LIVE: Trump's contempt for democracy behind US Capitol violence, says Biden

US President Donald Trump has finally conceded defeat in the presidential elections held in November and said that a new administration will be inaugurated on January 20.

"Now Congress has certified the election results, a new administration will be inaugurated on January 20. My focus now turns to ensure a smooth, orderly, and seamless transition of power. This moment calls for healing and reconciliation," he said during a brief address posted on his Twitter handle.

Back home in India, Prime Minister Narendra Modi will interact with leading economists and sectoral experts on Friday to deliberate on measures that may be included in the upcoming Budget for promoting growth, amid uncertainty on multiple fronts caused by Covid-19.

The virtual meeting is being organised by the government think-tank Niti Aayog.

It will also be attended by Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, Niti Aayog Vice Chairman Rajiv Kumar and Niti Aayog CEO Amitabh Kant.

Top economists and experts who will participate in the meetinginclude Arvind Panagariya, K V Kamath, Rakesh Mohan, Shankar Acharya, Shekhar Shah, Arvind Virmani and Ashok Lahri.

Stay tuned for the latest news of the day.