Floods Hits Delhi and Northern India, Inflicting Billions in Damages⚠️

Tuesday, July 18th, 2023

Good Morning ☕

My heart aches for the people of Delhi and northern India who are experiencing the devastating impact of heavy rainfall and flooding. The immense economic loss of ₹10,000 crore ($1.3 billion) is indeed staggering, but the true cost cannot be measured solely in monetary terms. The lives affected, homes destroyed, and communities uprooted leave a lasting emotional toll that cannot be quantified. It is heart-wrenching to witness such widespread destruction and suffering.

In these trying times, let us stand together in solidarity, extending our support, compassion, and resources to help those affected. May the strength and resilience of the Indian people shine through as they rebuild their lives and communities in the face of such adversity.

Important News of the Day

1. Delhi, North India floods cause estimated economic loss worth ₹10000-15000 cr

Heavy rainfall in Delhi and northern India has caused extensive flooding, resulting in an estimated economic loss of at least ₹10,000 crore ($1.3 billion). The losses due to the ongoing floods in the north are in the range of ₹10,000-15,000 crore ($1.3-2 billion). The calamity has severely hit Himachal Pradesh, and the protection gap for natural disasters in India is alarmingly high. India has faced the third-highest number of natural disasters since 1900, next only to the US and China.

2. Infosys signs $2 billion AI deal with existing strategic client

Infosys has signed a five-year deal worth nearly $2 billion with an existing client for AI and automation-led development, modernization, and maintenance services. The deal is expected to help Infosys expand its AI capabilities and provide its client with digitally connected employee experiences. Infosys has been investing in AI and has launched several AI-first offerings, including Infosys Topaz, which leverages generative AI to accelerate business value for global enterprises. In 2021, Infosys built an applied AI cloud to democratize AI within its workforce and expand its ability to drive AI-driven transformation for enterprises.

3. Nokia and TSSC launch 5G skill development centre in Gujarat

Nokia and the Telecom Sector Skill Council (TSSC) have launched a 5G skill development center in Gujarat, India. The center will train 300 youths in 5G, IoT, and other allied skills at ITI Kubernagar. The center will have a skill lab to train candidates in 5G technology skills with the aim of providing placement offers within 4-6 weeks of the course completion. The initiative is part of Nokia's corporate social responsibility efforts to expand to the state of Gujarat.

4. Govt simplifies norms to imports input materials to boost exports

The Indian government has simplified norms for exporters to avail benefits of an advance authorization scheme, which allows free imports of input materials. The move is aimed at reducing import costs and boosting exports. The government is also considering simplification of export incentive schemes like the Export Promotion Capital Goods (EPCG) and Service Exports from India Scheme (SEIS). The EPCG scheme allows duty-free import of inputs for export products, while SEIS provides incentives to service exporters. The government is looking to encourage local sourcing and rationalize certain schemes to provide relief to exporters

5. UP: Projects worth ₹5 lakh crore to be completed by 2024

Union Road Transport and Highways Minister Nitin Gadkari has announced that projects worth Rs 5 lakh crore will be completed in Uttar Pradesh by the end of 2024. The projects include road infrastructure and other development works. Gadkari has also stated that the roads in Uttar Pradesh will be at par with those in the US with a total investment of Rs 5 lakh crore before 2024. The projects aim to improve the state's infrastructure and boost economic growth.

Entrepreneur of the Day👨‍💼

The skincare industry is witnessing unprecedented growth as people become more aware of the importance of maintaining healthy skin. With changing weather patterns, rising pollution levels, and increased stress, customers are seeking personalized skincare solutions supported by scientific research. While many brands fail to meet these demands, CosIQ stands out as a molecular skincare brand that offers affordable and scientifically backed products. Catering to the Gen Z market, CosIQ combines cutting-edge actives with smart formulations, ensuring safer and more effective results.

In a global beauty and personal care market worth $580 billion, the Indian skincare market alone amounts to $7.6 billion. With a rapidly evolving landscape in India, new-age skincare brands that emphasize scientific backing are gaining popularity among Gen Z consumers. CosIQ leads the way in this category as the only Indian brand with in-house formulations and clinically proven products. Founded by Kanika and Angad Talwar in 2021, the brand aims to fill the gap in the market by providing an ethical alternative to traditional skincare products.

