Silenced for the time being.

In June, "Prime Minister Benjamin Netanyahu warned...that Israel was prepared with an 'extremely powerful' response to attacks from Hezbollah in Lebanon, which have escalated significantly in recent days." "Hours later, at least 11 Israelis were wounded, one critically, in a Hezbollah claimed attack with explosives-laden drones on the Druze-majority town of Hurfeish." The Times of Israel. If Hezbollah thought that it has a right to keep attacking Israel, it was taught a lesson as, "Pagers used by hundreds of members of the militant group Hezbollah exploded near-simultaneously on Tuesday (17 Sept) in Lebanon and Syria, killing at least nine people, including an 8-year-old girl, and wounding several thousands, officials said." "Previously, Hezbollah leader Hassan Nasrallah had warned the group's members not to carry cellphones, saying they could be used by Israel to track and target them." AP. More was to follow. The next day, "exploding walkie-talkies killed 20 and injured at least 450 people," as "The explosions occurred in the vicinity of a large crowd that had gathered for the funerals of four victims of Tuesday's simultaneous pager blasts." BBC. Nasrallah banned cellphones because Israel was assassinating Hezbollah operatives by locking on to their phone signals. But, "Even before Mr Nasrallah decided to expand pager usage," Israel set up B.A.C. Consulting company in Hungary to produce pagers "powered by just a few ounces of explosive compound," and shipped them to Lebanon. NYT. "Lebanon is in the grip of panic." "Residents have begun taking drastic measures to protect themselves," and "In some cases, people have unplugged home appliances, even turning off Wi-Fi routers." "At one point, security forces detonated a bag of rice at the American University of Beirut Medical Center, suspecting it might have been rigged with explosives." ET. Israeli Army Chief Herzi Halevi said, "We plan ahead by stages. At every stage, the price paid by Hezbollah should be high. We will make it so that terrorists will be afraid of going to the toilet and even eating food." ET. Late yesterday, "Israeli fighter jets pounded Hezbollah targets in southern Lebanon," and " It said that since the afternoon, fighter jets struck some 100 rocket launchers consisting of 1,000 barrels." ET. "It is hard to think of an attack more calculated to sow fear and confusion." "Each explosion may have been small, but some resulted in catastrophic injuries." BBC. For now, Hezbollah is depleted of operatives and its ability to communicate has been severely hampered. Hezbollah is a proxy for Iran which is already furious after the assassination of Hamas leader Ismail Haniyeh in Tehran in July. India Today. "The US has kept an increased military presence in the Middle East throughout much of the past year, with about 40,000 forces, at least a dozen warships and four Air Force fighter jet squadrons spread across the region." ET. Hezbollah will take time to rebuild its forces and a secure means of communication. Iran will have to calculate how to attack Israel without drawing the US into the conflict. The US does not want to be involved. Israel has a window of opportunity. If only it can destroy Hezbollah's arsenal. That will be a real victory.

Victims of do-gooders.

"Lakshmina Patel and her husband Haresh sold their two-year-old son Raja to a couple for Rs 20,000 on September 5." "Lakshmina...had just given birth to a baby girl. The woman running the hospital asked for Rs 4,000 to discharge her." "Haresh requested the villagers for a loan but no one gave him any money. Helpless, he sold his son through a middleman." The Wire. Lurid headlines such as these are meant to make us feel guilty and create pity for the struggles of the poor. While India's poor do suffer there are many questions in this case. Why did they give birth to another child when they could not feed the first? "India ranked 111th out of 125 countries in the Global Hunger Index - 2023 with the country reporting the highest child wasting at 18.7%." ET. This in a country where, "Finance Minister Nirmala Sitharaman has said that India will become a $30 trillion economy by 2047. She said the country will become a $5 trillion economy by 2028." DD. And, the 2024 Hurun India Rich List said that "India minted a new billionaire every five days last year." We are proud to have a total of 334 dollar billionaires. ET. The government spent an enormous Rs 21.03 trillion on social sector expenditure in FY 23, a jump from Rs 9.1 trillion in FY 16. A survey in 2019-21 found 16.4% (228.9 million) of the population suffered from multidimensional poverty and 18.7% (260.9) were vulnerable to multidimensional poverty. pib.gov.in. Despite all this spending the family did not possess a Ration card, when the government is providing free food grains to 813.5 million people for five years at a cost of Rs 11.80 trillion (pib.giv.in), an Ayushman card which has been provided to 347 million people and provides Rs 500,000 per year for hospital treatment (pib.giv.in) or an MGNREGS card which provided 100 days of paid work to 83.2 million rural people in the financial year 2023-24 (BS). In addition to the central schemes, "In fact, the Economic Survey of 2022-23 had pointed out that as of December 2022, there were more than 2,000 such schemes run by state governments." Hence, "in this quick and disguised way, India is moving towards a universal basic income," wrote Vivek Kaul. The list is endless. "After reverses in the general election and facing possible losses in state polls this year, Indian Prime Minister Narendra Modi's coalition has stepped up cash handouts, debt waivers and other freebies." Reuters. "Mr Modi says his government has spent more than Rs 34 trillion ($400 billion) in the past decade, delivering cash benefits to low-income households and reaching over 900 million people." BBC. The father of Haresh received agricultural land from the government on lease, which he sold illegally, Haresh received Rs 110,000 under the Pradhan Mantri Awas Yojana and has sold his son for Rs 20,000 which should be a heinous crime. So is this a delinquent family and will the child be much better off in a family where he will be fed, educated and cared for? It seems that do-gooders think that poverty is a pardonable excuse for criminal behavior. They may be doing enormous harm. Children are the victims.    

Festival of taxes.

