The $5 Trillion Target: India's Bold Bet on Growth 📊

Wednesday, 2^nd August

Good Morning ☕

Buckle up, folks! As India dances its way through policies and reforms, determined to shake off any economic blues, we can only hold our breath and watch this rollercoaster journey to a $5 trillion economy unfold. Will it be a wild success, or will they encounter a few banana peels along the way? Only time will tell, but one thing's for sure: it's going to be a thrilling ride!

Important News of the Day

1. Focusing on roadmap to make India a $5 trillion economy: Govt

According to a government paper, India aims to become a $5 trillion economy by 2026-27, with a growth rate of 6.5% and inflation below 5%. The paper outlines 16 key factors that will drive the economy towards this goal, including infrastructure development, competitive manufacturing, and higher exports. The government is focused on implementing reforms and policies to achieve this target. However, there are concerns about the feasibility of reaching this goal, especially in light of the COVID-19 pandemic and its impact on the economy. The International Monetary Fund (IMF) also predicts that India will become a $5 trillion economy by 2027-28.

2. Govt issues new guidelines to revitalize domestic tyre industry

The Ministry of Commerce and Industry in India has issued new guidelines to boost the domestic tyre manufacturing industry. The guidelines are aimed at encouraging tyre manufacturers to invest in brownfield and greenfield projects in India. The import authorizations for new tyres have been placed in the "Restricted Category" according to notification No. apply for the import of tyres. The move is expected to help the domestic tyre industry, which has been facing challenges due to the influx of cheap imports from other countries.

3. Cargo movement on national waterways surges 16% in 2022-23

According to a recent statement by the Union Minister of Ports, Shipping and Waterways, cargo movement on India's national waterways has increased by approximately 16% during the fiscal year 2022-23 compared to the previous year. The government is currently developing 20 national waterways for cargo and passenger movement, out of the existing 111 waterways in the country.

4. ‘Complete breakdown of law and order in Manipur’: SC says police ‘lost control’

The Supreme Court has criticized the police and government over delays in addressing cases of violence in Manipur, India. The court expressed concern over the lack of action in response to a viral video showing a sexual assault, which prompted the police to finally take action after two months. The court questioned whether handing the case to the Central Bureau of Investigation (CBI) was sufficient and demanded answers from the government. The Supreme Court also criticized the lethargic investigation and highlighted the breakdown of law and order in Manipur. The court emphasized that it cannot be used as a platform to escalate tension and called for proper handling of the situation.

5. India has moved from trust deficit to trust surplus nation: PM Modi

Prime Minister Narendra Modi received the Lokmanya Tilak National Award in Pune and spoke about India's transition from a trust deficit to a trust surplus nation. He praised the hard work of the people in India and highlighted the trust surplus seen in policies. PM Modi announced that he would contribute the Rs 1 lakh received with the award to the Namami Gange project. He emphasized the importance of trust among individuals and stated that it would make the country stronger. This news reflects PM Modi's recognition of the trust and hard work of the people in India.

Entrepreneur of the Day👨‍💼

In India, entrepreneurship has often followed traditional paths due to a lack of customer trust and information. However, with the rise of digitalization in various aspects of life, online investment platforms have emerged, making investing more accessible and offering previously unavailable financial tools. Among these platforms is Groww, co-founded by Lalit Keshre and his partner Jain, who recognized the need for bridging the gap in the financial services industry and moving wealth from traditional assets to online financial assets.

At Groww, the focus is on customer obsession and simplification. The team is committed to making investment processes simple and educating users about financial products, unlike the traditional approach of pushing sales. Leveraging their technology background, Groww offers a user-friendly app with detailed information on various funds. The company has attracted notable investors and aims to be a one-stop-shop for all investment options in India, having already included mutual funds and soon planning to expand into stocks and more product types.

The founders believe in the importance of financial backing and expertise from experienced investors, which can help startups like theirs grow from the ground up. Looking ahead, Groww's focus remains on the Indian market, where they intend to expand their product offerings and continue providing innovative and customer-centric investment solutions.

Breaking News: The Scoop You Can't Miss!

1. Rice export ban clogs ports with 200,000 tonnes stock

India's surprise export restrictions on rice have trapped at least 20 ships waiting to load around 600,000 tonnes of rice at Indian ports, according to industry officials. The move has forced sellers to pay demurrage charges and created inflationary fears. India banned exports of broken rice and imposed a 20% duty on exports of various other types on September 8 to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting. The stuck broken rice shipments were heading to China, Senegal, and other countries. The Indian government is considering allowing the overseas shipment of some rice cargoes stuck at ports.

2. Tesla needs to copy Apple in pairing Chinese, Indian suppliers, say officials: Report

Tesla's plan to set up a factory in India has hit a roadblock due to its reliance on Chinese suppliers. Indian officials have asked Tesla to follow Apple's strategy of partnering with local firms to overcome this challenge. However, Tesla has expressed concerns about the quality of Indian suppliers. Officials have also warned that granting approvals for wholly-owned Chinese companies in India could be difficult due to intense scrutiny. One official suggested that pairing local and Chinese players could work for Tesla.

3. India advances digital push at global fora with eye on developing world

India will promote digital public infrastructure (DPI) platforms at the United Nations General Assembly to become a global benchmark for DPIs. DPI is key to ensuring governments meet their development goals, transforming the ways we connect and work, while also helping society weather major global challenges, like the COVID-19 pandemic. India is a current global leader in developing DPI, using it to implement widespread adoption of digital payments, data-sharing infrastructures, and growing its e-commerce sector. These innovations have in turn bolstered domestic businesses and spurred entrepreneurship. DPI has the potential to catalyze innovation and unlock market bottlenecks in all regions of the world.

4. Fresh violence erupts in Gurgaon's Badshahpur: Mob of 200 vandalizes 14 shops

Fresh violence has erupted in Gurugram's Badshahpur area in Haryana, India. A mob of around 200 people set ablaze 14 shops and vandalized vehicles. The incident occurred in the aftermath of the Nuh violence, where shops were also set on fire. As a result of the violence, companies in Gurugram have asked their employees to work from home, and schools in the Sohna sub-division have been shut. Curfew has been imposed in Nuh district. The situation remains tense, and authorities are taking measures to restore peace.

5. India’s renewable energy capacity surges to 172 GW: Minister

India's renewable energy capacity has reached 168.96 GW as of February 2023. This includes 64.38 GW of solar power capacity, 51.79 GW of hydro power, 42.02 GW of wind power, and 10.77 GW of bio power. The government has declared a plan to add 50 GW of renewable energy capacity annually for the next five years, aiming to achieve a target of 500 GW by 2030. India has already installed 119 GW of solar, wind, bio-power, and small hydro power capacity against a target of 175 GW for 2022. The country aims to add 500 GW of renewables by 2030 as part of its long-term decarbonization effort.

World News 🌎

• Russian drones attack Ukrainian port, grain storage facilities in Odesa

• Canada enforces individual health warnings on each cigarette

• Donald Trump charged with conspiracy for efforts to overturn 2020 election

• Bahamas to join Kenya in security force in Haiti as support grows

• Russia starts issuing e-visas to Indian visitors from today

• Myanmar's ousted leader Aung San Suu Kyi pardoned, now under house arrest

• Taliban burns musical instruments in Afghanistan: Report

• Pakistan blast: Islamic State claims responsibility for Bajaur suicide blast

• China restricts drone equipment exports amid escalating US tech tensions

• Donald Trump's PAC set to reveal legal expenses surpassing $40 million: Report

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