Week 62

India under pressure🤕

August 19, 2023

Good Morning,

Welcome! I hope you have your “Subah Kee Chai” ready and are excited to read your weekly 10-minute digest.

With Prime Minister Modi implying the idea of 'har ghar tiranga' in every Indian household, this year's independence day was rather stereotypical with nothing much out of the regular taking place. The long-lasting speech of Mr Modi was admired by few, and not so much by others. How did you celebrate your independence day? (Let us know by replying to this mail!)

This week's news was flooded with news about ISRO's Chandrayaan-3 mission which has been making steady progress throughout the weeks. Make sure to stay throughout the newsletter to read all about this week's news!

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I hope you enjoy today's newsletter and have an amazing Sunday!

Now let’s get into the news.

Markets

Market News

The Stock market remained closed on the 15th of August due to independence day.On Friday, the main stock market indicators in India, NSE Nifty 50 and BSE Sensex closed with losses. The Sensex went down by 0.31% to reach 64948.66 points, and the Nifty 50 dropped by 55.10 points to end at 19310.15. The banking index, Bank Nifty, also went down by 0.09% to settle at 43851.05 points. In terms of different sectors, the IT sector saw a significant decline of 1.47%, and the pharmaceutical sector also went down by 0.57%. However, the PSU Bank sector gained 0.23%, the FMCG sector gained 0.22%, and the Media sector surged by 0.65%.On Friday, certain types of stocks faced significant drops in their prices. This included automobile, metal, and technology-related stocks. Some of the notable companies that experienced losses were Hero MotoCorp, Tech Mahindra, TCS, Hindalco Industries, and Infosys. Specifically, the IT and pharmaceutical sectors suffered notable declines in their values.

The Nifty 50 index's leading advancers were Adani Enterprises, Adani Ports & Special Economic Zone, Eicher Motors, Maruti Suzuki India, and Britannia Industries. In terms of specific sectors, the PSU Bank, FMCG, and media sectors experienced consistent increases in their values.

Inflation in India!

The country of India has yet another problem to tackle, let's take a look at how our Prime Minister has decided to deal with this difficulty.

According to sources cited in a Bloomberg report,

Indian authorities are currently considering the reallocation of up to $12 billion (equivalent to 1 trillion rupees

) from various ministry budgets. The aim is to effectively lower food and fuel prices while still maintaining the government's deficit reduction goals.

In the upcoming weeks, Prime Minister Narendra Modi is anticipated to finalize decisions concerning possible strategies to decrease the costs of petrol and to ease import tariffs on essential goods like cooking oil and wheat. These proposed actions are a response to the ongoing challenge of inflation and are designed to provide relief to consumers.

This potential reallocation of funds mirrors a similar action taken last year when a $26-billion initiative was introduced to counter the effects of increasing prices on the general public. The contemplation of these measures is in line with the recent choice by the central bank to maintain steady borrowing rates, which are among the highest in Asia. The Reserve Bank of India has emphasized the potential risks arising from surging prices, highlighting the necessity of addressing inflationary pressures.

Word of the week!

Dictionary? you don't need one! The word for this week is:

chasten" CHAY-sun"To chasten someone is to cause them to feel sad or embarrassed about something that has happened, or in other words, to make them feel more humble or restrained.He was arrogant as a young man, but life's hardships have chastened him and he is now more cognizant of his own failings and weaknesses.

No British remains ❌

Under the leadership of Prime Minister Narendra Modi, the Atmanirbhar Bharat initiative aims to

eliminate the lingering legal vestiges of British colonial rule

. To this end,

all government departments have been directed to locate and replace any pre-Independence statutes with updated laws.

On March 23, the Legislative Department communicated to all government departments that the Government's objective is for the

entirety of India's legal framework to be distinctly Indian

. This necessitates the elimination of any connections to or mentions of British affiliations and the content of British statutes. Consequently, the directive is to replace existing laws enacted by the pre-Constitution legislature with new laws enacted by the post-independence legislature.

During a review of pre-Independence laws, the directive emerged as a result of evaluating their appropriateness and applicability in the current context. The aim was to determine the necessity for amendments that could simplify these laws. This action represents a progression beyond the government's recent initiative to systematically eliminate irrelevant, redundant, and outdated laws in multiple phases, regardless of when they were originally enacted.

Nuclear war?

President Alexander Lukashenko of Belarus has issued a warning

that his country might

resort to employing nuclear weapons

as a

response to perceived "aggression"

from NATO allies stationed at the border.

Lukashenko's comments were specifically aimed at Poland, Lithuania, and Latvia, nations that have voiced apprehensions about Belarus harboring the Wagner Group forces.

In an interview with the state-controlled news agency BelTA on Thursday (August 17), Lukashenko stated, "If an act of aggression against our nation originates from Poland, Lithuania, Latvia, we will promptly retaliate using all available means." He further emphasized, "Such an attack would be deemed unacceptable."Reportedly in June, Russian President Vladimir Putin supplied Belarus, its ally, with nuclear warheads for "deterrence." The exact quantity isn't confirmed, but senior US Defense Intelligence Agency officials expressed confidence in Putin's assertion when speaking to CNN. Lukashenko clarified that while they won't initiate an attack, they will swiftly employ their entire arsenal for deterrence if provoked, underscoring their vulnerability as a small nation that could be captured within a month.