"India's wholesale inflation eased to a four-month low at 1.31% on an annual basis in August from 2.04% in July, as fuel prices turned negative and the pace of rise in food prices slowed." "Fuel and power saw a deflation in August, as against 1.72% rise in July, government data showed. Food prices, a key indicator, slowed to 3.26% in August from 3.55% in the previous month." ET. "Global oil benchmark Brent crude futures settled at their lowest level since December 2021 on Tuesday (10 Sept), after Opec+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine. Brent crude futures settled down $2.65, or 3.69%, to $69.19 a barrel." Reuters. Brent crude is trading at $73.43 this morning. oilprice.com. The retail price of petrol in the US was $3.180 per gallon on 16 September. eia.gov.  One US dollar buys Rs 83.77 this morning (xe.com) and one US gallon is about 3.8 liters  (unitconvertors.net). Therefore, the price of petrol in the US is around Rs 70 per liter. In comparison, the retail price of petrol in Delhi is at Rs 94.72 per liter. NDTV. The difference of nearly Rs 25 in the price of petrol between the US and India is because the Indian government increases duties and taxes to take advantage of any fall in the international price of crude oil. Taxes account for over 55% of the price of petrol and over 50% of the price of diesel. cleartax.in. Not just excise duties, the central government was collecting windfall taxes of Rs 1,850 per tonne on domestic crude (Mint). While windfall taxes on domestic crude and painful excise duties on imported crude nullified any gains for the people, taxes on cooking oil have been jacked up apparently to benefit our farmers. "India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said, as the world's biggest edible oil importer tries to help protect farmers reeling from lower oilseed prices." Customs duty was hiked by 20% to 27.5% on crude palm oil, soyoil and sunflower oil "as they are also subject to India's Agricultural Infrastructure and Development Cess and Social Welfare Surcharge". Duties on refined oils have been increased to 37.75% from 13.75%, a difference of 22%. HT. In a diktat, "The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty." ET. Only the government has the right to fleece citizens of India. At the same time they don't want prices to go up just before the festival season which started with Ganesh Chaturthi on 6 September, followed by Durga Puja on 9-13 October and then Diwali on 29 October. High costs of food and fuel will mean less spending on non-essential items like televisions, motorcycles and cars. And that will mean less collection of exorbitant taxes. Blood is finite. You can suck only that much.

The best chips.

A few days back, "Prime Minister Narendra Modi accompanied by his Singapore counterpart Lawrence Wong...visited a leading Singaporean semiconductor company and signed an MOU on India-Singapore Semiconductor Ecosystem Partnership." The government is to give a second $10 billion to Indian Semiconductor Mission (ISM), which is "a division within the Digital India Corporation tasked with furthering the country's semiconductor manufacturing, packaging and design capabilities." ET. ISM within DIC doing everything, managed by bureaucrats. Disaster looms. "In 21st century Bharat, the chips are never down. Today's Bharat assures the world that when the chips are down, you can bet on India," Mr Modi said. ET. CEOs of semiconductor industries "appreciated India's commitment to the growth of the semiconductor sector and said that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof." pib,gov.in. The US CHIPS and Science Act provides $52.7 billion for domestic research and manufacturing of semiconductors within the US, as well as "$174 billion in the overall ecosystem of public sector research in science and technology". wikipedia. In March, "The Biden administration...revised rules aimed at making it harder for China to access US artificial intelligence (AI) chips and chip making tools," while in October it banned "shipments to China of more advanced AI chips designed by Nvidia and other." Reuters. In January, "ASML has been ordered by the Dutch government to restrict shipment of some of its chip-making equipment to China, the company said." "ASML is known for its prowess in making lithography machines, which use light to print patterns on silicon." "Because of its dominance in the market, ASML has been cited by experts as a bellwether of the growing rift between China and the West over access to advanced technology." CNN. In March, Prof Raghuram Rajan said, "India needs to focus on more pressing needs, such as putting spectrometers into colleges to produce first rate science students, rather then wooing chip manufacturers with subsidies." He did not say that India should never make chips "but with every nation trying to pursue the same, it would be a ruinous race to get into." Moneycontrol. "If designs, wafers, machines and key chemicals all need to be produced within the same country to achieve true security, only a vast continental economy like the US - and maybe China and the EU - can obtain significant manufacturing independence, and only at tremendous cost," wrote Prof Rajan. "Today, India ranks as the world's third largest potato producing nation," which being "a cash crop provides significant income for farmers: the value of the 2005 harvest is estimated at $3.6 billion and exports totaled about 80,000 tonnes that year." Potaopro. Potatoes are easy to grow, easy to turn into chips and immediately create jobs. Potato chips will never be down.     

Waking up at last.

"Republican presidential candidate Donald Trump pledged...to conduct mass deportations of Haitian immigrants from the Ohio city of Springfield, even though the majority of them are in the United States legally. The city for days has found itself at the center of a social media maelstrom after right wing agitators latched onto false claims that Haitian arrivals were eating household pets." Reuters. "In a bold move that marked a major U-turn in immigration policy, the country of Sweden announced plans to offer up to US$34,000 in financial incentives to immigrants who would voluntarily return to their home countries. WION. In the UK, "Sir Keir Starmer has confirmed the Rwanda deportation scheme is 'dead and buried' on his first full day as prime minister." "Ending the scheme also leaves a question mark over the fate of 52,000 migrants earmarked for deportation." BBC. "Germany's migration commissioner proposed deporting to Rwanda migrants who arrive illegally to the European Union through its borders with Belarus, as Berlin contemplates measures to restrict refugees arriving in the bloc. The proposal comes after rising pressure on Germany's ruling coalition government to restrict irregular migration following a fatal stabbing linked to Islamic State at a city state last month." Reuters. "Germany's government announced plans to impose tighter controls at all of the country's land borders in what it called an attempt to tackle irregular migration and protect the public from threats such as Islamist extremism. Reuters. This could be the beginning of the end of free travel within the Schengen area encompassing 29 European countries  (wikipedia).  "The senate standing committee on overseas Pakistanis, chaired by senator Zeeshan Khanzada, was informed that employers in the Gulf region prefer hiring workers from countries like Bangladesh over Pakistan due to the 'deplorable standards' of Pakistani labor." "Pakistanis reportedly account for 50% of the crime rate among the labor force in the UAE." TOI. A report by the Minister of State for External Affairs Kirti Vardhan Singh "revealed that 216,219 Indians renounced their citizenship in 2023, slightly down from 225,620 in 2022. ET. "Between 2017 and 2022, 30,000 and 35,000 super-rich Indians, called High Net Worth Individuals or HNIs, left the country." "However, in 2023, only 6,500 HNIs left India. HNIs are individuals whose net worth is $1 million or more." The Print. "Indian students who have long sought education opportunities in countries like the United Kingdom (UK), Canada, Australia, and Netherlands, are now facing a growing number of obstacles." BS. Most are fake students planning to somehow stay out of India permanently. Countries are waking up to the dangers of immigration. Maybe it will be good for the climate (science.org). And reduce violence. 

