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A DECLARATION in freight traffic growth on Indian Railways might be a harbinger of an economic slowdown. Projected to grow 3.26% in FY25, from 14.9% two years ago, the drop reflects waning demand for coal, iron ore, cement and petroleum, which collectively make up over 80% of rail cargo. Coal, half of rail freight, is expected to see growth slow to 4.9%, from 8.2% last year, due to softer demand for power and steel. A combination of reduced government capex and high base of 2023 is further stalling momentum in sectors such as construction and manufacturing. As railways mirror the pulse of industrial traction, it seems the once-steady drivers of growth are now losing steam.
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October 2025
As India’s growth story gains momentum and the number of billionaires rises, the country’s luxury market is seeing a boom like never before, with the taste for luxury moving beyond the metros. From high-end watches and jewellery to lavish residences and luxurious holidays, Indians are splurging like never before. Storied luxury brands are rushing in to satiate this demand, often roping in Indian celebs as ambassadors.