Welcome to The morning report brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. India’s outward remittances for education abroad fell 24% year-on-year in August 2025 to $0.32 billion — the lowest August figure since 2017. Despite festive cheer and broad market participation, experts cited Samvat 2081’s underperformance due to weak earnings. Diwali spending peaks with ₹5.40 lakh crore in goods, ₹65,000 crore in services sales: CAITIndia recorded its highest-ever Diwali turnover in 2025, with ₹5.40 lakh crore in goods and ₹65,000 crore in services, marking a 25% jump from last year. Experts say India can invoke the ‘infant industry’ defence, though it requires meeting specific WTO conditions.