Money more serious than murder.

"The Supreme Court granted bail to Delhi Chief Minister Arvind Kejriwal in the alleged Delhi excise policy case." "The Supreme Court's critical 2013 remark likening the CBI to a 'caged parrot' resurfaced...as the apex court emphasized the need for the agency to project an image of independence." ET. In Justice Bhuyan's opinion, "For 22 months, the CBI does not arrest the appellant but after the learned Special Judge grants regular bail to the appellant in the ED case, CBI seeks his custody. In the circumstances, a view may be taken that such an arrest by the CBI was perhaps only to frustrate the bail granted to the appellant in the ED case." Live Law. CBI is the Criminal Bureau of Investigation and ED is the Enforcement Directorate. ED is under the Department of Revenue, Ministry of Finance (enforementdirectorate.gov.in) and the CBI is "functioning under Dept of Personnel, Ministry of Personnel, Pensions & Public Grievances, Government of India." (cbi.gov.in). Thus both the investigative agencies are under the control of the Central government. In June, "Jharkhand High Court...ordered ex-CM Hemant Soren's release on bail after 149 days in custody, observing that 'none of the registers/revenue records' cited by ED in its land scam and money laundering probe 'bear imprint of the direct involvement of the petitioner'." After release Mr Soren said, "A story was concocted to keep me inside jail for five months." "At times I get worried at the way politicians, CMs, ministers, social workers, writers and journalists are being imprisoned at recent times in an effort to muffle their voices." TOI. In Kolkata, West Bengal, "On August 9, a 31-year old post-graduate trainee doctor was found dead in semi-naked condition in the seminar hall of state-run RG Kar Medical College & Hospital." She had been raped and murdered. Mint. In the early hours of 15 August "a group of miscreants broke through barricades, manhandling protesting doctors, and damaged hospital property, including the emergency building where the body of a woman doctor was found last week." TOI. "A video has surfaced on the internet which is a proof that the mob had vandalised the seminar room of RG Kar Hospital on purpose, to destroy evidence." "The video shows rioters talking among themselves, asking each other to move to the seminar room." Republic World. After taking over the case suo Motu, the Supreme Court asked protesting doctors to get back to work or face "disciplinary proceedings under relevant regulations". HT. Isn't it bloody marvelous? Chief ministers are held in prison for months on unproven charges while no hint of justice on the succession of rapes and murders in Bengal (gondwanauniversity. org.) with no convictions. Probably because, "Sirsa-based Dera Sacha Sauda head Gurmeet Ram Rahim, a convict in rape and murder cases, walked out of Rohtak's Sunaria jail...on a 21-day furlough," and "has been granted furlough for a total of 253 days through eight orders since Feb 7, 2022." TOI. Haryana had a BJP led government. India Today. Is India becoming a 'failed state' (wikipedia)? Partially at least. 

Something to boast about.

Gold "hedges against inflation, protects from risk and has a low correlation with equity. Yet, last month, gold prices surged to an all-time high of $2,530 per Troy ounce, defying expectations amid declining inflation and strong equity markets." There are many reasons for gold's rally. US bond yields and the dollar have declined in anticipation of a fall in interest rates. "In terms of gold, the dollar's value in August 2024 was merely 11.5% of its value in January 2000; the Swiss franc was marginally better at 21.3%." Also, "By the end of July 2024, China's central bank held 2,264 tonnes of gold," in an effort to de-dollarize its reserves, wrote Deepa Vasudevan. The Reserve Bank of India (RBI) has also been buying gold - 33 tonnes in 2022, 16 tonnes in 2023 and has added another 24 tonnes in the four months from January to April 2024. ET. India's gold reserves are eighth in the world at 840.76 tonnes. Forbes. On top of buying gold, "The RBI has moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24. BT. "Gold traditionally has an inverse relationship with stocks." So, experts "say gold and equities moving in conjunction is a central bank triggered phenomenon." "The current trend of gold buying is not limited to China. All central banks are stocking up on this asset." "They don't buy gold for short-term trading or profit-booking. It is either to safeguard their currencies, diversify their reserves or hedge geopolitical risks. Sometimes all of the above. This is what is making many market watchers nervous," wrote Abhishek Mukherjee. "Unlike most financial assets, driven at their core by currencies whose supplies can be, and are, continuously increased through a couple of keystrokes on central bank computers, supply of gold is limited and constrained." "There's a small, if fanatical group of 'experts' and financiers," who "argue that routes through which central banks can create near infinite money supply - by small changes in banking rules - 'debases' fiat currencies," and "that leaves gold - stable, trusted, liquid and non-fiat," Somnath Munkherjee. Indians buy gold as protection  against inflation and currency depreciation. "Roughly 25000 tonnes (or 22679618 kg) of gold are thought to be owned by Indian homes. More gold than the US, Switzerland, Germany, and IMF combined is held in reserve." DNA. "Most economists view India's faith in gold as an irrational and regressive remnant of a medieval past." "But Sane and Singh's research suggests that high inflation, a currency depreciation bias and limited avenues for asset diversification make gold a 'rational' investment for Indian households." And, "If gold were an 'irrational' investment, it would have led to gold divestments by central banks," wrote Pramit Bhattacharya. Indian citizens are richer than the US Federal Reserve. Something to boast about. Rational.  

The rich can afford it.

