satellites are expected to be deployed into low-Earth orbit between now and 2034. Around two-thirds are expected to come from:

• SpaceX.
• Amazon.
• Chinese companies.

The Wall Street Journal via Mint; Analysys Mason

European security

European authorities have linked Russia to drone incursions, sabotage, cyberattacks and other hostile actions across the continent. Documented Russia-backed incidents had reached around 15 per month since April. In many months since 2024, the maximum had been around 10.

The Wall Street Journal via Mint; Sahaidachnyi Security Center

Nvidia and physical AI

Nvidia’s physical-AI business already generates around $10 billion of annual revenue. Nvidia’s overall revenue for the four quarters ended July was $303 billion.

China is the world’s largest industrial-robot market. During the first half of 2026, China shipped around 90% of the world’s humanoid robots. The US has blocked Nvidia from selling its most powerful AI chips to China. Trade remains open for Nvidia’s robot and automotive chips.

The Wall Street Journal via Mint

India-Russia fuel trade

India has become an important gasoline supplier to Russia. Russia’s seaborne gasoline imports increased to a record around 125,000 barrels per day in August. That is equal to a projected 470,000 tonnes for the month. Indian refiners supplied as much as 1 million barrels of gasoline during the past two months.

PTI via Mint; Vortexa

Management commentary

On the interest-rate outlook

Rajan added, “I do think that financial conditions are not restrictive at this point.” On the rupee, he said, “At this point, I don’t think the currency (Rupee) is that far out of whack; I don’t think it’s a panic situation.”

On the RBI’s policy path

Jain added, “A modest hike need not derail growth, but a prolonged tightening cycle would affect leveraged and rate-sensitive businesses and raise lenders’ funding costs.”

On the fiscal-deficit trajectory

Sitharaman added, “We have set ourselves a certain target, which is to bring the borrowing down to the 50% level of GDP by 2030. I will be working on that path.”

On TAFE’s partnership and capacity

Srinivasan added, “Capacity is now going to come up fast, because it’s giving us very good confidence in terms of both domestic and export demand.”

On SBI’s home-loan growth

Setty added, “People trust SBI most when it comes to taking a home loan… as a segment is very important for the economy.”

Feature: Weekend recap

The feature is based on The Economic Times, Mumbai print edition, 30 August 2026, along with named public external sources.

HDFC Bank: Succession begins

HDFC Bank managing director and chief executive Sashidhar Jagdishan informed the board on Saturday that he does not want another term when his current tenure ends in October. The board must recommend at least three candidates to the RBI. The list may include external candidates.

The bank said Jagdishan will retire at the close of business on 26 October 2026. The board had asked him to reconsider, but he confirmed his decision.

The board said it appreciated his:

• Commitment.
• Leadership.
• Contribution to the bank’s growth and stability.
• Role in completing one of corporate India’s largest mergers.

The bank said it will fast-track the appointment process and complete it within time. RBI rules require banks to apply for reappointment or submit fresh names six months before the current chief executive’s term ends.

An external legal review submitted at the end of June found no evidence supporting the former chairman’s resignation concern.

The published timeline also states:

• 23 July 2026: The board penalised Jagdishan and two executives after an MSRDC deposit review.
• 29 August 2026: Jagdishan declined reappointment.

The Economic Times; The Tribune; Business Today

Temasek and Air India

Singapore state investor Temasek continues to support Singapore Airlines’ investment in Air India. Temasek owns 30.41% of Singapore Airlines. Singapore Airlines owns 25.1% of Air India. Tata Sons owns the rest.

Air India has sought around $1.5 billion of fresh equity from its owners. Temasek’s India exposure represented 7% of its global portfolio in 2026, up from 4% in 2016.

Its aviation exposure includes:

• 50% of Singapore Airlines.
• 51% of ST Engineering.
• 40% of SATS.

Juliet Teo, joint head of portfolio development at Temasek Singapore, said Temasek views Singapore Airlines’ Air India investment from a long-term perspective and supports it. She said Air India’s transformation involves complex, multi-year operating and integration challenges.

Results are also affected by:

• Airspace disruptions.
• Geopolitical developments.
• Fuel-price volatility.

She said a transformation of this size takes time and is unlikely to progress in a straight line. Temasek did not say whether it would support any new capital contribution by Singapore Airlines.

Singapore opposition lawmaker Kenneth Tiong has urged that Temasek’s money not be used to support Air India. He has sought oral answers from Singapore transport minister Jeffrey Siow during the parliamentary session on 8 September.

Air India and Air India Express recorded combined losses of $2.33 billion in the year to March. Singapore Airlines said its board would carefully consider any additional capital request while also considering:

• The group’s other capital needs.
• Air India’s business strategy.

The Economic Times; Reuters via Business Standard and Business Recorder

GST Council meeting on 12 September

The 57th GST Council meeting will be held in New Delhi on 12 September 2026. It will begin at 11 am. An officers’ meeting will take place a day earlier, on 11 September, also at 11 am. The venue and agenda will be announced later.

