CII proposes a seven-point agenda in the FY26 budget to enhance employment generation, stressing an integrated national employment policy, support for labor-intensive sectors, international mobility authority, and increased female workforce participation, to harness India's youthful demographic dividend and drive inclusive economic growth.
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XRP's price surged nearly 11% to $2.52 after Ripple CEO Brad Garlinghouse announced that the SEC is no longer pursuing its appeal in the legal case against the company. Ripple had been in a nearly four-year legal battle with the SEC over allegations of violating securities laws. Garlinghouse criticized the SEC for its actions, calling the system broken.
Global stock markets declined as US President Trump's higher tariffs on key trading partners triggered retaliatory actions from Canada and China. The sensex fell below 73,000, and Nifty dropped for the 10th consecutive session. Safe haven investments rose while oil prices fell, impacting international benchmarks.
Ravi Kumar has led Cognizant's resurgence over the past two years, improving its positioning among peers and signing significant large deals. Cognizant has seen growth in its core verticals and implemented AI-driven productivity measures, aiming for further organic growth and margin expansion.
The Indian government is revising its Production-Linked Incentive (PLI) scheme to include broader support for new sectors such as footwear, toys, and textiles. The new approach will address inputs, skilling, and other aspects comprehensively, learning from earlier implementations that faced challenges with dependence on component imports.
Moody’s Ratings expects significant foreign direct investment in the insurance sector if the government increases the FDI limit to 100% from 74%. This move, along with improving margins, can attract more foreign insurers, especially with the proposal allowing monoline and composite insurance companies. State-owned insurers' margins have improved due to recent government decisions.
A rally in tech stocks powered Wall Street gains in a quiet pre-Christmas session. Tesla led the megacaps, with Broadcom and AMD rising as Biden's team probed Chinese chips. Investors hope for the 'Santa Claus Rally' to boost year-end stocks further. The S&P 500 climbed 1.1%, Nasdaq 100 up 1.4%, and Dow Jones increased 0.9%.
Rebel Foods, supported by Temasek and KKR, is entering the quick food delivery sector with its 15-minute service branded as QuickiES. Utilizing its existing cloud kitchens and customer data from its EatSure app, Rebel Foods aims to offer fresh and quality snacks swiftly, intensifying competition in this evolving market.
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.
US President Donald Trump intends to impose reciprocal tariffs on countries like China, Brazil, and India to address trade imbalances and make American industries more competitive. While US tariffs are comparably low, Trump's statements suggest a tit-for-tat approach that might lead to increased prices in the US.
The Adani Group has increased its offer for sale (OFS) in Adani Wilmar to 20% due to strong investor interest, reducing its stake to 24%. The sale is expected to generate at least Rs 7,150 crore. Wilmar will own 68% of Adani Wilmar post-transaction, and intends to leverage the company's distribution network for its FMCG portfolio.