In the US, "Hiring fell short of forecasts in  August," as, "Payrolls rose 142,000 and job growth in the prior two months was revised down." "Job fairs overcrowded with disillusioned graduates are a stark reality check for bullish investors betting on India," and "For all the optimism that's luring investment from the likes of Apple Inc, the reality across most cities and villages is that the 'boom' just isn't creating enough quality jobs for the millions of people entering the workforce each year." ET. According to the US Department of Labor 142,000 jobs were added in August compared to 89,000 in July, while the unemployment rate fell to 4.2% in August from 4.3% in July. Mint. The consumer price index (CPI) inflation in the US came in at 2.5% compared to 2.9% in July, the lowest annual figure since February 2021. However, core inflation remained steady at 3.2% in August, the same as in July. TOI. In China, "producer prices dropped 1.8% against forecasts for a 1.4% fall. CPI rose an annual 0.6% in August and almost all of that was food, with goods prices up just 0.2%." Reuters. In India, the CPI inflation in August came in at 3.65% compared to 3.6% in July. It was 6.83% in August 2023. BT. The easing of CPI inflation is not a cause for celebration because the 3.65% rise is on top of the prices of last year thus compounding household expense and the lower figure is mostly due to base effect. The 'base effect' is a ratio derived from comparison to a previous number. If the previous number is high then the ratio of the difference will be low. wikipedia. Asian countries are increasing tariffs on Chinese products to protect their own industries. The Indonesian government "has raised tariffs to 100-200% on goods ranging from clothing to electronics". Malaysia, Thailand and even Pakistan are investigating how low-priced Chinese goods are harming their industries. At $17.963 trillion, China's gross domestic product (GDP) is second only to that of the US. worldometer. Yet, "China's total household consumption remains at just under 40% of GDP, compared with 60-70% in most developed countries." And the bursting of the property bubble means "industries such as construction, steel and cement have slowed, prompting Beijing to raise manufacturing capacity in the expectation that exports will keep the economy growing," wrote Rahul Jacob. "That said, the true price of the backlash against trade will not be paid by rich countries, which are, after all, already rich." "The most important, and least discussed, consequence of rising protectionist barriers is that low-income countries will find it more difficult to employ trade as an engine of growth." ET. "India's exports to China in 2023-24 stood at USD 16.65 billion, while imports aggregated at USD 101.75 billion, leaving a trade deficit of over USD 85 billion." ET. India sadly cannot levy tariffs on Chinese products because that will raise inflation and prevent the Reserve Bank (RBI) from pretending that it has brought inflation under control and start reducing interest rates. We depend on China. To boast of growth.    

Sunk cost and FOMO.

"India's stock market rally is ramping up its index weighting and creating a dilemma for global fund managers: sit back and watch as their relative exposure shrinks while the market grows, or buy in at increasingly eye-watering prices. Most find the latter uncomfortably risky." Reuters. "The Indian banking sector is facing challenges in attracting deposit growth due to increasing competition from mutual funds (MFs) and other alternative investment options." "Bankers across the sector have expressed concerns about the systemic risks," as "most MF investors are not conducting proper analysis and may face significant risks in the future if market cycles shift." ET. Markets in India have just opened and already the Nifty 50 is up 136.75 points to 25,055.20 points (NSE), while the Sensex is up about 346 points to 81,867.22 points (BSE). "With the capital markets at historic highs, startup IPOs are seen as exciting opportunities," and not just at listing, but, "In fact, out of the 10 best performing main board IPOs of this year so far, three belong to new age companies,..all of which have soared above 100% within just three months," wrote Abhishek Mukherjee. "In the last five years that the Sensex took to double to 80,000, retail investors have emerged as counterbalance to deep-pocketed foreign funds who have held sway on Dalal Street for decades." The Asset Under Management (AUM) for mutual funds has more than doubled to Rs 59 trillion from Rs 26 trillion in five years. TOI. "With their rising interest and participation in equity markets, small & semi-urban regions are becoming a big part of India's growth story. West Bengal's North 24 Parganas, home to the Sundarbans yet virtually unknown to many, has been among the biggest contributors of new stock market investors since Sept 2023." TOI. In the dotcom bubble, "merchant bankers did inflate that value of many dotcom companies with barely any business prospects, projecting a prosperous future to sell retail investors these shares at excessive valuations." "A similar scenario has unfolded in India in the 2000s." "Chartered accountants and merchant bankers play a crucial role in producing numbers that make these companies appear much stronger than they are," wrote Vivek Kaul. "Seven out of 10 individual intraday trades in cash segments made losses in the financial year ending March 2023, a study done by the Securities and Exchange Board of India (Sebi) revealed." ET. Why do Indians keep trading in the markets when they are making losses? "Naturally- occurring Ponzi schemes do arise," when "Investors, their confidence and expectations buoyed by past price increases, bid up speculative prices further...there by enticing more investors to do the same, so that the cycle repeats again and again," wrote Nobel Prize winning economist Robert Schiller. Investors are lured by past gains and are then compelled to go on playing the markets because of 'sunk cost fallacy' where the investor spends more money to reverse past losses (Investopedia). Why isn't anyone trying to stop people from gambling on stocks? Maybe because "The jobless rates for graduates was 29.1%, almost nine times higher than the 3.4% for those who can't read or write, a new ILO report on India's labor market showed." BS. They probably do not want these people out in the streets. Also, if this is a bubble, how can you gently puncture it without causing a collapse and massive losses for millions of Indians? They are terrified to try. Paralysed, like 'deer in headlights' (idioms). 

Enjoy the festivities.

