Third Term, Top Three Economy: PM Modi's Promise!

Wednesday, July 27^th , 2023

Good Morning ☕

PM Modi's pledge to usher India into the league of the world's top three economies is not just ambitious, it's historic. This vision, powered by rapid growth and development, raises profound questions about the trajectory of India's socio-economic narrative. As the country ascends from the 10th to potentially the 3rd largest economy, it's crucial to probe the nature of this ascent - how equitably are the fruits of growth distributed?

The eradication of poverty is a noteworthy goal, and the journey of 13.5 crore people out of poverty is commendable, but what about the quality of life for those who have just crossed the poverty line? Are they secure or merely on the threshold? Grand projects like Bharat Mandapam and the Yuge Yugeen Bharat National Museum mark significant progress, but they also symbolize the kind of development India is pursuing. Is it leaning more towards grandeur or is it prioritizing the grassroots? These questions demand introspection as we collectively envision the path to India's future.

📌Important News of the Day

1. India will be among world's top 3 economies in BJP's 3rd term: PM Modi

PM Narendra Modi pledges India will rank among the world's top three economies during his third term, propelled by accelerated growth and development. Amid opposition challenges, Modi emphasized his government's progress since 2014, highlighted by projects like the new world-class convention center, Bharat Mandapam. Defending against critics who attempt to hinder development, Modi touted India's economic ascendance from the 10th to the 5th largest economy during his tenure. He assured the continuation of India's rapid development journey and the eradication of poverty, citing a Niti Aayog report stating 13.5 crore people escaped poverty in the past five years.

2. Jio Financial, BlackRock to form JV to enter India’s asset manage industry

Jio Financial Services and BlackRock have agreed to form a 50:50 joint venture called Jio BlackRock to enter India's asset management industry. The joint venture aims to revolutionize India's asset management industry by providing affordable and innovative investment solutions to investors. JFS and BlackRock are targeting an initial investment of $150 million each in the joint venture.

3. Bajaj Fin troubled by rapid growth of personal loans

Bajaj Finance, an Indian shadow lender, reported moderation in loan growth and assets under management (AUM) during the third quarter, causing shares to fall as much as 8.3% . In FY2022, Bajaj Finance financed over 637,000 two-wheelers and about 72,000 three-wheelers, constituting 37% of domestic sales of Bajaj two-wheelers and 44% of domestic sales of Bajaj three-wheelers. The company plans to build an additional 50 features in FY2023, covering new and enhanced purchase journeys of loans, investments, and insurance.

4. India can have a $40-100 billion space industry by 2040: Arthur D. Little

According to a report by Arthur D Little, India's space economy could potentially reach $100 billion by 2040, up from the current $8 billion. The report suggests that achieving this target would require a coordinated effort from all stakeholders, including the government and private industry. The space market in India has been growing at an annual rate of 4% in recent years, and the report predicts that it could reach $40 billion by 2040 with its current trajectory. The increased momentum in the sector is driven by increased government and private investment.

5. Whyte & Mackay single malt whisky finds key mkt in India

Whyte & Mackay, a Scottish whisky maker, is targeting India as a key market for its single malt whisky, seeing strong growth potential in the young demographic. The company is planning to launch its single malt whisky in India in the next few months and is also looking to expand its blended whisky portfolio in the country. India is the world's largest whisky market, accounting for over half of global sales, and is expected to continue growing in the coming years.

Entrepreneur of the Day👨‍💼

Preety Maggo, a remarkable Mommy Entrepreneur, introduced her extraordinary venture of DNA jewellery, captivating the essence of special moments to be cherished forever. Her ingenious revenue model allowed customers to send precious items like breast milk, special occasion flowers, childhood home soil, or anything of sentimental value, which she skillfully transformed into personalized jewelry. The jewelry line included rings, pendants, bracelets, and other exquisite pieces, preserving the memories encoded within one's DNA.

At the Magic Of Memories, Preety Maggo passionately pitched her innovative brand of DNA jewelry to potential investors Gupta and Mittal. Her company's vision revolved around crafting jewelry from diverse sources such as blood, teeth, hair, and more, to immortalize the essence of a person or a cherished moment. However, the investors' initial response was unexpected, drawing criticism from netizens who perceived their reaction as unprofessional and inadequate. Despite Preety Maggo's impressive track record of selling over 500 bespoke jewelry pieces, the Sharks decided not to invest, citing concerns about scalability. Nevertheless, Preety's inspiration from a German company and her determination to create an Indian brand showcased her unwavering entrepreneurial spirit.

In the quest to preserve the magic of memories, Preety Maggo's DNA jewelry business continued to thrive, captivating the hearts of many who sought to keep their most treasured moments alive through unique and meaningful adornments. With each beautifully crafted piece, she etched a profound connection between her customers and their precious memories, making her venture a beacon of sentimental value and emotional significance.

Breaking News📣

1. Adequate insurance cover offered for nuclear incidents in India: Jitendra Singh

Union Minister Dr. Jitendra Singh has stated that there is adequate and sufficient insurance coverage offered for nuclear incidents in India. The Civil Liability for Nuclear Damage Act 2010 provides for civil liability for nuclear damage and prompt compensation to the victims of a nuclear incident through a no-fault liability regime. The Indian government has also recently cleared a proposal to build ten indigenous Pressurised Heavy Water Reactors to ramp up nuclear power generation in the country.

2. Vande Bharat trains register 99.6% utilization during Apr-June: Ashwini Vaishnaw

According to a report by the Indian Railways, the Vande Bharat trains achieved 99.60% utilization in April-June, highlighting their growing popularity and efficiency. The Vande Bharat trains are a series of high-speed trains that were introduced in 2019. They are designed to be faster, more comfortable, and more energy-efficient than traditional trains. The report also stated that the Indian Railways is investing heavily in technology to improve safety, including the development of automatic signaling and train collision avoidance systems. Despite these efforts, India's railway system has been criticized for its safety record, with several hundred accidents happening every year.

3. India's rice export ban: US stores limit rice purchase amid panic buying

India's recent ban on the export of non-basmati rice has caused panic buying and hoarding among the Indian diaspora in the US and Canada. NRIs (Non-Resident Indians) are flocking to stores to buy rice, leading to long queues and shortages. Social media has been flooded with videos of people wrestling for rice bags and hoarding them. The ban's impact is more severe in the US, where Indian rice is more popular than in Canada. The ban was imposed to ensure domestic availability and control prices amid rising inflation.

4. India & Finland to establish Virtual Network Centre on Quantum Computing

Finland and India have agreed to a new technology partnership to develop quantum computers and biofuels. The two countries have worked out a detailed plan to establish an Indo-Finnish Virtual Network Centre on Quantum Computing. India has set an ambitious goal to develop a quantum computer by 2030 and become a global leader in quantum technology. The partnership will also focus on developing biofuels, which are expected to play a key role in reducing carbon emissions. The collaboration is part of a broader digital and sustainability partnership between India and Finland.

World News 🌎

• UFO whistleblower gives evidence to Congress on US govt holding alien spacecraft

• Fewer working Asians will hit growth worldwide: Moody’s

• ‘They just took it..’: Twitter handle @X's account snatched without being paid

• Niger's President being held inside presidential palace, ministries sealed off

• China's consumer sentiment is down, but not when it comes to condoms

• Singapore to execute woman for drug trafficking in nearly 20 years

• BRICS can help to list terrorists under UN counter-terrorism sanctions: NSA

• NASA chief offers satellite imaging to Brazil to curb Amazon deforestation

• Taliban bans beauty salons for offering services forbidden in Islam

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.