Better to forget.

"US President Joe Biden's shaky performance against Republican rival Donald Trump on Thursday (27 June) rattled Democrats and prompted some strategists to ask whether their party should take the unprecedented step of replacing him as their candidate." "About halfway through the debate, a Democratic strategist who worked on Biden's 2020 campaign called it a 'disaster'." Reuters. "According to media reports, Biden's family has blamed his advisers for the President's flop in the debate, urging Biden to fire or demote people in his political high command." India Today. "After President Biden's widely criticised debate performance,..First Lady Jill Biden's public support for him has sparked controversy among Democrats." "She is now under scrutiny from Democratic donors for not advising the President to withdraw from the 2024 race." HT. However, "After days of hand-wringing about Biden's poor night on stage debating Trump, Democratic leaders firmly rejected calls for their party to choose a younger presidential candidate for the November 5 election." India Today. With almost all the major media companies, social media channels and universities in the hands of Democrat supporters the reaction has been a deluge of invective and slander against Donald Trump. The Democrats are the party of John F Kennedy, a serial fornicator (history hit. com), his brother Robert Kennedy who, as the Attorney General, is suspected of having murdered Marilyn Monroe (amazon.in) and Bill Clinton who lied about his affair with Monica Lewinsky under oath (NDTV). And, Barack Obama slaughtered more civilians than any other president, making him a war criminal and a mass murderer. harvardpolitics.com. "Over the course of the 90-minute debate, the president was repeatedly upstaged by Donald Trump," "Even as Trump leaned into predictable falsehoods about the outcome of the 2020 election and abortion policies passed by states, Biden appeared unequipped to call out his predecessor or reclaim control of a debate he arranged and set the rules for." Politico. "Biden lost, no matter how many outright lies Trump told in his confident, hypnotizing style of delivery." "But for tens of millions of voters, Biden's stuttering and vacant stares still appear less ugly than Trump's attempt to overthrow the 2020 election, his failure to prevent the spread of Covid, his used-car-salesman demagoguery and that time he was exposed bragging on video about committing sexual assault," wrote Micheal Wasiura. But, Trump has been comfortably beaten in the number of women who have complained of being 'felt' by Biden. The Cut. Biden used his office as Vice President to channel business to his drug-using son Hunter Biden. CBC. Another Attorney General Merrick Garland is blatantly protecting Biden by refusing to hand over "audio tapes from a probe of Mr Biden's handling of classified documents." BBC. Donald Trump seems to be a better individual than all the previous Democrat presidents. Democrats suffering from amnesia. Like Biden. 

A change won't matter.

"Canada's Conservative Party has won a special election in a district in central Toronto, delivering a significant blow to to Prime Minister Justin Trudeau's Liberal Party ahead of a national vote next year. Voters in Toronto-St Paul's elected Conservative candidate Don Stewart to the House of Commons, flipping a seat that has voted Liberal in every election since 1993." TOI. So what? Why is it news in India? Because, Trudeau has become a special enemy for the cult of imbeciles, known as 'Bhakts' (believers), (DH) because Trudeau accused the Indian government of being behind the killing of a Canadian citizen, Sikh separatist Hardeep Singh Nijjar. CBS. To that, "Foreign Minister S Jaishankar has reacted sharply," saying "In the last few years, Canada has actually seen a lot of organised crime relating to the secessionist forces, organised crime, violence, extremism. They're all very, very deeply mixed up." NDTV. So, Trudeau is almost like Dawood Ibrahim (wikipedia)? "When Justin Trudeau defends Khalistanis, he is just emulating his father, who was Canada's PM twice, from 1968 to 1979 and then from 1980 to 1984." ET. Like father, like son (the idioms), as it were. The father, Pierre Trudeau refused to extradite Talwinder Parmar, for killing police officers in India, apparently because India refused to acknowledge the British Queen as head of state. ET. In 1985, Parmar masterminded the bombing of Air India Flight 182 on 23 June, killing all 329 people on board, including 268 Canadian citizens, 27 British citizens and 24 Indian citizens. wikipedia. In 1985, Pierre Trudeau was no longer the prime minister. Between the father Pierre Trudeau and the son Justin there have been 6 other prime ministers of Canada and three of them, Brian Mulroney 1984-1993, Kim Campbell 1993-1993 and Stephen Harper 2006 to 2015, were from the Conservative Party which is in opposition to Trudeau's Liberals. lop.parl.ca. And yet, not one Sikh separatist, designated as terrorist by India, has been extradited to India. "The issue of deportations of wanted terrorists and gangsters have been raised by Indian authorities at multiple diplomatic and security talks but the Canadian authorities remained non-committal and brazen in support of these terror elements, the officials said." NDTV. Justin Trudeau's departure is unlikely to change anything. Instead, the imbeciles should worry about the US. In 2023, "US spy agencies reportedly provided information to Canada after Sikh separatist leader Hardeep Singh Nijjar was killed in June this year." BS. In June 2024, "The United States...sought accountability from India over the alleged murder-for-hire plot against Sikh separatist Gurpatwant Singh Pannun." TOI. "In India, we observe a troubling rise in anti-conversion laws, hate speech, and the destruction of homes and places of worship for minority faith communities," said Secretary of State Antony Blinken. "Amid reports of Prime Minister Narendra Modi's visit to Moscow on July, the US deputy secretary of state Kurt Campbell...said that Washington has 'some concerns' over India's engagement with Russia in military and technology domains, while also expressing confidence and trust in advancing the India-US partnership." TOI. Trudeau and Canada don't matter. "Confidence and trust" may.      

Only a little bit left.

"A roof at Delhi airport has collapsed after heavy rain, killing one person and injuring eight others. Videos online show huge pillars supporting the roof smashing into cars parked along the airport's Terminal 1." "The incident was criticised on social media, with many users pointing out that the terminal has undergone massive renovation at the cost of billions of rupees and had been inaugurated by Prime Minister Narendra Modi in March - a month before recent general election began." BBC. "Soon after the grand inauguration ceremony was held in Ayodhya, head priest Acharya Satyendra Das...said the Ram Mandir's roof started leaking after the city witnessed heavy rainfall adding there is no proper way to drain it." ET. On 23 January 2024, PM Modi...threw open a magnificent new Ram Temple in Ayodhya," and, "Modi presided over the ceremony dedicated to the 51-inch black stone idol of the five-year-old God, or Ram Lalla" in front of "8,000-odd guests comprising top industrialists, sportspersons, politicians, film stars, writers, journalists and ascetics." HT. The four Shankaracharyas from Uttarakhand, Odisha, Karnataka and Gujarat refused to attend the ceremony. Mint. "Five people died in rain related incidents in Delhi," including "Two children drowned in a rainwater pool in New Usmanpur area," and "a man in his late 20s drowned in rainwater accumulated in an underpass in northwest Delhi's Shalimar Bagh area." BS. "In a video on social media, Ramgopal Yadav is seen carried by his staff to his car as rainwater entered his house." BS. Mr Yadav is a member of the Rajya Sabha from the Samajwadi Party who was twice expelled from the party but taken back quickly on both occasions. wikipedia. "Delhi recorded 228.1 mm of rainfall in a 24-hour period between 8.30 am on Thursday (27 June) and Friday, the India Meteorological Department (IMD) said, stating 148.5mm out of this came in just a three-hour window between 2.30 am and 5.30 am." "This is likely to be the wettest single-day spell of rain for June in the capital since 1936, when Delhi recorded 235.5mm, IMD data showed." HT. Is it really? In July 2018, "Passengers aboard a DTC bus had a narrow escape as the bus got submerged under the Minto Bridge on Friday, following heavy rains across the capital, an officer from Delhi fire services said." TOI. Perhaps, it is not the rain. "Ahead of the monsoon, the Municipal Corporation of Delhi (MCD) had made tall claims on the city's preparedness for the rains. On June 18, Mayor Shelly Oberoi said the MCD had successfully desilted 92% of drains deeper than four feet and 85% complete for the shallower ones." TNIE. That is, 8% and 15% left. Not much. Reassuring, indeed. 

