New Delhi: India’s real GDP growth is projected at 7.4 per cent for FY26, up from 6.5 per cent in FY25, a report has said, highlighting seasonal pick up in electricity, mining and construction sectors. The report from ICRA said that growth is expected to ease below 7 per cent in H2 FY26 from 8 per cent in H1 because of an unfavourable base effect and moderation in exports.

The report expects a pause in the February 2026 policy review by the RBI, with future decisions to be guided by the FY27 Union Budget and evolving inflation-growth dynamics. Meanwhile, economic activity remained healthy in Q3 FY26, aided by GST rate‑cut led festive demand and seasonal upticks in some sectors.

ICRA expects consumption volumes of goods and services as well as manufacturing volumes to have benefited from GST cuts and festival demand in Q3, though the export drag may intensify in H2 unless a US trade deal materialises.

The firm forecasts CPI inflation to plunge to 2 per cent in FY26 from 4.6 per cent in FY25, with WPI at 0.4 per cent. CPI rose to 0.7 per cent in November 2025 from 0.3 per cent in October, due to a narrower deflation in food and beverages.

Additionally, mining and construction activity as well as electricity demand are set to witness a seasonal pick up in the coming months, after the easing owing to rainfall-related disruptions, it said. “Cement production is expected to grow 6.5–7.5 per cent in FY26. Steel demand growth may moderate to 7–8 per cent after strong previous years. Electricity demand growth is muted at 1.5–2 per cent for FY26,” the report noted.

It also flagged external risks including delay in the US-India trade deal, and global policy changes affecting service exports. Domestic risks encompass subdued export growth, monsoon variability, fiscal constraints, and inflationary pressures from commodity prices.

Last Updated:December 27, 2025, 15:42 IST

Net office absorption in NCR jumped 61% year-on-year in 2024, the sharpest increase among major cities, to touch 9.5 million sq. ft.

Delhi-NCR has entered a phase of commercial real estate activity that is beginning to stand apart even in an otherwise buoyant Indian property cycle. Over the past few years, the region has experienced rapid real estate growth, infrastructure development, and corporate expansion, attracting global capital at an unprecedented speed and scale. Institutional investors, pension funds, sovereign wealth entities, and private equity platforms treat NCR as one of Asia’s more reliable commercial markets, rather than a speculative bet.

The change is visible in the numbers: net office absorption in NCR jumped 61% year-on-year in 2024, the sharpest increase among major cities, to touch 9.5 million sq. ft. Despite substantial new supply, vacancy levels have eased 2.6% to 22.6%, while rentals across key micro-markets have strengthened by about 5% on average, with pockets like Noida Expressway and Golf Course Extension Road seeing a far steeper climb over the past five years. Prime retail assets tell a similar story, with vacancy in premium malls having slipped to 8.3%, and trading densities continue to rise.

This resilience explains why NCR has become a preferred deployment zone for foreign institutional investors. Of the USD 8.87 billion in real estate investments that entered India in 2024, global investors accounted for nearly two-thirds, and a disproportionate share found its way into Delhi–NCR’s office, retail, and mixed-use portfolios. Their interest is not episodic. Capital managers view NCR as a deep, maturing market, large enough to absorb sustained inflows without the volatility that characterized earlier cycles.

Mohit Goel, managing director of Omaxe Limited, said, “Global capital is showing unprecedented confidence in NCR’s commercial real estate, and we see this reflected strongly in emerging hubs like Faridabad and Dwarka, Delhi. Over the last two years, institutional investments in NCR’s Grade-A commercial and retail assets have risen by an estimated 30–35%, driven by stronger connectivity, infrastructure upgrades, and sustained demand from organized retail and new-age businesses. Our developments in Dwarka and Faridabad are directly benefiting from this momentum. Investors are now prioritizing long-term, stable, income-generating assets, a shift that underscores the structural transformation taking place in the NCR market.”

The momentum is driven by a combination of structural and cyclical factors. Multi-national companies are scaling their Global Capability Centres, which have evolved from back-office support roles to high-value engineering and digital functions. This shift has materially changed the nature of demand. NCR’s strong engineering workforce, proximity to decision-making centres, and established social infrastructure make it a preferred base for complex, high-skill GCC operations.

Sandeep Chhillar, founder and chairman of Landmark Group, said, “NCR has reached a maturity level where global investors feel comfortable committing long-term capital. The region offers depth, diverse occupiers, a large GCC presence, and rental resilience across cycles. What stands out today is the consistency of demand in office and retail assets. Infrastructure upgrades have unlocked several micro-markets, reducing risk and widening opportunity. Institutional investors recognize this stability, and that is why we expect inflows into NCR’s commercial assets to accelerate over the next few years.”

Another easily recognizable trend is the predilection for “return-ready” commercial assets. This inherently places NCR in pole position, given its sheer stock of Grade A assets. At rentals averaging INR 340 per sq. ft. per month in prime pockets, Delhi NCR is the APAC region’s sixth most-expensive office market with clearer income visibility than many competing Asian cities.

Ishaan Singh, director of AIPL, said, “What differentiates NCR today is the depth of its demand base. From Grade-A office occupiers to global retail brands, the region attracts tenants looking at long-term consolidation. This stability, supported by strong consumption and infrastructure, has made NCR very attractive for global capital. Quality assets will continue to outperform, and institutional investors are increasingly seeking exposure in Grade A projects. Moreover, we expect this momentum to sustain for a long time period.”

