Week 64

Cricket fans on edge🏏

September 02, 2023

Good Morning,

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

Rohit Sharma yet again failed to deliver in last night's cricket match against Pakistan. The Asia Cup game went on to be suspended due to rain in Sri Lanka, where the match was being played. Hardik Pandya and Ishan Kishan played two outstanding innings as India lost all their wickets after putting up a score of 266 runs.

This week's news showed a great downfall in my safety (I broke my finger), but I simply can not leave you out in the dark! Don't fear, a man with 9 fingers is here.

A number of extremely interesting events took place in the past week, and with the G20 Summit coming up, that's most of what India is preparing for. Make sure to stay till the end of today's 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

On Thursday, the Indian stock market didn't perform well, and the NSE Nifty 50 and BSE Sensex ended the day with losses. The NSE Nifty 50 closed at 19,253.80, and the Sensex ended at 64,831.41. However, smaller companies, represented by Nifty Smallcap 250 and Nifty Smallcap 50, saw their values rise by 1.04% and 0.36% respectively. The banking sector, particularly Bank Nifty and PSU Bank, experienced the most significant declines among different sectors. On the other hand, the sectors that did well were Nifty Realty and IT, which saw gains.The stock prices of companies within the Adani group dropped by as much as 2% on the stock exchange. This decline followed the release of new information by a non-profit organization called the Organized Crime and Corruption Reporting Project (OCCRP). The OCCRP alleged that associates of the Adani Family had redirected millions of dollars to buy shares of their own group's companies through little-known investment funds based in Mauritius.

Jet Airways in trouble!

On Friday night, the founder of Jet Airways, Naresh Goyal, was arrested by the Enforcement Directorate (ED) in connection with an alleged money laundering case worth ₹538 crore! This case is linked to loans and credit lines provided to the airline by Canara Bank. Mr Goyal was taken into custody under the Prevention of Money Laundering Act, and he is scheduled to appear before a special PMLA court in Mumbai on Saturday.

The money laundering case stems from a First Information Report (FIR) filed against Jet Airways, Mr Naresh Goyal, his wife Anita, and certain former company executives. This FIR was lodged by the Central Bureau of Investigation (CBI) on May 3. The CBI initiated the FIR following allegations by Canara Bank of a ₹538-crore fraud.

Canara Bank claimed that it had approved credit limits and loans totalling ₹848.86 crores to Jet Airways (India) Ltd (JIL), out of which ₹538.62 crores remained unpaid, leading to the investigation and legal actions against those involved, including Mr Naresh Goyal and his associates.The CBI stated that the account related to Jet Airways was classified as "fraud" in July 2021. The CBI has alleged that Jet Airways and its founders were involved in diverting funds. According to the CBI, from April 1, 2011, to June 30, 2019, the airline reportedly used ₹1,152.62 crore for professional and consultancy expenses. This forms part of the investigation into the alleged financial irregularities and money laundering associated with the airline.

Word of the week!

Word up! The word for this week is:

suffrage" LAK-luss-ter" Suffrage means “the right to vote in an election.”The Nineteenth Amendment, which granted suffrage to women, was certified on August 26, 1920, making it an official part of the Constitution of the United States.

UPI - Upgraded Payments for India!

Cash payments have been a hassle ever since the UPI interface has been integrated into every smartphone in India, and this isn't where it ends. The nation has plans to introduce the interface to multiple countries in the world and has already succeeded in doing so. A great milestone for India!The significance of UPI (Unified Payments Interface) in India's growth story is evident from Prime Minister Narendra Modi's recent statement at the BRICS meeting. He highlighted that UPI is widely used in India, from street vendors to large shopping malls. He emphasized that India leads the world in digital transactions, showcasing the country's dominance in this field. Furthermore, PM Modi proposed the expansion of UPI into the BRICS grouping, which has now welcomed six new member states. This suggests India's interest in sharing and collaborating on UPI technology with other BRICS nations to foster digital payment solutions on a global scale.

In recent weeks, three countries, namely France, the United Arab Emirates, and Sri Lanka, have swiftly adopted India's UPI technology. This means that these countries will now allow transactions to be processed using India's domestically developed digital payment system. It reflects the growing international recognition and adoption of India's UPI technology as a reliable and efficient digital payment platform.

The moon, and now the sun 🤯

Although I covered this topic last week, India's success in space expeditions is something worthy of repetition! For all of you guys who read last week's article, there's more to learn this week, and for all of you who didn't, here's how India has launched its first mission to study and examine the sun. Endless possibilities indeed!

India's space agency, ISRO, achieved a significant milestone by launching a spacecraft from the Satish Dhawan Space Centre in Sriharikota. This launch brings India closer to its first-ever solar expedition. ISRO used its reliable PSLV rocket to carry out the Aditya L1 mission, a 125-day journey towards the Sun.

First, the Aditya L1 spacecraft will spend sixteen days in Earth's orbit. Then, after a four-month journey, it will be positioned at a special spot called the L1 point, which is like a stable perch around the Sun.

The exciting launch happened at 11:50 am from Sriharikota, following a 23.10-hour countdown that began the day before.

Aditya L1's main job is to study the Sun. It will observe the Sun's outer layer, known as the solar corona, and also check out the solar wind. All of this will happen from a location about 1.5 million kilometers away from Earth, at the L1 point. It's like sending a space explorer to get up close and personal with our fiery neighbor, the Sun!