TOP STORIES | SENSEX CLOSES ABOVE 83000, KEJRIWAL RESIGNS AS DELHI CM, INDIA'S TRADE DEFICIT WIDENS, AND MORE
In today's newsletter: Indian markets hit record highs with the Nifty 50 and Sensex closing at their peaks ahead of the US Federal Reserve's crucial rate decision.
Meanwhile, India's trade deficit expands as August exports decline and imports soar. Arvind Kejriwal resigns as Delhi Chief Minister, with Atishi poised to take over. The Income Tax Department intensifies scrutiny across several sectors, while the electronics industry remains apprehensive about PM Modi's $500 billion manufacturing target.
Jammu and Kashmir's long-awaited assembly elections to kick off tomorrow, and West Bengal's Chief Minister makes concessions to protesting doctors.
Additionally, the Modi government marks 100 days with significant MSME formalisation and job impacts, and SEBI addresses employee grievances with new reforms.
Here are the top ten stories from business, the economy, and beyond:
Nifty 50, Sensex at record closing high ahead of US rate decision
The frontline Nifty 50 and Sensex held steady through Tuesday's session, and managed to end at record closing highs as traders looked to the US Federal Reserve for the next trigger. The American Central Bank's much-awaited rate decision is due on Wednesday (late night in India).
While it is widely anticipated that the Federal Reserve will ease its monetary policy after its 2-day meeting, markets are still uncertain about the magnitude of the rate cut — whether it will be 25 basis points or 50 basis points.
Sensex rose 80 points to 83,069, and Nifty gained 35 points to reach 25,418.5. Despite the record closing highs, overall market activity was subdued.
India's trade deficit widens in August as exports fall and imports hit a record high
India’s overall exports, combining merchandise and services, reached $65.4 billion in August 2024, reflecting a 2.4% decline compared to the $67 billion recorded in the same month last year, according to the latest data collated by the Commerce Ministry.
For the April-August period in the ongoing financial year, India’s total exports have reached $328.86 billion, marking a 5.35% year-on-year (YoY) growth. Despite the dip in August, the government remains optimistic about hitting its target of $800 billion in total exports for the year.
Imports, on the other hand, reached a record $64.36 billion in August, rising from $62.30 billion in August 2023, the government data revealed.
Arvind Kejriwal resigns as Delhi Chief Minister, Atishi stakes claim to form new govt
Aam Aadmi Party (AAP) leader Arvind Kejriwal resigned as Delhi Chief Minister on Tuesday, September 17. He formally submitted his resignation to Lieutenant Governor V.K. Saxena at Raj Niwas, accompanied by his Cabinet colleagues and Atishi, who has been selected as his successor.
Atishi, a senior AAP leader and current holder of 14 portfolios including finance, education, and revenue, will become Delhi’s new Chief Minister. Her appointment follows a unanimous decision by the party's legislators during a meeting earlier in the day. Atishi, who has been instrumental in the party's governance while Kejriwal was in jail, will be the third woman to hold the Delhi Chief Minister’s office, following Sheila Dikshit of Congress and Sushma Swaraj of the BJP.
Income tax department cracks down on realty, metal, insurance, cement, and power firms
To address revenue leakage and enhance coordination between the Income Tax Department and the GST wing, the government has issued a series of notices to various industries under Section 69C of the Income Tax Act. These notices request comprehensive details on the expenditures made by the assessees and the sources of funds for these expenses.
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Industry anxious about PM Modi's $500 billion electronics manufacturing target
The electronics industry has expressed mixed feelings about Prime Minister Modi's ambitious target of achieving $500 billion in electronics manufacturing by 2030.
While industry leaders acknowledge the potential of this goal, they also emphasise the need for a clear roadmap and support from the government to make it a reality.
Pankaj Mohindroo, a prominent figure in the industry and chairman of the Indian Cellular and Electronics Association (ICEA), stated that the target is "breath-taking" but achievable with the right strategies in place.
He said that the sector must achieve a compound annual growth rate (CAGR) of 21-22% to meet this goal. Furthermore, he pointed out that a significant portion, 25%, of the production from major companies like Samsung and Apple would need to shift to India.
24 Constituencies To Vote In Phase-1 Of J&K Polls Tomorrow
Jammu and Kashmir begins its first assembly election in a decade on September 18, with seven districts voting in Phase 1. Over 23 lakh voters will choose from 219 candidates across 24 segments, marking the first polls since Article 370's abrogation in August 2019.
Protesting doctors make Mamata blink, 2 top health officials to be shunted out
In the first sign of a thaw between the state government & the protesting doctors in Kolkata, CM Mamata Banerjee on Monday accepted most of their demands & announced the removal of senior police & health officials, including Kolkata Commissioner of Police (CP) Vineet Kumar Goyal.
Modi govt’s first 100 days: 5 crore MSMEs formalised, 21 crore jobs impacted and more
The NDA government has completed 100 days of the third term under Prime Minister Narendra Modi’s leadership and the milestone coincided with the PM's birthday. In the first 100 days of the Modi government's new term, over 5 crore MSMEs have been formalised, significantly boosting employment opportunities for an estimated 21 crore people.
Additionally, 26,426 new micro-enterprises have been established under the Prime Minister's Employment Generation Programme (PMEGP), with ₹3,148 crore in loan disbursements, further driving job creation and economic growth, according to the MSME Ministry.
Addressing a press conference, the Home Minister Amit Shah, today, also said that the announcement for carrying out the caste census will be done "very soon". India has conducted a census every ten years since 1881, however, the 2021 census was delayed due to the COVID-19 pandemic.
Bajaj Auto will begin deliveries of the two new Triumph bikes toward the end of September
Bajaj Auto, on September 17, introduced two new motorcycles under the Triumph series.
The Triumph Speed T4 model will be priced at an ex-showroom price of ₹2.17 lakh while the Triumph 400 MY25 will be available for ₹2.4 lakh. Deliveries for both motorcycles will commence later this month, catering to the rising demand for modern classic roadsters in India.
CNBC-TV18’s Parikshit Luthra caught up with Rakesh Sharma, Executive Director at Bajaj Auto following the launch.
Employee demands prompt SEBI to form committee for workplace reforms
The Securities and Exchange Board of India (SEBI) is taking steps to address the long-standing grievances of its employees by forming a committee that includes whole-time members (WTMs).
This committee aims to resolve issues regarding the work environment and concerns over the current performance-tracking system, sources familiar with the situation told Moneycontrol.
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2024-09-17T16:41:32Z dg43tfdfdgfd