Country Financial News

Power consumption in the country witnessed an on-year rise of nearly 8 per cent to 1,221.15 billion units (BU) during the April-December period of this fiscal, indicating a surge in economic activities. Power consumption in the country stood at 1,132.11 BU in April-December 2022-23. Industry experts said that around eight per cent growth in power consumption in the first nine months of this fiscal year shows a surge in economic activities.

GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones. The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present. The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand. Also Read: Interim Budget measures that Modi govt needs to take

Ram Mandir in Ayodhya and other initiatives taken by the state government to promote tourism, said SBI researchers Sunday. UP's own tax revenue is expected to be Rs 2.5 lakh crore in FY24, according to its Budget. The researchers noted that tourist spending in the state could nearly double in 2024 compared with 2022. “Given the completion of Ram Mandir in Ayodhya and initiatives taken by the UP government to promote tourism, we believe that the total expenditure by tourists in UP may cross Rs 4 lakh crore mark by end of this year,” the report noted. SBI calculations indicate that domestic tourists would have spent Rs 2.2 lakh crore in 2022, with foreigners spending another Rs 10,000 crore, as 32 crore domestic tourists—an increase of almost 200%--thronged the state.

According to the data, foreign portfolio investors (FPIs) made a net withdrawal of Rs 13,047 crore in Indian equities this month (till January 19). They pulled out over Rs 24,000 crore from equities during January 17-19. Before this, FPIs made a net investment of Rs 66,134 crore in December and Rs 9,000 crore in November.

Ayodhya for the consecration ceremony at the newly constructed Ram temple. The ceremony, which will include the Ramotsav and pran pratishtha rituals, is set to take place tomorrow with Prime Minister Narendra Modi as the main yajman.

HDFC Bank emerging as the biggest laggard. Last week, the 30-share BSE benchmark fell by 1,144.8 points 1.57 per cent. The NSE and BSE conducted normal trading sessions on January 20.

Ram Mandir Inauguration: Several government and private organisations have declared full or half-day holiday on January 22 on account of Ram mandir Pran Pratishtha ceremony. The nation is all set to witness the grand consecration ceremony or «pran pratishtha» of the Ram temple in Ayodhya on Monday, January 22. As the preparations to celebrate the «historic» day are underway across the country, here's a quick recap of what's open and what's closed on the day of the Ram temple ceremony. Stock market The stock market will remain shut on Monday. In a circular, the National Stock Exchange said the currency derivative segment will remain closed on January 22. The Indian stock market will have a full trading session on Saturday, January 20, it added. Money market Money markets will remain closed on January 22, announced the Reserve Bank of India (RBI) on Friday. There will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and rupee interest rate derivatives on that day, the RBI said in a fresh circular. Govt offices and institutions ➤ The central government declared a half-day closure for all central government offices, Central Institutions, and Central Industrial Establishments across the country on Monday, January 22.

Afghanistan Reconstruction (SIGAR) has highlighted that millions of dollars have been transported to Afghanistan in different shipments over the previous three months. SIGAR stated that each cargo was worth an average of USD 80 million and was delivered to Kabul within 10 to 14 days, with the proceeds kept in private banks in the UN's accounts, reported TOLOnews.

₹1,67,936.21 crore last week, with HDFC Bank experiencing the most significant decline. The 30-share BSE benchmark reported a fall of 1,144.8 points, or 1.57 per cent, during the week. Both the NSE and BSE conducted regular trading sessions on January 20.

AIIMS), Ram Manohar Lohia Hospital in New Delhi have announced a half-day closure of its offices and institutions tomorrow till 2.30 pm as Ram Lalla 'Pran Pratishtha' at Ayodhya will be celebrated across the country. However, all critical clinical services will continue their operations. OPD services in Lady Hardinge Medical College will remain open from 8:00 am to 10:00 am.