"The Supreme Court (SC) on Monday (09 September) pulled up the West Bengal government over a 14-hour delay in registering a first information report (FIR) in the brutal rape and murder of a 31-year-old doctor at RG Kar Medical College in Kolkata, directed striking doctors across the state to resume their duties by 5pm on September 10," and "A bench headed by Chief Justice of India Dhananjaya Y Chandrachud emphasized that no punitive action would be taken against the doctors if they returned to work, but warned that continued absenteeism could result in disciplinary proceedings under relevant regulation." HT. An 'iron fist in a velvet glove' routine, first used by Emperor Nepoleon Bonaparte. Forbes. The ravaged body of the doctor was discovered on 9 August, protests started on 10 August, mocking the family and protesters, on 12 August, West Bengal Chief Minister Mamata Banerjee ordered the police to solve the case in 7 days, the same police which had tried to bribe the family and hurriedly burnt the body, thereby destroying evidence. On 13 August, the Calcutta High Court transferred the investigation to the Central Bureau of Investigation (CBI) but on 18 August the SC took suo Motu cognisance of the case. The Hindu. 'Suo motu' means 'on its own motion'. Collins. Why did the SC take over the case without being asked when, "At the end of 2023, the SC was saddled with 80439 pending cases." SCO. By March 2024, at least 24 cases were pending in the SC for over 30 years. SCO. Often litigants die before a verdict is reached. Perhaps, the Hon'ble SC should implement the principle of 'justice delayed is justice denied' (wikipedia) before reaching for suo motu. We are well into September, but the investigation has yielded no results so far, presumably because of the delay caused by the legal meandering. The people most enjoying the charade are the lawyers who charge exorbitant fees per appearance. Senior Advocate Kapil Sibal is representing the West Bengal government in the case. HT. Why? No one is alleging that any official of the government committed the rape and murder so why is the government the defendant? Mr Sibal charges Rs 800,000 to Rs 1.5 million per appearance. Law Prep Tutorial. Paid by our taxes. "The bench was also informed by Sibal, the Bengal government's lawyer,...two dozen people had lost their lives as a direct result of the doctors' strike in the state." Really? How did he arrive at the cause of death? Perhaps, Mr Sibal can provide us with the mortality figures for the same period in previous years and, if not, the court should charge him with perjury. Of course, that will not happen. "On 14 September 2020, a 19-year-old woman was gang-raped by four men in Hathras, in Uttar Pradesh." She died. In that case as well the victim's body was burnt by the police at 2.30 am without consent or knowledge of the family. Three of the accused have since been found innocent while the fourth was found guilty of manslaughter. wikipedia. In further arrogant mockery, "Bengal CM Mamata Banerjee invoked the state's Durga Puja economy...while urging people to 'return to festivities' after a month of protests." TOI. She knows she has won. The Mother's Puja starts on 9 October. With a human sacrifice on 9 August. The Indian State is the executioner. 

Growth, at any cost.

In the US, "The Klamath River is free of four huge dams for the first time in generations." "Removing the dams has been a rocky road, thanks to the number of tribal, local, state and federal stakeholders, and the cost of removal - estimated at $450m." "Between 2018 and 2021 seed collections crews - many of them tribal elders - were hired to harvest native seeds, by hand," and "A total of 18 billion seeds were propagated - more than 66,000lbs (30,000kg) worth." BBC. "According to the non-profit advocacy organisation American Rivers, 2,119 dams were removed in the United States between 1912 and 2023. The peak year was 2018, which saw 109 removals." wikipedia. In August, "Massive landslides in Kerala's Wayanad have claimed at least 308 lives," "While the catastrophe left about 200 injured, another 240 were missing." ET. "The absence of forest cover and large trees replaced by plantation crops may have exacerbated the impact of continuous rainfall that triggered the landslides in Kerala's Wayanad." HT. "Road projects cutting through hillsides are common. Rock quarries are proliferating along these construction sites to provide construction materials. This is leading to a gradual crumbling and weakening of the hills," said Western Ghats expert and ecologist Madhav Gadgil in 2021. "Reports of residents protesting against the 'gradual sinking' of Joshimath emerged on 24 December last year." HT. "Joshimath is a village in Chamoli district in the Indian state of Uttarakhand. It is located at a height of 6,150 feet" in the Himalayas. rural.touris.gov.in. "A construction boom with scant regulations, often under the pressure of burgeoning tourism, finds echo across the Himalayan region." "Then there are big infrastructure and power projects." "As many as 650 hydro projects are underway across the Himalayas and Hindu Kush region, many close to glaciers or glacial lakes and seismically active zones." Construction is booming in India as, "About 15,68,281 residential units were under construction in the top seven tier-1 cities between April and September 2023, as per Liases Foras Research." "The boom in construction is great news for sectors that feed the industry - such as steel and cement. And it creates jobs mopping up the workforce at the bottom of India's labor pyramid," wrote Madhurima Nandy. Providing jobs to the bottom of the pyramids is great for winning elections. So, "In rural areas, illegal sand mining is the hottest new cash rich job for the youth. The career path is well laid out - from starting out as drivers to becoming gang lords." The Print. It is also a disaster for the environment. "Sand mining threatens the survival and persistence of endangered riverine species like the gharial crocodile, freshwater turtles, otters, river dolphins and waterbirds." Wildlife Conservation Trust. Governments cannot give up on economic growth. "Yet, today, there is a burgeoning 'post-growth' and 'degrowth movement." "Degrowth remained on the fringes of the fringes for decades, until increasing awareness about global warming percolated into public debates in the early aughts." ET. In India, politicians boast of economic growth as being good for the poor. Even if the poor suffer the most from climate change. Life is cheap.

Unwanted Indians.

