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India's GDP growth is on course to print close to 7 per cent this year in 2022-23, foreign brokerage, JP Morgan said in a report. While buoyant, it would still leave output about 7 per cent below its pre-pandemic potential trend, reflective of impact of the pandemic and adverse terms of trade shock from higher commodity prices in 2022. Growth is expected to slow in 2023-24, on the back of a sharp global slowdown, which is weighing on exports, and the progressive fiscal and monetary policy normalization at home, JP Morgan said.

Elon Musk on Friday announced that Twitter accounts engaged in doxxing will receive a temporary seven-day suspension. This came after Musk earlier suspended Jack Sweeney's Twitter account who tracked Musk's private jet. Emphasising that criticising him all day long is totally fine, "but doxxing my real-time location and endangering my family is not". "7 day suspension for doxxing. Some time away from Twitter is good for the soul," he chuckled, after organising a poll on the subject on his Twitter handle.

The Union government on Friday slashed the windfall tax on domestically produced crude oil and diesel effective December 16, 2022. The Ministry of Finance slashed the tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, a government notification said. The ministry also cut the rate on diesel exports to Rs 5 per litre from Rs 8 per litre in the fortnightly revision of the windfall profit tax. The windfall tax on aviation fuel ATF has been reduced to Rs 1.5 per litre from Rs 5 per litre, the notification said.

2:55 PM

UP govt signs MoU with Singapore ahead of UP Global Investors Summit

The Uttar Pradesh government has signed a number of agreements with investors in Singapore ahead of the UP Global Investors Summit in February, a state minister said, as he sought Singapore's support for reaching a USD 50 billion investment commitments target.

UP Minister of Jal Shakti and Food Control Dev Singh said that he received a very encouraging response from his roadshows in Singapore and Sydney to promote the UPGIS. His was one of the eight delegations sent to more than 16 countries by the UP government to promote the investors' summit, to be held in Lucknow from February 10-12, next year.

At the Singapore roadshow on Friday, the UP Government signed a Memorandum of Understanding with the Singapore Indian Chamber of Commerce and Industry (SICCI) to set the pace for Singapore investors to participate in the prosperity of UP.

2:55 PM

Budget this year to follow spirit of earlier ones, says FM Sitharaman

Finance Minister Nirmala Sithataman indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets.

Sitharaman, scheduled to present her fifth straight Budget on February 1 for the fiscal starting April, had unveiled a massive public spending programme to support the economy, emerging out of the Covid-19 pandemic.

In the Budget, the finance minister had raised capital expenditure by 35.4 per cent for the financial year 2022-23 to Rs 7.5 trillion to boost demand, while the capex last year stood at Rs 5.5 trillion.

2:07 PM

US judge blocks Biden attempt to end Trump-era's 'Remain in Mexico' policy

A federal judge on Thursday temporarily blocked the Biden administration from ending a Trump-era policy requiring asylum-seekers to wait in Mexico for hearings in US immigration court.

US District Judge Matthew Kacsmaryk in Texas stayed the termination until legal challenges by Texas and Missouri are settled but didn't order the policy reinstated. The impact on the programme wasn't immediately clear.

It's a common sense policy to prevent people from entering our country illegally, Texas Gov. Greg Abbott tweeted after the ruling. Texas wins again, for now.

The ruling could prove to be a temporary setback for the Biden administration, which may appeal.

2:06 PM

India all set to achieve $5 trillion economy target by FY25: Gadkari

India is the fastest growing major economy in the world and is all set to achieve USD 5 trillion GDP by 2024-25, Union Minister Nitin Gadkari said on Friday.

Addressing an event organised by industry body FICCI, Gadkari said the central government is aiming to boost growth and employment to achieve sustainable development.

The road transport and highways minister said India will play a key role in achieving global Sustainable Development Goals (SDGs) 2030.

1:59 PM

Global mobile ad spend to reach $362 billion in 2023: Report

As mobile captures share of ad wallet, global mobile ad spend is expected to reach $362 billion in 2023, a new report has shown.

According to data.ai report, mobile will take over the share of advertising wallet as more time than ever before is spent in apps, with total hours on the track to surpass four trillion on Android phones alone in 2022.

In 2022, the global mobile ad spend was $336 billion.

Moreover, the report also said that the economic headwinds and privacy regulations will dampen mobile gaming spend in 2022 and 2023.

Consumer spend in mobile gaming will drop -5 per cent in 2022 to $110 billion from the consumer squeeze due to the economic downturn.

In 2023, 14 more titles will join the coveted $2 billion app club.

1:06 PM

UN recognises Namami Gange among top 10 world restoration flagship projects

The United Nations (UN) has recognised the Namami Gange initiative to rejuvenate river Ganga as one of the top 10 World Restoration Flagships aimed at reviving the natural world and awarded the project's Director General, G. Asok Kumar.

G. Asok Kumar was awarded for the Namami Gange initiative during a function at the 15th Conference of Parties (COP15) to the Convention on Biodiversity (CBD) in Montreal, Canada on World Restoration Day on Wednesday.

"The recognition of Namami Gange as one of the top-10 ecosystem restoration initiatives in the world bears testimony to the concerted efforts being made by the National Mission for Clean Ganga, Government of India for the restoration of the riverine ecosystem. I hope that our endeavours provide a roadmap for other similar interventions across the globe," G. Asok Kumar said after receiving the award for initiative Namami Gange, which was selected from over 150 such initiatives from 70 countries across the globe.

12:59 PM

India's growth expected to slow in FY24 amid global slowdown: JP Morgan

India's GDP growth is on course to print close to 7 per cent this year in 2022-23, foreign brokerage, JP Morgan said in a report.

