Good Afternoon ☕

"Score one for Indians in the USA – and not the cricket kind! The land of opportunity is opening its doors wider to our fellow countrymen. Imagine holding a golden ticket that promises five years of American dreams, and you don't need a chocolate factory for that! The US Citizenship and Immigration Services is granting five-year employment cards, like Willy Wonka's golden ticket, to non-immigrant hopefuls, including 10.5 lakh Indians, as they await their 'Green Card' fantasy to come true.

Important News of the Day

1. Indians likely to benefit as US announces 5-year employment cards

The US Citizenship and Immigration Services (USCIS) has announced that it will provide employment authorization cards to some non-immigrant categories, including those waiting for green cards, for five years. This move is expected to benefit around 10.5 lakh Indians living in the US who are awaiting employment-based Green Cards. The USCIS has increased the maximum validity period of Employment Authorization Documents (EAD) to 5 years for initial and renewal EADs for certain non-citizens who must apply for employment authorization. These include applicants for asylum or withholding of removal, adjustment of status under INA 245, and suspension of deportation or cancellation of removal. The employment-based Green Card backlog reached a new record of 1.8 million cases this year, according to a study by the Cato Institute, an American libertarian think tank. About 1.1 million of the 1.8 million cases in the backlog are from India.

2. Siddaramaiah says Karnataka farmers incurred loss of ₹30,000 cr due to drought

Karnataka Chief Minister Siddaramaiah has said that the state's farmers have suffered losses amounting to ₹30,000 crore due to drought this year. This has resulted in crop loss on 42 lakh hectares of agricultural land, and 216 out of the 236 taluks have been declared drought-hit. The Chief Minister has prayed for the northeast monsoon, as Karnataka is reeling under drought following monsoon failure.

3. Modi to bring out vision paper for India’s future in December

Prime Minister Narendra Modi will unveil a vision document in December that outlines India's medium-term development goals and milestones, which will also shape the ruling National Democratic Alliance's reform agenda and its re-election pitch for the coming year. The NITI Aayog is working on a blueprint for achieving developed country status by 2047. The vision document will be a medium-term plan that will outline the government's goals and milestones for the next few years. The document will also shape the ruling National Democratic Alliance's reform agenda and its re-election pitch for the coming year.

4. Fewer work hours for PG doctors on cards

New regulations are being introduced by the National Medical Commission (NMC) in India to address the severe stress and mental health issues among post-graduate medical students. The regulations include giving at least one day off per week and limiting work hours to 48 hours per week. Medical students experience higher rates of anxiety, emotional stress, depression, and suicidal ideation than the average person, and the mental health of entering medical students declines significantly in the next two years. The stressors of medical education can substantially impact medical students’ ability to meet academic demands, and mental health issues are virtually ubiquitous in the medical education system.

5. NASA experts wanted India to share space technology: ISRO chief Somanath

NASA experts have expressed interest in India sharing its space technology with the US after witnessing the developmental activities of the Chandrayaan-3 spacecraft, according to Indian Space Research Organisation (ISRO) chairman S Somanath . Speaking at an event organised by Dr APJ Abdul Kalam’s Foundation, Somanath said that India is capable of building the best equipment, devices, and rockets, and that Prime Minister Narendra Modi has opened the space sector to private players. He also highlighted that there are at least five companies in India building rockets and satellites. Somanath encouraged the young audience to follow the ideology of former president Dr APJ Abdul Kalam, saying that the most powerful tool is to dream.

Stock Market Update 📈

1. Rupee to rely on RBI's intervention amid surging oil prices

   The Indian Rupee is expected to depend on the Reserve Bank of India's (RBI) intervention as oil prices surge. The RBI's measures and policies will play a crucial role in stabilizing the currency amidst the rising oil costs, which can strain the country's current account and trade balance. Investors and analysts will closely monitor the central bank's actions to mitigate potential economic challenges stemming from higher oil prices.

2. Pai to extend ₹300 crore loan facility to Byju’s parent

   The Indian Rupee's performance is expected to rely heavily on the intervention of the Reserve Bank of India (RBI) as global oil prices surge. Rising oil prices can strain India's current account and lead to a trade imbalance, which the RBI may address through currency market interventions. This move aims to stabilize the Rupee's value amidst economic uncertainties caused by higher oil costs.

3. Adani to invest ₹20K cr in Vizhinjam port by ’30

   Adani Group, a prominent Indian conglomerate, has announced plans to invest ₹20,000 crore in the development of Vizhinjam port by the year 2030. This significant investment signals the group's commitment to expanding and modernizing the port infrastructure, aiming to boost economic growth and trade in the region. Vizhinjam port, located in the southern state of Kerala, plays a vital role in India's maritime trade and logistics network.

