1) India's finished steel imports from China hit all-time high of 1.7 million metric tons in Apr-Oct.
According to recent reports, India's finished steel imports from China reached a record high of 1.7 million metric tons during the April-October period, marking a significant increase compared to the previous year, with concerns raised about the impact on domestic steel producers due to cheaper Chinese imports.
High volume:
India imported a total of 1.7 million metric tons of finished steel from China during the April-October period.
Record high:
This figure represents an all-time high for India's steel imports from China in this timeframe.
Impact on domestic producers:
Concerns are rising about the potential negative impact on Indian steel manufacturers due to the influx of cheaper Chinese steel.
Possible government response:
The Indian Ministry of Steel may consider implementing safeguard duties or temporary taxes to limit the flow of cheap Chinese steel imports.
2) Competition Commission sends notice to Ultra Tech over its proposed acquisition of India Cements on fear that cement industry has become an oligopoly.
Leading cement maker UltraTech Cement has received a notice from the fair trade regulator CCI over its proposed acquisition of the South-based India Cements Ltd. UltraTech Cement, in a regulatory filing, said it has received notice from the Competition Commission of India (CCI), and the Aditya Birla group flagship firm is confident in the merits of its case.
"The Company has received a communication from the Competition Commission of India under Section 29 (1) of the Competition Act, 2002, regarding the proposed acquisition of The India Cements Ltd. The Company will be responding to the same," said UltraTech. The southern market for grey cement, where India Cements primarily operates, is highly competitive and fragmented, with the presence of over 35 grey cement manufacturers.
"We are confident of the merits of our case," the Aditya Birla Group firm said. Under the CCI Act, where the fair trade regulator is of the opinion that a combination is "likely to cause, or has caused an appreciable adverse effect on competition within the relevant market in India", it shall issue a notice to show cause to the parties to combination calling upon them to respond within 15 days.
3) Nvidia CEO Jensen Huang avoiding $8 bn in taxes in US, by creating a trust and donating to his own charity.
Nvidia's CEO Jensen Huang, the 10th-richest person in the US with a net worth of $127 billion will be able to pass on much of his fortune in the event of his death without paying around 40% of it in estate taxes, the New York Times reported. This is likely to become one of the largest tax dodges in the US, saving his family around $8 billion, according to the report. The US government's estate tax revenue has barely changed since 2000, despite the wealth of the richest Americans having roughly quadrupled. If it had kept pace, it would have raised around $120 billion last year.
The missing revenue from the estate tax would be enough to both double the Justice Department's budget as well as triple the federal funding for cancer and Alzheimer’s research. However, Huang is not alone in doing this. Others include Blackstone Group’s Stephen A. Schwarzman, Meta’s Mark Zuckerberg and top executives at Google, Coinbase, Eli Lilly, Mastercard and Advanced Micro Devices, the report read.
The rule as of today is that a married couple can pass on around $27 million tax free, but anything more is to be taxed at 40%.
4) India has emerged as the third-largest hub for billionaires globally, boasting 185 individuals in 2024.
India has emerged as the third-largest hub for billionaires globally, boasting 185 individuals in 2024, according to UBS’ latest Billionaire Ambitions Report. The country ranks behind the United States, which leads with 835 billionaires, and China, which follows with 427, as per the UBS report.
The report highlights India’s rapid rise in billionaire numbers, adding 32 new names in the past year—a 21% increase. Since 2015, the country has more than doubled its billionaire count, growing by 123%, the UBS report added. The collective net worth of India’s billionaires soared by 42.1% over the past year to $905.6 billion, reflecting the country’s strong economic momentum. The report credits India’s economic dynamism for driving this growth, making it a key player in global wealth creation, as per the report.
The United States added 84 billionaires in 2024, with their combined wealth climbing from $4.6 trillion to $5.8 trillion. Meanwhile, China experienced a decline, losing 93 billionaires as its total billionaire wealth fell from $1.8 trillion to $1.4 trillion, the report added.
5) Vande Bharat sleeper train to undergo field trials soon: Minister Vaishnaw
The first prototype of Vande Bharat Sleeper trainset has been manufactured and will undergo field trials. The timeline of rollout of train is subject to successful completion of the trials. Union Minister of Railways, Information & Broadcasting and Electronics & Information Technology Shri Ashwini Vaishnaw, in a statement is laid on the table of the House of Rajya Sabha, said that presently, Vande Bharat Sleeper Trains planned for long and medium distance journey are equipped with modern features and passenger amenities. Some of the distinguished features and amenities of these trains are as under:
- Fitted with KAVACH.
- EN-45545 HL3 fire safety standards compliant train.
- Crashworthy and Jerk-Free Semi permanent couplers and Anti Climbers.
- Crashworthy Design of Carbody complying with EN standards.
- Regenerative braking system for energy efficiency.
- Higher Average speed with quick deceleration and acceleration.
