Economy / Market Snapshot – DECEMBER 2024

General News

• Winter Session of Parliament comes to an end as Lok Sabha, Rajya Sabha adjourned sine die
• One Nation One Election bill referred to joint parliamentary panel, consisting of 27 LS and 12 RS MPs.
• Parliament sees disruptions amid protests over Adani, Sambhal, Manipur and other issues.
• PM Modi launches nationwide campaign to celebrate 75 years of India’s Constitution.
• President appoints Governors in 5 states, Ajay Bhalla named Manipur Governor, Arif Mohammed Khan shifted to Bihar.
• PM Modi gets top honour In Kuwait, discusses strategic partnership with top leadership.
• Rajnath Singh, Russian President Putin discuss bilateral defence cooperation in Moscow.
• Sri Lankan President Dissanayake arrives in Delhi; India and Sri Lanka finalise defence cooperation agreement.
• NSA Doval holds talks with Chinese foreign minister Wang Yi on peace at borders restoring ties.
• India, China agree to resume Mansarovar Yatra, border trade after talks in Beijing.
• India, Kuwait poised to transform relationship into strategic partnership: PM Modi.
• Jaishankar, US NSA Jake Sullivan discuss India-US strategic partnership & global developments; meets Trump’s NSA pick Michael Waltz.
• Devendra Fadnavis sworn in as the Chief Minister of Maharashtra for third time; Eknath Shinde and Ajit Pawar as deputy CMs.
• AAP releases final list for polls, Arvind Kejriwal to contest from New Delhi.
• SP chief Akhilesh Yadav backs AAP over Congress in Delhi elections.
• PM Modi inaugurates 24 development projects worth over ₹46,300 crore in Rajasthan.
• Rajasthan govt dissolves 9 districts formed during Ashok Gehlot’s tenure.
• PM inaugurates and launches multiple development projects worth around ₹5,500 crore at Prayagraj, UP.
• UP govt declares Prayagraj’s Maha Kumbh area as new district.
• PM Modi lays foundation for India’s 1st Ken-Betwa river linking project in Madhya Pradesh.
• Defence Ministry inks ₹2,867 crore contracts to bolster submarine capabilities.
• Biden administration approves sale of $1.17 billion worth helicopter equipment to India.
• INS Tushil multi role stealth guided missile frigate commissioned into Indian Navy in Russia
• ISRO successfully launches European Space Agency’s Proba-3 eclipse-creating mission; signs agreement for advancing human spaceflight.
• ISRO successfully launches SpaDeX mission from Sriharikota.
• India’s first glass bridge over sea inaugurated in Kanyakumari.
• Cabinet approves ₹8,232 crore to open up 85 new Kendriya Vidyalayas, 28 Navodaya Vidyalayas.
• Human error led to chopper crash that killed General Bipin Rawat: Parliamentary panel report.
• Central govt declares Wayanad landslides a disaster of “severe nature”.
• First-ever World Meditation Day to be observed on Dec 21.
• Manmohan Singh, former PM & architect of India’s economic reforms, passes away at 92.
• Jimmy Carter, 39th US President and Nobel Peace laureate, passes away at 100.
• Former Haryana CM Om Prakash Chautala Former Karnataka CM SM Krishna and legendary tabla maestro Zakir Hussain, passed away.
• Russian President Putin approves record military spending in 2025 budget.
• Russia targets Ukrainian infrastructure with massive attack of cruise missiles, drones.
• Russia and Ukraine exchange hundreds of prisoners of war in UAE-brokered deal.
• Vladimir Putin apologises to Azerbaijan Prez over plane crash that killed 38
• US announces new $725 million military aid package for Ukraine.
• Outgoing US govt relaxes H-1B visa rules, allowing U.S. employers to more quickly fill critical jobs.
• Trump appoints Indian-American entrepreneur and Musk’s aide, Sriram Krishnan as senior policy advisor on AI.
• Israeli attack shuts Gaza’s last major hospital, IDF launches operations over terrorist threats.
• French govt collapses as PM Barnier loses no-confidence vote;
• President Macron names centrist leader Francois Bayrou as new PM.
• German Chancellor Scholz loses confidence vote, setting up early election in February.
• South Korean President Yoon Suk Yeol impeached over short-lived martial law declaration
• Syrian rebel forces claim control of Damascus, President Bashar al-Assad flees the country.
• Russia grants asylum to former Syrian President Assad and his family.
• Canada’s Finance Minister & Deputy PM Chrystia Freeland resigns over Trump tariffs, spending.
• Canada unveils plan to strengthen border security & immigration system in response to US threat.
• Bangladesh HC acquits all accused, including former PM Khaleda Zia’s son, in 2004 Hasina attack case.
• Bangladesh asks India to hand over Hasina for ‘Judicial Process’.Taiwan military sets up emergency response as 90 Chinese ships move closer in region
• China astronauts script history with world’s longest spacewalk, break US record.
• China approves world’s largest, $137-billion dam on the Brahmaputra close to the Indian border.
• Death toll in South Korea plane crash goes upto 179; bird strike investigated as potential factor in crash.
• Several Gulf countries impose visa ban on Pakistanis over their involvement in crime, fraud and begging.
• COP16: Largest-ever UN meeting on desertification held in Riyadh.
• Merriam-Webster names ‘polarization’ its 2024 word of the year.
• Jay Shah assumes role as youngest-ever ICC Chairman.
• India vs Australia: Australia leads 5 test series 2-1.
• Ravichandran Ashwin retires from international cricket after 14-year illustrious career.
• Nitish Kumar Reddy marks maiden international century in Melbourne.
• FIDE World Chess Championship: At 18, India’s Gukesh Dommaraju becomes the youngest world chess champion ever
• Koneru Humpy clinches second women’s title at World Rapid and Blitz Championship in New York.
• Prasar Bharati signs MoU with Hockey India to provide live broadcast of upcoming Hockey India League.
• Hamilton bids farewell to Mercedes as Ferrari vie for title.