Depends on the yields.

"India is set to officially join the JP Morgan GBI-EM Global Series of indices today, a move that could potentially lead to $25-30 billion inflows into the country. It will happen in phases over a 10-month period as the domestic bonds will hold 10% weightage and add 1% every month starting this month." "The bonds with the highest weightage in the index (over 0.5%) consist of 7.18 GS 2033, 7.30 GS 2053, and 7.18 GS 2037." ET. Yield on 30-year US Treasuries is at 4.459% (CNBC) compared to 7.30 GS 2053, which is nearly 300 basis points lower. In its meeting on 12 June, the US Federal Reserve "maintained its key interest rate at 5.25%-5.50% for the seventh straight meeting." BS. Thus, yields on long-dated US Treasuries are less than the interest rate, indicating that the market expects the interest rate to come down as inflation is controlled. In its last meeting on 5 June, the Reserve Bank of India (RBI) held its policy rate at 6.5% for the eighth successive time. Mint. But the yield on its 2033 bond is 7.30% showing that the market has no faith in its intention to control inflation in India. Curiously, the yield on 1-month US Treasury is 5.365% which means there is a severe inversion of the yield curve. "An inverted yield curve shows that long-term interest rates are less than short-term interest rates." "Sometimes referred to as a negative yield curve, the inverted yield curve has proven in the past to be a reliable indicator of a recession." Investopedia. The Indian rupee has weakened from Rs 3.30 against one US dollar in 1947 to Rs 83.28 to 1 dollar on 20 May. Forbes. This morning, 1 US dollar buys Rs 83.44. xe.com. With $25-30 billion expected to come into India, will the Indian rupee become much stronger against the dollar? If the US actually goes into a recession will the dollar become even weaker? "India has recorded a trade deficit, the difference between imports and exports, with nine of its top trading partners, including China, Russia, Singapore, and Korea in 2023-24, according to official data." "The trade deficit with China rose to $85 billion, Russia to $57.2 billion, Korea to $14.71 billion and Hong Kong to $12.2 billion in 2023-24." "India has a trade surplus of $36.74 billion with the US in 2023-24." BS. A stronger rupee will make our exports to the US more expensive and, combined with a recession in the US, could reduce the trade surplus and add to our total deficit of $238.3 billion. JP Morgan estimates that India's entry into its index "was likely to pull Rs 39,232 crore ($4.7 billion) from South Africa, Rs 27,546 crore ($3.3 billion) from Poland and Rs 26,712 crore ($3.2 billion) from Thailand." DH. "The problem that has always existed for countries that receive investment from portfolio investors of any kind is that money can just as suddenly leave a country as it floods in." "Redemption pressures, when it comes from a bunch of investors rather than just a few and when it is related to events happening in the global economy, can lead to a 'herd' effect. What started with just a few investors can end with almost all investors stampeding to the exit at the same time." Mint. "There is a tide in the affairs of men" (Shakepeare). Tide comes in, but goes out as well.

Wise to be prepared.

"India's nuclear stockpile is slightly above Pakistan with two more nuclear warheads and there are indications that it is 'mating' some of its warheads with launchers in peacetime, according to a report by Stockholm International Peace Research Institute (SIPRI)." India has 172 warheads to Pakistan's 170. The Print. It is good to be prepared to threaten 'mutually assured destruction' (MAD) (wikipedia), because the most dangerous and hostile country "China is accelerating its nuclear weapons buildup, now possessing 500 warheads, significantly more than India's 172 and Pakistan's 170." ET. SIPRI notes, "India appears to be placing growing emphasis on longer-range weapons, including those capable of reaching targets throughout China." ET. Stockholm is the capital of Sweden "which became NATO's newest member on Thursday (7 March 2024), upon depositing its instrument of accession to the North Atlantic Treaty with the Government of the United States in Washington DC." NATO. Sweden is to buy 12 Sikorsky UH-60M Black Hawk helicopters worth an estimated $900 million. Breaking Defense. "The Biden administration has approved the sale of F-16 fighter jets to Turkey following the Turkish government's ratification...of Sweden's membership in NATO." At the same time, the US is to sell F-35 fighter jets to Greece for $8.6 billion. AP. Turkey uses these planes to bomb the Kurdish people in Syria and Iraq indiscriminately. AP. "America's main ally against the Islamic State in Syria, the Kurdish-led Syrian Democratic Forces, publicly opposes the United States selling Turkey new F-16 fighter jets. The SDF fears these fighter-bombers could be used against them in the future, and for good reason." Forbes. In 2017, "Turkey has signed a controversial deal with Russia to arm its forces with Russian S-400 anti-aircraft missiles. BBC. In 2020, "The Trump administration slapped sanctions on Turkey...over a multibillion-dollar acquisition of a Russian missile system." In 2019, "the United States cut Turkey, a financial and manufacturing partner, from the F-35 program." CNBC. In 2023, "Six years after Turkey agreed to buy Russia's S-400 air-defense system and four years after the US responded by kicking Ankara out of the F-35 program, Turkey's S-400 still isn't operational, but the Turkish government hasn't backed away from the deal." BI. So, precipitate a war in Ukraine by threatening membership of NATO, scare Sweden into joining NATO, sell F-16 jets to Turkey to drop its objection to Sweden, that scares Greece so it buys F-35s for $8.6 billion, sell helicopters to Sweden and make enormous profits by making the world much more dangerous. "NATO's nuclear sharing arrangements ensure that the benefits, responsibilities and risks of nuclear deterrence are shared by the Alliance." "To guarantee the security of its Allies, the United States has deployed a number of B-61 nuclear weapons to certain locations in Europe, which remain under US custody and control." NATO. Sweden doesn't know if the US has based nuclear weapons on its soil, nor does it have any control over them, but it is now a legitimate nuclear target if there is such a war. "India signed a USD 5.5 billion with Russia in 2018 to buy five units of the S-400 air defence missile system." ET. India has been wise to modernise our nuclear weapons and buy S-400 missile defence. If the US is intent on precipitating a Third World War just for profits it's better to be prepared. MAD may keep us out.           

The increasing trillions.

