Highlights include the introduction of the One Nation, One Election Bill in the Lower House, while opposition parties voice strong objections. Services exports surpassed goods exports for the first time, reaching $35.7 billion in November 2024.
Lower House discusses the Constitution Amendment Bill: The government introduced the Constitution Amendment Bill (One Nation, One Election) Bill in the House today along with the Union Territories Amendment Bill. Congress MP Jairam Ramesh had earlier announced, “The Congress party firmly, totally, comprehensively rejects the one nation, one election bill. We will oppose the introduction. We will demand its reference to a Joint Parliamentary Committee.” After the Bill was introduced, Congress MP Manish Tiwari called the Bill “unconstitutional” and beyond the legislative powers of the House. Samajwadi Party MP Dharmendra Yadav also supported the Congress’ argument. Home Minister Amit Shah replied that the Bill can be referred to a Joint Parliamentary Committee and the House can in great detail discuss the recommendations of the committee's report.
Earlier Opposition MPs held a protest inside the Parliament premises over atrocities against the Hindu community in Bangladesh. The question hour functioned smoothly in the House.
Rajya Sabha debate on Constitution: Minister of Chemicals and Fertilisers JP Nadda opened the debate in the Rajya Sabha (Upper House) on the 75 years of the Constitution, stressing democracy's role in fostering freedom, equality, and inclusivity for all citizens.
Centre rules out timeline for crypto regulation: The Centre has dismissed setting a timeline for introducing regulatory guidelines for cryptocurrencies and the virtual digital asset (VDA) industry. In a written reply in the Lok Sabha, Minister of State for Finance, Pankaj Chaudhary, cited the need for international collaboration to address risks, standards, and taxonomy.
Government confirms auction-less allocation of spectrum: The Modi government confirmed in Parliament that it will administratively assign spectrum for satellite-based internet communications without auctions. While replying to an unstarred question in Lok Sabha, the government claimed that “spectrum assigned administratively are also chargeable and hence contribute to revenue.” The Opposition accused the government of favouring Elon Musk's Starlink satellite communications company.
Army relocates 1971 surrender painting amid controversy: The Indian Army moved the painting of Pakistan's surrender in the Indo-Pakistani war of 1971 from the Army chief's office to the Manekshaw Centre in Delhi, following backlash from veterans and Congress leaders.
Priyanka Gandhi sparks controversy with Palestine bag in Parliament: Congress MP Priyanka Gandhi’s display of a bag bearing Palestine symbols in Parliament has triggered backlash from the Bharatiya Janata Party, with critics calling it a “bag of appeasement,” while Congress spokesperson Shama Mohamed defended the gesture as a symbol of solidarity and justice. In response to Monday's attack of appeasing the Muslim electorate of her Parliamentary constituency, Priyanka carried another Tote bag on Tuesday with a slogan seeking justice for the Hindu and Christian minorities of Bangladesh.
Opposition parties split over EVM concerns: All India Trinamool Congress (AITC), Samajwadi Party, and Nationalist Congress Party have distanced themselves from Congress's criticism of Electronic Voting Machines (EVMs), with AITMC MP Abhishek Banerjee urging demonstrative proof of any alleged issues.
Delhi airport connected to 150 destinations worldwide: With Thai AirAsia X beginning to operate direct flights between Delhi and Bangkok-Don Mueang (DMK), Delhi airport is now connected to 150 domestic and international destinations.
Services exports overtake goods exports: In a major shift, India’s services exports overtook goods shipments in November 2024. Services exports have been estimated at $35.7 billion, compared with $32.1 billion in goods exports. Software services accounted for 47% of the total exports with nearly 70% headed towards the US.
Electric vehicle charging infrastructure needs ₹16,000 crore for growth: A report by the Federation of Indian Chambers of Commerce and Industry (FICCI) estimates that India requires ₹16,000 crore ($1.9 billion) in capital expenditure to expand public electric vehicle (EV) charging infrastructure to achieve the goal of more than 30% electrification by 2030.
The predicted increase in annual hydrogen consumption: According to the SBICAPS report, by 2030, India's annual hydrogen consumption is predicted to increase significantly from the present 5-7 million tonnes to 15-20 million tonnes, and the establishment of the essential green hydrogen ecosystem will require ₹8–10 trillion.
Sensex drops 700 pts, Nifty at 24,514: Sensex dropped over 1% today and stands at 80,867.61. Nifty also declined nearly 1%, standing at 24,427.80.
$709 billion FDI inflow in the last decade: Minister of State for Finance Pankaj Chaudhary while replying to an unstarred question in Parliament, stated that FDI inflow into India between 2014 to 2024 stands at $709.8 billion.
GIFT City calls bids for the development of commercial tower: Global proposals are being accepted for the construction of a commercial tower spanning 754,000 square feet in the processing area of the special economic zone by the Gujarat International Finance Tec-City Company Ltd, the special purpose entity of the Gujarat government in charge of the development of GIFT City.
Indian Oil Corporation plans $1 billion foreign debt raise by March 2025: Indian Oil Corporation aims to secure ₹15,000 crore ($1.8 billion) in long-term debt by March 2025, with up to $1 billion potentially coming from foreign currency loans and bonds, to fund its capital spending, according to The Economic Times.
Dixon secures joint venture with Vivo to ramp up mobile assembly: Dixon Technologies has announced a joint venture with Chinese mobile maker Vivo, where Dixon will hold 51% ownership. The deal, set to increase Dixon's smartphone production capacity to 60 million units annually, strengthens its position as the top player in the Electronics Manufacturing Services (EMS) sector, as reported by Business Standard.
Japanese conglomerates increase investments in India: Japanese companies plan to invest 5 trillion Yen across different industries in India by 2027. Japanese trading firm Sumitomo Corp has planned a $710 million investment to build renewable energy projects. Similarly, Marubeni Corp has planned a $300 million investment to build industrial parks in Uttar Pradesh. In 2024, Japanese domestic M&A also hit a record high.
ModiWatch: Prime Minister Narendra Modi will visit Kuwait on December 21-22, the first visit by an Indian leader in 43 years. Kuwait currently holds the presidency of the Gulf Cooperation Council (GCC), and is a supplier of crude and LPG to India.
PM Modi will inaugurate 24 projects related to energy, roads, railways and water worth over ₹46,300 crores in Rajasthan today.
Delhi Today: Hazy.
Air quality worsens in Delhi-NCR: The Commission for Air Quality Management has enforced Graded Response Action Plan 4 restrictions in Delhi-NCR as the Air Quality Index worsened to the ‘severe’ zone. The measures include banning BS III petrol and BS IV diesel vehicles, halting all construction and demolition activities except for national importance projects, and requiring schools to switch to hybrid classes.