Parliamentary affairs

Both Houses of Parliament were adjourned over Home Minister’s remarks: Opposition MPs brought Parliament to a standstill over remarks made by Shah in the Upper House Tuesday on his rivals using the name of BR Ambedkar. Shah had said that it has become a “fashion” now to take Ambedkar’s name. Opposition MPs carried Ambedkar’s photo and shouted ‘Jai Bhim’ while demanding an apology from the Home Minister

The Parliament is scheduled to resume at 2 p.m. (IST)

Uniform civil code for every state says Home Minister: Home Minister Amit Shah declared in the Upper House on Tuesday that the BJP would implement the Uniform Civil Code in every state. He accused the Congress of using "reservations" as a gimmick during recent election campaigns promising to raise the quota limit above 50% to reward its Muslim electorate. 

₹22,280 crore recovery from fugitive businessmen: Finance Minister Nirmala Sitharaman informed the Lower House that the Enforcement Directorate of India has recovered ₹22,280 crore worth of assets from fugitive industrialists. This includes recovery of ₹14,000 crore by various banks through the sale of assets of Vijay Mallya and Rs 1,053 crore from disposing of diamond merchant Nirav Modi’s assets.

BJP looks into why MPs skipped critical vote on Constitution and Union Territories bills: The Bharatiya Janata Party (BJP) is probing why nearly 20 of its MPs missed voting on the 'The Constitution (129 Amendment) Bill' and 'The Union Territories (Amendment) Bill', despite issuing a three-line whip for full attendance. 

India-China bilateral talks

National Security Advisor holds bilateral talks with China: National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi met Wednesday morning to discuss several topics, including re-establishing bilateral ties that had been halted for more than four years because of the military standoff in eastern Ladakh. Meanwhile, the Hindustan Times reported that China has in the last eight years constructed at least 22 settlements on land that has historically been part of Bhutan. Since 2020, eight of these settlements have been constructed near the strategically important Doklam plateau.

Unregistered Starlink device found in India

Security forces seize Starlink-like device, weapons in Manipur: Security forces in Manipur recovered a Starlink-like internet device, sniper rifles, pistols, and grenades during a December 13 search operation in Imphal East. There is no confirmation on whether the device is a genuine Starlink product, and the find has prompted an investigation into its origins. Starlink does not have a license to operate in India. 

Possible outcomes for tax council meeting

GST Council meeting to focus on insurance policy; food delivery app may get taxed: The Goods and Services Tax (GST) Council meeting is scheduled for Saturday in Jaisalmer. The meeting will look into issues including GST on health and term life insurance, with proposed exemptions and rate reductions, alongside a 5% levy on delivery charges by food apps. 

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Shriram Finance to raise $1.27 billion: A multi-tranche, multi-currency loan worth $1.27 billion is now being raised by Shriram Finance, India’s second-largest NBFC, marking the largest external commercial borrowing involving a domestic non-bank lender.

Trump’s plan for tariffs

Trump reiterates plans for reciprocal tariffs on high-tax countries: US President-elect Donald Trump has reiterated plans to impose reciprocal tariffs on countries like India and Brazil, which charge high tariffs on American products, stating the US will match any tariffs imposed on it.

SEBI prohibits P-notes from foreign investors

Securities regulator prohibits foreign portfolio investors from issuing P-notes: Foreign Portfolio Investors (FPI) are now prohibited by the Securities and Exchange Board of India (SEBI) from issuing offshore derivative instruments (ODIs), also known as participatory or P-notes, that have India-listed security as an underlying asset.

Fintech shifts towards secured loans: As the Reserve Bank of India (RBI) cracks down on unsecured lending, digital lenders are now expanding into secured lending with products including microloans secured against real estate, business loans for MSMEs, and green finance.

New low for Indian Rupee

New low for Indian rupee amid widening trade deficit and FPI outflow: The Indian rupee fell to a record low of 84.93 against the US dollar in Tuesday’s trading session and is now trading at 84.92 mid-day Wednesday. The monetary unit, which had mostly weathered market turbulence, appeared to be under pressure from a growing trade deficit, which was made worse by an unanticipated increase in gold imports, as well as ongoing withdrawals from domestic stocks.

Home Minister hails Savarkar

Amit Shah defends Veer Savarkar as ‘biggest patriot’ amid Congress attacks: Home Minister Amit Shah lauded Hindutva ideologue Veer Savarkar as India’s “biggest patriot,” condemning the Congress party’s criticisms and recalling his sacrifices during British rule.

Sanitation workers’ survey

Two-thirds of sewer workers in urban areas belong to Scheduled Caste groups: Two-thirds of sewer and septic tank workers (SSWs) across urban local bodies are from Scheduled Caste (SC) communities, with a total of 92% of workers belonging to SC, Scheduled Tribe (ST), and Other Backward Classes (OBC), according to the Union government’s survey. 

Sri Lanka not concerned with Adani allegations

Sri Lankan President open to Adani Group’s local investments despite US scrutiny: Sri Lankan President Anura Kumara Dissanayake told The Economic Times that his government is focused on Adani Group’s operations in Sri Lanka. He said he has no concerns about its dealings abroad, while flagging ecological issues over a port project. 

Defence,space and Telecom

Commerce Ministry explores rupee payment option for defence, space sectors in SEZs: The Commerce Ministry is considering allowing domestic companies, especially in defence and space, to pay for services from Special Economic Zones (SEZs) in Indian rupees. This move aims to bypass the need for foreign exchange due to delays in the proposed SEZ Amendment Bill, reports The Hindu Business Line.

US to revise policy to boost space cooperation with India: The US government is in the process of updating its export control policy under the Missile Technology Control Regime (MTCR). The move is likely to increase cooperation between India and US companies in the space sector.

Scindia calls for dedicated telecom manufacturing zones to drive sector growth: Minister of Communications Jyotiraditya Scindia has in an interview talked about the creation of dedicated telecom manufacturing zones. He cited the success of productivity-linked incentive schemes that have attracted 42 companies and generated ₹65,000 crore ($7.8 billion) in revenue.

ModiWatch: Prime Minister Narendra Modi participated in ‘Ek Varsh-Parinaam Utkarsh’, the one-year completion programme of the State Government of Rajasthan’ yesterday. He laid the foundation for 24 projects related to Energy, Roads, Railways and Water worth over ₹46,300 crores.

Delhi Today: Hazy sun; air quality will be very unhealthy.

Delhi’s air degrading: Delhi's AQI worsened even more, reaching 433 in the severe range of the air quality index, the lowest level in four weeks. The India Meteorological Department issued a yellow advisory for moderate to intense fog for the next three days. The air quality will likely improve after Thursday.