"Back-to-back developments in the past few days show how the future may see radical rebalancing of global technological power as China tries hard to defend its semiconductor, or chips, industry while India takes bold steps to create its chips ecosystem." "China's semiconductor market size was estimated at $180 billion in 2023." While, India's semiconductor industry may grow to $109 billion by 2030 from $38 billion in 2023. "Foreign direct investment in India jumped 47.8% to $16.17 in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at $10.94 billion in April-June 2023." BS. "India's stock market rally is ramping up its index weighting and creating a dilemma for global fund managers: sit back and watch as their relative exposure shrinks while the market grows, or buy in at increasingly eye-watering prices. Most find it increasingly risky and are seeking alternatives." Reuters. While India is trying to gain from the obstructions facing China, "Tech companies cut jobs at a rapid pace in August 2024 as more than 27,000 employees in over 40 companies, including big names like Intel, IBM, and Cisco, announce layoffs. In 2024, more than 136,000 tech workers have been laid off by 422 companies." HT. Worse, "The Indian placement story is out," and "at the hallowed IIT Bombay, which has managed to place just 75% of its students through the campus recruitment process this year." The lowest package is Rs 400,000, from Rs 600,000 earlier. TOI. Concentrating on tech, "India is missing a crucial opportunity to take advantage of the gap left by China's withdrawal from labor-intensive manufacturing sectors such as textiles, apparel, leather and footwear, according to a new report from the World Bank." BS. "In accordance with a repatriations agreement reached with the US in July, Panama ... deported 130 irregular migrants from India. They had infiltrated the nation through the hostile Darien jungle." HT. "Indian students, in particular, have increasingly chosen destinations such as the US, Canada, Australia, and several European nations including the UK." "Recently, several countries have tightened their immigration policies, creating additional obstacles for students pursuing education abroad." TOI. Surely, immigration policy is for people who are to stay permanently while students should return to their home countries after completing their degrees. "Just a few years ago, getting admitted to a college in Canada would create a smooth pathway to a work permit and then permanent residency." ET. Clearly, the so-called students are fake and are conning the system to settle abroad with no intention of studying. In May several Australian universities banned 'students' from Punjab, Haryana, Gujarat, Uttarakhand, Uttar Pradesh, and Jammu and Kashmir." Meridian Overseas. Over 6,000 postgraduates, 40,000 graduates and 120,000 class 12 pass candidates applied for jobs as sweepers in government offices in Haryana. TOI. Why should other countries allow India to sweep those who cannot be employed here? Jobs now, chips later.   

Please stay in Delhi.

The 2024 general elections in India were held in April-June and the results were announced on 4-5 June. wikipedia. Since then Prime Minister Narendra Modi has visited Italy (13-14 June), Russia & Austria (08-10 July) and Poland and Ukraine (21-24 Aug). pmindia.gov.in. And again, "PM Modi arrived in Delhi on Thursday (05 Sept) after concluding his three-day visit to Singapore and Brunei". NDTV. Within India, Mr Modi visited Andhra Pradesh & Odisha (12 June), Uttar Pradesh & Bihar (18-19 June), Jammu & Kashmir (20-21 June), Maharashtra (13 July), Ladakh (26 July), Kerala (10 Aug), Maharashtra & Rajasthan (25 Aug) and Maharashtra again on 30 Aug. pmindia.gov.in. While we deeply appreciate Mr Modi's tireless traveling for the nation, the question is, "Who is running the country while he is absent from his office in Delhi?" "At least six people were killed in the Jiribam district of strife-torn Manipur yesterday, officials aware of the matter said." HT. "Suspected tribal militants launched rocket attacks in Manipur's Bishnupur district on 05 September," "One rocket landed in the home of the state's first chief minister Mairembam Koireng, killing 70 -year-old priest RK Rabei." TOI. "Armed militia groups in the conflict-ridden state of Manipur likely used 'impact explosives' attached to expensive drones that can fly at higher altitude to drop the bombs, security officials said." HT. Since 2021, after an army coup removed the elected government, Myanmar has been embroiled in a civil war in which thousands have been killed and even more displaced. wikipedia. "Modi government has decided to construct a fence along the entire 1643 kilometer long Indo-Myanmar border." pib.gov.in. "In the past 32 months, 70 people, including 52 security personnel and 18 civilians have been killed in terror incidents in Jammu region." As Jammu has been more peaceful than the Kashmir Valley, this could be part of a broader Pakistani strategy. DH. Since the brutal rape and murder of a doctor at RG Kar Medical College in Kolkata on 9 August (wikipedia), "The protests in West Bengal, initially sparked by junior doctors demanding justice, have escalated into widespread agitation involving people from all walks of life." TSG. Across the border in Bangladesh, after an army coup ousted Sheikh Hasina from power, the militant Jamaat-e-Islami is rapidly gaining power. HT. "A class-12 student named Aryan Mishra from Haryana's Faridabad was chased and shot dead by members of a cow vigilante group on August 23 near Haryana's Ghadpuri. The incident occurred along the Delhi-Agra highway where the accused chased the victim's car for 30 km." HT. All these incidents may seem isolated but taken together they threaten the external and internal security of India. While Mr Modi's regular "Mann ki Baat" (Ideas of the Mind) (pm india.gov.in) are very enlightening for 'we the people', we would feel safer if Mr Modi would address all these conflicts and take concrete steps for their resolution. Unnatural deaths are scary. 

Educated sweepers.

