Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, November 27, 2024. This is Nelson John, let's get started.

The Indian government is still being cautious about resuming direct flights to China due to national security concerns. Despite external pressures, Indian authorities are not budging yet. Dhirendra Kumar and Manas Pimpalkhare report that prior to the suspensions, over 500 flights plied directly between the two countries every month. Indian officials are maintaining that despite the lopsided trade balance with China, national security takes precedence over reliance on Chinese goods. The flights were suspended in 2020 after the clash in Galwan.

Following bribery charges involving key executives, including chairman Gautam Adani, Moody’s and Fitch have downgraded their outlook for Adani group bonds from stable to negative. This mirrors an earlier move by S&P, highlighting concerns about the group's funding capabilities and rising capital costs, reports Gopika Gopakumar. Adani Green Energy’s stock dropped 7.3% after the downgrade. Moody’s has adjusted the outlook for seven Adani entities, while Fitch flagged potential downgrades for bonds linked to key facilities, citing increased funding costs and governance issues.

If you stay in a metro city, you might have noticed a bunch of shiny new Bluestone stores opening up recently. That's part of the jewellery maker's shift from being an online-only store to opening brick-and-mortar shops. Priyamvada C writes that the company has a relatively high selling price of around ₹50,000 and competes with established brands. It also caters to a younger audience who want lighter, everyday-wear jewellry. Can it win out against its heftier rivals in this $80 billion market?

India's real estate market is booming again, especially after a stagnant period from 2016 to 2020. Since the pandemic, property prices in major metros and tier-II cities have soared, with the average price per square foot jumping by about 40.5% since 2021. The sharpest increases are seen in the NCR, Bengaluru, and Hyderabad. This price surge is driven by a 49% boost in home sales from 2022 to 2024, leading developers to focus more on luxury properties than affordable ones. Now, the burning question is: Will these rising prices stabilize, or will affordability remain a challenge? Madhurima Nandy tackles the question in today’s Primer.

India's economic growth is projected to slow to 6.5% in the September quarter, the slowest in six quarters, according to a poll of economists by Mint. This expected slowdown, down from 6.7% in the previous quarter, reflects an uneven performance across various sectors. While government spending and rural recovery have provided some support, a decline in private consumption growth has dampened the overall momentum. The forthcoming GDP data for the second quarter of FY25, set to be released on November 29, is anticipated to fall short of the Reserve Bank of India's (RBI) revised forecast of 7% growth for the quarter.

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