25 October Newsletter
Anant Khemka
October 25, 2023
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Chalo chalein!
The reading time is 5 minutes.
BUSINESS
Basmati price slashed to boost Global Flavours.
What happened
India, the land of aromatic basmati rice, is set to sprinkle some flavor into the world of exports.
So, what's the sizzle? The Indian government and farmers were in a sticky situation, over rice prices. Now, the government is likely to bring down the floor price, or minimum export price (MEP) for basmati rice, to $950 per metric ton from $1,200 a metric ton.
Farmers and exporters weren't thrilled with the $1,200 tag , which they believed was turning their trade into a disaster.
Why it matters
This decision to cut the floor price is like adding a dash of spice to an already delicious dish. The reduction of the MEP to $950 per metric ton , holds the promise of alleviating the concerns expressed by the farming community and exporters.
It will empower farmers with greater access to international markets while fostering increased export volumes. Importantly, it enhances the competitiveness of Indian basmati rice in the global market.
Zoom Out
The world of rice isn't just about prices; it's a cultural, culinary, and economic story. This price cut isn't just about numbers; it's about the livelihoods of countless farmers and the pleasure of countless food enthusiasts.
The proposed change underscores the government's commitment to facilitating sustainable economic growth while preserving the essence of a treasured agricultural product.
So, here's to India and its flavorful basmati rice – a 'rice-olution' that ensures the world keeps enjoying this fragrant masterpiece.
BIG MONEY MOVES
The world’s largest sovereign wealth fund takes a $34 billion dip
Norway's Government Pension Fund Global, the world's largest sovereign wealth fund , reported a Q3 loss of 374 billion Norwegian kroner ($34 billion), down by 2.1%. While it marked a weaker quarter due to stock market challenges, it still outperformed its benchmark index by 0.17 percentage points. Tech, industrial, and consumer discretionary sectors contributed negatively to the return.
Rs 28.79 crore revenue generated by disposal of scrap
The coal ministry reported generating Rs 28.79 crore through a special scrap disposal campaign. Approximately 50,59,012 sq ft of space has been reclaimed. They've reviewed 1,08,469 physical files, removed 8,088 old ones, and closed 29,993 e-files out of 80,305.
BUSINESS
India eyeing 3rd spot at the global economy race
What Happened
India, currently ranked as the world's fifth-largest economy, is set to overtake Japan and become the third-largest global economy, with an estimated GDP of $7.3 trillion by 2030.
India's economic engine is in tune projections suggest that its GDP is set to soar between 6.2 and 6.3 percent in the fiscal year ending in March 2024. In a standout performance, India's economy registered an impressive 7.8 percent growth in the April-June quarter.
Why it matters
India's rapid growth is driven by its swelling middle class – folks who've decided that they prefer online shopping to bargain at bazaars.
With digitalization in full swing, global bigwigs are eyeing the Indian market.
By 2030, India is expected to have a staggering 1.1 billion internet users. That's a lot of potential online shoppers!
And this tech boom isn’t just benefiting Silicon Valley; home-grown unicorns like Mensa Brands and Delhivery are on the rise.
Zoom Out
Following two years of swift economic expansion in 2021 and 2022, the Indian economy has maintained its robust growth trajectory throughout the entirety of the 2023 calendar year.
Furthermore, it is expected to be one of the world's fastest-growing economies for the next decade. This makes it a crucial market for companies worldwide and a better employment provider for the citizens.
BIG PICTURE
Bitcoin Hits 2022 High on ETF Buzz
Bitcoin recently soared past $34,000, its highest since May 2022, as anticipation for a Bitcoin ETF intensifies. Investors seek alternatives amid bank woes and a potential interest rate slowdown. A recent court ruling in favour of Grayscale's Bitcoin Trust adds to the ETF optimism, despite Bitcoin's notorious volatility.
Microsoft Supercharges Australia's Tech Landscape
Microsoft is set to invest $3.2 (USD) in Australia over two years, focusing on AI and cloud computing expansion. This includes a 250% increase in computing capacity to meet growing cloud computing demand driven by AI. In addition to the financial investment, Microsoft plans to train 300,000 Australians for the digital economy and enhance cybersecurity cooperation with the Australian Signals Directorate.
Six Indian States Unite for Farmer-Friendly Markets
Six Indian states, including Punjab and Haryana , have agreed to share their agricultural infrastructure, such as markets and cold storage, to support farmers in finding better markets and prices for their produce. This initiative aims to improve the livelihoods of farmers and consumers by promoting inter-state trade and removing unnecessary barriers in agricultural production and marketing.
BUSINESS
India Leads Global Energy Demand Surge
What Happened
The International Energy Agency (IEA) has projected that India's demand for electricity, primarily driven by the use of household air conditioners, is expected to increase nine-fold by the year 2050.
This surge in electricity demand is set to surpass the total power consumption of the entire African continent as it stands today. India is anticipated to experience the most significant growth in energy demand globally over the next 30 years.
Why It Matters
The increased demand for electricity will need substantial investments in energy infrastructure.
This will potentially strain existing systems, and increase peak demand challenges.
If not met with cleaner energy sources, it could lead to higher greenhouse gas emissions and energy costs.
An increased demand for electricity may drive up energy costs, impacting both consumers and industries.
However, the surge in demand will be pivotal for opportunities for technological innovation and economic growth in the clean energy sector.
Zoom Out
The IEA's assessment of India's energy landscape highlights the country's significant and evolving energy needs. India is transitioning into a phase characterized by a long-term commitment to achieving net-zero emissions with a focus on clean energy adoption and reducing production costs.
Meanwhile, Newswala be like “Bijli ka bill tera baap bharega?”
MIRCH MASALA
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