China's foreign minister Wang Yi criticizes the US for imposing arbitrary tariffs despite China's efforts to curb fentanyl exports. He warns that such actions disrupt global stability and mutual trust. Wang emphasizes China's strong ties with Russia and calls for greater representation of developing nations in global governance, highlighting China's role as a stabilizing force.
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India is discontinuing medium- and long-term options of its gold monetisation scheme due to evolving market conditions. From March 26, 2025, only short-term deposits will be accepted based on commercial viability. This move aims to reduce financial commitments and mitigate risks from gold price fluctuations. Existing deposits will remain intact until maturity.
Foreign portfolio investors remain cautious on Indian equities in light of uncertainty around Q3 FY25 earnings recovery and fair market valuations, despite strong domestic institutional investor support. The Indian rupee's depreciation and global factors are contributing to market volatility.
Alteria Capital, India's largest venture debt manager, secured an anchor investment from the International Finance Corporation (IFC) in its Shorter Duration Scheme. The fund will address short-term liquidity needs for licensed fintech companies, consumer brands, and EV OEMS, further supporting new economy companies in India.
India's foreign exchange reserves fell by $4.112 billion to $640.279 billion for the week ending December 27. This decline follows an earlier drop of $8.478 billion. The decrease is largely due to revaluation and RBI's forex market interventions. Foreign currency assets dipped by $4.641 billion, while gold reserves increased by $541 million.
The Indian stock market closed higher, led by gains in financial and energy stocks following the RBI's $21 billion liquidity infusion and lower crude prices. The BSE Sensex and Nifty 50 both rose significantly. Positive global cues, particularly from a temporary tariff reprieve in the US, also bolstered investor sentiment.
Emami's MD, Harsha Vardhan Agarwal, new Ficci president, states that consumption slowdown, impacted by inflation, will take a few quarters to normalize. He suggests controlling inflation and boosting government spending to revive demand, noting a mixed bag for FMCG with rural uptick and urban slowdown.
India needs a tax buoyancy of 1.2-1.5 to achieve a 6.5-7% growth rate, according to an EY report. To support this growth, the government may need to boost the tax-to-GDP ratio to 14% by FY31. Enhancing tax buoyancy, managing expenditures, and continuing structural reforms are crucial for sustainable growth. India's projected GDP growth for the next fiscal is 6.3-6.8%.
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance.
India's industrial sector is expected to grow at a slower pace of 6.2 per cent in FY25 compared to 9.5 per cent in FY24, as per advance estimates, primarily due to the base effect and a subdued manufacturing performance in the first half, according to Bank of Baroda report.
Coal India Ltd. has invested Rs 5,570 crore in corporate social responsibility (CSR) projects over the last ten years, focusing on education, healthcare, sports, skill development, and women's empowerment. West Bengal Governor C V Ananda Bose and Coal Secretary Vikram Dev Dutt commended the company's efforts, particularly in tribal areas and coal-bearing regions.