Top Business & Market Headlines Today — BL Morning Report, Jan 7, 2026

🎧 On today s episode: Crorepati taxpayers surge even as India s overall return filings barely budge, spotlighting a sharper skew in incomes and a maturing but narrow tax base at the very top. India s steel giants come under the scanner as a competition probe flags alleged price collusion at Tata Steel, JSW Steel, SAIL and others, raising tough questions on market power, compliance, and penalties for top executives. Services momentum cools but stays solid, with December s PMI easing to an 11‑month low of 58, as resilient demand, exports, and benign inflation offset rising competition and currency jitters heading into 2026. And despite fresh US tariffs, India s exports to America jump, powered by a spike in high‑value telecom gear like new‑generation smartphones and petroleum products, underscoring how Indian manufacturers are climbing the value chain even under trade pressure.