January 16, 2025

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Greenhouses Inputs, Irrigation, Equipment and Related Industries Exhibition

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INDIAN ECONOMY

Significant growth opportunities in India because of under-penetration in most sectors: Report

India stands out as a promising market with vast untapped potential, as the country remains below the global average in product penetration across several key sectors, highlights a report by ICICI Mutual Fund. The report data highlighted that the under-penetration, coupled with the rising desire for premiu...

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Govt may forecast stronger growth next FY while sticking to fiscal targets

India plans to project higher economic growth for the next fiscal year, two government officials with direct knowledge of the matter said, adding that fiscal deficit goals are being met and kept. It is likely to forecast nominal economic growth of 10.3 per cent-10.5 per cent, according to one of the offici...

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Digital transformation fueling India's economic growth and inclusion

In 2025, India is projected to become the fourth largest economy by GDP. Amid global challenges, India's economy remains resilient, presenting an opportunity to redefine its global role and establish new standards for economic leadership. India’s dramatic digital transformation has empowered millions th...

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New frontier, new approach: RBI Governor signals being open to more flexible rupee, says Bloomberg report

RBI Governor Sanjay Malhotra is showing a willingness to allow the rupee to move more freely in tandem with peers in the region, stated a report by Bloomberg citing people familiar with the matter, while maintaining that he is still intervening in the foreign-exchange market to curb excessive moves. Sanjay...

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US sanctions on Russian oil: No supply threat for India, but costs may rise

The latest US sanctions on Russia do not only pose a threat to India’s crude oil supply but may result in higher cost of the landed crude oil for Indian refiners as they diversify their crude sourcing, likely at a premium to the landed price of Russian crude arriving into India, analysts and industry experts ...

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Regulatory norms under review to ease compliance

The finance ministry is assessing all financial regulators in the country and their respective regulatory frameworks to evaluate whether over-regulation is stifling economic activity. According to official sources, the ministry is preparing a draft paper, which will highlight the regulatory provisions that sh...

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MARKET & FINANCE

LIC policy: How to check any unclaimed amount in LIC policy

LIC unclaimed amount Life Insurance Corporation (LIC) had unclaimed maturity amounts totaling Rs 880.93 crore in Financial Year 2023-24 (FY24), the government has told Parliament in December 2024. Minister of State for Finance Pankaj Chaudhary, informed Lok Sabha in a written response that up to 3,72,282 pol...

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RBI likely to manage FX reserves judiciously amid global headwinds

RBI will be more judicious in its use of foreign exchange reserves to mitigate domestic currency market volatility amid strong global headwinds, three sources aware of the development said. The Reserve Bank of India will continue to intervene as and when necessary to smoothen volatility, but won't go again...

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GLOBAL CORPORATE

US Importers Rush in Goods From China as Trump Tariff Threat Looms

U.S. imports from China finished the year strong after some companies stockpiled shipments of apparel, toys, furniture and electronics ahead of President-elect Donald Trump's plan to impose new tariffs that could revive a trade war between the world's economic superpowers. Trump, who has threatened to slap...

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TikTok prepares for immediate shutdown in US this Sunday as ban nears

Social media platform TikTok has started preparing to cease its US operations from Sunday (Jan 19), the day a federal ban is set to take effect, according to a report by The Information which cited sources familiar with the matter. The app’s future in the US remains uncertain, hinging on whether the Supreme C...

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Direct-to-consumer brands keep deal street busy with new funding rounds

Meta will lay off approximately 5% of its “lowest performers” and plans to hire for these roles later this year, according to a company spokesperson on Tuesday. CEO Mark Zuckerberg also warned employees of additional job cuts in the future to “raise the bar” on performance management. “I’ve decided to rais...

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INCOME TAX

More trouble for US trade partners? Trump to set up new department to collect "tariffs, duties, and all revenue" from foreign sources

U.S. President-elect Donald Trump said on Tuesday he will create a new department called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources. Trump said in a social media post he would create the department on January 20, the day he will be inaugurated as preside...

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US producer inflation cooler than expected in December

US producer inflation rose less than analysts expected in December, according to government data released Tuesday, on the back of cooler food costs. The producer price index (PPI) rose 0.2 percent last month, said the Department of Labor, below a consensus estimate of 0.4 percent according to Briefing.com....

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Income Tax can seize properties even if real owner is untraceable: Court

In a significant ruling, a quasi-judicial body has upheld the Income Tax (I-T) department's ability to attach properties under the anti-benami law even if the actual owner of the property is not identified. The ruling, issued by the Adjudicating Authority set up under the Prohibition of Benami Property Transa...

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PRE-BUDGET

Budget 2025: Global rating agencies see capex and fiscal control focus

Budget expectations 2025: Global rating agencies, such as S&P, Moody’s and Fitch, reckon India will focus on fiscal consolidation and capital investments, and may shed more light on its medium-term debt reduction strategy in the budget for 2025-26, senior executives handling sovereign rating at the agencies t...

