India's Rice Export Ban: Price Spike on the Horizon!

Friday, July 21^st 2023

Good Morning ☕

Well, it looks like India is taking its rice-exporting responsibilities quite seriously, going all Gandalf-style with an "You shall not pass!" on non-basmati white rice! Poor broken rice must be feeling like it just got a golden ticket to Willy Wonka's rice factory, though. And while the world might be worried about inflation, rice lovers in the Philippines and Indonesia might just be feeling a bit "riceless" without their Indian supplies.

Important News of the Day

1. Rice export ban: India is so crucial to global rice trade

India has banned the export of non-basmati white rice with immediate effect to control domestic prices, according to a government notice on Thursday. India accounts for approximately 40% of global rice shipments, exporting to more than 150 countries. The ban will have a significant impact on Asia, with the Philippines and Indonesia being the most vulnerable, according to Nomura. The ban on broken rice exports has been lifted by DGFT, which may lead to some buying interest in rice stocks, according to analysts. The ban on rice exports will add to global inflationary pressure and exacerbate food supply pains caused by the war in Ukraine.

2. Finmin asks public sector banks to meet financial inclusion targets

The Finance Ministry of India has urged public sector banks (PSBs) to achieve their financial inclusion targets in a time-bound manner. The Department of Financial Services (DFS) Secretary chaired a meeting with heads of PSBs to review progress under various social security schemes, including Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, Pradhan Mantri MUDRA Yojana, Stand Up India, and PM SVANidhi. The ministry has asked PSBs to expand pension and insurance coverage and use financial technology to enhance customer experience.

3. Govt to rebid PLI for 20GWh ACC manufacturing

The Indian government has approved bids for three companies to avail incentives under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage. The scheme aims to establish local manufacturing capacity of 50GWh of advanced batteries per year, with a pot of INR 181 billion ($2.49 billion) made available for gigafactories with at least 5GWh of annual production capacity per site. Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, and Rajesh Exports Limited were among the successful bidders. The incentives will be disbursed over five years, and the factories must be operational within two years.

4. SBI-led consortium to fund Adani's ₹34,000 crore PVC project in Mundra

A consortium of banks led by the State Bank of India (SBI) has agreed to finance part of the Adani Group's Rs 34,000 crore PVC project in Mundra. The funding for the initial phase of the project will primarily come from public sector banks, contributing around Rs 14,500 crore, with private lenders funding the rest. The project involves setting up a coal-to-PVC plant in Mundra, a town in the western Kutch region of Gujarat, that will be undertaken by an Adani subsidiary.

5. EV industry to create 5 million jobs by end of next decade: Suman Bery

According to multiple sources, the electric vehicle (EV) industry has the potential to create millions of jobs by the end of the next decade. A report suggests that without additional government investment, the industry could lose about 75,000 jobs by 2030. However, with targeted government subsidies and increased market share of U.S.-made vehicles, the industry could add about 150,000 jobs by the end of the decade. Michigan, in particular, could add 56,000 jobs in auto manufacturing by 2030 if it embraces EVs. The passage of the Bipartisan Infrastructure Law is also driving a boom in green job announcements across the United States.

Entrepreneur of the Day👨‍💼

In the realm of health-tech innovation, Ayusynk has emerged as a revolutionary company, reshaping the way doctors utilize stethoscopes to diagnose and treat patients. The brainchild of three visionary individuals, Ayusynk was founded and incubated at the prestigious Indian Institute of Technology, Bombay. Spearheading this transformative venture is Adarsh Kachappilly, the CEO of the company, alongside Tapas Pandey, the Head of Hardware, and Varad Patil, the Head of Software and Analytics.

Ayusynk's core offering is a small device that seamlessly attaches to traditional stethoscopes, instantly transforming them into digital marvels. Through this innovation, doctors gain access to a myriad of benefits, including superior audio quality, visual representation of internal sounds, and the ability to record sound patterns. With two modes designed to detect heart murmurs and lung abnormalities, Ayusynk provides a comprehensive solution for medical practitioners seeking enhanced diagnostics.

The company's exceptional features include live streaming of data, noise reduction capabilities, and unparalleled audio and visual clarity. Demonstrating remarkable market traction, Ayusynk had already sold an impressive 5000 units and secured a US patent. Their appearance on Shark Tank India ignited significant interest from the sharks, especially Namita, a seasoned professional from the pharmaceutical industry. Negotiations ensued, leading to a deal that saw Ayusynk accepting INR 50 lakhs for 3.5% equity and INR 50 lakhs debt at an interest rate of 10%, resulting in a valuation of INR 14.29 crore. With this successful funding, Ayusynk is poised to propel the future of tele-auscultation and redefine how doctors care for their patients.

Breaking News: The Scoop You Can't Miss!

1. Man-made floods of the Yamuna call for ecosystem-led solutions

Large parts of Delhi, India, have been flooded due to the overflowing of the Yamuna River, reaching a 45-year record. Experts have called for better urban planning and governance to address the issue. The government's flood management policy for the Yamuna River has been criticized as an "absolute failure". The situation has worsened to the extent that the army has been called in to help repair a damaged drain and prevent further flooding. Floods are recurrent phenomena in India, and flood forecasting and warning systems have been implemented to minimize damage.

2. Indo, Japan hold talks for cooperation in steel sector

India and Japan held a bilateral meeting to discuss cooperation in the steel sector and decarbonization issues. Both sides affirmed the importance of cooperation in achieving their respective net-zero goals. They agreed to hold further talks for developing better collaboration standards. Japan is keen to make investments of around 5 trillion Japanese yen in India across various sectors including steel.

3. Consumer confidence improves marginally in June, says survey

According to the Refinitiv/Ipsos Primary Consumer Sentiment Index, consumer confidence in urban India has shown a marginal recovery in July 2023. The index is based on data from a monthly 29-country survey conducted by Ipsos on its Global Advisor online survey platform. However, this marginal recovery comes after a drop in consumer confidence in June 2023, where it slumped by 2.6 percentage points over the previous month. In November 2022, consumer confidence of urban Indians had weakened and dropped by 1.7 percentage points.

4. Climate change: Delhi may suffer losses of ₹2.75 trillion by 2050

According to a report, Delhi is projected to suffer losses of Rs 2.75 trillion by 2050 due to the impacts of climate change, with changes in precipitation and temperature leading to a decline in agricultural productivity and an increase in health costs. Extreme heat already causes 4% of New Delhi's total economic output to be lost due to reduced worker productivity, and this lost output may rise to 5% by 2050. The report suggests that India should receive $57 trillion in compensation from the Global North for climate damages. The bipartisan Infrastructure Investment and Jobs Act aims to tackle the climate crisis by making the largest investment in clean energy transmission and EV infrastructure in history.

World News 🌎

• Prince Harry's Spare faces unprecedented public rejection

• Protesters torch Swedish Embassy in Baghdad ahead of planned Quran burning

• Wagner Group can swiftly strike NATO from Belarus..,’ warn Russian politicians

• Afghan women take to streets to protest Taliban's ban on beauty parlours

• OceanGate CEO allegedly created a ‘mousetrap for billionaires’: Report

• Pakistan to supply fresh arms consignment to war-hit Ukraine: Report

• Russia puts Black Sea ships on alert following exit from grain deal: Report

• Thailand’s parliament blocks Pita Limjaroenrat’s PM nomination

• New Zealand Shooting: 3 killed in Auckland shootout ahead of Women's World Cup

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