Prime Minister and the Billion-Dollar Promise from Amazon 🤞

Good Morning!

Looks like Andy Jassy is not just delivering packages, but also delivering a truckload of investment goodness to India! With an additional $15 billion set to be invested, Amazon is spreading its wings and giving a big boost to the country's economy. It's like they're building an 'AWS-esome' cloud empire in India, with a staggering $12.7 billion dedicated to expanding Amazon Web Services. Jassy must have whispered some tech-savvy secrets to Prime Minister Narendra Modi during their meeting in Washington, D.C.

1. DA Hike: Madhya Pradesh announces 4% hike in dearness allowance (DA)

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has announced a 4% hike in the dearness allowance (DA) for state government employees and pensioners. The state government will increase the DA by four per cent to bring it on par with the one offered by the Centre. This move will raise the salary of state government employees by INR 1,600-6,000. The announcement comes ahead of the state assembly elections scheduled for later this year.

2. Amazon commits $15 bn investment in India during meeting with PM Narendra Modi

Amazon CEO Andy Jassy announced that the company will invest an additional $15 billion in India in the next six years, bringing its total investment in the country to $26 billion by 2030. Jassy made the announcement during a meeting with Indian Prime Minister Narendra Modi in Washington, D.C. The investment will support Indian startups, create jobs, enable exports, digitization, and empower individuals and small businesses to compete globally. The majority of the new capital is likely earmarked for Amazon Web Services (AWS) expansion in India, with AWS planning to invest $12.7 billion into its cloud business in the country by 2030.

3. Hinduja Group may raise stake from 17% to 26%, to invest ₹10,000 cr: Report

The Hinduja Group is reportedly in talks to invest Rs 10,000 crore ($1.3 billion) in IndusInd Bank to increase its stake from 17% to 26%. The investment would be used to raise the stake in the bank and to support the bank's growth plans. The Hinduja Group had previously planned to raise its stake in the bank from 15% to 26% with an investment of Rs 10,000 crore in February 2023.

4. Consumer confidence weakens in June: Ipsos

According to a monthly survey by Refinitiv-Ipsos, consumer confidence among urban Indians weakened in June 2023, dropping by 2.6 percentage points over the previous month. This is in contrast to the 3.2 percentage point increase in consumer confidence seen in May 2023. The Refinitiv-Ipsos survey measures the primary consumer sentiment index (PCSI), which is used to gauge consumer confidence in the Indian economy. The survey results suggest that consumer sentiment is volatile and subject to change based on various factors such as economic conditions and government policies.

5. Govt launches Gemovac-OM, India’s first Omicron-specific mRNA booster vaccine

India has approved its first mRNA-based booster vaccine, GEMCOVAC-OM, developed specifically for the Omicron variant of the coronavirus. The vaccine was developed by Gennova Biopharmaceuticals in collaboration with the Department of Biotechnology. GEMCOVAC-OM has demonstrated robust immune responses in phase 3 clinical trials, and is delivered intradermally using a device called Tropis, developed by PharmaJet, USA. The vaccine is stable at 2-8°C and is likely to be rolled out in 2-3 weeks. The vaccine is the first booster Covid-19 vaccine developed in India against the highly transmissible Omicron variant.

6. Kedarnath Temple ‘gold scam’: UK govt. forms high-level panel to investigate

The Uttarakhand government has formed a high-level panel to investigate allegations of a Rs 1.25 billion ($16.7 million) scam in connection to gold plating of the sanctum sanctorum of the Kedarnath temple. The panel will investigate the allegations and submit a report within three months. The Kedarnath temple is one of the most famous Hindu pilgrimage sites in India and attracts millions of visitors every year. The allegations of a scam in the gold plating of the temple have caused concern among devotees and the public.

7. Google’s YouTube Is Testing an Online-Games Offering

Google's YouTube is reportedly testing a new product called Playables that will allow users to play online games instantly via YouTube's website or mobile apps on iOS and Android. The initiative is Google's latest attempt to enter the gaming arena, following the failure of its cloud gaming service, Stadia. Playables will be integrated into YouTube and will enable users to play games without leaving the platform. The product is currently being tested internally, according to an email sent to employees at parent company Google.

8. Zerodha CEO Nithin Kamath warns against these new online frauds in India

Zerodha CEO Nithin Kamath has warned people about an ongoing cyber fraud in India in the name of big courier companies like FedEx and Blue Dart. Fraudsters call people and dupe them of money by making up false stories. In separate cases, three people from Mumbai were cheated by cyber-fraudsters who impersonated as courier service executives over the phone and tricked them into transferring a total of Rs 3.02 lakh from their bank account on the pretext of registration and collecting advance payment. The fraudsters made them download and install Anydesk app, a remote access application that enabled the fraudster to see their mobile activities.

9. Anand Mahindra says India-US relationship reached a ‘tipping point’

Indian Prime Minister Narendra Modi's recent visit to the United States has been hailed as a significant moment for India-US ties. During his visit, Modi met with US and Indian technology executives, agreed to new defense and technology cooperation, and addressed challenges posed by China. The two countries announced several investments aimed at spurring semiconductor manufacturing in India and lowering its dependence on China for electronics. The visit is seen as an attempt by the Biden administration to draw India closer amid its growing geopolitical rivalry with Beijing.

10. India becomes Asia's highest source of international travelers, especially US

India has become Asia's highest source of international travelers, especially to the United States, according to tourism consultancy IPK International. In 2022, international travelers from India exceeded those of China, South Korea, and Japan. For the first five months of 2023, travel from India to the United States has exceeded pre-pandemic volumes. The United States is trying to accommodate the new tourism boom by opening two new consulates in India. By 2024, Indians are expected to spend more than $42 billion per year on outbound travel, with Southeast Asia being a top destination.

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