Economy / Market Snapshot – December, 2022

General News

• Winter Session of Parliament concludes six days ahead of schedule; both Houses pass nine bills.
• 97% productivity recorded in Lok Sabha, 102% in Rajya Sabha.
• BJP secures over 52% vote share in Gujarat; Bhupendra Patel takes oath as CM for 2nd consecutive term.
• Himachal: Congress wins 40 of 68 seats; Sukhvinder Sukhu takes oath as CM, Mukesh Agnihotri as Deputy.
• AAP becomes latest political outfit to get ‘national party’ status
• Delhi MCD Election 2022: AAP crosses the majority mark and wins 134 seats.
• Maharashtra first state to pass Lokayukta Bill that will bring CM, Cabinet under its ambit.
• ECI calls all-party meeting to demonstrate remote voting tech for domestic migrants.
• India begins its G20 presidency; PM calls on states to showcase rich potential & vibrant culture in events.
• Jaishankar meets UAE counterpart in Abu Dhabi, discusses regional issues.
• India and Finland sign joint declaration of Intent on migration and mobility between the two countries.
• India, Germany ink migration and mobility partnership agreement.
• PM Modi virtually inaugurates 3 National Ayush Institutes, to promote traditional medicine research.
• PM Modi unveils several development projects worth over ₹6,800 crore in Tripura, Meghalaya.
• India, China hold 17th round of military talks on eastern Ladakh.
• India receives 36th and final Rafale aircraft from France as last one lands in Delhi.
• Indian Navy commissions INS Mormugao – Stealth Guided-Missile Destroyer.
• Indian Navy opens up special forces MARCOS for women in historic move.
• Amit Shah meets Karnataka-Maharashtra CMs, says panel to resolve border issue between both States.
• Punjab Cabinet gives nod for recruiting 1,800 constables, 300 sub-inspectors every year.
• Rajasthan CM Gehlot announces Ujjwala LPG refills at ₹500 from April 1.
• Assam govt launches ‘Orunodoi 2.0’, scheme to benefit over 1 million people.
• Centre asks States & UTs to step-up genome sequencing as Covid cases surge globally.
• Govt makes RTPCR test mandatory for International passengers from six countries including China.
• Update documents for Aadhaar numbers issued over 10 years back: UIDAI.
• SC launches app 2.0 that will allow law officers to watch live court proceedings.
• Delhi liquor scam: CBI questions Telangana CM’s daughter K Kavitha.
• India, along with Russia, China, abstains on UN resolution calling for end to violence in Myanmar.
• CPN-Maoist Centre chairman Pushpa Kamal Dahal ‘Prachanda’ named Prime Minister of Nepal.
• Japan, S Korea, US slap sanctions on N Korea over missile tests.
• Russian President Vladimir Putin says ready to negotiate with Ukraine; alleges west blocking peace efforts.
• Volodymyr Zelenskyy delivers impassioned plea to Congress, asking for more help fighting Russia.
• COP27 summit agrees on climate fund for ‘loss and damage’ in landmark deal.
• US approves Ukraine aid of $45 billion including arms after Zelensky visit.
• EU Commission proposes ninth package of sanctions against Russia.
• G7 pledges to meet Ukraine’s ‘urgent’ air defence requirements.
• Pakistan to supply ammunition to Ukraine; likely to get Mi-17 chopper upgrades in return.
• China shares current COVID-19 situation, treatment, and vaccinations with WHO as cases surge.
• Japan unveils unprecedented $320 billion military build-up.
• Historic winter storm slams US; airlines cancel thousands of U.S. flights over storm.
• Myanmar’s Aung San Suu Kyi convicted of corruption, jailed for 7 years.
• Benjamin Netanyahu sworn in as Israel’s Prime Minister for 3rd term.
• South Korea pardons former president Lee Myung-bak for corruption crimes.
• Joe Biden, Emmanuel Macron vow unity against Russia, discuss trade row.