"India Inc is in a sweet spot." Because of "The economic tailwinds and improving industry conditions," "rising cash flows, prudent balance sheets and falling leverage." "We forecast aggregate earnings before interest, tax, depreciation and amortization (Ebitda) for rated Indian companies to grow 10% in 2024, driven by telecoms, airports, commodities and chemicals," wrote Abhishek Dangra & Neel Gopalakrishnan. In September 2019, the corporate tax rate was reduced to 22%, so that the effective tax rate came down to 25.17% inclusive of surcharge and cess. The tax rate for new manufacturing investment was reduced to 15%, the effective tax rate coming to 17.01%. pib.com. In FY 2023-24, gross corporate tax collection was Rs 11.32 trillion while the net corporate tax collection was Rs 9.11 trillion, compared with gross personal tax collection at Rs 12.01 trillion and net at Rs 10.44 trillion. pib.gov.in. Because of the cut in corporate tax rate, "Over the last five years, the revenue forgone stood close to Rs 9 trillion." But this has not increased investment. "Gross fixed capital formation (GFCF), a key indicator of investment, grew at an average rate of only 1.4% from 2019-23." Corporate profit to GDP ratio jumped to 3.8%, the highest in 15 years, while private consumption growth at 4.4% in 2023-24 was the slowest rate in two decades, wrote Salman Soz. It follows that salaries of CEOs have risen exponentially. Infosys CEO's compensation is "nearly 700 times that of the median remuneration in the company," while former Wipro CEO's was 1,702 times that of the median worker remuneration. TOI. "The immediate consequence of the 2019 tax breaks was a sharp decline in the effective tax rate to 22.5% in 2019-20 from an average of 29% in the preceding year." "The incentives would have been justified had they led to job creation or more investment. Neither happened. Not only did the private sector reduce its employee costs as a proportion of sales, its profit share rose sharply," wrote Prof Himanshu. Not at all, say TV Mohandas Pai & Nisha Molla. In 2022-23, the gross total income (GTI) of individuals was Rs 62.4 trillion, or 21.1% of gross domestic product (GDP), while the GTI of corporates was Rs 38.3 trillion, or 13% of GDP, but corporates paid Rs 7.2 trillion in taxes while individuals paid Rs 6.8 trillion. In the Budget 2024, the capital gains taxes on short term gains was increased to 20% from 15% and on long term gains to 12.5% from 10%. cleartax.in. Inflation indexation on the sale of real estate was removed but was reinstated for all properties purchased before 23 July 2024. ET. Why is the government punishing the middle class? Because "as the Economic Survey of 2022-23 had pointed out, more than 300 direct benefit transfers schemes are run by the central government and more than 2,000 by state governments." So income tax collections have gone up from 2.4% of GDP in 2018-19 to 3.5% in 2023-24 and will rise to 3.6% in 2024-25, wrote Vivek Kaul. Necessary to bribe the vote bank to win elections. However, taxes on income reduce disposable income, which reduces consumer spending and, reduced consumer demand, makes it unprofitable for businesses to invest in new capacity. Which means no new jobs. And so, 46,000 post graduates, 6,000 graduates and 120,000 with Class XII schooling have applied for jobs as sweepers in offices of the Haryana Government. BT. Taxes on income become taxes on jobs. Fruitless. 

Real mindset.

"The quick acceptance of the 2023 Hindenburg report by several Indians raises and important question: Why do foreign analyses command such respect and authority among Indian citizens and possibly even institutions?" Such an attitude reflects a colonial mindset, wrote Shishir Priyadarshi. Mr Priyadarshi is a former director of the WTO and so may be unaware that around 50% of India's population was below the age of 25 years and 65% was below 35 years in 2022. wikipedia. It means that the vast majority of Indians were born well after Independence. It's not that Indians have blind faith in foreigners, it's that Indians have absolutely no faith in their own leaders. "As many as 251 (46%) of the 543 newly elected Lok Sabha members have criminal cases registered against them and 27 of them have been convicted, according to...Association if Democratic Reforms." BS. In April 2021, a Gujarati newspaper counted the number of people dying of Covid. "On the night of 16 April, the journalists drove 150km (93 miles) around Ahmedabad and visited 21 cremation grounds. There they counted body bags and pyres, examined registers, spoke to cremation workers, looked at 'slips' which assigned the cause of death, and took photographs and recorded videos." "At the end of the night they had counted more than 200 bodies. But the next day, Ahmedabad counted only 25 deaths." BBC. In July 2021, "Indian tax authorities have raided the offices of two prominent media outlets (TV channel Bharat Samachar and newspaper Dainik Bhaskar) that have been critical of the government's response to coronavirus." "The homes of the employees have also been raided, and many have had their mobile phones seized." BBC. In January 2021, Hindenburg Research accused the $218 billion Adani Group of "brazen stock manipulation and accounting fraud scheme over the course of decades." The Securities and Exchange Board of India (SEBI) found nothing against Adani and instead issued a 'show cause' notice to Hindenburg. In August 2024, Hindenburg reported that "Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal."  Ms Buch described the allegations as "baseless" and "character assassination". HT. Suddenly a flood of revelations against Buch. Buch worked at ICICI Bank while holding a full-time post at Pacific Capital, a private equity firm. pressreader. Ms Buch apparently continued to be paid by the ICICI Bank even while she was working at SEBI in contravention of government rules, alleged Congress Party. DH. Officials working at SEBI have complained that "Shouting, scolding and public humiliation have become a norm at meetings." ET. "The parliamentary Public Accounts Committee (PAC) is set to look into allegations against SEBI chief Madhabi Puri Buch." ET. So, is this an attempt at a cover up, or will Ms Buch be sacrificed to prevent any questions about how high it goes? "This is not an Adani issue, this is a 'MODANI' issue. The real issue is the relationship between PM Modi and Adani," said Congress MP Jairam Ramesh. Mr Priyadarshi's may be trying to demonstrate his 'patriotism' by accusing Indians of possessing a  "colonial mindset" but Indians have a healthy incredulity about our "Godi Media" (wikipedia). When you fear your fascist government, you look to foreign reports. That's the real mindset.    

A true friend.

