Moon’s New Indian Neighbor: Knock, Knock. It’s Chandrayaan-3! 🌙

Saturday, July 15th, 2023

Good Morning ☕

India's Chandrayaan-3 mission has taken off like a cosmic rocket fueled by determination and a pinch of moon dust! It's like a sequel to a space blockbuster, with the suspense of the previous mission's failure adding a touch of excitement. With the spacecraft now cruising in its 'precise orbit,' we can't help but imagine the moon awaiting its new visitor like an eagerly anticipated red carpet event. Kudos to India's space heroes for turning setbacks into stepping stones and embarking on this thrilling lunar adventure. Break a leg, Chandrayaan-3!

Important News of the Day

1. ISRO successfully deploys Chandrayaan-3 in orbit

India's Chandrayaan-3 mission has successfully launched from the Satish Dhawan Space Centre in Sriharikota. The Indian Space Research Organization (ISRO) confirmed that the spacecraft is in "precise orbit" and has "begun its journey to the moon". Chandrayaan-3 is a lunar lander and rover mission that aims to land on the moon's south pole. The mission is a follow-up to the Chandrayaan-2 mission, which failed in 2019. The successful launch has been hailed by leaders across party lines, with Prime Minister Narendra Modi calling it a "new chapter" in India's space odyssey.

2. India's forex reserves rise near 2-month high, now at $596.28 billion

India's foreign exchange reserves rose for a third consecutive week and stood at $599.53 billion for the week ended May 12, their highest level since early June, the Reserve Bank of India's (RBI) statistical supplement showed on Friday. That is an increase of $3.55 billion from the previous week. Reserves had risen by a total of $11.7 billion in the prior two weeks.

3. India's exports fall 22% to $32.97 bn in June from $42.28 bn a year earlier

India's merchandise exports in June 2023 fell by 22% to $32.97 billion compared to $42.28 billion in June 2022. This decline in exports is part of a larger trend, as India's overall exports in May 2023 also exhibited negative growth of 5.99% compared to May 2022. However, it is worth noting that India's overall exports for the fiscal year 2022-23 are projected to grow by 13.84% to reach $770.18 billion. These figures indicate the challenges faced by India's export sector in recent months.

4. India targets over 777 GW installed power capacity by 2030: RK Singh

India plans to boost its installed power capacity to 777 GW by 2030, with a focus on transmission infrastructure development. The country currently has a generation capacity of 173 GW from non-fossil fuel sources and aims to nearly triple it to 500 GW by 2030. The peak demand is projected to reach 335 GW. To achieve this, India plans to invest $30 billion in new transmission infrastructure to bring renewable energy to the market. A comprehensive transmission plan has been drawn up to evacuate 537 GW of renewable energy capacity. Meeting these targets will require a significant increase in installed renewable energy capacity.

5. Suzlon secures 100.8 MW order from Everrenew Energy

Suzlon Group has secured an order for a 100.8 MW wind power project from Evergreen Energy in Tamil Nadu, India. The project will be located in the district of Tirunelveli and will consist of 28 units of Suzlon's S120-140m wind turbines. The project is expected to be commissioned by the end of 2023 and will generate enough electricity to power over 50,000 households annually. Suzlon Energy is a leading renewable energy solutions provider with a presence in 18 countries across six continents.

Entrepreneur of the Day👨‍💼

From Homemade Delights to Snack Sensation

Geeta Patil, affectionately known as Patil Kaki, faced challenging times when her husband lost his job in 2016. Determined to support her family, she turned to her culinary skills and started a Maharashtrian snacks business including Ladoo, Chakli, and Namkeen in her neighborhood with just 5000 rupees and a small kitchen.

The business took an exciting turn when Geeta's son, Vinit Patil, and his friend Darshil, both college dropouts running an IT service company, joined. Leveraging their digital expertise, they created a website for Patil Kaki, expanding its reach to a wider online audience. This move proved to be a game-changer, increasing their sales from 15-20 daily orders to an impressive 3000 monthly orders. As the business grew, Geeta became an advocate for women empowerment, employing over 20 local women and contributing to the local economy.