The Council is expected to consider reforms including:

• Making it easier to receive blocked input-tax credit.
• Simplifying GST treatment of corporate guarantees.
• Allowing small businesses to register in multiple states.

The 56th GST Council meeting was held on 3 September 2025.

ANI; The Economic Times; Taxscan

Nepal reconstruction may cost $4 billion to $5 billion

Nepal may need $4 billion to $5 billion to rebuild after the floods. Finance Minister Swarnim Wagle said the estimate is still preliminary. The amount is close to one-tenth of Nepal’s economy.

Wagle said the country would need much less than the $9 billion spent after the 2015 magnitude 7.8 earthquake. He did not explain why the current reconstruction cost is expected to be lower.

Different sources reported different casualty counts during Saturday. The Economic Times, citing ANI and OPB, reported 669 deaths as of 4 pm. NBC News later reported at least 734 deaths, nearly 2,500 people missing and more than 8,100 rescued. More than 90,000 people have been affected.

Nepal has asked for specialist help to:

• Rescue people trapped in tunnels.
• Restore transport and communication where bridges were destroyed.
• Identify bodies.
• Carry out DNA testing.
• Store bodies for longer periods.

A team of Indian tunnel experts arrived in Nepal on Saturday. India had already sent three flights carrying 60 tonnes of relief supplies. India is also increasing efforts to install early-warning systems across 188 critical lakes in the Indian Himalayan Region that are vulnerable to glacial lake outburst floods.

Reuters via CNBC and AsiaOne; The Economic Times; NBC News

Modi in Central Asia

Prime Minister Narendra Modi is expected to meet Chinese President Xi Jinping in Bishkek on the sidelines of the SCO Summit. The meeting would come before Xi’s expected visit to New Delhi for the BRICS Summit on 12 and 13 September.

The first India-Russia International Industrial Trade Fair, INNOPROM.India, will be held from 9 to 11 September at Bharat Mandapam in Delhi.

Modi arrived in Bishkek on Sunday at the invitation of Kyrgyz President Sadyr Zhaparov for the 26th SCO Summit. The visit followed a two-day State Visit to Uzbekistan. India and Uzbekistan upgraded their relationship to a Comprehensive Strategic Partnership. Modi also received Uzbekistan’s highest honour for foreign leaders, the Oliy Darajali Do’stlik Order.

The Economic Times; ANI

Fuel costs are changing gig work

Higher fuel and vehicle operating costs are making gig workers more selective about jobs. Workers are increasingly choosing roles with:

• More predictable earnings.
• Lower operating costs.

Companies are responding by increasing:

• Incentives.
• EV-linked jobs.
• Fixed-pay roles.

Job postings in delivery, driver and logistics roles increased 60% year-on-year during Q1FY27. EV-related job postings increased 583%. Warehouse jobs grew 91%. Fixed-pay opportunities increased 285%.

Compared with the overall delivery segment:

• EV roles received 62.5% more candidates per opening.
• Fixed-pay jobs received 244% more.
• Warehouse jobs received 350% more.

Apna.co CEO Kartik Narayan said the difference between headline earning potential and guaranteed income is becoming more important for workers.

Petrol prices have risen around ₹7.5 per litre since the Iran-US conflict began in February. Indraprastha Gas Ltd increased CNG prices by ₹3.89 per kg in Delhi and nearly 20 other licensed areas from Sunday. CNG now costs ₹86.98 per kg in Delhi. The company increased prices to offset higher gas-procurement costs. Global gas benchmarks have doubled since the Iran war.

The Economic Times; Apna.co

India exports hair, but little finished product

India exported around $282 million of unprocessed human hair to Myanmar in FY26. Around 98% of India’s exported volume of unprocessed hair went to Myanmar. The value increased 43% from the previous year.

India accounts for 85% of the world’s human-hair supply. However, India exported only $1.35 million of wigs and similar finished products. The global human-hair extension and wig industry is worth $5.25 billion. India’s total human-hair exports in FY26 were worth $940 million.

The Human Hair & Hair Products Manufacturers & Exporters Association of India represents 85 leading exporters. It has repeatedly asked the government to ban raw-hair exports. The association argues that this would:

• Keep more raw material available for Indian processors.
• Create more than one million jobs in wig-making and other value-added activities.

Sathish Gandhi, director of Chennai-based Allure Hair Products, said hair processing in Myanmar is cheaper because of the widespread use of child labour. He said India loses employment opportunities when more unprocessed hair is exported.

The Economic Times; Global Trade Research Initiative

Closing note

Market data: Zerodha AfterMarket Report, 28 August 2026 close. Editorial: Mint Mumbai print edition, 31 August 2026. Feature: The Economic Times Mumbai print edition, 30 August 2026, and named public sources. For information only; not investment advice.