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India's Poverty Purge: 415 Million Free at Last!

India registers remarkable reduction in poverty in 15 years.

Author

ADITYA SINGH
July 12, 2023

Wednesday, July 12th, 2023

Good Morning ☕

According to a recent UN report, India has achieved a momentous reduction in poverty, with a staggering 415 million individuals emerging from its grip in just 15 years. The report highlights the significant strides India has made in combatting poverty from 2005-06 to 2019-21. During this period, the nation witnessed a remarkable transformation, as a total of 415 million people were lifted out of poverty.

This milestone represents a tremendous step forward in improving the lives of millions of individuals and families across the country. The report also mentions that people who are multidimensionally poor and deprived under the nutrition indicator in India declined from 44.3% to 24.7% during the same period.

415 Million People Escaped Poverty in India

Important News of the Day

1. Tata Group could soon become the first Indian iPhone maker

Tata Group is reportedly close to acquiring an Apple Inc. supplier's factory, Wistron, in the southern state of Karnataka, India. The deal could be finalized as soon as August, making Tata Group the first Indian company to assemble iPhones. The move aligns with Apple's efforts to diversify its supply chain and reduce reliance on China. Wistron currently assembles iPhone 14 models in India. The acquisition would allow Tata Group to manufacture iPhones in India, which could help the company avoid import duties and reduce production costs.

2. India’s road network grows 59% in last 9 years

India's road network has grown by 59% in the last nine years, making it the second-largest in the world after the US, according to Union Minister for Road, Transport and Highways Nitin Gadkari. The expansion projects have been carried out rapidly, with special emphasis on the expansion of the road highway network in the Northeast region. Gadkari said that projects worth more than ₹2 lakh crore are being carried out in the region at the moment. The length of highways in India has increased from 91,287 km in 2013-14 to 1,45,240 km at present.

3. Foxconn share its future plans for India after parting ways with Vedanta

Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta. Foxconn has stated that the decision to leave the joint venture was due to "changing global market dynamics". However, Foxconn has also stated that it intends to apply for incentives under India's semiconductor manufacturing plan. The withdrawal of Foxconn from the joint venture with Vedanta will not affect India's semiconductor program.

4. Dukaan replaces 90% of support team with AI bots, internet calls him ‘heartless’

Indian e-commerce startup Dukaan has replaced 90% of its support staff with AI chatbots, a move towards profitability that has been criticized as heartless. This is not the first time a company has replaced human workers with machines. In 2015, a Chinese factory set up an unmanned factory run almost entirely by robots, and the results were fascinating. The robots produced almost three times as many pieces as were produced by the 650 human workers previously employed at the factory. Similarly, a Chinese factory in Dongguan City recently replaced 90% of its human workforce with machines, leading to a 250% increase in productivity and an 80% drop in defects. The rise of AI-powered robots is taking over warehouses, with customers moving to integrate them permanently into their production lines.

5. Abrogation of Article 370: SC to hear batch of plea from 2 August

The Supreme Court of India will begin hearing a batch of petitions challenging the abrogation of Article 370 from Jammu and Kashmir on August 2, 2023. A five-judge Constitution bench will hear the pleas on a day-to-day basis. The deadline for filing documents has been set for July 27, 2023. Article 370 granted special status to Jammu and Kashmir, and its abrogation in 2019 was a significant move by the Indian government. The hearing of these petitions is expected to be a significant event in Indian politics.

6. Critical minerals market surges on soaring demand for clean energy: Report

According to a report by the International Energy Agency (IEA), the market for critical minerals has doubled in size over the past five years, reaching $320 billion in 2022. The surge in demand is driven by the need for clean energy technologies, with lithium, copper, and nickel seeing the sharpest increase in investment. The IEA predicts that the market for energy transition minerals will continue to grow rapidly, making the energy sector an increasingly important player in mineral markets. The report highlights the importance of recycling and reusing minerals to meet the increasing demand.

Breaking News: The Scoop You Can't Miss!

1. Schengen visa rejection costed Indians almost ₹90 crore in 2022

Indian travelers faced a steep rejection rate of 18% for Schengen visa applications in 2022, according to SchengenVisaInfo.com. In total, Indians spent almost €6.1 million in German Schengen visa fees in 2022, with 1,519 applications being rejected in New Delhi alone. Estonia, Malta, and Slovenia rejected the highest percentage of Schengen visa applications from India last year, while Germany, Italy, and Hungary were the most accommodating. Germany had the lowest rejection rate for Indians, having rejected only eight out of 6,345 Schengen visas at the Bengaluru consulate, one application in Kolkata, and two in Chennai.

2. Maruti Suzuki becomes number one player in ₹10 lakh to ₹20 lakh vehicle category

Maruti Suzuki has become the leading player in the Rs 10 lakh to Rs 20 lakh vehicle category in India, with a 23% market share. The company has traditionally been known for its budget cars, but it has recently entered the above Rs 20 lakh segment with the launch of its premium MPV Invicto. Maruti Suzuki has shifted its focus to the higher end of the market, with the sub-Rs 10 lakh market now accounting for only 60% of the market, down from 85% previously. The company aims to gain a foothold in the growing high-end market in India.

3. Bringing GST under PMLA could lead to tax terrorism

The Indian government has brought the Goods and Services Tax Network (GSTN) under the Prevention of Money Laundering Act (PMLA) to prevent tax evasion. The PMLA was enacted to tackle terror funding and drug trafficking. However, several opposition-ruled states have voiced concerns over the sharing of information between the Enforcement Directorate (ED) and GSTN, stating that it could lead to tax terrorism and harm small businesses and the common man. The move enables sharing of data with ED and Financial Intelligence Unit (FIU).

4. Mumbai gets 1st electric mobile pet cremation van

Mumbai has acquired its first mobile electric pet crematorium, which operates through electricity and has been set up inside a van by the NGO Happy Buds Foundation. The van will provide a dignified way for pet owners to bid farewell to their pets. The pyre operates through electricity, and the van is equipped with all the necessary equipment to ensure that the cremation process is carried out in a safe and hygienic manner. The van is expected to be a boon for pet owners who want to give their pets a dignified farewell.

5. Suzlon bags 47.6MW wind energy project from KP Group in Gujarat

Suzlon Group has secured an order of 47.6 MW from The KP Group in Gujarat, India. The project is located at Vagra in Bharuch district in Gujarat and is expected to be commissioned in 2024. Suzlon will supply their S133 wind turbines for the project. The order is a repeat order from The KP Group, which has a portfolio of over 1 GW of wind power projects across India. The Suzlon Group is a renewable energy solutions provider with a presence in 18 countries across Asia, Australia, Europe, Africa, and the Americas.

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