Patil Kaki's success was further bolstered by its commitment to quality and innovation. Through the use of technology, they extended the shelf life of traditionally short-lived snacks like Modak and Pooranpoli, making nationwide delivery possible. Their efforts aligned perfectly with the booming food production market, expected to reach $66 billion by 2023.

Seeking further expansion and automation, Vinit and Darshil pitched their business on Shark Tank India. With an ask of 40 lakhs for a 2.5% equity stake, they impressed the judges with their achievements and vision. Ultimately, they struck a deal with Shark Piyush Bansal and Shark Anupam Mittal, who offered 40 lakhs for a 4% equity stake, valuing the company at 10 crores.

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Geeta Patil's journey from a small kitchen to a thriving snacks business was a testament to resilience, passion, and innovation. Patil Kaki became a household name, delivering the authentic taste of Maharashtra to every corner of India. It served as an inspiration, proving that determination and a clear goal can lead to success, even without a college degree.

Breaking News: The Scoop You Can't Miss!

1. India’s office sector sees institutional investments worth $1.8 bn in Apr-Jun: Report

India's office real estate sector saw record institutional investments of $1.8 billion in the second quarter of 2023, according to Colliers' data. The office sector accounted for the largest share of investment inflows during H1 2023, standing at 74%, followed by the residential sector at a distant 12%. Meanwhile, Suzlon Energy has secured an order of 47.6 MW from The KP Group in Gujarat, and Suzlon will build a 39 MW wind power plant in Tamil Nadu. Thermax subsidiary First Energy Private Limited has commissioned a wind-solar hybrid captive power plant in Gujarat with an installed capacity of 24.3 MW of wind energy and 21.50 MW of solar energy.

2. India's wholesale inflation declines to 4.12% in June

India's wholesale inflation fell to -4.12% in June 2023, the lowest since October 2015. This is the third consecutive month of negative inflation. The Wholesale Price Index (WPI) based inflation stood at -3.48% in May 2023. The decline in inflation is attributed to easing input costs due to lower commodity prices. The food index fell 1.59% year-on-year, while fuel and power fell 9.17% compared to the previous month. The decline in inflation is a sign of easing inflation pressure in India.

3. Govt plans 100 mt coal gasification by 2030 with ₹6,000 crore scheme

The Indian government is planning a comprehensive scheme with an outlay of Rs. 6,000 crore to promote coal gasification projects. The goal is to achieve the gasification of 100 million tonnes (MT) of coal by 2030. This initiative reflects the government's commitment to clean energy and reducing reliance on traditional coal-based power generation. The Ministry of Coal has set this target, and the scheme aims to attract investments and support the development of coal gasification technologies.

4. Mumbai gets first IIM following Union Cabinet's amendment

The Union Cabinet of India has approved a bill to amend the IIM Act to include the National Institute of Industrial Engineering (NITIE) in Mumbai as the 21st IIM in India. NITIE Mumbai will be renamed as IIM Mumbai. The bill is expected to be introduced in the upcoming monsoon session of Parliament. The move is expected to boost the education sector in Mumbai, which is the financial capital of India. The institution is expected to be officially renamed IIM Mumbai in 2023.

5. RBI to issue guidelines to banks for resolution of certain rupee trade issues: Report

The Reserve Bank of India (RBI) is set to issue guidelines to banks to resolve certain issues faced by exporters while undertaking rupee trade. The guidelines are expected to promote the growth of global trade. RBI's foreign exchange reserves rose for a third consecutive week and stood at $599.53 billion for the week ended May 12, their highest level since early June. However, India's foreign exchange reserves dropped by $6.05 billion to $593.48 billion during the week ended May 19. RBI requires prior approval for opening a Special Rupee Vostro Account.

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