"The inward remittances to India in 2023 rose 12.3% to $125 billion, accounting for 3.4% of its gross domestic product (GDP), according to estimates released by the World Bank. In 2022, India's inward remittances stood at $111.22 billion." The World Bank said that "India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)." "The current account surplus stood at $5.7 billion, or 0.6% of the GDP, in the fourth quarter of the fiscal year 2023-24... the Reserve Bank of India (RBI) said. The current account was in deficit of $8.7 billion, or 1% of GDP, in the previous quarter, and the deficit was $23.2 billion, or 0.7% of GDP, for the full financial year. BS. "India's external debt was contained to $663 billion as of March 2024, up 6% over March 2023," while "the debt service ratio increased to to 6.7% of current receipts at end-March 2024 from 5.3% at end-March 2023, reflecting higher debt service costs." ET. "India's forex reserves contracted by $2.92 billion to $652.9 billion (from a record high of $655.8 billion) as of June 14, RBI data showed." ET. The RBI is to pay a record dividend of Rs 2.1 trillion to the government. The RBI earned such profits from: 1. Interest earned on short-term lending to banks which have a shortage of liquidity, 2. Nearly 4% returns on risk free sovereign securities of developed countries, particularly the $250 billion in US Treasury bills, and 3. Profits from selling dollars at market rates over its buying rate in earlier years. TOI. Sheer genius! Or maybe magic, because: 1. The external debt at $663 billion is more than our foreign exchange reserves of $652.9 billion, 2. The debt service ratio of 6.7% compared to 4% returns on foreign securities means a net outflow, and 3. Profits on selling dollars is purely notional because "Foreign exchange reserves in nominal terms (including valuation effects) increased by US $68 billion during 2023-24 against a decrease of $28.9 billion in the preceding year." RBI. If the RBI net bought foreign exchange at market rates in 2023-24 how did it show such huge profits from sales of foreign exchange? If there is a forensic examination of the RBI's balance sheet will it show a large negative balance? "The RBI's gold reserves stored overseas dropped to 47% of the total by the end of March," as it transferred 100 tonnes of gold from the UK to India. The RBI's gold reserves are at 822.1 tonnes. TOI. Other central banks are apparently doing the same after the US seized Russian reserves due to the Ukraine war. "Central banks storing gold at the Bank of England are charged 3.5 pence per bar per night as storage cost. This would mean, for example, that a foreign central bank storing 100 tonnes of gold at the Bank of England would be charged approximately 102,200 pounds per year as storage charge. Bullionstar. With the RBI saving so much on storing gold maybe they will transfer Rs 3 trillion or even Rs 5 trillion to the government next year. Other central banks should learn.    

Donkeys have value.

 "More people are turning away from news, describing it as depressing, relentless and boring, a global study suggests. Almost four in 10 (39%) people worldwide said they sometimes or often actively avoid the news, according to the report by Oxford University's Reuters Institute." BBC. It may also be because people are turned off by one-sided or obviously biased selective reporting of news. In India we have the 'Godi media', coined by journalist Ravish Kumar. 'Godi' means 'lap'. "The term is a pun on the name of Indian Prime Minister Narendra Modi and has become a common way to refer to television and other media that are perceived as 'mouthpieces' of the leading party of the NDA, the Bharatiya Janata Party." wikipedia. "In 2024, India's ranking in the World's Press Freedom Index, according to Reporters Without Borders (RSF), dropped to 159 out of 180 countries, down from 140 in 2014." "Over the past decade, the corporate ownership of media houses in India has become increasingly prevalent," as "Major corporations, often with close ties to political power, have acquired prominent media outlets. One of the most notable examples is the acquisition of NDTV by the Adani Group, a conglomerate with extensive business interests and political connections," wrote Vinit Taneja. At a pro-Palestinian rally in Dearborn, Michigan, celebrating 'International Al-Quds Day', "speakers chanted 'Death to America' and called Israel a 'cancer' on the world while praising Iranian Ayatollah Khomenei. When the New York Times did get around to reporting on some of these incidents, the articles focus was not on the thuggish rhetoric and behavior of Palestinian activists towards Jews, but rather on how such behavior was affecting Democratic politicians' holiday parties and fundraisers," wrote Christine Rosen. The Western media has been unrelenting in its demonizing of Russia and its President Valdimir Putin, even though the war in Ukraine was instigated purely by Western countries. "At the start of the Ukraine conflict, the Western media peddled lies that Putin was critically ill and dying, that Russia was pleading with China for military help in the war, and that Russia's economy would collapse because of Western sanctions," wrote KP Nayar. Thankfully, amidst all this dismal and dire news there is a ray of hope. "The latest Pakistan Economic Survey (PES) 2023-24 shows a notable increase in the country's donkey population, reaching 5.9 million, a 1.72% rise over the previous fiscal year." "The survey indicates a consistent rise in the donkey population over recent years." ET. Godi media in India and perversely biased Western media are increasing conflict and misery. Donkeys are economically valuable. Well done Pakistan.      

The pace is not real.

"Robust activity in manufacturing firms and services sector companies on the back of new orders and global sales pushed job creation in the private sector to its strongest in 18 years in June, a survey showed." "The HSBC Flash Composite Output Index, which measures the month-on-month change in the combined output of India's manufacturing and services sectors, increased from 60.5 in May to 60.9 in June." "The pace of job creation was the fastest in over 18 years." TOI. "Pace of job creation" is a bit of trickery because it conceals the absolute number of jobs created and whether it is at all significant. Just a bit of toadying. "India has emerged as one of the fastest growing major economies in the world." But "Our employment to population ratio had steadily fallen from 39.9% in 1983-84 to 34.4% in 2017-18. While there has been a surprise jump in employment during the COVID years, the employment level at 39.0% of population during 2021-22 is still lower than what it was in 1980-81," wrote Anil K Sood. As a result, "On 12 June, 45 Indians, mostly from Tamil Nadu and Kerala, were among those killed in a fire in a residential building in the Kuwaiti city of Mangaf. Most died "not being able to escape the fumes as the terrace was locked." Also, "a farm laborer, Satnam Singh, died after he was left unattended with a severed arm on the way side in Latina, Italy. Latina, a rural area south of Rome, is home to tens of thousands of Indian migrant workers." TNIE. "When a Legend Airlines Airbus A 340 landed at San Salvador airport on July 15" "Salvadoran officials refused to connect the jet bridge to allow the roughly 300 passengers, all Indian nationals, to disembark." US and Salvadoran authorities had noticed that charter aircraft carrying Indians "were arriving full and leaving empty". Nearly, all the passengers crossed into the US illegally. Reuters. "Indian students in Canada's Prince Edward Island have resumed their hunger strike, saying there was no option left with them. Dozens of Indians face the risk of being deported from Canada after its province, Prince Edward Island (PEI) changed its immigration rules." India Today. In January,  a flight to Nicaragua with 303 Indians on board was stopped in France. Passengers had paid Rs 6-8 million each to be helped to cross illegally into the US. As many as 66 of the 303 were from Gujarat. The Wire. When civil war broke out in Sudan in April 2023 (wikipedia), some Indians from the Hakki Pikki tribe were trapped in Sudan. "I was born poor, but I don't want to die poor. I wanted to provide a better life for my children, which is why we came to Sudan," said Prabhu S. India Weekly. In 2019, Sudan had a GDP of $30.873 billion and nominal per capita GDP of just $714. wikipedia. While, India is to become the third largest economy in the world with a GDP of $5 trillion by 2027. Mint. Yet, Mr Prabhu S will provide a better life for his children from Sudan. He will die poor in India. Indians don't want the "pace of job creation". They want real jobs.  

