Outgoing 2025 was a year of contradictions for the economy, marked by both resilience and strands of fragility. Even as GDP growth kept “surprising” on the upside quarter after quarter, equity and currency markets failed to mirror this optimism. Benchmark indices—the Sensex and the Nifty—clocked single-digit returns, even as the IPO market exhibited unrelenting exuberance. The rupee saw a roller coaster ride, emerging as one of the worst-performing currencies in Asia, shedding over 5% against the dollar.