Mohit Batra, regional director of Realistic Realtors, said, “NCR’s commercial landscape is going through a structural transformation backed by growth in consumption, expansion by corporates, and a preference for organized retail formats. The market has demonstrated resilience even when global conditions were uncertain. The investor community sees footfall, spending power, and high-quality mixed-use developments coming together. As retail-led destinations become community meeting points and offices increasingly see experiential spaces, NCR presents an interesting case for long-term yield-driven investment.”

As per industry estimates, GCCs alone may lease 50-55 million sq. ft. nationally by FY27, with NCR capturing a significant share. Due to this, NCR is no longer competing with domestic markets alone; it is competing with regional Asian cities for capital, and increasingly, it is winning. Global funds are convinced that India’s multi-decade growth cycle has enough momentum to support long-tenure commercial returns. NCR, with its expanding corporate footprint and maturing urban form, finds itself at the centre of this shift, and there is little sign of the momentum cooling.

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As of 2025, the UAE has not enacted a formal nationwide minimum wage for all private-sector workers. The current labor framework, outlined in Federal Decree-Law No. 33 of 2021, provides the Ministry of Human Resources and Emiratisation (MoHRE) with the legal authority to establish a national wage floor but no binding law has yet been implemented.Instead, salaries are regulated through employment contracts and visa-related requirements. Employers must pay wages via the Wage Protection System (WPS); a government-monitored payroll platform. Failure to comply can result in suspension of new work permits, fines, and company blacklisting.Recent reforms have expanded WPS coverage to include domestic and semi-professional workers like private teachers, caregivers, nannies, and farm technicians. This shift reflects a broader move toward labor standardization and income protection across job categories.

What workers typically earn: A benchmark view

Although no legally enforced floor exists, salary benchmarks function as de facto minimums in many professions. These reflect industry standards, cost of living, and immigration thresholds.

Domestic workers:

Housemaids, nannies, and drivers employed in homes now fall under stricter payment rules, with most salaries ranging from AED 1,200 to AED 1,800/month (₹28,044–₹42,066), depending on experience and nationality. WPS compliance is mandatory for these roles, ensuring regular wage transfers and legal accountability for employers.

Construction and skilled trades:

Labourers and tradesmen form the backbone of the UAE’s infrastructure sector. While base pay for unskilled labourers often starts at AED 1,200–1,500/month (₹28,044–₹35,055), skilled tradespeople such as electricians, plumbers, and masons can earn between AED 2,000 and AED 4,500/month(₹46,740–₹105,165). Many of these roles are protected under labour laws that mandate written contracts, paid leave, and access to dispute resolution.

Retail and service staff:

Workers in retail outlets, supermarkets, cafes, and delivery platforms typically earn AED 2,500 to AED 4,000/month (₹58,425–₹93,480). In these sectors, wage variability is influenced by location (Dubai salaries often exceed those in Sharjah or Ajman), nationality, and employer size.

Office and administrative roles:

Clerical staff, receptionists, and data entry assistants generally receive AED 3,000 to AED 5,000/month (₹70,110–₹116,850), with larger companies or public sector institutions offering higher packages. For visa eligibility especially family sponsorship—employees must earn a minimum of AED 4,000/month (₹93,480), or AED 3,000 (₹70,110) plus housing.

University graduates and skilled technicians:

For professionals with technical or university qualifications, MoHRE guidelines recommend salaries of at least AED 5,000 to AED 12,000/month (₹116,850–₹280,440), depending on the nature of the role. Engineers, IT professionals, and finance specialists typically command salaries within or well above this range.

Visa rules and wage enforcement

Though no national wage law exists, immigration requirements act as an indirect filter. For example:

The Wage Protection System ensures salaries are paid into local bank accounts within 10 days of the due date. Any delay beyond 15 days triggers automatic alerts, and repeated violations can lead to bans on new hiring.

Rising costs and reform pressures

Over the past few years, Dubai and Abu Dhabi have seen substantial increases in rent, school fees, and healthcare costs. As a result, there is growing pressure on authorities to formalise wage protections and align pay standards with inflation.While some companies voluntarily adjust salaries to retain talent, many low-income workers remain vulnerable to economic shocks. Calls for an indexed minimum wage system adjusted annually to match living costs, growing louder, particularly from labour advocates, unions in labour-sending countries, and international observers.

The road ahead: Formal minimum wage in sight?

Although the UAE has avoided a one-size-fits-all national wage model, change is on the horizon:

MoHRE has already hinted at “exploring mechanisms” to address income disparities. If implemented, a flexible minimum wage varying by sector or emirate which could strike a balance between labour protection and economic competitiveness.

Verdict

While there is no official minimum wage in the UAE today, the country is moving toward greater wage transparency, stronger payment enforcement, and benchmark-based income protection. Domestic workers, skilled labourers, and administrative staff now operate under more structured payment conditions—backed by technology and labour law.As the UAE positions itself as a global employment hub, expectations for formal wage regulation will continue to rise. A future where salaries are legally anchored to fair benchmarks seems not only possible but likely.