Designed for scams.

"The National Eligibility Cum Entrance Test (Undergraduate), or NEET-UG is the gateway to studying medicine in the country, as its score is necessary for getting admission to a medical college. It is conducted by the National Testing Agency (NTA), a government organisation which holds some of India's biggest exams. Millions of students take the exam every year, but only a small percentage get good enough marks to secure a college placement. But this year the challenge is somewhat different: too many candidates have got top marks, pushing down the ranking system and making it hard for even high-scorers to get admission." BBC. "The Patna Police has arrested seven people, including four candidates, in connection with the NEET-UG question paper leak case." 'A problem-solver gang' charged Rs 3.2 million to leak the papers. India Today. "An anonymous whistleblower's seemingly vague tip-off to Patna Police about 'four suspected criminals in an SUV headed to a safe house' around three hours before NEET-UG got underway on May 5 was the starting point for the unraveling of a suspected nationwide network of fraud." TOI. No honor among thieves (idioms), perhaps. As a result, "The National Eligibility cum Entrance Test Postgraduate (NEET PG) Examination, initially set for today, June 23, has been postponed by the Ministry of Health and Family Welfare." HT. Shouldn't it be the Ministry of Education? Examination scams are almost routine in India. The Vyapam scam, exposed in 2013 in Madhya Pradesh, involved at least 13 different exams and thousands of students and had been going on since the 1990s. wikipedia. "The scam also led to between 23 and 40 'unnatural' deaths of involved individuals, though unofficial figures run well into more than 100 custodial deaths including the erstwhile MP Governor's son and deaths in staged road accidents." wikipedia. Nobody has been convicted, let alone hanged, for this possible genocide of would-be informants. The real disease is that "Even though almost 10 million graduates pass out every year, 42.3% of graduates under the age of 25 years remain unemployed." "Paper leaks for government recruitment have become a norm. In the last seven years, at least 70 paper leak cases have shattered the dreams of more than 20 million students," wrote Rachit Seth. In many subjects colleges select candidates based on their school leaving, or Board, exam marks so Boards are inflating the marks of their students to ensure their admission into colleges. "Today, it is common for the highest score in each subject to be 100% or very close, often with the overall highest score also nearly 100%. A few Boards display the highest percentage in their exams across years on their websites," wrote Sridhar Rajagopalan. Controlling education is to control minds. "By controlling the choice of the nation's doctors, Prime Minister Narendra Modi's administration is pushing its hard-right Hindu agenda into the heart of the nation's health and education systems," wrote Andy Mukherjee. Health has no religion. God doesn't die. Individuals do.   

Target the enforcers.

"Bill Maher, American television host, got brutally trolled and fact checked after he on a show claimed Narendra Modi 'lost' election." "Social media users, mostly from India, schooled Bill Maher for spreading fake news and asked him to stick to American issues without knowing the truth about India." TOI. Maher may have said 'lost election' instead of saying 'lost majority' but the world's media were spot on. The Economist UK, June 6, "While the BJP 'prevailed', it no longer has a 'majority in its own right', making Modi 'beholden to his allies'." The Conversation Global, June 6, "Rahul Gandhi's speeches 'highlighted a commitment to protecting the Constitution'; Lalu Prasad Yadav warned BJP intended to 'change the Constitution to end Caste-based affirmative action'; the Samajwadi Party 'fashioned a new, broader caste coalition in Uttar Pradesh'." The Wire. Succinct and absolutely accurate. The problem is that the Indian media has been totally terrorised into submission. "When a journalist becomes spreader of hate and lies, instigator of mob lynching, a cheerleader for the government, [they] become an instrument to kill democracy. When hundreds of news channels repeat the same, they become a weapon to kill humanity. Most of Indian mainstream media is a disgrace to democracy and humanity (The Wire)," said Ravish Kumar, who used to be the Senior Executive Editor of NDTV India (wikipedia). "French journalist Sebastien Farcis' claims he was 'forced to leave' India are incorrect, the external affairs ministry spokesperson said." "Farcis', who is married to an Indian citizen, also holds an Overseas Citizen of India (OCI) card." "In February, French journalist Vanessa Dougnac left India after the government revoked her Overseas Citizen of India card." News18. "Delhi Lieutenant-Governor VK Saxena's decision to sanction the prosecution of author Arundhati Roy and academic Sheikh Showkat Hussain for speeches made 14 years ago is the first major signal from the new government that its vindictive instincts and habits are still intact." "Trial is unlikely to take place soon and that will mean jail for an indefinite period for the two." DH. In 1997, Arundhati Roy won the Booker Prize for her novel "The God of Small Things", (wikipedia) and is therefore well known outside India. The Rashtriya Swayamsevak Sangh (RSS) provides the Hindu base for the Bharatiya Janata Party (BJP) led by Mr Modi. wikipedia. Following the election results, the Chief of RSS Mohan Bhagwat "noted that an election is not a war, that both sides have point of view to be heard, and that a true sevak (servant) is one who serves with maryada (morality) and without ego." "Today, the RSS must contend with a BJP prime minister who describes himself as God-sent, a non-biological avatar, and a pradhan (chief) sevak who does not tire of speaking of how extraordinary he is." DH. Indians are helpless against a despotic state which cloaks itself in divine righteousness. But foreigners are not. They could target the lower level enforcers which would stop them from traveling outside India. No more junkets. Intolerable. 

Let Anglosphere deal with it.

"India on Thursday (yesterday) lodged a strong protest after pro-Khalistani extremists held a 'citizens' court' in front of India's consulate in Vancouver and burnt Prime Minister Narendra Modi's effigy." HT. This is after, "The parliament of Canada on 18 June observed a moment of silence in the House of Commons to mark the one-year anniversary of the killing of Khalistani separatist Hardeep Singh Nijjar. Pro-Khalistani protesters marked the anniversary...by holding a mock murder trial" "On a block of Howe Street cordoned off by police, the mock trial included a jury made up of actors and a judge in a curly white wig, who invited the 'prosecutor' to present evidence of Modi's involvement in the killing in Surrey last year." ET. "Last month, external affairs minister S Jaishankar had said the government gave names of 25 persons for extradition but there had been no response from Trudeau's government." Of course, the more India huffs and puffs, the more they will enjoy performing such stunts. If India has irrefutable evidence it should prove its case in a court of law in Canada. Vijay Mallya left India in 2016 even while there was a non-bailable arrest warrant for him here. wikipedia. On 2 March, "Mallya was a 'special passenger' on board the London- bound Jet Airways flight 9W-122 from Terminal 3 of Indira Gandhi International Airport (Delhi)". He spent 60 minutes in T3's premium lounge and traveled with 11 bags. India Today. In January 2024, "India is to send a team of high-level officials from the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the National Investigation Agency (NIA) to the United Kingdom, in a bid to speed up the extradition of Indian fugitives including the likes of diamond trade Nirav Modi and Kingfisher's Vijay Mallya." No one left out of this fantastic junket at taxpayer expense. Hope they took their wives with them. "Public opinion in Canada regarding India has seen a significant decline over the past year." "In 2024, only one-third (33%) of Canadians view India favorably, while a majority (54%) hold an unfavorable opinion." Favorable opinion is down from 56% in 2019 and 44% in 2023. India Today. "While India's resolve to tame anti-India separatists in foreign countries has been spectacularly successful in Pakistan, where, after a surgical strike in 2019, it has reportedly been behind a series of killings of persons responsible for organizing terrorist activities in India, it has faced a string of resistance in the Anglosphere, which has traditionally been a refuge for Khalistani separatists." ET. Of course, "there is no such thing as bad publicity". phrases.org.uk. As a result, Amritpal Singh (31) who positioned himself on lines of Sant Jarnail Singh Bhindranwale...won (the Lok Sabha election) from Khadoor Sahib by a whopping margin of 193,000 votes," and "Sarabjeet Singh Khalsa, the son of Beant Singh, one of the assassins of Prime Minister Indira Gandhi, won the Faridkot seat by a margin of more than 70,000 votes." DH. Seeing a political opportunity, Shiromani Akali Dal (SAD) President Sukhbir Singh Badal has opposed the detention of Amritpal Singh under the National Security Act (NSA). TOI. Let Khalistan remain in the Anglosphere. Like Nirav Modi and Vijay Mallya. Don't give it publicity. Don't bring it here.   