Business News

• GST collection rises by 8.5% to over ₹1.82 lakh crore in November.
• Ready to eat popcorn mixed with salt and spices attract 5% GST if pre-packaged, 12% if pre-packaged and labelled.
• PM Modi launches Bima Sakhi Yojana to empower women through wider insurance awareness.
• Cryptocurrencies to be treated as capital gains, tax exemption on earrings before FY23.
• Railways’ switch to accrual-based accounting to boost multilateral, green financing: ICAI.
• Centre launches ₹1,000 crore credit guarantee scheme for farmers to avail post-harvest loans.
• Govt scraps windfall tax on ATF, crude oil products, petrol, diesel.
• Government utilizes 37.28% of its budgeted effective capex in H1FY25.
• Govt to infuse ₹500 crore in IFCI to improve its financial health.
• Rising Rajasthan Global Investors Summit: MoU worth ₹35 lakh crore signed.
• Chhattisgarh secures ₹15,184 crore investment proposals at New Delhi investors meet.
• RBI cuts CRR by 50 bp to 4%; repo rate unchanged at 6.5%; Real GDP growth projected at 6.6% for FY-25.
• CPI inflation for 2024-25 is projected at 4.8%, H1 2025-26 at 4.6% (Q1) and 4.0% (Q2).
• NRI remittances surge to record $11.9 billion in April to October this year: RBI.
• RBI sets up expert panel to craft ethical AI framework for financial sector.
• Defence Acquisition Council approves ₹21,772 crore capital projects to improve defence preparedness.
• Cabinet clears ₹20,000 crore ‘Make in India’ projects for 12 Su-30MKI fighter jets, 100 K-9 howitzers.
• IIT Delhi, DRDO ink pacts with Reliance Industries, others for bullet-proof jackets & ballistic material.
• India’s first Hyperloop test track completed at IIT Madras campus.
• Rosneft, Reliance agree biggest ever India-Russia oil supply deal.
• Qatar agrees five-year LNG supply deal with India’s GAIL.
• Market debuts: Vishal Mega Mart IPO, International Gemmological Institute India IPO, Carraro India IPO, Unimech Aerospace and Manufacturing IPO among others.
• TCS inks five-year extension deal with Telenor Denmark to deliver IT infra services.
• Airtel gives 4G, 5G equipment supply deals to Ericsson.
• Vodafone Idea approves issue of preference shares of upto ₹1,980 crore to Vodafone PLC entities.
• Govt waives bank guarantees for past spectrum auctions; letters sent to Vodafone-Idea, Reliance Jio and Bharti Airtel.
• Ministry issues draft guidelines on establishing EV charging infrastructure under PM E-DRIVE.
• JSW group in talks with Geely, BYD for electric car production plans.
• Maruti Suzuki India achieves 2 million production milestone in a calendar year.
• Nissan, Honda announce plans to merge, creating world’s No. 3 automaker.
• Hero Moto, Harley Davidson extend tie up, plan new bike for Indian and global markets.
• Maruti Suzuki Dzire crosses 3 million production units, remains India’s top-selling sedan for 16 years.
• Centre gives nod to 5G connectivity at airports.
• Air India announces major international network upgrades for 2025.
• Aircraft lessor Genesis buys SpiceJet’s stake to settle $16 million dispute.
• SpiceJet signs pact with US-based StandardAero to restore grounded Boeing 737 MAX aircraft fleet.
• Kenya cancels airport and energy deals with Adani group after US indictment.
• Adani merges Sanghi Industries, Penna Cements with Ambuja Cements.
• UltraTech Cement gets CCI’s nod to acquire majority stake in India Cements.
• Prasar Bharati’s OTT platform Waves crosses 1 million downloads in a month.
• NCLT order frees assets of 60 parties in Gitanjali Gems case after SFIO drops charges.
• NCLT admits insolvency plea against EV maker Hero Electric.
• ADB lowers India’s FY25 growth forecast to 6.5% after slowdown in Q2.
• US-China economy talks resume as Yellen urges maintaining links.
• US Federal Reserve cuts key interest rates by 0.25%, signals two cuts for 2025.
• Sri Lanka’s economy grows 5.5% in Q3 2024, marking rebound from crisis.
• World Bank approves $2 billion for Ukraine including funds from new U.S. loan fund.
• Sri Lanka lifts vehicles import ban for first time in four years.
• China kept its one-year and five-year LPRs unchanged at 3.1 and 3.6% respectively.
• Bank of England holds interest rate at 4.75% but warns of UK stagnation riskviat
• World Bank raises China’s GDP forecast for 2024, 2025; adds some warnings.
• Trump and SoftBank CEO unveil $100 billion investment in U.S.
• Bitcoin hits all-time high of $100,000 after Donald Trump’s crypto push.
• Dixon, Vivo form JV to manufacture smartphones.
• Switzerland suspends MFN clause with India under tax treaty, cites SC ruling in Nestle.
• World’s Richest 2024: Mukesh Ambani, Gautam Adani out of Bloomberg $100 billion club.
• Revenue Secretary Sanjay Malhotra appointed as new RBI Governor.
• FBI Director Wray announces plan to resign, paves way for Trump nominee Kash Patel.
• N Srinivasan resigns as CEO, MD of India Cements after CCI clears ₹7,000-crore UltraTech deal.
• Osamu Suzuki, the visionary behind Maruti-Suzuki in India, passes away at 94.
• RBI clears name of Rajat Verma as DBS Bank India CEO.