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Stock markets surge over 2% to hit lifetime highs after Modi’s BJP wins state polls

A Bharatiya Janata Party (BJP) supporter waves the party flag during the celebrations as the party leads in the Madhya Pradesh, Rajasthan and Chhattisgarh Assembly elections, at the party headquarters, in New Delhi on Sunday, December 3, 2023. (ANI Photo/Shrikant Singh)

By: Shubham Ghosh

HERE are news in brief related to Indian economy and business for Monday, December 4, 2023:

Benchmark stock indices Sensex and Nifty soared more than two per cent to settle at record high levels on Monday, marking the fifth straight day of gains as the victory of the Bharatiya Janata Party (BJP) of prime minister Narendra Modi in the recently concluded assembly polls in three states boosted investor sentiment. The 30-share BSE Sensex jumped 1,383.93 points, or 2.05 per cent, to close at a lifetime high of 68,865.12. The index touched an intra-day record peak of 68,918.22. The total market capitalisation of BSE-listed companies surged by Rs 5.81 lakh crore (£55.1 billion) to Rs 343.48 lakh crore (£3.2 trillion). Analysts said the BJP’s clear majority in the polls in Madhya Pradesh, Rajasthan and Chhattisgarh strengthened the positive sentiment built up last week following robust macroeconomic numbers and unabated foreign fund inflows.

The tourism ministry of India, in consultation with the relevant stakeholders, has formulated a draft National Tourism Policy, 2023 to enhance the contribution of tourism in the Indian economy by increasing visitation, stay and spend, and making India a year-round tourist destination, the parliament was informed on Monday. In a written reply to a question in the Lok Sabha or the Lower House of the parliament, culture minister G Kishan Reddy said another strategic objective of the draft National Tourism Policy, 2023, is to create jobs and entrepreneurial opportunities in the tourism sector and ensure the supply of skilled work force and enhance the competitiveness of the sector and attract investment from private players.

Japanese electronics manufacturer TDK Corp is set to produce lithium-ion battery cells for Apple iPhones in India, according to a statement by minister of state for information technology Rajeev Chandrasekhar on Monday. Apple, eyeing India as a key growth market, has been diversifying its production beyond China, and has a total of 14 suppliers in the South Asian country after starting assembling iPhones there in 2017 through Wistron and later Foxconn. TDK will establish a facility in the northern state of Haryana, generating approximately 1,000 jobs, announced Chandrasekhar on the social media platform X.

eBay, a global commerce leader that connects millions of buyers and sellers around the world, has launched its first-ever ‘Seller Guide’ for Indian exporters. This handbook serves as a vital tool, providing sellers who are venturing into cross-border e-commerce with a complete roadmap. From data on India-centric supply to onboarding procedures, promotions, and shipping strategies, this guide paves the way for a smooth and successful seller e-commerce export journey. eBay, leveraging over two decades of customer insights and an extensive database of billions of listings, empowers people and creates economic opportunity for all.

The Internet Governance Forum (IGF), a multi-stakeholder platform formed to discuss public policy issues related to the Internet, will be convened in New Delhi on Tuesday (5). India Internet Governance Forum 2023 (IIGF-2023) will be a hybrid event. After successfully convening the first two editions of the IIGF in 2021 and 2022, the third edition is being conducted under the overarching theme “Moving Forward – Calibrating Bharat’s Digital Agenda”. The event is an effort to delve deeper into issues such as building a secure, trusted and resilient cyberspace for Bharat, Enabling Innovation for India’s Developmental Goals, Bridging Divides and Calibrating Bharat’s Digital Agenda – on Leadership for Global Digital Governance and Cooperation.

(With agencies)

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