The 88% of the 99% aren't growing.

India's "Real GDP has been estimated to grow by 8.2% in FY2023-24 as compared to the growth rate of 7.0% in FY 2022-23. Real GVA has grown by 7.2% in 2023-24 over the growth rate of 6.7% in 2022-23." pib,gov.in. This is "incredible" and "neck-turning". Mint. But, "For all the pride we can justifiably take in India having become the world's largest economy (and IMF projections of becoming the fourth biggest by 2025 and third by 2027) the reality is that when it comes to per capita income, we are close to the bottom of the global league tables at no.144." "It is a sobering thought that in per capita terms, it is only by 2029 that India is forecast to overtake countries like Uzbekistan, Papua New Guinea and Angola." India's share of the global economy is rising. "IMF projections suggest that India will account for 7% of global GDP growth between 2020 and 2029" whereas "In China's case this number is likely to fall from 47.1% in the 2010s to just 18.6% between 2020 and 2029,"wrote Roshan Kishore. Share of the US will be 25.3%. Medium, small and micro enterprises (MSMEs) "contributed 29% to India's GDP in 2021-22 and 45% to its total exports in 2022-23." "Over 99% of MSMEs were micro enterprises" and "Nearly 88% of the respondents in the Global Entrepreneurship Survey 2022-23 indicated that the prime motivations for starting a business was the need to earn a living, given the scarcity of jobs." As a result, "A survey by Paisabazaar showed that 21% of personal loans taken on its platform during January-June 2023 were for travel expenses, and 31% for home renovation." " Millennials and Gen-Zs are quick to borrow to fulfill their aspirations," wrote Deepa Vasudevan. Real wages of regular workers in rural areas have declined by 0.6% per annum since 2011-12 while urban wages have declined by 1.2% per annum. "The decline in real earnings from regular employment has led to a situation where the earnings of the bottom quintile of regular workers is no different from the bottom quintile of casual workers. In 2022, both received average  monthly earning of about Rs 3,000 per month or Rs 100 per day," wrote Prof Himanshu. This is totally inadequate for the survival of one person, let alone a family. On food, the spending by the richest 5% is about twice that of the average and about 5% of the spending by the poorest 5%. However, "The average monthly expenditure on non-food items by the richest 5% in rural areas is 3.4 times higher than the average, and 11 times higher than that of the poorest 5%. For urban areas, the difference is even greater, with the richest 5% spending 3.7 times more than average and nearly 15 times higher than the poorest 5%," wrote Auhona Mukherjee. The reason may be, "The food inflation value for CPI (consumer price index) and WPI (wholesale price index) in May 2024 was 8.7% and 7.4% respectively. Non-food inflation in the CPI and WPI series in May stood at just 2.3% and 0.7%," wrote Roshan Kishore. Since the poor are having to spend much more of their earnings on food, they can spend much less than the rich on non-food items. The 88% of the 99%, forced into micro enterprises just to do something, are powering 8.2% growth of GDP. But, are Indians growing?

Safe, for now.

"President Joe Biden has announced a new policy that would protect hundreds of thousands of undocumented spouses of US citizens from deportation, according to administration officials." "Polls show that immigration is a primary concern for many voters ahead of the presidential poll in November." BBC. "President Biden graduated from the University of Delaware and Syracuse Law School and served on New Castle County Council. At age 29, President Biden became one of the youngest Americans ever elected to the United States Senate." He was a Senator for 36 years and then Vice President to Barack Obama from 2009 to 2016. whitehouse.gov. Thus, Biden has been in politics his entire working life and has never done anything honest or productive. He will do anything to hang on. "In a viral video, former President Barack Obama was seen guiding Joe Biden off the stage at a Los Angeles fundraiser after the president appeared to freeze up. The incident took place after Biden and Obama appeared in a 45-minute interview with late-night host Jimmy Kimmel at the Peacock Theater." HT. "An alleged multistate human trafficking ring forcing immigrant women into prostitution. The mysterious killing of a former police officer in South Florida. Attacks against police officers in New York. The arrest of a drug dealer in Chicago. Local and federal officials say these apparently unrelated crimes have a common denominator: Tren de Aragua, a transnational criminal gang that originated in a Venezuela prison" and "They say it's now operating in the United States." CNN. The US government has levied sanctions against Venezuela and has probably appropriated its money under Executive Order 13884 which "blocks the property of the Government of Venezuela", and Executive Order 13857 includes "any political subdivision, agency, or instrumentality thereof, including the Central Bank." state.gov. As plunder goes, this is pretty comprehensive. "The United States is merrily chipping away at the pillars that hold up the dollar as the world's reserve currency." "The country has radically increased the use of sanctions as a punitive foreign policy tool. And it is adding on an immense amount of debt, leaving hapless foreigners who seek the safety and depth of its markets to fund its excesses." Still, "A recent survey, for example, shows central bank reserve managers plan to increase their dollar holdings over the next 12-24 months." Reuters. "But times have changed with new buyers, such as China and India seeking to buy oil in their own currencies." However, "China holds nearly 10 times as much dollar reserves as Saudi Arabia, and it has not been able to make a serious dent on the dollar's role as a reserve currency." "The oil trade is done in dollars because it keeps things simple. India's experience with buying Russian oil in local currency is a case in point." Perhaps, the actual strength of the US comes from NATO which has 30 European and 2 North American members. wikipedia. As long as the others feel safe under the US security umbrella provided by NATO the dollar will be secure. The rest of the world is not united. Mao Zedong understood that "Political power grows out of the barrel of a gun". wikipedia. The US, plus NATO, has the biggest gun. By far.      

Post-G7 Melodi.

