Tomato vs. Petrol: The Battle for Your Wallet 🍅

Thursday, July 6^th 2023

Good Morning ☕

Well, it seems like tomatoes are determined to become the new gold standard in India! Who would have thought that one day we would be comparing tomato prices to petrol rates? I guess we better start stocking up on tomatoes and treating them like precious gems. Soon we might have tomato futures and a dedicated tomato stock exchange. Hold on tight, folks, the tomato revolution has begun!

Tomato prices in several Indian cities have skyrocketed due to several factors like shortage of supply, heatwaves, monsoon deficit, and heavy rainfall destroying crops. The prices have hit ₹100 per kg in prominent cities, and there is no end to the rising prices. A trader in Kanpur predicted that the prices can shoot up to ₹150 per kg in the coming days. In some cities, tomato prices have surpassed petrol rates, with prices touching ₹160 per kg in Andhra Pradesh's Visakhapatnam, while petrol is at ₹110.48/litre.

Important News of the Day

1. India asks G20 nations to rise above differences to address global challenges

India's Minister of Science and Technology, Dr. Jitendra Singh, has urged the G20 countries to work together to address global challenges and achieve inclusive, equitable, and sustainable growth. The Secretary-General of the United Nations, Antonio Guterres, also emphasized the need for the G20 to address crises such as climate change, food and energy shortages, and geopolitical conflicts.

2. Centre launches Rs. 5,000 crore scheme to enhance fire services in states

The Indian Ministry of Home Affairs has launched the "Scheme for Expansion and Modernization of Fire Services in the States", allocating a budget of Rs. 5,000 crore under the National Disaster Response Fund (NDRF). The scheme aims to enhance fire services across India, with Rs. 500 crore reserved for states demonstrating legal and infrastructure-related improvements. State governments are required to contribute 25% of the total project cost, except for North-Eastern and Himalayan states, which must contribute 10%.

3. FMCG sector expected to grow at 7-9%; urban demand to take lead

Crisil Ratings forecasts a 7-9% growth for India's FMCG sector in FY 2023–24, slightly lower than last year's 8-9%. This is attributed to growing urban demand, recovering rural demand, and factors such as increased disposable incomes and e-commerce expansion. However, potential disruptions may arise from fluctuating prices of raw materials and the potential impact of El Nino on farm income.

4. GR Infraprojects executes agreement with NHAI for a project worth ₹1,248.37 cr

GR Infraprojects has signed a INR 12.48 billion ($167.5 million) agreement with the NHAI for a hybrid project in Maharashtra, involving the construction of a four-lane highway and a two-lane service road. The contract boosts the company's March 2023 orders to over INR 32 billion ($429 million), driving a 9% rise in its share price.

5. DGCA signs pact with EU aviation safety agency on drones

The Directorate General of Civil Aviation (DGCA) has entered a pact with the European Union Aviation Safety Agency (EASA) to promote safe drone operations in India. The agreement facilitates information exchange on drone regulations, certification, and oversight, following EASA's risk-based approach outlined in EU Regulations 2019/947 and 2019/945.

6. India services sector growth falls to three-month low in June

India's services sector growth eased to a three-month low in June, according to a private survey by S&P Global. The Purchasing Managers' Index (PMI) fell to 58.5 in June from 61.2 in May, slightly below the Reuters poll prediction of 60.2. However, the latest data was consistent with a sharp pace of growth, with all four monitored sub-sectors registering quicker increases in new business inflows. The rate of job creation remained strong, despite easing to a three-month low. The S&P Global India Composite PMI Output Index, which measures combined services and manufacturing output, fell from 61.6 in May to 59.4 in June.

Breaking News: The Scoop You Can't Miss!

1. Digital Personal Data Protection Bill likely to get approval from Cabinet today

The Digital Personal Data Protection Bill 2022 is expected to receive approval from the Union Cabinet today and will be presented in the upcoming session of Parliament. The bill aims to regulate and protect the use of personal data, outlining the rights and responsibilities of users and obligations for businesses. This comprehensive legal framework will govern digital personal data protection in India. The proposed law applies to the processing of digital personal data collected from data principals in India. The bill has undergone significant changes from previous drafts, eliminating certain compliance requirements such as data localization and enhanced consent for sensitive personal data.

2. Indian smartphone users benefit by ₹6 for every ₹1 they spend, study reveals

According to a study conducted by vivo on the 'Economic Value of a Smartphone', smartphone users in India benefit by Rs. 6 for every Rs. 1 they spend. This research highlights the increasing economic value of smartphones as a highly beneficial companion for users. The study reveals that the trend of smartphone usage in India has led to significant benefits for users, resulting in a positive impact on the economy. This finding emphasizes the importance and value of smartphones in the lives of Indian consumers.

3. India in talks to supply 10 million tonnes of green hydrogen to EU: Report

India is in talks with the European Union (EU) about a potential deal to supply 10 million metric tonnes of green hydrogen. The EU, in exchange, would invest in a clean energy project in India. The plan allows EU businesses to invest in these projects and claim carbon credits. The discussions involve officials from EU governments and Indian renewable companies, such as Avaada Group, Renew Power, and ACME Group. India is hosting the International Conference on Green Hydrogen from July 5-7, 2023, aiming to foster global collaborations in the green hydrogen sector. As part of its National Green Hydrogen Mission, India aims to produce five million metric tonnes of green hydrogen by 2030.

World News 🌎

• US to revise citizenship test, format likely to become tougher

• Oil pare gains on economic headwinds even as traders weigh supply cuts

• ‘Elon Musk’ biography by Walter Isaacson is available for pre-order on Amazon

• North Korea's failed satellite had 'no military utility', South Korea confirms

• Kaja Kallas says Ukraine is giving the free world a masterclass on cyber-defence

• After series of shootings, Joe Biden urges new laws to ban gun access

• UN Human Right Council to host urgent meeting over Sweden Koran burning incident

• US Judge restricts Biden officials from contact with social media firms

• UK PM Rishi Sunak's approval ratings plunge into negative for the first time

• China's restrictions on chip-making materials are 'just the start', warns ex min