Business
Several women candidates emerge favourites for CEA’s position
Woman power may make a strong statement in next years Union Budget as the economic policy recommendations may come from Finance Minister Nirmala Sitharaman at the top, ably guided by a first-ever woman Chief Economic Advisor (CEA).
The process of selection of the new CEA, which is underway now, has participation from more women this year with a strong chance that the country for the first time may have a dual combination of a woman FM and CEA guiding the Budget making process for 2022-23.
Sources said that three names are being bandied about in the corridors of power. These include Dr Pami Dua, Professor at Delhi School of Economics; Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER) and Gita Gopinath, chief economist at the IMF, who vacates her office in January 2022 making her available for assignment in India.
The government has invited applications for the post of CEA which will fall vacant next month (December 7) as present incumbent K V Subramanian completes his three-year tenure. Subramanian has said that he will be leaving the finance ministry to return to academia following the completion of his tenure.
Sources said that though the applications invited from the Department of Economic Affairs are valid till next week, some of the candidates already identified by it may get preference and it is here that the chances of getting the first woman CEA get stronger. Sources also said that the current Principal Economic Advisor Sanjeev Sanyal may emerge as the dark horse for the position as he has been with the government for some time and is aligned to its thinking that would hold the key to framing next year’s Economic Survey.
With regard to women candidates, Dr Pami Dua was picked by the Modi government in 2016 as the first woman member of the RBI’s all powerful Monetary Policy Committee (MPC) for four years. Poonam Gupta, on the other hand, was the RBI Chair Professor at the National Institute of Public Finance and Policy and was recently appointed as one of the seven members of the reconstituted Economic Advisory Council to the Prime Minister (EAC-PM).
The name of Gita Gopinath, 50, is also doing the rounds over her strong India connections and talks on pandemic economics where India’s role has been lauded. The only drawback in her candidature comes from her holding US citizenship.
In these circumstances, sources said that Sanyal could be the right candidate. But as the budget is already round the corner, there is also thinking that the government delay the release of the Economic Survey 2021-22, till the appointment of the CEA is completed and the person is able to oversee the survey. However, this would mean that Budget announcements may come without a survey, an unprecedented event.
The process of appointing the CEA involves vetting of candidates by a search committee which will then shortlist at least three candidates whose names will go for approval before the Appointments Committee of the Cabinet headed by the Prime Minister.
Business
Govt asks Meta to review Facebook and Instagram recommendation systems

The Ministry of Electronics and Information Technology (MeitY) has asked technology giant firm Meta to review the content recommendation and ranking systems that power Facebook and Instagram, stepping up regulatory scrutiny of how social media algorithms amplify information in India, according to multiple reports.
In an advisory issued to the company, the ministry had asked Meta to ensure that its recommendation systems do not lead to the disproportionate exposure of users to a single or limited set of narratives and instead provide greater access to diverse, relevant and credible information, according to them.
The ministry also directed Meta to strengthen mechanisms for rapidly identifying, reviewing and escalating content that gains significant reach through recommendation systems when such material has the potential to contribute to public confusion, violence or disruption of public order.
Apart from that, the US-based company has been asked to implement the measures immediately and inform the government of the action taken.
The advisory specifically highlights photographs, videos and graphics related to ongoing public events where the authenticity, timing, location or surrounding circumstances may be unclear.
It calls for additional context where old or unrelated visuals are presented as current, where footage has been selectively edited or where unverified claims are made regarding emergencies, police action or other official measures.
Additionally, this marks the latest escalation in the government’s scrutiny of Meta’s moderation and recommendation systems.
Earlier in August, government officials questioned Meta executives over content recommendation algorithms, deepfakes, synthetic media and safeguards against unlawful content.
Meta has separately tightened content and advertising safeguards following concerns related to child sexual exploitation material.
The company said earlier this month it deployed new AI-driven advertising review systems and removed 5.3 million pieces of child sexual exploitation content in India during January-June 2026, with more than 98% detected proactively.
Business
Sensex, Nifty open flat amid mixed global cues

Domestic equity benchmarks opened on a flat note on Monday tracking mixed global cues and momentum from last week’s gains.
Sensex opened at 74,849.30, up 120.03 points or 0.16 per cent, while Nifty began trading at 23,150.85, up 4.70 points or 0.02 per cent.
Sectorally, Nifty PSU Bank led gains and rose over 1 per cent, followed by Nifty Oil & Gas which surged 0.6 per cent.
In contrast, Nifty Private Bank, Nifty IT and Nifty Chemicals dropped up to 1 per cent.
Market experts said momentum from Nifty’s 2.8 per cent surge last week and good results from banking majors after better-than-expected IT earnings could keep the market resilient.
“However, escalation of tensions in Hormuz and consequent surge in Brent crude to $109 will act as a strong headwind,” according to them.
They further said that attractive large-cap valuations and rupee appreciation turned FII stance slightly positive, though unlikely to sustain at high crude prices. Large-caps outperforming mid and small-caps is likely to continue, with stock-specific action on Q2 results.
For Nifty, immediate support is placed at 22,950–23,000, while resistance is seen at 23,250–23,300, the experts said and added that RSI strengthened to 52.81 above its average of 34.70, while PCR stood at 1.08.
In the previous session on October 16, FIIs turned net buyers after 15 straight sessions of selling, buying equities worth about Rs 1,166 crore, while DIIs ended their 45-session buying streak with net sales of around Rs 3,661 crore.
On commodities, Brent crude traded nearly 2 per cent lower at around $107.76 per barrel, while US WTI declined about 1 per cent to $100.43.
In Asia, markets were mixed. Japan’s Nikkei traded 0.84 per cent lower, while Hong Kong’s Hang Seng and South Korea’s KOSPI rose up to 0.83 per cent. Indonesia’s Jakarta Composite fell over 5 per cent.
Business
India-EFTA trade pact opens new opportunities for Norwegian investment across key sectors

India’s strong economic growth trajectory and the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) are creating significant opportunities for Norwegian investors, particularly in manufacturing, renewable energy, infrastructure, financial services and the digital economy, according to industry insights.
With GDP growth projected to remain around 6.5 per cent annually through 2030, India is widely expected to become the world’s third-largest economy by the end of the decade, according to EY India report.
Analysts attribute this outlook to strong domestic consumption, rising investments, ongoing infrastructure development and reforms aimed at improving the ease of doing business.
The India-EFTA TEPA, which came into effect in October 2025, is being viewed as a major milestone in India-Norway economic relations.
The agreement seeks to promote trade liberalisation, facilitate investment flows and deepen cooperation in areas such as innovation, sustainability and advanced technologies.
The pact includes investment commitments of $100 billion over 15 years and is expected to support the creation of one million direct jobs in India, aligning with the country’s broader goals of expanding manufacturing capacity and strengthening its position in global value chains.
Industry experts believe the agreement creates a strong framework for Norwegian companies to expand their presence in India by combining Norway’s expertise in technology, sustainability and capital-intensive industries with India’s large market and growth ambitions.
Several sectors have been identified as priority areas for collaboration, including manufacturing, renewable energy, oil and gas, maritime services, seafood processing, information and communication technology (ICT), fintech and financial services. These industries are expected to benefit from increasing bilateral cooperation under the TEPA framework.
The rapid expansion of India’s digital economy and digital payments ecosystem is also creating opportunities for Norwegian companies seeking exposure to one of the world’s largest and fastest-growing consumer markets.
At the same time, India’s policy measures aimed at attracting foreign investment are expected to provide a supportive environment for long-term investors, as per the report.
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