Highlights include the adjournment of both Houses of Parliament after clashes between the Congress party and BJP; the resumption of the Kailash Mansarovar Yatra and Nathula border trade between China and India. Switzerland suspends the MFN clause for India, doubling taxes on dividends from January.
Both Houses adjourned in the first half: The Lok Sabha (Lower House) and Rajya Sabha (Upper House) were adjourned after clashes erupted between the Congress party and the BJP over Home Minister Amit Shah’s comments on Ambedkar on Tuesday.
The Opposition did not allow Parliament to function on Wednesday also demanding Shah's resignation. Again on Thursday, there were protests inside the Parliament complex with the Opposition MPs, holding pictures of BR Ambedkar, demanding the Home Minister's resignation.
Amid the protest, BJP MP Pratap Chandra Sarangi was hurt, who in turn alleged that Leader of the Opposition Rahul Gandhi pushed an MP who fell on Sarangi. Rahul countered that he was stopped from entering Parliament by BJP MPs and that there was pushing and shoving. "Nothing happens to me when I am pushed," he told reporters later.
Meanwhile, JP Nadda, BJP's leader of the Upper House, in an X thread accused Congress of repeated acts of disrespect towards BR Ambedkar:
Since yesterday, Congress and its ROTTEN eco-system have been EXPOSED by all those who believe in truth, democracy and social justice.
— Jagat Prakash Nadda (@JPNadda) December 19, 2024
So, I thought of sharing some facts to illustrate the deep CONGRESS HATE towards Dr. Ambedkar. 👇🏼 pic.twitter.com/j3TPzsBrxm
Law Minister to refer the unified election Bill to a Joint Parliamentary Committee: As per the list of business scheduled for the Lower House on Thursday, Law Minister Arjun Ram Meghwal is set to move the ‘One Nation, One Election’ Bill proposal to be referred to a Joint Parliamentary Committee (JPC). BJP MP PP Choudhary from Rajasthan is set to lead the JPC.
China, India agree on border cooperation, trade, and pilgrimage resumption: National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi on Wednesday agreed on a set of “six consensus” points including resuming the Kailash Mansarovar Yatra, cross-border river cooperation, and Nathula border trade.
US tariff concerns spark sector-wise review in New Delhi: The Economic Times reports that following President-elect Donald Trump’s comments on imposing reciprocal tariffs, New Delhi has begun a detailed sector-wise analysis and drawing up multiple scenarios to address potential US tariffs on exports.
Tax on dividends from Swiss entities to Indian investors to double: Starting 1 January, Switzerland will suspend the most-favoured-nation (MFN) clause in its double taxation avoidance agreement with India, raising the withholding tax on dividends from Swiss entities to Indian investors from 5% to 10%. Indian investors with direct investments in Swiss stocks, mutual funds, or exchange-traded funds (ETFs), as well as employees with stock options, will be impacted.
Majority of IPOs in 2024 listed at a premium, offering strong returns: Domestic companies that went public in 2024 have seen positive returns despite market volatility. A total of 81 initial public offerings (IPOs) raised around ₹1.54 lakh crore ($1.85 billion), and nearly 72% of IPOs increased by an average of 69%, according to the Indian Express.
The downward trajectory of the Indian stock market: The Indian stock market was down about 1% at opening time on Thursday following the US Federal Reserve’s prediction of fewer rate cuts for the next year due to high inflation. The Nifty50 and Sensex, each have lost over 3% this week.
Credit card and personal loan defaults rise: Non-performing assets (NPAs) in personal loans and credit cards have increased in India. Personal loan NPAs increased by 51% to ₹11,210 crore ($1.36 billion) and credit card NPAs jumped 136% to ₹5,679 crore ($683 million), according to Reserve Bank of India (RBI) data shared with The Indian Express.
India tops remittance inflows with $129 billion in 2024: India received $129 billion in remittances in 2024, making it the top recipient globally. The growth rate of remittances this year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023, according to World Bank economists.