4. India reviewing floor price for basmati rice exports

   India is currently evaluating the floor price for basmati rice exports. The review aims to assess and possibly adjust the minimum price at which this premium rice variety can be sold internationally. This move reflects the Indian government's efforts to manage and stabilize the pricing of basmati rice in the global market, ensuring fair returns for Indian farmers and exporters while maintaining India's position as a key basmati rice supplier worldwide

5. Infosys trumps TCS and HCL in order wins but lags in revenue collection

   Infosys has outperformed TCS and HCL in securing new orders, demonstrating robust growth in client acquisitions. However, it falls short in terms of revenue collection, suggesting a potential need to streamline collection processes to optimize its financial performance.

6. AirAsia operator seeks $200 million from private credit for loan

   The operator of AirAsia is actively seeking a $200 million loan from private credit sources. This move is part of their financial strategy to secure necessary funds. The funds are intended to support the airline's operations and mitigate financial challenges.

Breaking News: The Scoop You Can't Miss!

1. India may sell 1 mt of rice to help key partner Indonesia

India may sign a memorandum of understanding (MoU) with Indonesia to sell up to 1 million tonnes of white rice annually, according to two government officials.Although white rice export from India is currently under the prohibited category, exports permission can be granted by the government to meet the food security needs of other countries at the request of their governments. India is the world's biggest exporter of rice and corners more than 45% of the global rice trade, but Indonesia usually prefers to buy rice from neighbouring Thailand and Vietnam. However, India's rice export ban has led to a surge in global rice prices, and Indonesia has been taking proactive measures to safeguard itself against adverse weather by securing supplies from India.

2. Capital gains breather for Mauritius-based funds

Mauritius-based offshore funds facing ambiguity over capital gains tax have received a verdict from the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). The verdict clarifies that foreign investors, like domestic investors, are allowed to offset certain types of capital gains with capital losses to reduce the tax burden. The ruling sets a precedent for future cases and provides a breather for Mauritius-based offshore funds facing ambiguity over capital gains tax. Mauritius is often used as a jurisdiction of choice for the structuring of funds or investment, and there are no capital gains taxes in Mauritius.

3. RBI Governor receives award for A+ ranking in Central Banker Report Card 2023

Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an 'A+' ranking in the Global Finance Central Banker Report Cards 2023. The award recognizes central bank governors whose strategies outperformed their peers through originality, creativity, and tenacity. The awards were announced in September, and along with Shaktikanta Das, two other central bankers- Thomas J. Jordan of Switzerland and Nguyen Thi Hong of Vietnam earned an ‘A+’ grade in the Global Finance Central Banker Report Cards 2023. The Central Banker Report Cards, published annually by Global Finance since 1994, grade central bank governors of 101 countries, territories, and districts, including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West African States.

4. Trade deficit eases as imports plunge

India's trade deficit narrowed in September 2023 as imports fell by 15% to $53.84 billion compared to $63.37 billion a year earlier, while exports slipped marginally by 2.59% to $34.47 billion compared to $35.39 billion in September 2022.Consequently, the trade deficit fell to $19.37 billion, down over 30% from $27.98 billion a year ago. The decline in imports was due to the impact of lower commodity prices, while the fall in exports was due to slowing demand in the West and China. The narrower-than-expected merchandise trade deficit print is positive for the current account deficit.

5. Ikea entering next India growth phase: Juvencio Maeztu

Ikea is entering the next phase of growth in India, with plans to invest in Indian startups and the country's energy sector through its investment arm. The company is examining omnichannel expansion in India, with diverse retail formats to come closer to the many people in India. Ikea plans to double its business and sourcing in India, and is looking at adding more stores and new locations, such as Pune and Chennai, to its network. The company has already invested in building five stores in India, and plans to launch "diverse retail formats" and increase local sourcing to make products more affordable. Ikea is also celebrating 40 years of sourcing from India for its global operations, and is expanding its scope to include wood-based products. The company will roll out its online operations in Delhi-NCR by the end of 2024, and plans to increase its workforce from 3,000 to 10,000 in the coming years.

World News 🌎

• Israel-Hamas war's impact on US: FBI says Jews, Muslims getting threats

• Foreign minister Jaishankar begins his 6-day visit to Vietnam, Singapore today

• ‘Release hostages’, UN chief Guterres' two humanitarian appeals to Hamas

• Earthquake today: Another 6.3 magnitude quake jolts Afghanistan city

• Putin says war with Russia is ‘nonsense’, if US goes to war then it would be ‘completely different’

• Australia refuses to recognise indigenous citizens in Constitution

• Major US banks show profit boost, but some caution from consumers

• New Zealand Election: Conservative leader Christopher Luxon to form govt

• Senior Hamas Commander responsible for attacks on Israeli communities killed

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