In this week’s wrapup, we discuss the Union Budget 2026, India’s state finances, gold price volatility, the Canada-India Uranium deal, and the Indian cricket ball manufacturing industry.

And in this week’s Markets edition, we explain whether the STT hike in the latest Budget could help curb the derivatives frenzy. You can read it here. 

With that out of the way, let’s look back at what we wrote this week.

The Budget 2026 explained

If you were waiting for the Budget, like we do every year, to see what’s in it for you, you’ve probably realised by now that there isn’t much for folks like you and me. But expecting every Budget to be a “people’s Budget” is a bit unfair too. The government also has to keep its finances in check and plan for the long term.

And that means focusing on things that actually move the growth needle — like boosting manufacturing and goods and services exports. That’s what ultimately draws investors to a country. And that’s exactly what this Budget tries to do. It leans into manufacturing and the broader economy so that, even amid global uncertainty, India can grow faster than other emerging markets.

You can check out the key highlights in our Monday newsletter here.

The paradox of India's healthy finances

If you read our story on the Economic Survey, you might have noticed that India’s fiscal story looks better than it has in years. The Centre is cutting deficits and spending big on infrastructure. That has not just impressed global rating agencies but also the bond markets.

But here’s the twist.

When you shift your gaze from the Centre to the states, the picture isn’t as comforting. Many states are spending far more than they earn, often on incentives that don’t clearly translate into growth. The big question though, is whether this can last.

We unpack that in Tuesday’s newsletter here.

Gold is volatile. Demand is not.

Gold has been on a wild ride. Huge daily swings. Fresh highs. And price moves that don’t quite make sense if you look at the headlines alone.

Trade deals were signed, tariffs were cut, equity markets even cheered. Normally, that’s when gold cools off. But this time, it didn’t.

Instead, gold and silver kept moving as if uncertainty had gone up. And that’s what’s confusing everyone. This tells you that there’s something deeper at play here. Something that isn’t obvious from the news cycle.

Which is exactly what our Wednesday newsletter digs into. We tell you why this rally feels so different and why it’s making investors uneasy. You can read it here.

The Canada–India Uranium Deal Explained

Nuclear power has a habit of resurfacing whenever countries start worrying about long-term energy needs. And this time, it’s a nearly $3-billion uranium deal with Canada that’s put it back in focus. On the surface, it looks like a routine supply agreement.

But here’s the thing. India’s uranium requirement is already well above what domestic mines can reliably supply. So then why do we need this deal?

Find out in Thursday’s newsletter here.

A vegan cricket ball that lasts 50 overs?

A cricket ball looks simple. But making one is slow and needs precision. Most of the steps involved are still done by hand, often in small homes across India.

It’s a craft that hasn’t changed much in centuries, and for good reason. Leather balls behave a certain way, and the game has grown around that certainty.

Which is why a recent development feels disruptive.

Sanspareils Greenlands (SG), a major Indian manufacturer, has built a professional-grade cricket ball that doesn’t use leather at all. And it seems to behave close to traditional leather balls. That means it could eventually start replacing the regular cricket ball.

On the surface, swapping leather out looks like it solves real problems. But what does that mean for the future of the industry?

We explored this in Friday’s story. You can read it here.

Finshots Weekly Quiz v2.0 🧠

Hey folks! A few months ago, we hit pause on the Finshots Weekly Quiz because we were cooking up something new. And last month, we finally unveiled the Finshots Weekly Quiz v2.0. If you missed out, don’t worry. Click here to check out the rules and start participating in the quiz today to stand a chance of making it to this month’s leaderboard, and maybe even winning some merch!

But for now, it’s time to announce the top scorers of our previous weekly quiz. There were a whole bunch of you who participated, and many of you ended up with the same scores. So we’re calling you Bulls, Bears, Unicorns, Blue Chips, and Rising Stars. Here’s how the leaderboard looks right now:

As you can see, we have nine top scorers fighting for the merch. But unfortunately, there’s just one merch box to be won every month.

So to break the tie, we’ll be sending a tie-breaker question to all the “Bulls” via email. Keep an eye on your inbox! The one who gets it right the fastest wins the exclusive Finshots merch for January 2026, and we’ll reveal the winner’s name next week.

And to the rest of you whose names made it to the leaderboard, congratulations! You may not have won the merch this time, but you showed up consistently and earned a spot on Finshots’ weekly leaderboard. That’s pretty cool.

So don’t lose hope. Hit the reset button this month and keep answering all the weekly quizzes. Who knows? You might just be the winner this time around.

Click on this link to take this week’s quiz, which is open till 12 noon, Friday, 14th of February, 2026. The more answers you get right, the better your chances of appearing on the Finshots Weekly Quiz leaderboard. We’ll publish it every Saturday in the Weekly Wrapup. And the winner will be announced in the first week of March.

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