Highlights include December inflation easing to 5.3%, Congress intensifying its Delhi election push, and Sharad Pawar praising RSS cadres. The ED exposes the money laundering network, and India’s defence procurement policy will undergo reforms in 2025.
Omar Abdullah questions INDIA bloc relevance: Following Trinamool Congress' alliance with the Aam Aadmi Party (AAP), Jammu & Kashmir Chief Minister Omar Abdullah challenged the relevance of a combined opposition in the country on Thursday. He said the INDIA bloc should be dissolved if it was just for the central elections. He pointed out that there is no clarity about the leadership of the bloc and that no discussions have been conducted to devise a plan for the future. He was responding to Rashtriya Janata Dal leader Tejashwi Yadav's comment that the bloc was only made for general assembly elections.
Taliban wants Indian visa for Afghan patients, students and businessmen: After India and Taliban-ruled Afghanistan held their first high-level meeting, the Taliban announced that they had urged Delhi to issue visas to Afghan businessmen, patients and students. Deputy Spokesperson for the Afghanistan Foreign Ministry, Hafiz Zia Ahmad, said the request for issue of visas was conveyed by acting Foreign Minister Amir Khan Muttaqi to Foreign Secretary Vikram Misri when they met in Dubai on Wednesday. According to Hafiz Zia Ahmad, the “two sides agreed to facilitate visa and trade” when they met in Dubai. The Indian government’s statement on the meeting did not mention this. It only said Foreign Secretary Misri "conveyed India’s readiness to respond to the urgent developmental needs of the Afghan people." The Indian Express reports that Muttaqi and the Taliban delegation assured the Indian side that there would be no threat from those who would travel to India and that they would ensure the vetting of those being granted visas. While the Taliban are aware of the Indian hesitation in granting official legitimacy to their regime, they want to move forward on "pragmatic" and "workable" solutions.
Rahul Gandhi to take on AAP and BJP: Congress is stepping up its campaign for the Delhi assembly elections. Leader of the Opposition in Lower House Rahul Gandhi is set to address a public meeting in Seelampur on January 13. Current Congress Chief Ministers of states like Telangana, Himachal Pradesh and Karnataka are expected to visit the capital to drive support for the party candidates.
Sharad Pawar praises RSS and its cadre: NCP (SP) chief Sharad Pawar has praised the RSS for its dedication to its ideology and urged his party to create a worker base with commitment to progressive thoughts of Shahu Maharaj, Mahatma Phule, BR Ambedkar and political stalwart Yeshwantrao Chavan. Addressing party workers at a meeting in south Mumbai on Thursday, the former Union minister noted the Rashtriya Swayamsevak Sangh (RSS) has committed cadres who show unwavering loyalty to the Hindutva organisation's ideology and do not deviate from their path at any cost, reports PTI.
Fresh complaint against Karti Chidambaram: Karti Chidambaram, a Congress MP and the son of former Finance Minister P Chidambaram, has been the subject of a new formal complaint filed by the Central Bureau of Investigation (CBI). The issue centres on claims that Karti assisted Diageo Scotland, a UK-based alcoholic beverage business, in getting past an Indian law that prohibited the duty-free selling of its Johnnie Walker whiskey. An initial enquiry in the case was initiated in 2018, which probed the processing and approval of Foreign Investment Promotion Board (FIPB) clearances. The new FIR alleges corruption in lifting the ban imposed on Diageo Scotland for the sale of duty-free liquor in India in 2008 besides FIPB clearance to Sequoia Capital. It is alleged that Karti received bribes through Vasan Health Care to grant FIPB clearance to Sequoia Capital. Vasan Health Care, Diageo Scotland and Sequoia Capital have also been named in the new complaint.
ED busts money laundering network: The Directorate of Enforcement (ED) has exposed a network of CAs and hawala operators to have transferred over ₹10,000 crore in illicit funds out of the nation. Digital and other papers that exposed the accused's method of operation were found during a search conducted on January 2 in Thane, Mumbai, and Varanasi. The agency said, Jitendra Pandey, the main accused, opened over 98 shell companies and 269 bank accounts to launder the money to Singapore, Hong Kong and Thailand.
