New Delhi:
A political story one day, a boardroom story the next, and a range of issues covered in between, all tracing back to one stage. The NDTV World Summit 2026 made headlines on the front pages of Indian newspapers for two days straight. A leading story was Prime Minister Narendra Modi's speech on development and his comments on the Opposition. Then came another big headline: Reserve Bank of India (RBI) Governor Sanjay Malhotra reading the rulebook when asked about the Tatas' boardroom battle.
The NDTV World Summit 2026, with theme 'A World Between Orders', was held in New Delhi on October 22 and 23, bringing together global leaders, policymakers, economists, business leaders, thinkers, innovators and cultural voices. The aim was to look at a world caught between an established order and an emerging one.
The first day's biggest story was PM Modi's keynote address on October 22. Friday's papers carried it prominently.
The Prime Minister said on Thursday that the global order is changing, but international institutions such as the United Nations are struggling to keep pace. In his keynote address, he also noted that trade, technology and sea routes, in particular, are "being weaponised", in an apparent reference to the ongoing US-Iran war in West Asia and other such conflicts.
He referred to the ancient Indian economist Chanakya, citing his Sanskrit aphorism 'apranitah tu matsyanyayam udbhavayati', which translates to 'when the law of punishment is kept in abeyance, it gives rise to Matsya Nyaya (law of the sea)', meaning the strong shall swallow the weak.
The Prime Minister also took a swipe at Rahul Gandhi without naming the Congress leader.
"I don't know how long the Congress will continue to put the country at stake for the launch of its failed product. [The Satish Dhawan Space Centre at] Sriharikota does not see as many launches as the Congress tries, unsuccessfully, to launch its leader in a year," he said.
The Prime Minister argued that the Nehru-Gandhi family has become a burden on the Congress itself. He claimed that senior leaders not only agree but also discuss this privately with people in power.
Day Two: The RBI Governor And The Tata Sons Question
By Saturday, the lead had changed. The biggest news from the second day was a statement by RBI Governor Malhotra.
The Times of India headline read: "RBI governor on Tata: upper layer NBFCs have to list". The Indian Express said: "Tata Sons may have to go for listing, says RBI chief". Dainik Jagran also led with the Tata Sons takeaway from day two, reporting that the company could soon be headed for a listing on the stock exchanges. The Hindustan Times separately carried Union Minister Ashwini Vaishnaw's remarks on artificial intelligence.
Malhotra was asked, "Governor, is the RBI at this moment determined to ensure that Tatas lists, or are you willing for Tata Trust and Tata Sons to come up with different solutions, formulations and then evaluate those to see if a listing need not happen?"
He declined to discuss any one company. "As a policy, we do not answer questions relating to any specific regulated entity," he said. "So, pardon me, I will not be able to answer this specific question."
He then set out the rule in general terms. Non-banking financial companies (NBFCs) and core investment companies (CICs), "like for example Tata Sons and others", are required to be registered with the RBI, he said. They must be registered "because of the systemic risks", as they sit on top of group companies, can leverage funds and use the balance sheets of those companies. The funds of the public, "whether it is banks, whether it is through corporate bonds and other means", are at risk when CICs do this.
A CIC that does not have access to public funds, directly or indirectly, is not required to be registered. "Hypothetically, and not speaking about any specific entity, a restructuring or a reorganisation of a body to meet those requirements would then be acceptable," Malhotra said.
But the position for any NBFC that is a CIC and has access to funds, directly or indirectly, is clear, he said. "It is required to be registered, and if it is in the upper layer, then it is required to list."