_Markets open today after Bakri Id holiday (Wed 28). RBI MPC: Jun 3–5._
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📊 *ECONOMY & POLICY*
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🏦 *Subbarao: Let Rupee Slide, Don’t Hike Rates*
Former RBI Governor Subbarao publicly advised the RBI to allow rupee depreciation rather than use rate hikes as the first line of defence against inflation.
With RBI MPC just days away (Jun 3–5), his comments sharpen the debate on whether the central bank should tighten or hold as fuel-driven CPI accelerates.
📎 _Read: Business Standard_
⚡ *IEA: India Energy Investment Hits Record $170 Billion in 2026*
India’s energy investment has grown 11% annually for five years, reaching a record $170bn in 2026 — driven by solar PV (+25% p.a.), oil refining (+23% p.a.) and grid upgrades.
India is now the world’s second-largest coal supply investor alongside a 10x jump in battery storage tenders — a major long-run opportunity for power, infra and clean energy stocks.
📎 _Read: Business Standard_
🏦 *SC Upholds 28% GST on Online Gaming — ₹2.5L Cr Liability Confirmed*
The Supreme Court validated 28% GST on full face-value bets — including skill-based platforms — and upheld retrospective demands on Dream11 and Gameskraft in a ₹2.5 lakh crore dispute.
Combined with Parliament’s August 2025 ban on real-money gaming, this ruling closes the last legal escape route for the sector.
📎 _Read: Business Standard_
🤝 *India–Oman CEPA Live June 1: GCC Export Access Unlocked*
The India–Oman CEPA takes effect June 1, offering duty-free access for Indian exporters across a range of goods into Oman and the wider GCC corridor.
It deepens India’s FTA network at a time when diversifying export markets away from West Asia conflict zones is a strategic priority.
📎 _Read: Business Standard_
🤝 *India–Canada CEPA: Sensitive Sectors Off the Table*
Commerce Minister Piyush Goyal confirmed India and Canada are sidelining sensitive sectors to keep CEPA talks moving, with the third round now underway in Ottawa.
Progress on a Canada trade pact would add another diversification anchor for Indian exporters, particularly in pharma, IT services and agri-processed goods.
📎 _Read: Business Standard_
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🏢 *COMPANIES*
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🔥 *Reliance Flags ‘Extreme Volatility’ Risk; Jio IPO on Hold*
RIL’s annual report warns FY27 outlook is “extremely vulnerable” to geopolitical, macro and policy risks from the West Asia conflict, with global oil demand growth expected to be tepid.
Separately, Jio IPO preparations have slowed as Reliance reviews the deal structure amid market volatility — potentially India’s largest-ever IPO is effectively paused.
📎 _Read: Business Standard_
⚡ *Adani, Tata, JSW Lead India Inc’s ₹10L Cr+ FY27 Capex Cycle*
ICICI Securities data shows India Inc deployed ₹10.5L crore in FY26 capex and FY27 will be equally aggressive — Adani Group leading with ₹1.5L crore across power, airports and data centres.
The power sector index has already surged 24% in two months; Adani Power has overtaken Infosys in market cap, signalling where institutional money is flowing.
📎 _Read: Business Standard_
💻 *Wipro–ServiceNow: Agentic AI Across IT, HR, Procurement, Cybersecurity*
Wipro has deepened its partnership with ServiceNow to embed agentic AI workflows across core enterprise functions using its Wipro Intelligence™ platform, with three new solutions — SmartProcure, Telco Autonomous Networks and Cyber Transform.
Wipro also set June 5 as the record date for its ₹15,000 crore buyback at ₹250/share — a 16.3% premium — making it a near-term catalyst for the stock.
📎 _Read: Business Standard_
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🌍 *GLOBAL & WORLD*
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🌡️ *WMO: Global Temps to Stay Near Record Highs Through 2030*
A new WMO report gives a 91% chance that temperatures will temporarily exceed 1.5°C above pre-industrial levels at least once between 2026–2030, with an El Niño predicted for end-2026 likely making 2027 a record year.
For India: escalating heatwaves threaten crop yields, power demand and insurance losses — a growing macro risk for agriculture, reinsurance and FMCG investors.
📎 _Read: WMO_
https://wmo.int/news/media-centre/new-report-suggests-more-global-temperature-records-ahead
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_Compiled by Daily Business Briefs · 29 May 2026_