Investigation reveals second British soldier’s alleged ties to Punjab terror acts: Investigations by Punjab Police into grenade attacks and violence in the state suggest a second British Army soldier may be linked to terrorist activities, according to The Indian Express. The first soldier, Jagjeet Singh, was earlier named in connection with the Khalistan Zindabad Force (KZF), while the second is allegedly tied to Harwinder Singh Rinda of Babbar Khalsa International (BKI). Police claim there is credible evidence connecting the soldiers to terror acts in India, with potential involvement of other personnel. Authorities are also probing the possibility of Pakistan's Inter-Services Intelligence (ISI) recruiting soldiers for the Khalistan cause.
US soldier’s arrest linked to 2024 BSNL data breach: An American soldier arrested in Texas for attempting to sell hacked telecom data is likely connected to a major data breach at India’s State-owned Bharat Sanchar Nigam Limited (BSNL), Hindustan Times reports. Cameron John Wagenius, a communications specialist stationed in South Korea, was arrested on December 20 for selling stolen data from American telecom companies. He is believed to be the hacker “kiberphant0m” on a dark web marketplace, where he tried to sell 278 GB of sensitive BSNL data in May for $5,000. The compromised data included subscriber details, SIM numbers, and security infrastructure information.
Nijjar murder accused still in jail: Contradicting Thursday’s reports, the four Indian nationals arrested last year for their alleged involvement in the killing of Khalistani separatist Hardeep Singh Nijjar, remain in custody as they await trial before the British Columbia Supreme Court. The Hindustan Times reported, “All four accused have been detained, and they continue to remain in custody.”
Indian law firms and industry bodies seek to raise FDI limits: To make the Indian economy more appealing, industry bodies and legal firms have proposed easing restrictions on the flow of capital from China, liberalising laws for plantations and agriculture, and raising the FDI limits for R&D and security agencies. The issues were discussed during a consultation by the Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday. Issues related to e-commerce, pharma and financial services were also discussed in the meeting. The Times of India reported, that DPIIT also solicited ideas from law firms and industry stakeholders on whether any procedural simplifications were required to scale up FDI flows into the country.
L&T gets backlash from the public after questionable work culture comments: Indian multinational conglomerate Larsen & Toubro (L&T) chairman SN Subhrahmanyan's comments on employees' working hours drew heavy backlash on social media from celebrities and industrialists alike. The controversy was triggered by a video, which was recorded during an employee interaction at L&T. In the video, when Subhrahmanyan was asked about the employees' working hours, he responded by saying he wanted employees to work even on Sundays: “What do you do sitting at home? How long can you look at your wife? Come on, get to the office and start working.” After the video went viral drawing flak for L&T, the company had to issue a statement saying that India needs collective effort for its development goals. “We believe this is India’s decade, a time demanding collective dedication and effort to drive progress and realise our shared vision of becoming a developed nation. The Chairman’s remarks reflect this larger ambition, emphasising that extraordinary outcomes require extraordinary effort,” said the statement. But Subhrahmanyan's comments were heavily criticised by actors like Deepika Padukone, Jwala Gutta and industrialist Harsh Goenka.
TCS clocks 3.9% QoQ growth: Even with demand slowed in its key markets across the US and the UK during the holiday season, Tata Consultancy Services reported that its net profit increased to ₹12,380 crore in the third quarter of FY25, a lower-than-expected gain of 3.9% sequentially and 5.5% year-on-year. Net profit increased 12% YoY after deducting a legal claim expense of ₹958 crore from the previous year.
Inflation at 5.3% in December: According to the Mint, India’s retail inflation has dropped to a four-month low of 5.3% in December. The figure was estimated to be 5.5% in November. The Mint’s estimates come from a survey of 25 economists.
Russia, US scale down crude oil exports to India: Russia, the US, Venezuela, and Brazil reduced exports to India due to higher demand from their domestic refineries, collectively losing 17% of the Indian crude import market in December compared to the same month the previous year. Russia remained the leading supplier with a 33.4% share of India's crude imports in December, down from 41.3% in November. In December, India received 1.5 million barrels per day (mbd) of Russian crude, while in November, it received 1.75 mbd.