At the G7 Summit, "Italian Prime Minister Georgia Meloni on Saturday (15 May) posted a video on X standing with Prime Minister Narendra Modi and saying, 'Hello from the Melodi team.' PM Modi can be heard laughing loudly in the video." HT. The period of peace and goodwill is over. "Indian national Nikhil Gupta, who is suspected by the US of involvement in an unsuccessful plot to kill Khalistani terrorist Gurpatwant Singh Pannun on American soil, has been extradited from the Czech Republic, media reports said on Sunday (16 June)." ET. "Federal prosecutors allege that Gupta hired a hitman to kill Pannun and paid USD 15,000 in advance. They allege that an unnamed Indian government official was involved in it." "India has rejected any involvement in the case and has launched an investigation into the allegation." In April the Washington Post named the involved official as Vikram Yadav and alleged that former chief of RAW Samant Goel, among other top officials in the Indian government, was also involved in the plot. TOI. The Indian government dismissed the report as "speculative and irresponsible". Despite vehement denials, "An intelligence operative has been removed from his position and several others were reshuffled following an investigation into US claims." HT. The investigation apparently found that "rogue operatives not authorized by the government had been involved in the plot" (ET), but the US expects these officials to be prosecuted. Assuming this official had gone rogue, "it is clear that he had to have been part of a band of rogue operatives since he shared footage of the bullet-ridden corpse of another Khalistani activist, Hardeep Singh Nijjar, that had been taken (presumably by the assassins) right after he was shot and killed on June 18, 2023." "Even assuming the National Security Adviser was in the dark about the Pannun plot, we know that a senior CIA official alerted him to it in August 2023. If the killing of Nijjar itself did not prompt an urgent internal investigation, the plot to kill Pannun ought to have rung alarm bells." The Wire. Attorney General Merrick Garland said "the Justice Department will not tolerate attempts to silence or harm American citizens," and Deputy Attorney General Lisa Monaco called the plot a "brazen attempt to silence a political activist for exercising his freedom of speech". HT. It is immaterial that Garland was interviewed twice and rejected both times by Barack Obama, for a vacancy in the US Supreme Court, who nominated Sonia Sotomayor and Elena Kagan instead. The Republicans blocked Garland's nomination when Obama picked him in 2016, right at the end of his second term, which is why Garland is extremely bitter, vindictive and dangerous. "A group of powerful Democratic senators on Monday (yesterday) sought a strong diplomatic response from the Biden administration to the allegations of the Indian government's involvement in a foiled plot to assassinate a Sikh separatist on US soil." BS. This gives new meaning to "Canadian PM Justin Trudeau on Saturday (at G7) talked about a shared commitment between India and Canada in the future to tackle crucial concerns." TOI. Crucial for Canada, perhaps. After all, Indian students in Canada's Prince Edward Island are ready to go on hunger strike so as not to have to return to India. India Today. Canadians do not need India. Bad things, they say, come in threes. (wiktionary). We can see only two. 

It's all informal.

"Informal manufacturing and service sectors grew faster than the informal trade sector in 2022-23, data released by the government showed" ET. "The gross value added (GVA) of unincorporated manufacturing companies increased by 19.14% to Rs 3.6 trillion" in October-September 2022-23 compared with Rs 2.77 trillion in April-March 2021-22. GVA of the services sector increased by 18.9% during the same period. Jobs increased by 6.3% in the informal manufacturing sector and by 13.4% in the services sector. However, "Emolument per worker declined 1.1% in 2022-23," as "Formal workers' compensation went down 1.2%, whereas informal workers compensation increased 4.3% during this period." "90% of India's workforce belong to the informal sector who contribute more than half of the country's GDP. Informality leads to precarity." "A workforce facing such precarity is less productive," wrote Rajendran Narayanan. Obviously, if 90% of the workforce is contributing 50% of GDP the other 10% in the formal sector is contributing the remaining 50%, that is 9 times more. A 1.2% fall in compensation of this 10% resulted in 1.1% decline in average earning per worker despite a 4.3% increase in the wages of the 90%. Shows the astronomical inequality between formal and informal workers. No wonder 86% of employees in India admit they are struggling or suffering and 35% feel daily anger, according to Gallup 2024 report. ET. "India is slowly becoming the hub for Global Capability Centers (GCCs) which Western companies set up offshore to access specialized high-skill talent, catalyze growth and innovation, and ensure business continuity in the wake of macro-environmental shocks." ET. On the other hand, "TCS (Tata Consulting Services) is grappling with a significant challenge as it struggles to fill 80,000 open position due to a notable skills gap." ET. "Indian startups have laid off about 10,000 employees so far in 2024 with funding across stages continuing to be constrained." Around 21,000 lost their jobs in the first half of 2023 and 15,000 in the second half. ET. Only 10,000 this year, a big improvement. However, there is a ray of optimism. According to the Foundit Insights Tracker "the overall hiring index increased from 265 in May 2023 to 295 in May 2024", an increase of 11%. ET. "Escalating tensions with China are said to have cost Indian electronics manufacturers $15 billion in production losses as well as 100,000 jobs in the past four years." That's because "4,000-5,000 visa applications for Chinese executives are currently awaiting government go-ahead". ET. Whereas, "Union steel and heavy industries minister HD Kumaraswamy of JD(S) wondered aloud if India needed investments like US-headquartered semiconductor manufacturer Micron Technology setting up a $2.5 billion unit in Gujarat and potentially receiving Rs 3.2 crore in subsidies for every job it creates." TOI. Americans are too expensive. Handover our businesses to the Chinese. 90% of our workers won't know the difference.

No unemployment, no inequality.

"Finance Commission Chairman Arvind Panagariya believes India's main challenge isn't creating jobs but reallocating capital to more labor intensive sectors. Too much capital is tied up in industries that don't hire many workers, he said." ET. Those who are not hired are unemployed. Perhaps, Prof Panagariya should ask them. "Post-2013, the rate of non-farm job creation plummeted sharply, resulting in a surge in the overall unemployment rate. The youth unemployment rate tripled from 6% to 17.8% between 2012 and 2018." Among those who are employed," A mere 14% of Indian employees consider themselves to be 'thriving' in life, while the rest acknowledge they are either 'struggling' or 'suffering', according to the Gallup 2024 State of Global Workplace Report. This finding is notably lower compared to the global average of 34% of employees who feel they are 'thriving." ET. The reason why employees are unhappy may be linked to the enormous gap between what they earn and the CEOs of the companies. "The average salary of a CEO in India stood at Rs 138 million which is an increase of 40% compared to pre-Covid times. Of this remuneration, more than half is linked to short-term and long-term incentives, Deloitte India Executive Performance and Rewards Survey 2024 noted." HT. On the other hand, "As per the Glassdoor data, the monthly salary provided to an Indian citizen ranges between Rs 8,000 to Rs 1,43,000, with the annual average base pay amounting to Rs 9,45,489." cleartax.in. So, average CEO salary is at least 138 times the wages of an average worker. "Jayadev Galla, CMD of Amara Raja Batteries, took home over Rs 520 million as compensation in FY23. That was about 1,872 times the median salary of the company's employees." CEOs at JSW Steel, Hero MotoCorp and Hindalco earn 500-800 times their median employee remuneration. ET. According to the Household Consumption Expenditure Survey (HCES), inequality has declined in India from 2011-12 to 2022-23 as "The Gini coefficient, a statistical measure of inequality in the population, shows a decline, from 0.283 to 0.266 for the rural sector and from 0.363 to 0.314 for the urban sector across the country." TOI. The Gini index "ranges from 0 (or 0%) to 1 (or 100%), with 0 representing perfect equality and 1 representing perfect inequality." Investopedia. Even "Consumption spending in marginalized groups such as Scheduled Caste, Scheduled Tribes and Other Backward Classes rose a percentage point faster every year compared with the other groups, indicating a decline in consumption inequity between upper and lower castes in the country since 2011-12, official data showed." ET. As per the HCES, the richest 5% spend 4.9 times more on food than the poorest 5% in rural areas and 6.1 times in urban areas. However, non-food spending by the richest 5% in rural areas is 11 times higher than the poorest 5%, while in urban areas, the richest 5% spent 15 times more than the poorest 5%. HT. Unemployment is not a problem, just that there are no jobs, said Prof Panagariya. That's why he is a professor.      