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GLOBAL ECONOMY

Trade Report
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Argentina Slows Peso Crawling Peg as Inflation Eases

Argentina's central bank will slow the rate of the local peso's devaluation, it said on Tuesday, after new data showed annual inflation slowing in December and as the central bank sees continued progress on inflation. Beginning...

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Economists Say Los Angeles Fire to Have Limited National Economic Impact

Devastating fires in the Los Angeles area are likely to put modest pressure on the U.S. national economy in the near term but are unlikely to derail strong forward momentum, economists say. Forecasters reckon the fires’ destruc...

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Japan Manufacturers' Mood Rebounds in Jan, Outlook Stays Flat - Reuters Poll

Japanese manufacturers' sentiment recovered in January after a dip last month thanks to better conditions for materials industries, but their outlook remains flat due to uncertainty over proposed Trump policies, the Reuters Tankan...

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Japan Likely to Miss Primary Budget Surplus Target for FY2025, Sources Say

Japan is likely to miss achieving its goal of running a primary budget surplus by the next fiscal year, according to three sources with knowledge of fresh fiscal estimates, as the minority government faces increasing pressure for ...

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UK Inflation Unexpectedly Falls, Core Price Measures Slow by More

British inflation unexpectedly slowed last month and core measures of price growth - tracked by the Bank of England - fell more sharply, according to official data that will be welcomed by finance minister Rachel Reeves after rece...

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How Beijing is seeking to jump-start wavering economy

As China's economy struggles, officials in Beijing have the arduous task of formulating a policy response that can ensure sustainable growth in what promises to be a challenging year ahead. Sluggish domestic spending, a years-l...

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INDIAN CORPORATE

Adani Group in advanced talks to acquire majority stake in Emaar India for Rs 5,000 cr: Report

Adani Group is reportedly in advanced negotiations with Dubai-based Emaar Properties to acquire a majority stake in its Indian arm, Emaar India, for an estimated Rs 4,000-5,000 crore. The deal is likely to involve the acquisition ...

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Tata Electronics iPhone production jumps 180% to Rs 40,000 crore in 2024

Tata Electronics stepped up its production of Apple's iPhone in 2024 and now accounts for around 26 percent of the iPhones made in India, the Business Standard has reported. The Tata Group company, which acquired Wistron's iPho...

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Demerger to push pace of growth: ITC Hotels Now Playing Steve Jobs' ?4.32 Cr Wish Fulfilled at Maha Kumbh Mela MD

The second largest Indian hospitality player — ITC Hotels — is now looking at “accelerated growth” following its hiving off as a separate listed company from the eponymous parent group. On Tuesday as its shares were credited to de...

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Big green ammonia bet: L&T lines up Rs 48,000 cr

Engineering major Larsen & Toubro (L&T) seeks to invest up to Rs 48,000 crore in setting up six green ammonia manufacturing units at the Deendayal Port Authority in Kandla, Gujarat, sources aware of the proposed decade-long capita...

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Suitor PepsiCo joins Haldiram Snacks queue; US execs in direct talks with Aggarwal family

PepsiCo has made a late entry into the competition for a stake in Haldiram Snacks Food, executives aware of developments said. Key contenders Temasek and Alpha Wave Global, the latter also a late-stage bidder, are said to be in ad...

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Vodafone Idea partners with HCL Software to automate 4G and 5G networks

Telecom major Vodafone Idea (Vi) on Tuesday announced that it has partnered with HCLSoftware, the software business unit of HCL Tech, to make its 4G and 5G networks smarter and more efficient. Vi is now using HCL Augmented Network...

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Adani Renewable Energy commissions 57.2 MW wind-solar hybrid project in Gujarat

Adani Renewable Energy Forty Eight Limited, a step-down subsidiary of Adani Green Energy Limited (AGEL) on Tuesday announced that it has commissioned a 57.2 MW wind power component of its wind-solar hybrid project at Khavda, Gujar...

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GST

GST tribunals likely to take six more months to begin operations

The goods and services tax tribunals (GSTAT) could take another six months to get operational, with many states yet to appoint members or allocate buildings for the offices. The tribunals were expected to start functioning from December-end 2024. “Appointments to the state bench and supporting staff for...

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2 days delay in input tax credit: Buyers will have to wait longer for GSTR-2B statement; use recompute option in this case

The Goods and Services Tax Network (GSTN) has informed that GSTR-2B for December 2024 tax period will be generated after 2 days from the originally scheduled day of January 14, since the deadline for filing GSTR-1 was extended by 2 days. GSTN informed that GSTR-2B will now be generated on January 16, 2025 for...

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New update on GST Amnesty Scheme waiver of penalty and interest: These taxpayers need to withdraw their appeal and then apply for the scheme

Goods and Service Tax (GST) registered taxpayers who wish to apply for the GST Amnesty Scheme 2024 under section 128A announced in Budget 2024, should note about a procedural change in filing its application. Without submitting a request for withdrawal of appeal, the taxpayer cannot apply for the GST Amnesty ...

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