Kuki and Meitei communities last year, is yet to be graced by the presence of the Prime Minister. Notably, sporadic incidences of violence and subsequent deaths are still reported from Manipur. The Statehood Day of Manipur, Meghalaya, and Tripura is celebrated on January 21.

Bollywood movie Fighter, starring Hrithik Roshan, Deepika Padukone and Anil Kapoor, is all set to release on January 25 on the eve of Republic Day. The movie has been generating a lot of buzz since the announcement of its launch. The release date was postponed a couple of times.

₹745 crore through an Initial Public Offering (IPO). The proposed IPO consists solely of a fresh issue of equity shares, with no component involving an Offer-For-Sale (OFS), as outlined in the DRHP filed on Thursday. Also read: Upcoming IPOs: 1 main board, 5 SME public issues to open next week; check full list here Approximately 50% of the issue is reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

travel industry in India, as per an SBI Research report released on January 21. The impact on the Indian economy is expected to be significant. The report added that UP government initiatives along with the newly built Ram temple in Ayodhya could result in additional tax revenue of ₹25,000 per annum for the state in FY25 due to increased visitors.

Manipur Police rejected the allegations by Kuki organisation that security forces collaborated with insurgent groups in Moreh town where incidents of violence were reported recently. Moreh is a town bordering Myanmar and it has been alleged by the state government that miscreants from the neighbouring country are fomenting trouble in the northeastern state. «The allegation of the Committee on Tribal Unity (COTU) and the Kuki Inpi Manipur regarding collaborations with valley-based insurgent groups and Meitei militants disguised as security force personnel in Moreh is not true.

North Korea said Sunday it has agreed to further strategic and tactical cooperation with Russia to establish a «new multi-polarised international order,» as the two countries work to build a united front in the face of their separate, intensifying tensions with the United States. In describing North Korean Foreign Minister Choe Son Hui's meetings with Russian President Vladimir Putin and Foreign Minster Sergey Lavrov in Moscow last week, the North's Foreign Ministry said Putin also reaffirmed his willingness to visit Pyongyang and said that could come at an «early date.» North Korea has been actively strengthening its ties with Russia, highlighted by leader Kim Jong Un's September visit to Russia for a summit with Putin.

investments in generative AI (artificial intelligence), incentives from the government and open-source content can boost employment generation and reduce disparities in the country, say experts. Generative artificial intelligence refers to the use of new-age technology to create new content like text, images, music, audio, and videos. «Generative AI will boost new job roles and can help people with limited skill levels perform higher level jobs, thus reducing the economic divide», said Vishal Talwar, Director, IMT Ghaziabad in a statement.

Global South. Echoing India's thought Russia wants to project BRICS as non-Western and not anti-Western concept. “BRICS is not targeted against anyone…it offers alternative instruments, which are supposed to be safe from the politicised Western architecture, including in the context of de-dollarisation.

Ayodhya on 22 January, in several cities, bridges, temples, roads have been lit up to celebrate the grand opening. Mumbai's Bandra-Worli Sea Link also jumped on the bandwagon to celebrate on Saturday night with Lord Ram's image seen illuminated on the sea bridge. Mumbai Bandra-Worli Sea Link is a cable-stayed bridge with eight lanes and a length of roughly 5.6 kilometers which links Worli in South Mumbai with Bandra in the Western Suburbs of Mumbai.

banking sector, contributing to a decline in shares of a competitor in recent days, Bloomberg reported. The shares of ICICI Bank closed 2.55% higher at ₹1,011 per piece on January 20, against previous close at ₹986.35 on January 19. The stock has gained nearly 1.45% in the last six months and 16.04% in the last one year.

Weather Update: Dense fog, cold wave to continue for next 5 days; flight delays at IGI airport | Check IMD forecast here “No dense fog is reported during the night at IGI," the IMD said. As per the IMD, Ambala in Haryana reported 200 meters of visibility, Hissar 500 meters, Delhi's Safdarjung 500 meters, and Palam 1100 meters.