• US Capitol riot panel calls for Donald Trump’s prosecution with criminal referral.
• New Zealand passes legislation banning cigarettes for future generations.
• COP15: Over 190 nations adopt landmark biodiversity pact to restore natural ecosystems.
• Taliban bans women, girls from attending universities in Afghanistan, orders NGOs to ban female staff.
• National Sports Awards 2022: President Droupadi Murmu hands out Arjuna Award to 25 Indian athletes.
• Government recognises e-sports as part of multisports events.
• Legendary athlete PT Usha elected unopposed as first woman president of IOA.
• IPL turns into decacorn as its valuation zooms 75% to $10.9 billion.
• IPL 2023: Sam Curran costliest buy in history at ₹18.5 crore for PBKS; RCB acquire Will Jacks, Reece Topley.
• India vs Bangladesh: India sweeps the test series 2-0.
• Pakistan vs England: England seal historic 3-0 test series victory in Pakistan.
• India Women vs Australia Women T20I: Australia seal series 4-1.
• Neeraj Chopra displaces Usain Bolt as world’s most written-about athlete.
• Rafael Nadal, Iga Swiatek named International Tennis Federation world champions for 2022.
• FIFA World Cup 2022: Argentina beat France 4-2 on penalties to win their third World Cup title.
• Kylian Mbappe wins World Cup Golden Boot after scoring hat-trick in Qatar 2022 final.
• 2026 FIFA WC hosts US, Mexico, Canada take diplomatic handover from Qatar.
• Neymar ties Pele’s record as Brazil’s all-time leading scorer with 77 goals.
• Pelé, Brazil World Cup winner and football legend, dies aged 82.
• BCCI announces schedule for Mastercard home series against Sri Lanka, New Zealand & Australia.

Business News

• India-Australia Economic Cooperation and Trade Agreement comes into force.
• 48th GST Council meeting; no tax increase on any item; decision on tobacco taxation not taken.
• Council gives nod to decriminalise 3 types of offences, raises limit for launching prosecution to ₹2 crore.
• Kerala CM Pinarayi Vijayan inaugurates country’s biggest Business Jet Terminal in Kochi.
• Railway ministry seeks 30% hike in FY24 Budget allocation.
• Gadkari inaugurates NH projects worth ₹2,444 crore in MP and NH projects worth ₹1,800 crore in Nashik.
• India manufacturing PMI hits 3-month high of 55.7 in November as inflation cools.
• India extends policy to import refined palm oil at lower duty of 13.75%.
• Govt approves ₹4,500 crore for revival of existing unserved, underserved airports, AAI, and PSUs.
• Centre collects ₹60.40 crore from TDS on virtual digital assets (VDAs).
• Govt approves ₹1.64 lakh crore revival package for BSNL.
• Govt allocates ₹120 crore for PLI scheme for drone industry; guidelines released.
• Govt clears ₹357 crore for Foxconn under PLI scheme for phone manufacturing.
• Govt slashes windfall tax by 65% on Petrol, Diesel, ATF Exports.
• Centre expert body, state drugs control administration start joint inspection of drug manufacturing units.
• Centre appoints MeitY as the nodal ministry for gaming.
• Power ministry, DRDO Ink Pact to Install Early Warning Systems for Power Stations.
• Google, DigiLocker partner to bring on-device storing of government IDs.
• UP receives investment proposals worth ₹7.12 lakh crore from 16 countries.
• RBI’s kicks off first pilot of retail digital Rupee from December 1.
• RBI hikes repo rate by 35 basis points to 6.25%, retains FY23 retail inflation projection at 6.7%.
• GDP growth forecast for FY23 lowered to 6.8%, inflation expected to be above 4% in the next 12 months.
• IDBI Bank signs agreement to transfer IDBI MF business to LIC Mutual Fund.
• CBI arrests Chanda Kochhar, husband Deepak Kochhar and Videocon founder Venugopal Dhoot.
