Flashback 2025: The year in pictures

Trump’s tariff tantrums and more U.S. President Donald Trump, with his policy of reciprocal tariffs, has had a few big wins, such as trade deals with the EU and Japan. But it has also had tough negotiations with countries like India, which is in the process of stitching up a trade deal. The U.S. imposed 25% tariffs on Indian exports, along with a penal 25% tariff for buying Russian oil. At 50% tariffs, Indian businesses have had to look for alternative markets, and while some Indian companies absorbed the tariffs, some have passed them on to U.S. customers. Meanwhile, Mexico, too, imposed high tariffs on India recently. Towards the end of 2025, the U.S. imposed sanctions on Russia, thereby severing India’s concessional oil pipeline. The H-1B headache In September, the U.S. government increased the annual H-1B visa fee to $100,000 from $10,000 — as part of the administration’s continued efforts to tighten immigration norms. While the fee hike only affected new visas, Indians and IT firms are a worried lot. For context, Indians reportedly account for more than 70% of H-1B visas issued, followed by China. Trade win The Narendra Modi-led government firmed up a trade deal with the U.K., which eliminated tariffs on 99% of goods exported to the U.K. Meanwhile, the India and EFTA Trade and Economic Partnership Agreement (TEPA) took effect on October 1. Under TEPA, EFTA — European Free Trade Association — committed to $100 billion in investments in India, and one million direct jobs over 15 years. Good and simple tax The government this year simplified the goods and services tax (GST) structure to a two-slab one — a 5% merit rate for essential goods and an 18% standard rate for most other items. A new, higher 40% tax rate has also been introduced for luxury and ‘sin’ goods like pan masala, tobacco products, high-end cars, yachts, and aerated drinks. Reforming labour codes The Centre has codified 29 labour laws into four labour codes — The Code on Wages, 2019; The Industrial Relations Code, 2020; The Code on Social Security, 2020; and the Occupational Safety, Health and Working Conditions Code, 2020. Key provisions include formalisation of employment and ensuring social security, minimum wages, preventive healthcare, and timely wages. Union Budget brings tax relief The Union Budget 2025-26 made income up to ₹12 lakh per annum (₹12.75 lakh for the salaried class, including standard deduction of ₹75,000) tax free; the earlier limit was ₹7 lakh per annum. IndiGo crisis All hell broke loose on December 3 when IndiGo, with a 65.6% market share (as on October 31, 2025), cancelled several flights. What followed in the next three-four days was a full-blown crisis, triggering as many as 5,000 cancellations (till December 12) and widespread delays, leaving thousands stranded across airports. At the heart of the crisis were the new crew-rostering rules that give pilots and cabin crew more rest — changes IndiGo is accused of failing to plan for. CEO Pieter Elbers has said the airline’s operations are back on track, though the government has cut 10% of IndiGo’s scheduled flights for the winter season, reducing its operations by about 200 daily flights. Tragedy strikes In a heart-wrenching incident in June, a London-bound Air India flight (AI-171), a Boeing 787-8 Dreamliner, crashed to the ground seconds after take-off from Ahmedabad, killing all but one of the 242 people on board and 19 others on the ground. Stellar IPOs The year 2025 has been a good one for mainboard IPOs. The biggest mainboard IPOs were Tata Capital (₹15,512 crore), HDB Financial Services (₹12,500 crore), LG Electronics India (₹11,607 crore), and ICICI Prudential Asset Management Company (₹10,603 crore). Hanging up his boots Legendary investor and Berkshire Hathaway CEO Warren Buffett has retired after 60 years! In a letter published in November, Buffett said he’ll be “going quiet,” and will no longer write Berkshire’s annual report, or talk “endlessly” at the annual meeting. The veteran investor, known as the Oracle of Omaha, told shareholders he would hand over the reins of the $1.16 trillion investment juggernaut to vice chairman Greg Abel. End of an era Ratan Tata’s stepmother Simone Tata, 95, passed away in Mumbai last month. Simone, the mother of Tata Trusts chairman Noel Tata (pictured left), is known for her role in building Lakmé into India’s No. 1 cosmetics brand. Following Lakmé’s sale to Hindustan Unilever in 1996, she channelled the sale proceeds into launching Trent, marking the Tata group’s entry into fashion retail. She led Trent until 2006 and served on the boards of Tata Industries and the Sir Ratan Tata Institute. The World Cup and her-story The multi-billion-dollar sport has long been regarded as a gentleman’s game. But all that changed — at least in India — on November 2, when the women’s team won the World Cup for the first time, defeating South Africa by 52 runs at Mumbai’s DY Patil Stadium, led by brilliant all-round performances from Deepti Sharma and Shafali Verma. Winning at home gave India its first major women’s cricket title, and the Board of Control for Cricket in India (BCCI) announced a record-breaking ₹51 crore cash reward. Screen power Bollywood found success in scale, storytelling, and sequels. Spy action thriller Dhurandhar crossed the ₹1,000-crore mark at the global box office, becoming the first release of 2025 and the ninth Indian film overall to enter the coveted club. Chhaava led the year as a historic blockbuster, while romantic musical Saiyaara connected strongly with viewers. Sequels like Raid 2, War 2, and Housefull 5 benefitted from franchises, and big-vision films such as Kantara: Chapter 1 thrived as pan-India spectacles.

Flashback 2025: The year in pictures

Trump’s tariff tantrums and more

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