US, EU caution Indian exporters over dual-use goods to Russia: Indian exporters to Russia have been warned by the US and the European Union (EU) to assess their shipments carefully to avoid the risk of sanctions, The Hindu Business Line reports. Authorities from the US Bureau of Industry and Security (BIS) and the Office of Foreign Assets Control (OFAC) met with industry representatives to discuss the 50 high-priority sanctioned items, including dual-use goods and advanced technology, that could trigger penalties if their components are used for military purposes.
R-Day chief guest's rebound Pakistan visit raises concerns: India is not pleased with its Republic Day chief guest flying straight to Islamabad after the parade and celebrations. According to The Times of India, India has invited Indonesian President Prabowo Subianto to be the chief guest for the Republic Day celebrations on January 26 with an official announcement expected soon. However, The Times of India report suggests India is wary of his visit being coupled with a proposed three-day visit to Pakistan, following reports of his arrival in Islamabad on the same day. India has raised the issue diplomatically with Indonesia, urging Subianto to avoid flying directly to Pakistan after the celebrations.
India’s defence procurement policy to be reformed in 2025: Defence Secretary Rajesh Kumar Singh announced that India’s defence procurement policy will be reformed within six months to a year. The reforms will focus on streamlining timelines and fixing the procurement process. The announcement follows the Ministry of Defence’s decision to observe 2025 as the “Year of Reforms” and its December announcement that the Defence Acquisition Procedure (DAP) 2020 was “likely to undergo a complete revamp” in 2025.
DRDO Chairman calls for foreign collaboration on sixth-generation jet engine: Chairman of the Defence Research and Development Organisation (DRDO), Samir V. Kamat stated that the only way India can develop a sixth-generation aero-engine and other technologies required is by co-development with a foreign manufacturer. He said that India’s defence budget for research and development needs to be increased by 15% to $4 billion to $5 billion, currently it is only at 5%. India is in discussions with France for the co-development of a 110KN engine for the fifth-generation jet, Advanced Medium Combat Aircraft (AMCA), expected to take at least a decade to produce a prototype. Kamat noted the need for advanced materials and testing facilities, and said that India should build capacity to produce 16 fighter jets annually, exploring public, private, or joint sector involvement.
ModiWatch: Prime Minister Narendra Modi on Thursday launched the genome sequencing data of 10,000 Indian nationals, marking an important step in biotechnology research. The Genome India Data, reflecting India’s genetic diversity, will be accessible to researchers at the Indian Biological Data Centre (IBDC) through managed access. The initiative aims to build a comprehensive catalogue of genetic variations in India’s population, supporting advancements in disease treatment, medication development, and lifestyle research.
PM Modi will feature as the guest in the next episode of Zerodha co-founder Nikhil Kamath’s podcast, “People with the Prime Minister.” PM Modi talks about leadership, his tenure, global tensions, and politics, while also reflecting on his journey as a politician. The podcast's release date has not yet been announced.
Delhi Today: Hazy.
Fog delays 100 flights, 26 trains as Delhi imposes GRAP 3 to tackle 'severe' AQI: Delhi was blanketed by thick fog Friday morning, reducing visibility to zero and disrupting air and train services, according to PTI. Over 100 flights at Indira Gandhi International Airport were delayed, and 26 trains were running late. The minimum temperature dropped to 6 degrees Celsius, 0.9 degrees below normal. The air quality index (AQI) was recorded as "severe" with pollutants at 408 at 9 am. On Thursday, Delhi, Gurgaon, Faridabad, Ghaziabad, and Gautam Buddh Nagar imposed a ban on construction and demolition, and restriction on the movement of BS III petrol and BS IV diesel four-wheelers after the Commission for Air Quality Management (CAQM) invoked Stage III of the Graded Response Action Plan (GRAP). At 4 pm on Thursday, Delhi's AQI was 357 in the very poor range. However, the AQI rose to 393 in the higher end of the very poor category at 9 pm on Thursday. Stage III of GRAP was imposed to prevent further deterioration in air quality.
| MARKET UPDATES | |||||||
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