Mint TOTM on 9 Jan 2026 | India’s new airlines are a flight risk before they can fly

A late-December social media post by Civil Aviation Minister K. Ram Mohan Naidu raised hopes of fresh competition in India’s skies, naming Shankh Air, Alhind Air and FlyExpress as new aspirants.

But a closer look suggests the optimism may be premature. Of the three, only FlyExpress received its no-objection certificate in December. Shankh Air and Alhind Air were cleared earlier, contradicting the impression of rapid momentum. This matters because the update landed amid anxiety over a near-duopoly, after flight cancellations exposed the fragility of India’s aviation system. Mint’s review shows uneven fundamentals.

Alhind Air is backed by a large travel group but faces capital and execution gaps. Shankh Air’s promoter has scale in trading, but aviation demands far deeper financial buffers. FlyExpress raises the most red flags, with a patchy corporate history and unresolved legal issues.

In a sector littered with failed startups, clearances alone do not guarantee credible competition. (read more)

THE MAIN STUFF

Why Venezuela’s oil hasn’t crashed prices

Oil prices barely budged after the US-engineered regime change in Venezuela, defying expectations of a sharp fall. Brent briefly spiked above $62 a barrel before slipping back to around $61, close to pre-action levels.

The reason is simple. Venezuela’s vast reserves exist mostly on paper. Years of sanctions and neglect have left output at under 1% of global supply, with broken infrastructure and little investor appetite at current prices. Reviving production needs billions of dollars and political certainty.

For India, steady or lower crude oil prices is a relief, easing inflation, the current account deficit, and pressure on the rupee as prices drift towards $50 in 2026. (read more)

Debt recovery overhaul could be on the budget agenda

India’s debt recovery framework may be headed for another reset in Union Budget 2026, as the Centre looks to unclog tribunals and speed up loan recoveries. Proposed changes aim to align the SARFAESI Act, DRT rules and the Insolvency and Bankruptcy Code so they work together, not at odds.

The tweaks could curb last-minute redemptions that fuel litigation, grant legal backing to electronic notices and give banks more freedom to withdraw cases. With nearly 180,000 cases stuck in tribunals, policymakers see faster recoveries as critical to easing bank balance sheets, containing credit losses, and reviving lending momentum. (read more)

UN lifts India growth outlook on domestic demand strength

India’s economy likely grew 7.4% in 2025 and is set to expand 6.6% in 2026, the United Nations said, sharply upgrading its earlier forecasts.

Resilient consumption, strong public investment, tax reforms and easier monetary policy should cushion the impact of higher US tariffs. While trade risks persist, key export segments are expected to hold up, supported by demand from other markets.

Globally, growth is seen at a modest 2.7% in 2026. For India, the UN and Morgan Stanley agree that domestic demand, backed by fiscal and policy support, will remain the main growth engine. (read more)

Edtech firms eye university status as demand shifts home

After years of relying on co-branded degrees, India’s online skilling firms are now chasing full university licences. Platforms such as Master’s Union and Scaler are evaluating regulatory approvals, while PhysicsWallah plans a new university in Andhra Pradesh.

A swelling youth population, tighter overseas visa norms, and policy support under NEP 2020 are pushing demand back to India.

Founders say independent university status unlocks rankings, credibility and scale, especially for undergraduate programmes. However, high entry barriers—from land requirements to accreditation—mean only well-capitalised, long-term players are likely to make the cut. (read more)

When gig work turns into content and content locks workers in

From delivery riders to cab drivers, gig workers are increasingly filming their daily routines for social media to supplement unstable incomes and gain visibility their jobs rarely offer. For some, like Haryana newspaper vendor Deepak Saini, content creation has doubled earnings. For others, it has become the main source of income through brand deals and ads.

But the success comes with a trap. As audiences follow them for their gig identities, creators find it harder to move on from the very work they hope to escape, turning flexibility into a new form of dependence. (read more)

NEWS IN NUMBERS

15: The number of locations raided by Enforcement Directorate in a nationwide crackdown on a fake government job scam involving over 40 public organisations.

100: The number of people killed in the US military operation that captured Venezuelan leader Nicolás Maduro in Caracas, according to Venezuela’s interior minister.

$1.5 trillion: The proposed US defence budget for 2027 under President Trump, marking a 50% increase aimed at building a “Dream Military” amid rising global tensions.

7.35%: The decline posted by Eisler Capital in December, extending its 2025 losses to 14.3% before the multistrategy hedge fund was formally wound down.

$70 million: The targeted Series B funding for US-based AI startup Articul8, with participation from Aditya Birla Ventures, valuing the company at over $500 million.

65: The number of international organisations the US has withdrawn from under the Trump administration, including India-backed International Solar Alliance.

9: The number of Indian standards withdrawn by the BIS across multiple sectors to align with international norms and enhance product quality and safety.

AROUND THE WORLD

• The mystery of China’s slumping investment
• How to make immigration palatable in a populist age
• Cuba is already on the brink. Maduro’s ouster brings it closer to collapse.
• The war in Gaza is paused but the battle over aid rages on
• Congress moves to question Epstein’s executors and billionaire Les Wexner

CHART OF THE DAY

The share of subsidies in total expenditure has resumed its decline after the pandemic-era spike. In FY26, subsidies account for 8.4% of the total budget—the lowest level in nearly 25 years. The share has largely been on a downward trend since FY15.

LOUNGE RECOMMENDS

Shefalee Vasudev's ‘Stories We Wear': A doctor gives new life to burn victims

The question of repair—of faces, bodies, even love—is never only medical. It belongs to culture itself. The emboldened narrative in contemporary life—how we look is who we are—is not confined to the urban rich; it is a cultural grip. (read more)

WHAT THE FACT

The Praying Fruit

Known as Buddha’s Hand, this intensely fragrant citrus has no pulp or juice and is prized instead for its perfume-like aroma.

Widely used in China and Japan to scent rooms, clothes, and personal items, it is also offered in Buddhist temples as a religious offering. Tradition holds that Buddha preferred fruits whose “fingers” were closed, resembling hands folded in prayer, rather than splayed open ones, making the shape as important as the scent.

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