Economy
Dalal Street succumbed to a global risk-off mood on May 5, 2026, as the Sensex shed 251 points and the Nifty 50 slipped below the 24,100 mark. The primary trigger was a fresh “Hormuz Showdown,” with Brent crude hovering at $112.93 amid escalating maritime blockades between the U.S. and Iran. The Indian Rupee hit a new historic low of 95.39 per USD, further dampening sentiment. Despite the volatility, defensive buying emerged in the pharma sector, led by Laurus Labs, while ESAF Small Finance Bank posted a stellar 88% jump in disbursements. With Exide Industries set for its earnings call on May 6 and Tesla’s FSD facing Nordic regulatory heat, traders are adopting a “sell-on-rise” strategy until geopolitical war clouds clear.
One of America’s most iconic ultra-low-cost carriers, Spirit Airlines, officially went out of business on May 2, 2026, ending 34 years of service. The abrupt shutdown followed the collapse of last-ditch rescue talks between the Trump administration and bondholders over a $500 million federal loan. Already weakened by two bankruptcy filings in 14 months, Spirit’s fate was sealed by a “crude punch” as the Iran-Israel conflict drove jet fuel prices to historic highs. With all flights canceled and customer service shuttered, Transportation Secretary Sean Duffy has coordinated with United, Delta, and Southwest to offer “rescue fares” for hundreds of thousands of stranded travelers. The airline’s final flight landed at Dallas-Fort Worth on Saturday, marking the largest U.S. airline failure in decades.
On this May Day 2026, the traditional celebration of labor confronts a chilling economic reality: the “Capitalist Loop” is expiring. With global populations peaking and Goldman Sachs predicting 300 million jobs exposed to AI, the world is entering an era of “Degrowth.” As humanoid robots reach a price point of $20,000, undercutting human labor by 90%, a central paradox emerges: if machines do the work and owners take the profit, who earns the income to buy the output? From Japan’s “profit concentration” model to the rise of the State as Buyer of Last Resort, we explore the five remaining sources of global demand and the uncomfortable necessity of rewriting the rules on taxes, ownership, and UBI.
Russia has pushed back against US President Donald Trump’s claim that India will stop buying Russian oil. Foreign Minister Sergei Lavrov said no such commitment has been made by New Delhi, underlining that energy decisions remain India’s sovereign choice.
Bihar is trapped in a fiscal cycle where debt sustains expenditure but rarely builds assets. Here is a state which behind electoral fervour and populist promises struggling to balance ambition with capacity.
The government debt of West Bengal is expected to outgrow 8 lakh crore by the financial year 2025-26, and it is a considerable increase in the fiscal burden of the state that has already raised eyebrows among economic analysts and political critics.
Finance Minister Nirmala Sitharaman underscored the significance of leveraging technology for the common good, while warning against its potential misuse. During her address at the Global Fintech Fest 2025, she stressed the necessity of avoiding the weaponization of technology, advocating for its application in ways that benefit the public.
The CAG Connect website is almost ready to go live. It is a new online platform which is designed to bring people together, share ideas and build a strong community. Whether you are a student or a professional or someone looking to connect with others. CAG connect will offer something valuable for everyone.
A new Goods and Services Tax (GST) Tribunal will start operating next month in Kolkata. This will provide necessary support to the region’s tax system. An official announced on Tuesday that the tribunal will be located in Alipore and will have two separate benches.
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