- Emergency talk-back unit for communication between Passenger and Train Manager/Loco Pilot in case of emergency.
- Accommodation and accessible toilets for Passengers with Restricted Mobility (PRM) in the driving coaches on each end.
- Centrally controlled Automatic Plug Doors and Fully Sealed wider gangways.
- Ergonomically designed ladder for ease of climbing on to upper berths.
- Centralized Coach Monitoring System for better condition monitoring of passenger amenities such as Air conditioning, Saloon Lighting etc.
- CCTV surveillance cameras in all coaches.
6) Lenskart to build ?1,500 cr eyewear manufacturing plant in Telangana, creating 2100 jobs.
Eyewear major Lenskart will set up the largest eyewear manufacturing facility in Telangana with an investment of nearly Rs 1,500 crore. This new facility will create 2,100 jobs. Telangana IT minister Duddilla Sridhar Babu on X announced that an MoU has been signed with Lenskart and that the facility will produce eyewear, lenses, sunglasses, as well as accessories and other products catering to India, along with exports to other markets in Southeast Asia and the Middle East.
“The facility will be established at Fab City, where land has already been identified and will be handed over to the company this week,” he said on X.
Lenskart had originally sought land for a mega factory near Bengaluru in April. In a post on social media, the company’s co-founder and CEO Peyush Bansal requested for land near Bengaluru airport and immediately Karnataka Industries Minister MB Patil had responded saying Karnataka is the ideal destination and that the department is committed to supporting and facilitating all your requirements.
7) Under LIC's Bima Sakhi Yojana, 10th pass women will be given stipend and trained to become LIC agents.
The Bima Sakhi Yojana is a three-year stipendiary scheme designed exclusively for women. It provides specialised training and stipends to encourage participation in financial services. After completing the program, participants can serve as LIC agents and may qualify for Development Officer roles within LIC.
Age limit: Minimum age of 18 years and a maximum of 70 years as of the application date.
Educational qualification: Candidates must have at least a Class 10 qualification.
Exclusions: Relatives of LIC employees or agents (spouses, children, parents, siblings, or immediate in-laws), retired LIC employees, ex-agents, and current agents are not eligible.
In the first year, candidates receive a Rs 7,000 monthly stipend, reducing to Rs 6,000 in the second year and Rs 5,000 in the third, subject to maintaining 65% policy retention from the previous year. Additionally, participants earn a first-year commission of Rs 48,000 (excluding bonuses) on policies sold.
8) Air India increases order of 244 Airbus planes to 344. It has also placed order of 122 planes with Boeing.
With this latest order, Air India now has 344 new aircraft from Airbus on the way. The airline has already taken delivery of six A350s. In 2023, Air India placed orders for 220 aircraft with Boeing; 185 are yet to be delivered.
Air India has also selected Airbus’s Flight Hour Services-Component to support its expanding A350 fleet. This new materials and maintenance contract will optimise the reliability and performance of Air India's A350 aircraft, offering comprehensive engineering services and on-site stock at Delhi.
Air India continues its partnership with Airbus and its CEO Guillaume Faury is happy about it, as the additional order will support the success of the “Vihaan.AI” transformation plan launched under Tata's leadership by Air India.
9) Noida Airport to conduct first flight test ahead of 2025 launch.
Noida International Airport welcomed its first flight, marking a key milestone ahead of its commercial launch in April 2025. An IndiGo flight, with crew and staff from the Airports Authority of India (AAI), successfully conducted the validation test, departing from Delhi’s Indira Gandhi International Airport and landing in Jewar, Uttar Pradesh.
The arrival was celebrated with a ceremonial water salute. Set to be Asia’s largest airport, Noida International Airport is designed to handle 65 flights daily and aims to achieve net zero emissions, setting a new standard for sustainable airport operations. Developed across 1,344 hectares with a ?29,650 crore investment, the airport is expected to serve 1.2 crore passengers annually in its first phase.
The test examined runway performance, airspace coordination, communication protocols, and emergency response readiness. The runway, designed with Zurich Airport Authority of Switzerland, spans approximately 3.9 km.
10) GST officers detected cases of input tax credit evasion of Rs 35,132 crore by 17,818 fake firms between Apr & Oct 2024.
Government of India has intensified efforts to address fake Input Tax Credit (ITC) frauds, focusing on balancing enforcement with ease of doing business. Top revenue officials have directed State and Central GST enforcement chiefs to prioritize genuine tax evasion over interpretative issues.
Two National Conferences of Enforcement Chiefs have been held, resulting in detailed guidelines for investigations that uphold business-friendly practices. Measures include legal provisions for punishing evaders, suspending/cancelling registrations, and attaching properties for recovery. A special nationwide drive from August to October 2024 identified 17,818 fake firms involved in ITC frauds worth ?35,132 crore.
