Market Live Updates Today: Trends on SGX Nifty indicate a lower start for the broader index in India. It is down around 106 points from its January 25 closing of 14,239.

India's IT spending to rise 6.8%, reach $88.8 billion in 2021, says Gartner

India's information technology spending is projected to reach $88.8 billion in 2021, which is an increase of 6.8 percent from 2020, research firm Gartner Inc said in its latest forecast.

"In 2021, CIOs have to fast-track their digital projects to get the necessary attention and funding from the board. Digital initiatives directly related to improving customer engagement and supported with a shorter ROI window will be prioritised in the current economic environment. Improving demand scenario across select verticals in India will spur the overall IT spending in 2021," BusinessLine quoted Gartner's senior research director said Naveen Mishra as saying.

Exploring possibility of central bank digital currency in India, says RBI

The Reserve Bank of India (RBI) on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it.

“Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.

Budget 2021 | India likely to double health spending next fiscal year: Sources

India is likely to double health spending in the next fiscal year with the aim of raising expenditure in the sector to 4% of gross domestic output in the coming four years, two officials said, as the country looks to fix its health system after the coronavirus pandemic.

India will likely raise its health spending to 1.2-1.3 trillion rupees ($16.46-$17.83 billion) in the fiscal year starting April 1, from the current year's projected spending of 626 billion rupees, the officials told Reuters.

Overseas investment by Indian companies dips 42% to $1.45 billion in December: RBI data

Overseas investment by domestic firms fell by over 42 per cent to USD 1.45 billion in December 2020, according to Reserve Bank data. In the year-ago period, companies in India had invested USD 2.51 billion in their foreign firms (joint ventures / wholly-owned units).

Of the total FDI investment by the Indian companies during the month under review, USD 775.41 million was in the form of equity infusion and USD 382.91 million was in the form of loan.

India's GDP to contract 8% in FY21: FICCI Survey

India's gross domestic product (GDP) is expected to contract by 8 per cent in 2020-21, according to the latest round of FICCI's Economic Outlook Survey. The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January.

"Agriculture sector has exhibited significant resilience in the face of the pandemic. Higher rabi acreage, good monsoons, higher reservoir levels and strong growth in tractor sales indicate continued buoyancy in the sector," Ficci stated on the survey findings.

IMF projects impressive 11.5% growth rate for India in 2021

The IMF on Tuesday projected an impressive 11.5 percent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.

The International Monetary Fund's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by eight percent in 2020 due to the pandemic. In its latest update, the IMF projected a 11.5 percent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021, it said.

India's economy, the IMF said, is projected to grow by 6.8 percent in 2022 and that of China by 5.6 percent. With the latest projections, India regains the tag of the fastest developing economies of the world.

India's economy is projected to grow at 7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the COVID-19 pandemic slashed domestic consumption, the UN has said.

Oil prices steady

Oil prices were little changed on Tuesday as rising coronavirus deaths fed worries about the global demand outlook, but losses were capped by reports of a blast in Saudi Arabia. Brent crude ended the session up 3 cents, or 0.05%, at $55.91 while U.S. crude fell 16 cents, or 0.3%, to settle at $52.61.

Scrappage policy approved, to come into effect from April 2022

Government vehicles older than 15 years will also be scrapped as per the vehicle scrappage policy approved on January 25, the Ministry of Road Transport and Highways' (MoRTH) has confirmed.

The policy will come into effect from April 1, 2022, reported CNBC TV18. From the aforementioned date, vehicles used by the government departments would be put off service if they are older than 15 years.

Union Road Transport and Highways Minister Nitin Gadkari had, in September last year, said the scrappage policy was one of the top priorities. The move is expected to reduce air pollution while simultaneously spurring demand in the automobile sector.