Recovery in funding fuels e-commerce growth: Venture capital inflows into Indian startups exceeded $10 billion in 2024, with e-commerce emerging as a standout sector. Late-stage investments increased to 38% of total funding amid cautious optimism, according to Mint.
Infosys to invest ₹426 crore in new centre at Kolkata: Infosys, India’s second-largest IT services company, announced its plans to invest ₹426 crore in its new 320,000 square feet development centre in Kolkata to focus on next-gen technologies like cloud computing and artificial intelligence.
Solar body declares Adani deal in “public interest”: The Central Electricity Regulatory Commission, an Indian power regulatory body, asked Solar Energy Corporation of India (SECI) on October 28 this year, if the transfer of power capacity from Azure Power to Adani Green Energy was allowed under the tender, floated in 2019. SECI responded by stating that the transfer was made in the larger “public interest”. Chandrababu Naidu’s Andhra government is looking into this issue. Reuters reported that Bangladesh’s government has accused Adani Power of breaching a multi-billion-dollar contract by withholding tax benefits.
Deadly collision near Mumbai Harbour claims 13 lives: A collision near Mumbai Harbour on Wednesday, when a Navy speedboat collided with the passenger ferry Neelkamal, left 13 dead and 101 rescued, with several injured. The ferry was en route to Elephanta Caves.
Delhi-Mumbai, eighth busiest domestic route globally: According to international aviation and travel data and analytics firm OAG's 2024 rankings, Mumbai-Delhi is the busiest airline route in India and the eighth busiest domestic route worldwide.
Karnataka’s Bill to triple tax burden on iron ore miners: The Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill, 2024, introduced this week, could triple the tax burden on miners operating pre-auction-era iron ore mines. The Mint reported that the Bill would decrease profit margins and trigger steel prices.
Hotel room price hike: Hotel room rates in India have recorded an all-time high driven by an increase in domestic tourism, an elongated wedding season and a surge in weekend vacations.
Prakash Ambedkar’s reaction to Amit Shah’s comments: Prakash Ambedkar, grandson of BR Ambedkar, termed the Home Minister’s remarks on his grandfather as “same old mentality.” He also added that Jan Sangh and Rashtriya Swayamsevak Sangh, parent organisations of the BJP, opposed Ambedkar while the Constitution was being adopted.
Pentagon claims China expanding nuclear force: The Pentagon declared that China’s nuclear arsenal and other military equipment have grown drastically despite the anti-corruption investigations that have shaken the People’s Liberation Army.
UPI One World service to introduce personal transfers: According to the Economic Times, Unified Payments Interface (UPI) One World service, which international tourists in India use for transactions at merchant locations, may be made available for interpersonal transactions early next year.
Mallya questions recovery of assets by public sector banks: Fugitive businessman Vijay Mallya questioned Finance Minister Nirmala Sitharaman’s statement in Parliament that banks recovered Vijay Mallya’s assets worth ₹14,131.6 crore ($1.7 billion) and returned them to public sector banks. He argued this amount exceeds the court-determined debt of ₹6,203 crore ($750 million) and said he would pursue relief.
ModiWatch: On Wednesday, Prime Minister Narendra Modi spoke with Dutch Prime Minister Dick Schoof. They discussed strengthening cooperation in water, agriculture, health, and other areas, with a focus on expanding the strategic partnership in trade, defence, security, innovation, green hydrogen, and semiconductors.
Delhi Today: Hazy; air quality will be 'very unhealthy'
Orange warning issued as fog persists in Delhi: The India Meteorological Department (IMD) forecasts continued fog in Delhi on Thursday and Friday, triggered by western disturbances from the Himalayas. The minimum temperature on Thursday was recorded at 7°C, with an orange warning for the Delhi-National Capital Region (NCR).
Air quality degrading despite restrictions: On Wednesday, the Air Quality Index (AQI) increased to 450, bringing the air quality closer to the severe-plus category.