AI not for all.

On the second and final day of their summit, the G7 leaders' communique expressed "their solidarity with Ukraine, support for a deal that would lead to the immediate cease-fire and release of hostages in Gaza, investment in sustainable infrastructure in Africa and commitments to address climate change and migration." BS. "Indian refiners imported 1.78 million barrels a day (mb/d) of crude oil from Russia in April, up 19% from March, according to energy cargo tracker Vortexa." "Russia supplied more oil to India than its next three top suppliers - Iraq, Saudi Arabia, the UAE - put together in April." ET. The G7 committed to "deepening our cooperation to harness the benefits and manage the risks of Artificial Intelligence...and develop a brand to support the implementation of the International Code of Conduct for Organizations Developing Advanced AI Systems." whitehouse.gov. In March, "Advanced Micro Devices has hit a US government roadblock in its efforts to sell an AI chip tailored for the Chinese market, as Washington cracks down on the export of advanced technologies to Beijing, Bloomberg News reported." Reuters. "Talking on India's AI mission premised on 'AI for All', the Prime Minister (Narendra Modi) emphasized that this technology should be aimed at fostering progress and well-being for all." ET. "The world community must end the monopoly in technology and ensure its access for all to lay the foundation of an inclusive society and help eliminate social inequalities, PM Modi said." ABP. On 14 June, Nvidia's market capitalization (MC) rose to a record $3.44 trillion. ycharts.com. Apple's MC rose to $3.258 trillion after announcing its push into AI (CNBC). Microsoft closed the week at MC of $3.289 trillion, while that of Alphabet, formerly Google's, MC was $2.204. ycharts.com. In 2023, "Microsoft Corp...bundled the technology behind ChatGPT with its Power Platform that allows users to develop applications with little or no coding, the latest integration of artificial intelligence into its products." Reuters. Together those four companies have a market cap of $12.191 trillion, which is more than 3 times India's GDP at $3.385 trillion (worldometer). They are very unlikely to give up their monopoly on technology. At his anticipated meeting with Mr Modi, US President Biden committed to "discussing important issues, including concerns over the foiled Sikh separatist Gurpatwant Singh Pannun's murder plot, at high levels with India." ET. Can't go any higher than Mr Modi. Mr Modi also met Canadian Prime Minister Justin Trudeau who has accused India of killing Canadian citizen Hardeep Singh Nijjar in Canada. India Today. India accuses Canada of "providing criminal and secessionist elements a safe haven in Canada after a parade in Ontario's Malton displayed pro-Khalistan sentiments." BS. Problem is that Trudeau can point to the recent election of Khalistani hardliner Amritpal Singh to the Lok Sabha from Khadur Sahib in Punjab with a record winning margin of 193 thousand votes and Sarabjeet Singh Khalsa from Faridkot. Sarabjeet is the son of Indira Gandhi assassin Beant Singh. DH. The old saying about pointing a finger with three fingers pointing back. Forbes. Embarrassing.

One among twelve.

"Prime Minister Narendra Modi will depart for Italy on Thursday (13 June) to participate in the 50th G7 Summit, which is scheduled to be held on June 13 and 14. This will be his first rip abroad after assuming the prime minister's office for the third straight term." Mint. The same night Mr Modi touched down at Brindisi Airport in Apulia, Italy where he was received by India's Ambassador to Italy Vani Rao and other officials. TOI. "Saudi Arabian Crown Prince Mohammed bin Salman will join at least 12 other heads of state and government invited by Italian Prime Minister Georgia Meloni" to take part in the summit including India, South Africa, Brazil, Argentina, Turkey, Algeria, Kenya and Mauritania. Reuters. "India has overtaken four G7 nations - UK, France, Italy and Canada - to become the world's third-largest economy," and "PM has the opportunity to highlight India's achievements in health, housing, education, and sanitation," wrote Sujan Chinoy. In May 2023, India achieved a significant milestone when 50% of villages declared themselves to be ODF (open defecation free) Plus under Swachh Bharat Mission Grameen Phase II. pib.gov.in. This is great but not something to boast about, surely? India's GDP at current prices was $2.41 trillion in 2022  (World Bank), while that of Canada in 2022 was $2.161 trillion (World Bank). And yet, Canada is a member of the G7 group, along with France, Germany, Italy, Japan, the United Kingdom and the United States, plus the European Union, and India is invited with Argentina, Algeria and Mauritania. That is because India's gross national income (GNI) per capita was $2,390 in 2022 (macrotrends) while that of Canada was $53,310 in the same year (macrotrends). In September 2023, "Canadian Prime Minister said his nation's security agencies have actively pursued credible allegations of a potential link between the India government and the June murder of a Sikh separatist leader and Canadian citizen, Hardeep Singh Nijjar, in Canada." Reuters. India angrily dismissed that as, "Minister of External Affairs S Jaishankar has criticized the Justin Trudeau-led government in Canada for issuing visas to people with links to organised crimes for 'political purposes' despite warnings from the Indian government." Mint. Organised crime groups would include the Sinaloa Cartel (wikipedia), the Ndrangheta (wikipedia) and Chinese Triads (Britannica). Are we accusing Canada of sheltering those people as well? "A recent special report from a high-level Canadian parliamentary committee has labeled India as the 'second-biggest foreign threat' to Canada's democracy. The report named China as the number-one threat." India Today. "India has taken a definitive stance" in the killing of Nijjar, "declaring that it will not assist Canadian investigators until concrete evidence is provided by Ottawa." ET. "Canadian Security Intelligence Service (CSIS) director David Vigneault traveled to New Delhi in February and March - before Canada announced the arrest of four Indian nationals in connection with Nijjar's killing," and "Canada provided intercepted communications." HT. On the other hand, "Twenty-eight ministers in the third Narendra Modi government have criminal cases against them with 19 of them facing serious charges such as attempted murder, crimes against women and hate speech, poll rights body Association for Democratic Reforms (ADR) said." ET. Let us not talk about organised crimes. Enjoy the weather in Apulia (yr.no).One among twelve.

Americans have expectations.