While buoyant, it would still leave output about 7 per cent below its pre-pandemic potential trend, reflective of impact of the pandemic and adverse terms of trade shock from higher commodity prices in 2022.

Growth is expected to slow in 2023-24, on the back of a sharp global slowdown, which is weighing on exports, and the progressive fiscal and monetary policy normalisation at home, JP Morgan said.

That said, corporate and bank balance sheets appear in much better shape than in recent years. Corporate debt/GDP is at its lowest since 2006 and banks are far more inclined to lend. But a broader private investment cycle will take time to fructify amidst elevated global uncertainty, slowing growth, tightening monetary conditions, manufacturing utilization rates still less than 80 per cent, the report added.

12:52 PM

Jairam Ramesh hints at renaming Jaipur's Albert Hall Museum

Jairam Ramesh, the Congress general secretary, has hinted at changing the name of Albert Hall Museum, the oldest museum of the state.

While addressing the media during Bharat Jodo Yatra at Lalsot in Dausa on Thursday, Ramesh said that on the occasion of completion of 100 days of Bharat Jodo Yatra, a cultural programme will be organised at Jaipur's Albert Hall Museum on Friday. Former National President of Congress Rahul Gandhi will participate in this event.

Ramesh said, "I wish that the name of Albert Hall Museum should be changed, because Albert was the husband of Queen Victoria and today in 2022, it is not right to have the name Albert. He said that I also talked to Chief Minister Ashok Gehlot in this regard and asked him to change the name, I understand that it will be renamed soon."

12:45 PM

COP15: Over 3 mn sign petition for protection of 50% of world biodiversity

As countries iron out a deal to protect nature at the COP15 biodiversity conference here, a petition backed by 3.2 million citizens worldwide has called for a more ambitious target of at least 50 per cent conservation and protection of lands and oceans by 2030.

Most of the 196 countries meeting in Montreal, including India, have backed a 30 per cent figure for protecting lands and oceans. However, a final agreement is due to be completed on December 19.

"We are already well beyond 30 per cent conservation of the planet, if only our governments recognise the rights of Indigenous peoples and local communities over their territories, lands and waters, Oscar Soria, Campaign Director, Avaaz said in a press briefing.

12:36 PM

Rupee trade settlement mechanism draws interest from more nations

India's rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries.

Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, according to two sources and an official document reviewed by Reuters. It has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war.

The Reserve Bank of India (RBI) set up the mechanism in July.

The government is looking to bring countries that are short of dollars into the mechanism, said a government official and an industry source aware of the development. The sources declined to be named, as the matter is confidential.

The four countries have shown interest in opening special rupee accounts, called vostro accounts, but partner banks in India have not yet provided those facilities, documents showed. Opening of these accounts needs approval from the Reserve Bank of India.

11:56 AM

Sri Lanka's GDP contracts 11.8% in Q3

Amid the ongoing economic crisis, Sri Lanka's Department of Census and Statistics said that the island nation's estimated gross domestic product (GDP) contracted by 11.8 per cent year-on-year in the third quarter of 2022.

The GDP for the third quarter at constant (2015) price was 2,884 billion LKR ($7.9 billion), Xinhua news agency quoted the Department as saying.

The Department said the overall agriculture, industry and services activities declined by 8.7 per cent, 21.2 per cent and 2.6 per cent, respectively, in the quarter.

Sri Lanka's real GDP is expected to fall by 9.2 per cent this year and 4.2 per cent in 2023, according to a World Bank report.

11:40 AM

Recession in Europe best time to work out strategies: Nirmala Sitharaman

"The suspected long-drawn recession which is likely to affect Europe is not just going to affect exports. It gives us an opportunity for many of the investments which are therefore now looking for a different place from where their activities can continue to happen," says Union Finance Minister Nirmala Sitharaman.

She adds, "So, as much as you are preparing yourself for a long-drawn recession in the western world, I would think it is also the best time for you to work out strategies for drawing those manufacturers from there to India."

 

11:33 AM

Twitter to suspend accounts engaged in doxxing for 7 days: Musk

Elon Musk on Friday announced that Twitter accounts engaged in doxxing will receive a temporary seven-day suspension.

Emphasising that criticising him all day long is totally fine, "but doxxing my real-time location and endangering my family is not".

"7 day suspension for doxxing. Some time away from Twitter is good for the soul," he chuckled, after organising a poll on the subject on his Twitter handle.

Doxxing (also spelled doxing) is the act of revealing someone's personal information online. Doxxing is a form of online harassment that means publicly exposing someone's real name, address, job, or other identifying data.

The new Twitter owner earlier suspended Jack Sweeney's Twitter account who tracked Musk's private jet.

 

11:30 AM

Plea filed in SC seeking SIT probe in Bihar's Chapra hooch tragedy

A petition filed in the Supreme Court seeking SIT probe in Bihar's Chapra hooch tragedy.

The plea seeks an independent probe and formulation of action plan to curb the manufacturing, trading and sale of illicit liquor. PIL further seeks compensation for the victims’ families

11:29 AM

Protocol being followed in Doklam area by both sides: Lt Gen RP Kalita

"The Doklam stand-off was in 2017 which was a result of PLA's attempt at trying to construct a particular road in the area about which there are differing perceptions. Through negotiations, issues were resolved," says Lieutenant General RP Kalita.

He adds, "There's a protocol being followed in the Doklam area by both sides in which there's regular interaction between local commanders so that no constructions come up on both sides. No fresh development as far as Dolkam is concerned, with regard to infrastructure development."