Highlights include Lok Sabha adjournment over BJP MP’s allegations on George Soros, while the Rajya Sabha was disrupted amid a no-confidence motion. The Asian Development Bank revises India’s growth forecast for 2024 to 6.5%, citing weaker private investment.
Lok Sabha (Lower House): Lok Sabha functioned smoothly during the question hour, but was adjourned later at the start of the zero hour over a BJP MP’s allegations of currency speculator George Sorors’ collaboration with the Congress party. The House discussed road safety issues. Road Transport and Highway Minister Nitin Gadkari noted the high number of accidents and commented on the lack of credibility of tests conducted to issue driving licenses.
Rajya Sabha (Upper House) adjourned amid disruptions over no-confidence notice and Soros accusations: The Rajya Sabha was adjourned till 2 p.m. after both Treasury and Opposition benches disrupted proceedings over a no-confidence motion against Chairman Jagdeep Dhankhar and the George Soros controversy.
Railways Bill passed yesterday amid disruptions: The Railways (Amendment) Bill, passed by the Lok Sabha on Wednesday, sets out to enhance the powers of the Railway Board. The Bill was introduced in the Rajya Sabha today.
Parliamentary Committee on Railways suggests reviewing AC class fares: According to a draft report by the Parliamentary Standing Committee on Railways, the railways' passenger sector revenue is significantly lower than its freight revenue. The Committee suggested that Railways review AC class fares to boost passenger revenues.
ADB revises economic growth forecast down to 6.5% for 2024: The Asian Development Bank (ADB) has revised India’s growth forecast for 2024 to 6.5% from 7%. It has cited weaker private investment and housing demand, while predicting a recovery in the coming quarters due to strong forward-looking and labour market indicators, such as Purchasing Managers' Index (PMI) for industry and services, urban labour force participation and RBI’s industrial outlook.
February rate cut expected as RBI governor stresses continuity: An interest rate cut is expected in February reports The Indian Express. Newly appointed Reserve Bank of India (RBI) Governor Sanjay Malhotra, in his maiden press conference, commits to maintaining policy stability while remaining “alert and agile” amidst global uncertainties, emphasising collaboration with stakeholders to advance financial inclusion through technology.
DPIIT Secretary notes industry pressure for tariff hikes: Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Amardeep Singh Bhatia noted that India has lowered its tariffs, nearing global averages, but domestic industries continue to lobby for increases.
Corporate sector faces sluggish wage growth despite rising profits: As reported by The Indian Express, despite the private sector profits being at a 15-year-high, the wage growth is dismal. The compounded annual wage growth rate across sectors from 2019-2023 ranged from just 0.8% in engineering and manufacturing to 5.4% in fast-moving consumer goods, raising concerns over low income growth and its impact on demand, according to a report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Quess Corp Ltd.
Fall of the Indian rupee: According to the Mint, the rupee's decline at the end of 2024 was made worse by rising geopolitical unpredictability, attractive rates on US government bonds, lower crude oil prices, and a significant exodus of foreign institutional investors from domestic stocks. However, the rupee has performed better compared to the Swiss franc, Euro, Australian dollar and Japanese yen. Further decline is expected in 2025, reaching 85.5-86/$ by March and 87/$ by the end of 2025.
Declining quality office spaces in India: According to statistics from Cushman & Wakefield, in 2023, there was a net absorption of 40.9 million square feet (msf) against the supply of 24.8 million msf of Grade A+ office buildings. As of September, 33.7 msf of space has been leased against the supply of 13.9 msf in the current fiscal year.
Coca-Cola set to sell 40% of its bottling division: Coca-Cola Company has decided to offload 40% of its wholly-owned Indian bottling arm, Hindustan Coca-Cola Beverages, to Jubilant Bhartia Group for ₹12,500 crore ($1.47 billion).
Government’s $3 billion push for the electronics sector: According to the Mint, the Union Government is putting together a $3 billion package for the electronics sector to boost R&D in the private sector and establish global brands.
14.2% growth in renewable energy capacity: Compared to 187.05 GW in November 2023, India's total installed capacity for non-fossil fuels increased by 14.2% to 213.70 GW in November 2024.
Reliance Power unit wins largest solar energy and storage project: According to the Business Standard, Reliance Power’s subsidiary, Reliance NU Suntech, has won the country’s largest 930 MW solar and battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI).
PM’s adviser denies links with Soros: Shamika Ravi, a key economic adviser to PM Narendra Modi, refuted claims that she received funds from billionaire investor George Soros-backed Open Society Foundation and termed the functionary’s statement “entirely incorrect.”
Mamata thanks opposition leaders for endorsement: Mamata Banerjee, the chief minister of West Bengal, thanked several prominent INDIA bloc (united opposition) politicians for endorsing her as the leader of the opposition alliance.
Rahul Gandhi to visit Hathras: Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, will visit Hathras today after he and Wayanad MP Priyanka Gandhi visited the relatives of five victims of the Sambhal violence yesterday.
$15 billion set for rail safety in FY26: As reported by Mint, the upcoming Union budget may allocate over ₹1.25 trillion ($15 billion) for rail safety in FY26, a 15% increase from the previous year, with a large portion going towards infrastructure and rolling stock maintenance.
Arrests of touts at IGI Airport double in 2024: The number of touts arrested at Delhi’s Indira Gandhi International (IGI) Airport more than doubled this year, with 540 arrests by December 10, up from 264 in 2023, according to Delhi Police. Touts typically mislead passengers into using unauthorised services like taxis and accommodations.
ModiWatch: Prime Minister Narendra Modi released the compendium of complete works of Tamil poet and freedom fighter Subramania Bharati.
PM Modi remembered former President Pranab Mukherjee on his birth anniversary calling him a “one-of-a-kind public figure.”
Bollywood’s first family had a conversation with PM Modi on the commemoration of the hundredth anniversary of the famous Indian actor-director-producer, Raj Kapoor.
Delhi Today: Beautiful with plenty of sunshine.
Cold wave hits Delhi as temperature drops to 4.9°C: Delhi recorded its first cold wave of the season with a minimum temperature of 4.9°C, five notches below normal. The air quality improved to ‘moderate,’ as the Air Quality Index (AQI) dropped to 199.