Securitisation volumes in India surged by 80% year-on-year, reaching Rs 68,000 crore in the December quarter. ICRA revised its FY24 estimate to Rs 2.4 lakh crore. Growth was primarily driven by private banks, despite challenges in deposit growth and asset quality concerns in personal and unsecured business loans.
Related news
India supported a global carbon tax on shipping. The UN agency, IMO, passed the measure to cut ship emissions. Ships must use cleaner fuels or pay a pollution fee. The tax aims to generate funds for decarbonizing the shipping sector. Some nations opposed the move. Technical details are yet to be finalized.
In 2023-24, 58% of manufacturing establishments were led by women, a rise from the previous year. Women made up 28.1% of the overall workforce, with significant contributions in OAEs and proprietary businesses. Notably, West Bengal and Maharashtra employ significant numbers of female workers in rural and urban sectors, respectively.
India's foreign exchange reserves dropped by $8.478 billion to $644.391 billion for the week ending December 20, marking a continued decline. The reduction is mainly due to the revaluation and RBI's efforts to stabilize rupee fluctuations. Foreign currency assets and gold reserves saw significant reductions, contributing to the overall decline in reserves.
Wall Street concluded lower on Tuesday due to continued uncertainty over US President Donald Trump’s tariff policies. Market swings were driven by these uncertainties, with the Dow Jones, S&P 500, and Nasdaq Composite all seeing declines. Despite the downturn, major tech stocks like Tesla and Nvidia showed some resilience. Investors remain concerned about potential economic slowdown and market correction.
India is a major contributor to applications for Riyadh Air, Saudi Arabia's upcoming second national carrier. Despite not announcing salary structures, the airline has received 14 lakh applications from 146 nationalities, with India among the largest sources. The carrier plans to start operations in a few months, focusing on Indian tourists and connecting flights from its Riyadh hub.
Spending on online gaming in smaller Indian towns has surged 16 times from 2019 to 2024, highlighting increased digital consumption. Card spending has risen 175% in non-metro areas, driven by rising affluence. The Indian video gaming market is projected to reach $1.4 billion by 2028.
India's coal imports rose by 2% to 182.02 million tonnes between April and November this year. Monthly imports for November dropped to 19.57 MT due to sufficient domestic supply, leading to reduced demand. Coking coal imports also decreased slightly as the government pushes for increased domestic production.
Sivasubramanian Ramann has been appointed as the new chairman of the Pension Fund Regulatory & Development Authority of India (PFRDA). He will succeed Deepak Mohanty, who completes his term in May 2025. Ramann's appointment comes as the government focuses on enhancing pension schemes, particularly for the unorganised sector.
China’s economy achieved its annual growth target of 5% for 2024, helped by a late-year stimulus and boosted exports before US tariffs. Industrial production surged by 6.2% in December, though domestic demand remained weak with modest retail sales growth and rising unemployment. Further fiscal measures are expected to support the economy amid external challenges.
CropLife India has urged the government to reduce GST on agrochemicals to 12 per cent and maintain a uniform 10 per cent customs duty for raw materials and formulations. They also demand a 200 per cent weighted deduction on R&D expenses, while warning that higher customs duties could make crop protection products less affordable for farmers.