As co-founders and a married couple, Kanika and Angad share the responsibilities of running CosIQ. While Angad focuses on product development and branding, Kanika oversees operations, marketing, and finances. Their close partnership allows them to effectively navigate the challenges of entrepreneurship and make informed decisions for the brand's growth. Kanika's extensive experience in the beauty and personal care industry, coupled with their year-long research and formulation process, has positioned CosIQ as a unique and trusted skincare brand. With a commitment to pre-launch validation and clear communication, CosIQ continues to introduce innovative products that resonate with their audience.

Breaking News: The Scoop You Can't Miss!

1. NHAI plans ₹1.5 tn award for 6,000 km

The National Highways Authority of India (NHAI) plans to award contracts worth INR 1.5 tn ($20.1 bn) for the construction of 6,000 km of highways in the current fiscal year. The NHAI has set a target of constructing 40 km of highways per day in the current fiscal year, which ends in March 2024. The construction of highways is part of the Bharatmala Pariyojana, a government initiative to develop road connectivity in the country. The NHAI is responsible for managing the National Highways Development Project (NHDP), which represents 49,260 km of roads and highways work.

2. 135 mn Indians came out of poverty trap in five years: Niti Aayog report

According to a report by NITI Aayog, India has seen a significant decline in the number of multidimensionally poor people from 24.85% in 2015-16 to 14.96% in 2019-2021. This means that 13.5 crore Indians have escaped multidimensional poverty in the last five years. The report also shows that rural areas witnessed the fastest decline in poverty from 32.59% to 19.28%. The report is based on the National Multidimensional Poverty Index, which measures poverty based on factors such as health, education, and living standards.

3. Costlier food matching MPC inflation view: RBI

The Reserve Bank of India (RBI) has said that the surge in food prices reflects the ongoing fight against inflation, and that rate cut possibilities are distant. The RBI has been grappling with high inflation for some time, with food, energy, and commodity prices remaining elevated. However, there are some signs of relief, such as the recent cuts in excise duty on diesel and petrol by the Indian government, and the fall in international food prices. Despite this, the RBI cannot escape its inflation target, and will be considered to have failed if the rate of price rise moves out of the two to six percent range.

4. Rajeev Chandrasekhar says will request GST Council to reconsider 28% tax on online gaming

Rajeev Chandrasekhar, the Minister of State for IT, has announced that he will request the Goods and Services Tax (GST) Council to reconsider the 28% tax imposed on online gaming. Online gaming players have expressed disappointment with this decision, and Chandrasekhar believes that it is necessary to revisit the regulatory framework for online gaming. The GST Council had recently decided to levy a 28% tax on the turnover of online gaming companies, horse racing, and casinos. Chandrasekhar had previously stated that the decision to tax online gaming was a well-thought-out preliminary decision. However, he now intends to urge the GST Council to reconsider this tax.

5. ADNOC to supply gas to Indian Oil

Indian Oil Corporation Ltd (IOCL) has signed a long-term agreement with Abu Dhabi Gas Liquefaction Company Ltd (ADNOC LNG) for the import of liquefied natural gas (LNG). ADNOC LNG will supply up to 1.2 million metric tonnes per year (tpy) of LNG to IOCL for a period of 14 years, starting from 2026. This deal strengthens India's trade relations and ensures a stable supply of LNG for IOCL. The agreement is part of IOCL's efforts to diversify its energy sources and meet the growing demand for natural gas in India.

World News 🌎

• Heatwaves, wildfires, floods prompt US, China to discuss climate crisis

• Years after Brexit, UK support to rejoin EU passes 50% for the first time

• Donald Trump hits out at Joe Biden, calls him ‘thief, stupid’

• California court rules against Uber in a major win for California workers

• Warren Buffett cut Activision stake before judge approved Microsoft merger

• Britain: Visa rules for foreign construction workers relaxed

• Climate activists glue their hands on German airport runway; amputation possible

• Russia exits UN-brokered deal for export of Ukrainian grain

If you found this newsletter informative and thought-provoking, why not share it with someone you think would appreciate it? Forward this email to them and help spread the knowledge.

Thank you for being a part of our community, and we look forward to bringing you more exciting content tomorrow.