Kejriwal promises support for temple priests

AAP promises ₹18,000 monthly for temple and gurdwara clergy: Ahead of assembly polls in February next year, Aam Aadmi Party chief Arvind Kejriwal announced ₹18,000 ($210) monthly payments for temple and gurdwara clergy under a new poll promise –- Pujari-Granthi Samman Yojana. Meanwhile, Delhi Chief Minister Atishi criticised Lieutenant Governor VK Saxena's remarks on Arvind Kejriwal labelling her a “temporary Chief Minister,” accusing his office of acting as a Bharatiya Janata Party proxy and undermining governance.

Steel imports outpace production

Centre looks to counter rising steel imports: The Commerce Department is pushing for the imposition of safeguard duties to reverse the rising steel imports and shorten the steel trade deficit. India currently is importing more than twice the steel it is producing and the steel trade deficit stands at ₹26,468 crore, the highest in the last few years.

Government’s advice to states on work laws: At the National Conference of Chief Secretaries, the government urged all states to attract investments, generate employment, and support growth through "systematic deregulation" or "line-by-line reform" of laws that make it difficult for businesses to "open, run, grow, or exit". Key sectors that urgently need deregulation include complex land and building zone/construction regulations, expensive electricity rates, and barriers to women's employment growth.

Gold loan defaults rise

Gold loan defaults rise amid economic slowdown: Gold loan defaults surged 30% to ₹6,696 crore ($805 million) by June 2024. Banks and non-banking finance companies reported a combined gold loan outgo of ₹3 lakh crore ($36 billion), according to The Indian Express. The Reserve Bank of India (RBI) projects bad loans to rise to 5.3% under severe stress by March 2026 and flags risks from $65.49 billion in unhedged external commercial borrowings (ECBs), alongside concerns over consumer credit and equity valuations.

Corporate bond fundraising hits $124.8 billion in 2024: Indian companies raised $124.8 billion through corporate bonds in 2024, driven by lower yields and stronger demand. Issuances are expected to remain robust in 2025 as banks moderate credit growth.

India tops global remittances, records highest ever: Remittances to India totalled an anticipated $129.1 billion in 2024, the most ever received by any nation in a single year. Additionally, this year's global remittance share for India was 14.3%.

India partners with France on navy upgrades

Centre looks to strengthen Navy’s underwater capabilities: The Defence Ministry signed contracts with Mumbai-based Mazagon Dock Shipbuilders Ltd and France’s Naval Group to strengthen the Indian Navy’s underwater capabilities. The contracts are reported to be worth ₹2,867 crore.

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Foreign investors may return after market corrections: In an interview with The Economic Times, Punita Kumar Sinha, Managing Partner at Pacific Paradigm Advisors, noted that foreign institutional investors (FIIs) remain wary of Indian markets due to high valuations but may return as stocks correct and domestic demand stays resilient.

Musk criticises H-1B visas

Musk says H-1B needs reforms: Elon Musk, Trump’s multi-billionaire friend, has dialled down his support for H-1B visas after the issue faced a massive backlash from MAGA supporters. He said, “The programme is broken and needs major reform.” The Times of India reported that the External Affairs Ministry, Commerce Ministry and IT Ministry are keeping a close watch on the backlash against Indian H-1B visa holders in the US.

India advances in space tech

ISRO launches space docking experiment for future missions: The Indian Space Research Organisation (ISRO) launched the PSLV-C60 carrying the Space Docking Experiment (SpaDeX), set to make India the fourth country with space docking technology. The docking is planned for January 7, enabling future missions like lunar sample return and space station assembly.

SpiceJet focuses on fleet restoration

SpiceJet eyes revival of Boeing B737 Max deliveries: Chairman and Managing Director Ajay Singh announced SpiceJet’s plans to resume deliveries of B737 Max aircraft, which it had ordered in 2017 from Boeing. The airline, which recently secured ₹3,000 crore ($360 million) in funding, aims to address financial challenges and restore its fleet.

IRCTC website outage disrupts holiday travel plans: The Indian Railway Catering and Tourism Corporation (IRCTC) website experienced its second outage this month, disrupting ticket bookings during the peak holiday season.

Renewable energy capacity set to quadruple by 2030

Renewable energy capacity climbs with $32 billion investment target: The International Energy Agency predicts India's renewable energy capacity additions will quadruple from 15 gigawatts in 2023 to 62 gigawatts by 2030. Minister for New and Renewable Energy Pralhad Joshi confirmed $32 billion annual investments to achieve 500 gigawatts by 2030.

Delhi Today: Cloudy. 

Delhi faces chilly Tuesday with 'poor' air quality: Delhi recorded a minimum temperature of 9.6°C on Tuesday, with the maximum expected at 15°C. The India Meteorological Department predicted a cold day as air quality remained in the 'poor' category with the Air Quality Index at 248.