"According to the US Labor department, prices rose 3.3% in the year to the end of May, down 0.1 percentage points from the month before. Core inflation, which strips out more volatile items like food and energy prices, also slowed despite rents continuing to weigh on household budgets." "The US central bank held its target rate at 5.25% to 5.5% on Wednesday (yesterday)." BBC. "Stock markets surged Wednesday after data showed inflation slowed in May, raising hopes the Federal Reserve will cut interest rates later this year." HT. "The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point for the year amid rising estimates for what it will take to keep inflation in check." "Recent progress has been slow, and Fed officials now project a slightly higher end-of-year inflation of 2.6% versus the 2.4% anticipated as of March." "India's retail inflation eased further to a 12-month low of 4.75% in May but food inflation remained elevated and almost unchanged at 8.69%, data released on Wednesday showed." ET. The Reserve Bank of India (RBI) did not wait for the figures, having decided to hold its policy rate at 6.5% in the meeting of the Monetary Policy Committee (MPC) on 7 June. The RBI "left its inflation forecast for this fiscal year unchanged at 4.5%." ET. In the US, "Median inflation expectations at the one-year-ahead horizon declined slightly to 3.2 percent from 3.3 percent, remained unchanged at the three-year-ahead horizon at 2.8 percent,...according to the May survey of Consumer Expectations." newyorkfed. org. In India, the RBI "released the results of May 2024 round of its bi-monthly inflation expectations survey of households," which showed that households are experiencing consumer price (CPI) inflation at 8%, median inflation expectations at 3 months is 9.2% and at one year is 9.9%. m.rbi.org.in. Thus, the US Fed is projecting inflation at 2.6% this year while Americans expect it to be 3.2%, a difference of 0.6%, whereas the RBI projected inflation at 4.5% while Indians expect it to be more than double at 9.9%. Why this huge difference? "The Fed's balance sheet has shrunk to around $7.5 trillion from about $9 trillion during 2022," because the Fed "has shed roughly $1.5 trillion in treasury and mortgage bonds that it accumulated during the Covid years when it was trying to stimulate the economy." "In contrast, the RBI's balance sheet has increased 11% in 2023-24 from Rs 63.45 trillion to Rs 70.48 trillion." The RBI's balance sheet has grown because "of it pursuing two conflicting objectives - trying to withdraw liquidity and at the same time attempting to shore up the rupee." Hence "monetary policy had to take a back seat to the bank's other objective of keeping the exchange rate of the rupee within an internally pre-determined band." This is the impossible trinity, wrote NR Bhusnurmath. Loose monetary policy means a higher inflation rate and that erodes the buying power of the rupee vs the dollar. Which, in turn, will increase prices of imports, including oil. The Fed is straightforward. The RBI is too clever. So, Indians have learnt not to expect anything. 

Britain won't matter.

"Far-right parties have made major gains in the European Parliament election that concluded on Sunday (09 June), with the domination of Marine Le Pen's National Rally in France prompting President Emmanuel Macron to dissolve the parliament and call national legislative elections on June 30 a month before the Paris Olympics. The surge of nationalist and populist parties, which lead governments in Hungary, Slovakia, and Italy and are part of ruling coalitions in Sweden and Finland, will make legislation on issues such as climate change and agricultural policy harder." HT. "Alexander De Croo, the Prime Minister of Belgium, has resigned following his party's crushing loss...in national and parliamentary elections, according to CNN." HT. "The far-right Alternative for Germany (AfD) shrugged off a string of scandals to take second place in... EU's election, making gains in particular among the young, while Chancellor Olaf Scholz's Social Democrats scored their worst result ever." Reuters. "French President Emmanuel Macron saw his party fall into second place in European Parliament elections in France on Sunday, with the two far-right parties together taking close to 40% of the vote." "Announcing a snap national election for the end of June, Macron has set up a showdown between his pro-European, centrist and pro-Ukrainian ideals and the anti-immigration, populist and hard-line law-and-order rhetoric of the far right." CNN. It is not a personal risk for Macron, whose second term as president ends in 2027, and who will be ineligible to run again after two terms. wikipedia. In this surge to the right, "Pro-European centrist parties performed well overall in central and eastern Europe," as "In Poland, the European Union's largest eastern member, Prime Minister Donald Tusk's centrist Civic Coalition (KO) was set to win," and "In Hungary, Prime Minister Victor Orban's nationalist Fidesz party came first but posted its worst result in a national or EU election in nearly two decades, as support surged for the pro-European Tisza partty, which is led by political newcomer Peter Magyar." The leftists won in Romania, liberals in Slovakia and a populist party in the Czech Republic. Reuters. Indications are that Britain will shift to the left as "Prime Minister Rishi Sunak has called for an early general election in the UK to be held on July 4th, 2024." TOI. "Britain's main opposition Labour Party is set for its biggest victory in next month's general election," with 422 seats in the House of Commons while Sunak's Conservatives will be reduced to just 140 seats. Reuters. The Labour Party has accused Sunak of being too rich and hence out of touch with the people. Reuters. Labour leader Sir Keir Starmer is worth 7.7 million pounds but could be worth double that. Prolific London. That is not exactly Dickensian is it? Sunak is of Indian descent and a Hindu. Someone who would qualify to be one of "A beastly people with a beastly religion. (Shashi Tharoor)." Britain will be lurching to the left, even as Europe swings to the right. But it is irrelevant. Because of Brexit.  

Supplicants get nothing.

Since the BJP, won only 240 seats in the Lok Sabha, (wikipedia), "Many had expected that the BJP's allies would extract their pound of flesh by cornering core ministries," but "Most of the allies have got non-core ministries." ET. In short, a stiff middle finger. With 272 needed for majority, the TDP with 16 seats and the JD(U) with 12, took the NDA to 268 seats, and smaller parties chipped in with another 25 seats to take the total to 293. But the TDP and JD(U) got just one cabinet post each, exactly the same number as JD(S), HAM and LJP(RV), who also got one seat each. TOI. Thus, the TDP and JD(U) have been humbled and Mr Modi has shown that he is the boss. Be happy with crumbs. "With the new government depending on the support of N Chandrababu Naidu's Telugu Dasam (TDP) and Nitish Kumar's Janata Dal (United) [JD(U)], it will be difficult for the Narendra Modi-led NDA government to shrug off" the demand for 'special category status' for Andhra Pradesh and Bihar. "States that come under special category status get preferential treatment in getting central assistance and tax breaks." DH. However, after eating humble pie over cabinet posts, it is extremely unlikely that Messrs Naidu and Nitish Kumar will get anything at all. What can you expect of a party that strongly associates itself with Hindutva (wikipedia), but then abuses Hindus, as BJP supporters are doing? The BJP lost its seat in Faizabad, which contains the city of Ayodhya with the newly inaugurated Ram Mandir. India Today. Not just Ayodhya, "In Allahabad parliamentary seat, Congress candidate Ujjwal Raman Singh defeated BJP candidate Neeraj Tripathi by a margin of 58,000 votes." TOI. Allahabad is the site of the Triveni Sangam which is the confluence of the holy rivers Ganga, Jamuna and the legendary Saraswati. wikipedia. "The hatemongers of the BJP are not just condemning the people of Ayodhya; they are cursing them, especially the Hindus." "Allahabad was renamed Prayagraj" "But, like the people of Ayodhya, the people of Prayagraj also betrayed the BJP. There, too, the BJP was defeated." Quint. Perhaps, the legion of mindless fanatics, known as 'Bhakts' (DH), should reflect that BJP's defeats could be because Lord Ram was not pleased with the cynical inauguration of his temple for electoral gain. All four Shankaracharyas, who are heads of monasteries, boycotted the inauguration ceremony of the Ram Temple because traditions were not followed and the temple was not complete. Mint. If Lord Ram is displeased more misfortune may befall the BJP. But then, Mr Modi claims to be of divine origin (The Wire), so perhaps he can sort it out personally with Lord Ram. BJP's allies should be content. Crumbs are divine.