Through ITC blocking and recoveries, ?6,484 crore was saved. The government emphasizes efficient use of data analytics and intelligence to track down masterminds and beneficiaries. Arrests and coordinated actions are ongoing to create a deterrent effect. CBIC's guidelines outline proper procedures for investigations, ensuring uniformity and avoiding unnecessary harassment to compliant taxpayers. Summons and letters must be specific, justified, and aligned with statutory provisions.
11) Google unveils quantum chip that solves quantum error problem in 5 mins, which otherwise would have taken 10 septillion yrs by super computers.
Google has announced that it has achieved a major breakthrough in quantum computing, possibly nudging the technology away from the conceptual towards the practical. For the first time ever, the tech giant said it has developed a state-of-the-art quantum computing chip called Willow that solved in under five minutes a computation so complex, it would have taken a supercomputer around 10 septillion (10^25) years to complete.
“The Willow chip is a major step on a journey that began over 10 years ago,” Hartmut Neven, the Google executive who founded and leads Quantum AI, the research team behind the breakthrough, said in a blog post on Monday, December 9.
Google also said that it has demonstrated how to exponentially reduce errors in quantum computers while using more qubits to scale up the technology – something that has evaded researchers in the domain for the past 30 years.
12) Hyundai to install 600 EV fast chargers across India by 2030.
Hyundai Motor India Limited (HMIL), the country’s second-largest car manufacturer, plans to establish approximately 600 public EV fast charging stations across India over the next seven years. The expansion will prioritise key highways and major cities to address the growing demand for electric vehicle (EV) infrastructure.
By the end of 2024, the company aims to have over 50 DC fast public charging stations operational, spanning highways, cities, and dealerships, according to a company statement. So far, its charging network has supported around 50,000 sessions, dispensing over 7.30 lakh units of energy to more than 10,000 Hyundai and non-Hyundai EV users.
HMIL has also signed an MoU with the Tamil Nadu government to establish 100 EV charging stations across the state by 2027. Of these, 10 stations will be operational by the end of 2024. These 24x7 facilities will be accessible to all EV users via the myHyundai app.
13) Emami fined ?15 lakh for misleading claims in 'Fair And Handsome' ads.
A district consumer forum imposed a fine of ? 15 lakh on Emami Ltd for unfair trade practices after a man alleged that the company's fairness cream advertisement was deceptive and misleading.
The Central Delhi District Consumer Dispute Redressal Commission was hearing a complaint of unfair trade practices against Emami Ltd for its product, Fair and Handsome cream. The complainant said that he purchased the cream in 2013 for ? 79, but the product failed to give him the assured result of fair skin.
The forum comprising its President Inder Jeet Singh and member Rashmi Bansal passed the order on December 9. It noted the complainant's submissions about “using the product regularly as per instructions given on packaging and label of the product -- apply on face and neck twice daily after cleansing for faster glowing fairness -- but he did not gain fairness in his skin or reap other benefits.
14) Switzerland has withdrawn the 'most favoured nation' status granted to lndia under the 30-year-old double taxation avoidance agreement.
Switzerland’s federal finance department said on December 11 that it was suspending India’s ‘most favoured nation’ (MFN) status under a treaty between the two countries on avoiding double-taxation. It made this decision as it had determined India did not reciprocate Switzerland’s understanding of the MFN clause in the treaty.
Asked about the Swiss government’s suspension of India’s MFN status, the external affairs ministry said it did not have further details on the subject. According to the MFN clause, which was added to the 1994 treaty by an amendment in 2010, rates of taxation at source agreed to between India and a third OECD country on dividends, interest, royalties or fees for technical services that were lower than that mentioned in the 1994 treaty would apply between Switzerland and India as well.
But a September 2023 ruling by the Indian Supreme Court in which the Switzerland-based Nestle was a respondent said that a notification under Section 90(1) of the Income Tax Act would be necessary for such ‘double taxation avoidance agreements’ to be given effect. The Swiss finance department said on Wednesday that according the apex court’s ruling, India’s MFN status would not be directly applicable without such a notification.
15) FDl in India since 2001 hits $1 trillion, Mauritius becomes top investor.
India has surpassed the $1 trillion mark in cumulative foreign direct investment (FDI) inflows from April 2000 to September 2024, cementing its position as a global investment hub. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), this milestone includes $109,219 million in total FDI during the period, with equity investments amounting to Rs 45.96 trillion ($708.65 billion). Over 69 per cent of these inflows were recorded in the last decade (April 2014–September 2024).
In the first half (H1) of FY25, FDI inflows surged by 26 per cent year-on-year to $42.1 billion. The Ministry of Commerce and Industry attributed this growth to FDI’s significant role in providing non-debt financial resources, facilitating technology transfers, and creating employment opportunities.
During the July-September 2024 quarter, total FDI inflows stood at $19.81 billion, with equity inflows contributing $13.61 billion. Mauritius emerged as the top source of FDI, accounting for 25 per cent of total inflows. Between April 2000 and September 2024, Mauritius contributed over $177 billion, including $5.34 billion in H1FY25.