• SEBI issues ₹6.42-crore demand notice to Sahara group firm, Subrata Roy, others in OFCD issuance case.
• Market debut: Dharmaj Crop, Uniparts India, Sula Vineyards, Landmark Cars, KFin Technologies.
• Worldline ePayments India, Fintech startup Paysharp get RBI’s nod to act as payment aggregator.
• Merger approval process kicks off for Air India and Vistara.
• Russia announces oil exports ban to countries with price caps from February.
• Fed lifts key rate by half-point to a range of 4.25% to 4.5%, its highest level in 15 years.
• Bank of England raises key rate a half point to 3.5%, highest since 2008.
• England unveils first pound notes featuring King Charles III following death of Queen Elizabeth II.
• US, Africa seal $15 billion in trade investments during Washington summit.
• Sri Lanka resumes international flights from Mattala Rajapaksa Airport.
• HCL Tech collaborates with Intel, Mavenir to provide 5G enterprise tech solutions.
• Jet Airways senior management, pilots, crew call it quits as relaunch stays uncertain.
• Tata Steel, TuTr Hyperloop join hands to develop hyperloop technology.
• India makes USB Type-C charging mandatory for device makers from March 2025.
• U.S. awards defense contract of over $1 billion to Lockheed Martin.
• Pentagon splits $9 billion cloud contract between Amazon, Google, Microsoft and Oracle.
• Microsoft launches real-time voice translation feature in Skype using AI.
• Meta and Airtel to jointly invest in telecom infrastructure to cater rising high speed data demand.
• Bharat Biotech’s intranasal Covid vaccine approved by govt, to be available on CO-WIN..
• World’s 1st intra-nasal vaccine for Covid gets CDSCO nod for emergency use.
• Serum Institute to provide 2 crore Covishield doses to central govt free of cost.
• Jio, Bharti Airtel launch 5G services in major cities.
• Reliance Consumer Products to acquire 51% stake in Lotus Chocolate for ₹74 crore.
• Tata Group consolidates ecommerce business under Tata Digital.
• US House bans TikTok on all House-managed devices over ‘security risks’.
• Founders Prannoy Roy, Radhika Roy exit NDTV, transfer most stakes to Adani.
• Flipkart, PhonePe complete separation, both to operate under Walmart.
• Centre issues new rules for Bharat series registration mark for vehicles.
• Air India draws up $400-million revamp plan for cabin interiors of wide body fleet.
• Kalyani Rafael rolls out Medium Range Surface to Air Missile (MRSAM) Kit for Indian armed forces.
• Boeing closes in on large 737 Max order from Tata Group’s Air India.
• Hyundai becomes world’s 3rd largest carmaker, set to overtake Toyota, Volkswagen.
• Nagpur Metro creates Guinness World Record for constructing world’s longest double-decker viaduct.
• Foxconn unit invests $500 million in India affiliate.
• Intel splits Graphics chip unit into Two, Consumer Graphics division to join Client Computing Group.
• EU sets December 2024 deadline for common charger directive on phone OEMs.
• Vedanta inks MoU with 30 Japanese firms for making semiconductor.
• Meta to pay $725 million damages for sharing user data with Cambridge Analytica.
• EU tentatively agrees $60 price cap on Russian seaborne oil.
• EU gets landmark deal to bolster carbon market in green push.
• HUL acquires majority stake in OZiva and 19.8% in Wellbeing Nutrition.
• Wipro Consumer acquires Kerala based food firm Nirapara.
• Reliance Retail to acquire METRO Cash & Carry India for ₹2,850 crore.
• Torrent wins race to acquire Reliance Capital with ₹8,640 crore offer to lenders.
• Walmart, Flipkart join hands with NSIC to help MSMEs grow, unlock export potential.
• Samsung Electronics appoints Lee Young-hee as its first female President.
• SpiceJet shareholders’ approve re-appointment of Ajay Singh as Director.