ModiWatch: Prime Minister Narendra Modi called for harnessing Artificial Intelligence to counter cyber threats and deep fake risks, urging modernised policing and tech-driven resource allocation during the All India Police Conference in Bhubaneswar.

Karnataka Chief Minister Siddaramaiah met PM Modi on Friday, seeking rectification of a 58% cut in the Short Term Agricultural Credit Limit by the National Bank for Agriculture and Rural Development (NABARD), ₹10,000 crore ($1.2 billion) for infrastructure, and clearances for Mekedatu and Kalasa Bandhuri water projects.

Parliamentary affairs

Bills and statements in Lok Sabha today: External Affairs Minister S Jaishankar to address recent developments in relations with China; Finance Minister Nirmala Sitharaman to propose amendments to banking laws; and key bills, including the Coastal Shipping Bill and Oilfields Amendment Bill, set for discussion.

Parliament disruptions stall debates on Adani case and regional conflicts: Both Houses adjourned on Friday amid protests over the Gautam Adani case, Sambhal violence, and Manipur conflicts.

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Congress MP seeks probe into Adani bribery allegations: Congress MP Manickam Tagore urged a Lok Sabha (Lower House) discussion on allegations against the Adani Group, citing government inaction.

Lok Sabha informed of talks on direct flights with China: External Affairs Minister S Jaishankar told the Lok Sabha that India and China are discussing the resumption of direct passenger flights, along with other bilateral initiatives, following disengagement at Demchok and Depsang along the Line of Actual Control (LAC).

France targets trade, Italy discusses maritime ties

France eyes stronger trade ties with focus on clean energy and aviation: French Foreign Trade Minister Sophie Primas expressed interest in deepening economic ties with New Delhi in clean energy, aviation, and emerging technologies while supporting an EU-India free trade agreement.

Maritime cooperation discussed with Italian minister: Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, met Italy's Minister of Enterprises, Adolfo Urso, discussing maritime collaboration, including Cochin Shipyard Limited's partnership with Fincantieri and opportunities in the Blue Economy.

UK and India agree to co-develop electric propulsion for naval ships: India and the UK signed a framework agreement to co-design and co-produce electric propulsion systems for future warships, with an initial focus on landing platform docks built at Indian shipyards.

Trump threatens 100% tariffs on BRICS nations over de-dollarisation plans: US President-elect Donald Trump warned of 100% tariffs on BRICS nations—Brazil, Russia, India, China, South Africa, if they adopt alternatives to the US dollar in global trade.

EV rules under review

$500 million EV investment rules under review: India plans to extend electric vehicle (EV) incentives to automakers using existing factories, with $500 million required for tax benefits, according to Reuters.

Govt not informed or involved in Adani case, MEA says: Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal stated the Adani Group allegations involve private entities, confirming no prior information or mutual legal assistance request from the US.

Adani defends compliance amid US allegations: Adani Group chairman Gautam Adani dismissed recent US allegations, stating no violations of the Foreign Corrupt Practices Act (FCPA) or obstruction of justice had been found and reaffirming the conglomerate's commitment to regulatory compliance.

Adani Group delays dollar bonds: The Adani group will delay dollar bond issues until named individuals address the US Department of Justice (DOJ) indictment, with $3 billion in repayments planned through bank refinancing, CFO Jugeshinder Singh said.

Adani Group liquidity steady: CRISIL Ratings confirmed Adani Group’s liquidity and debt management stability despite fraud allegations against senior executives in the US.

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FDI climbs 45% to $29.79 billion in April-September: Foreign direct investment (FDI) rose 45% year-on-year to $29.79 billion in April-September 2024, led by services, telecom, computer, and pharma sectors, with Mauritius, Singapore, and the US as major contributors.

Finance Ministry proposes 100% FDI in insurance sector: The Finance Ministry has proposed raising foreign direct investment (FDI) in insurance to 100%, lowering paid-up capital, and reducing net-owned funds for foreign reinsurers from ₹5,000 crore ($600 million) to ₹1,000 crore ($120 million).

FDI restrictions on China remain despite border thaw: India will maintain restrictions on foreign direct investment (FDI) from China over transparency and dumping concerns, despite border de-escalation, a senior official told BusinessLine.

India's GDP growth dips, CEA remains optimistic

GDP growth slows to two-year low in Q2 FY25: GDP growth fell to 5.4% in Q2 FY25, down from 6.7% in Q1, as inflation surged and private consumption weakened.

CEA sees no risk to FY25 growth despite Q2 slowdown: Chief Economic Advisor V Anantha Nageswaran termed the 5.4% Q2 GDP growth disappointing but reaffirmed the FY25 projection of 6.5%, citing strong performance in agriculture, construction, and manufacturing, despite global uncertainties.

Fiscal deficit at 46.5% of annual target by October: The Centre's fiscal deficit for April-October 2024 reached ₹7,50,824 crore ($90 billion), or 46.5% of the full-year target, while net tax revenue stood at ₹13 lakh crore ($157 billion).

GDP base year to shift to 2022-23 in 2026: The government plans to revise the GDP base year to 2022-23 by February 2026, marking the first update since 2011-12, to better reflect the economy's structure.

Core sector growth at 3.1% in October: Output of eight core sectors rose by 3.1% in October, up from 2% in September, driven by higher coal, steel, and petroleum refinery production, while crude oil and natural gas declined.

Forex reserves decline $48 billion since September: Foreign exchange reserves fell $48 billion in two months to $656.58 billion as the Reserve Bank of India (RBI) curbed currency volatility amid rupee depreciation of 1.52% against the dollar this year.

Mahayuti alliance set for Maharashtra govt oath

Mahayuti government to take oath on 5 December in Mumbai: The Mahayuti government of Bharatiya Janata Party (BJP), Eknath Shinde's Shiv Sena, and Ajit Pawar's Nationalist Congress Party (NCP) will be sworn in on 5 December at Azad Maidan, Mumbai, with PM Modi attending.

EC to address Congress concerns over Maharashtra polls: The Election Commission (EC) assured the Congress Party of a review of alleged voter deletions and turnout discrepancies during Maharashtra Assembly polls, inviting the party for a meeting on 3 December.

Kejriwal rules out Delhi election alliances: Aam Aadmi Party (AAP) leader Arvind Kejriwal announced no alliances for the 2025 Delhi Assembly elections.

Delhi Today: Sunny.

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