"The volume of India's petroleum exports to key European markets rose by a staggering 2,53,788 percent between 2018-19 and 2023-24, driven up first because of pandemic induced logistical factors, and then sustained at very high levels following Russia's invasion of Ukraine in early 2022." In value terms, "This translated to $5.9 billion worth of imports from India in 2018-19, which grew to $20.5 billion in 2023-24 - a nearly 250% increase." The discrepancy is because oil prices plummeted during the pandemic. The Print. "Russia's trade with India is booming and bilateral payments are proceeding smoothly...Anatoly Popov, deputy CEO of Russia's largest lender, Sberbank, told Reuters." "Sberbank handles payments for up to 70% of all Russian exports to India. Russia's trade to India nearly doubled to $65 billion in 2023." TBS. "India overtook China as the world's biggest importer of Russian oil in July," as, "Russian crude made up a record 44% of India's overall imports last month, rising to a record 2.07 million barrels per day (bpd), 4.2% higher than in June and 12% more than a year ago." Reuters. "India imported crude oil worth $132.40 billion in 2023-24 compared to $157.50 billion spent in 2022-23." Thus saving $25 billion of foreign exchange in FY 24. HT. India has been profiting hugely from Russia, even as "Independent Russian media outlet Mediazona said...according to its estimates more than 66,000 Russian military personnel have died during the war in Ukraine." NDTV. But, China has been profiting from India although Russia is our "all weather friend" (BS) and China is our greatest enemy (Rediff). "India was poised to take advantage of the China+1 strategy as global manufacturers looked to pivot from China after the pandemic." But, "India's dependence on Chinese imports - which has been growing twice as fast as overall imports - for components for smartphones, solar panels, and medicines is now a 'reality check for American policymakers." Because China is using Uyghurs as forced labor. The Print. "India is missing a crucial opportunity to take advantage of of the gap left by China's withdrawal from labor intensive manufacturing sectors such as textiles, apparel, leather, and footwear, according to a new report from the World Bank." In fact, "India's share of global apparel exports has decreased from 4% in 2018 to 3% in 2022," and overall merchandise exports "fell to $437.06 billion in the fiscal year ending March 2024, down from $451.07 in the previous year." BS. "India's trade in goods and services has been declining as a percentage of gross domestic product (GDP) over the past decade despite its economic heft," and "the country is losing out to rivals like Bangladesh and Vietnam as low-cost manufacturing hubs, the World Bank said." DH. India's overall exports (merchandise+services) in 2023-24 increased to $776.68 billion from $776.40 billion in 2022-23 but overall imports fell from $898.01 billion to $854.80 billion, so that overall trade deficit fell from -$121.62 billion to -$78.12 billion. pib.gov.in. Our deficit could have been really painful. If not for Russia. A friend in need etc. (dictionary).

Advisor's advice.

"India's monetary policy framework should consider targeting inflation that excludes food, the prices of which are influenced more by supply than demand, the government's 2023-24 Economic Survey said." "Annual retail inflation rate rose to 5.08% in June due to a sharp rise in food prices but demand-driven core inflation, which leaves out food and fuel prices, was around 3%." ET.  The Reserve Bank of India (RBI) has a mandate to target consumer price index (CPI) inflation at 4%, with a margin of 2% on either side, till 31 March 2026. ET. 'Core inflation' excludes food and fuel prices because they are too volatile and fluctuate wildly because of variation in supplies. Investopedia. The RBI cannot influence supplies of food and, therefore, should not be responsible for controlling high prices of food. Short term interest rates effect demand-induced rise in prices and is ineffective when prices are driven by supplies. If retail inflation is brought down by low food prices when core inflation is high the RBI will be expected to raise its policy rates, so when core inflation is low and food prices are high policy rates should fall, argued Chief Economic Advisor V Anantha Nageswaran. The CEA makes a very interesting point when he writes, "Indeed, it is conceded that fiscal policy has a large role in inflation management. If so, that begs the question of whether fiscal authorities should be part of the decision making process." The Ministry of Finance is the sole authority for preparing India's annual budget. The 2024 Budget estimates total receipts other than borrowing at Rs 32.07 trillion and total expenditure at Rs 48.21 trillion. "The net tax receipts are estimated at Rs 25.83 trillion and the fiscal deficit is estimated at 4.9% of GDP." Gross market borrowing will be Rs 14.01 trillion and net will be Rs 11.63 trillion. pib,gov.in. A summary of the budget states, "New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation," "In the next two years, 10 million farmers across the country will be initiated into natural farming" and "Rs 1.52 trillion for agriculture and allied sector announced for this year." pib.gov.in. Since the government is the largest borrower by far it sucks liquidity from banks and raises lending rates. "Liquidity in the Indian banking system steeply declined to Rs 0.95 trillion from a high of Rs 2.86 trillion, according to a research report by the Union Bank of India." TOI. "After reverses in the general election and facing possible losses in state polls this year, Indian Prime Minister Narendra Modi's coalition has stepped up cash handouts, debt waivers and other freebies, although he has previously criticised the policy." The Print. More cash in the hands of people should increase demand and push up prices. So, higher interest rates increase the cost of government borrowing and may induce greater discipline in spending. "The Monetary Policy Committee (MPC) of the RBI is to be reconstituted soon," and "These members are appointed by the government for a term of four years," wrote Madan Sabnavis. The government should abolish the MPC and monetary policy should be set by the Finance Ministry. As advised by the CEA. 

A class action suit.

Did Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch formally recuse herself from "SEBI's investigation of the offshore entities used by the Adani Group to allegedly manipulate its stock prices"? A SEBI board member has anonymously revealed that "Buch, in fact, oversaw SEBI's Adani probe because it was ordered by the Supreme Court." The Wire. On 10 August, short-seller Hindenburgh Research reacted to SEBI's 'show cause' notice by further revealing, "Whistle-blower documents show that Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal." Ms Buch denied Hindenburg's allegations, terming them "baseless" and an attempted "character assassination". Mint. In a breach of SEBI rules, "According to the documents cited by Reuters, Agora Advisory Pvt Ltd in which 99% of shares are held by Madhabi Buch, earned Rs 37.1 million in seven years." Outlook. An old proverb says, "It needs a hundred lies to cover a single lie". Dictionary. "Separately, the SEBI is also facing criticism from some aggrieved shareholders for its role in the merger between ICICI Bank Ltd and ICICI Securities, a subsidiary in which the lender owns almost 75%." Now, "More than 100 public, non-institutional investors have come together in what is still a novelty for the Indian securities market: a class-action suit." As "aggrieved shareholders claim that a skewed swap ratio has cost their class of investors more than $200 million. In a raging bull market, the bank is helping itself to the broker's 116 billion rupee ($1.4 billion) pile of cash and short-term investments on the cheap." ET. "Congress spokesperson Pawan Khera on Monday (yesterday) alleged that Buch continued to draw a salary from ICICI Bank while she was at SEBI which, according to him, represents a serious breach of ethics and accountability in public service." ET. As well as a serious conflict of interest. "In theory, regulatory bodies such as SEBI operate independently, uphold high ethical standards, and resist influence." "Constitutional independence alone though, is not enough. Independence must be bolstered with mechanisms to guarantee strong public accountability, and transparency. The role of stakeholders and whistle-blowers  must be stepped up as a check and balance on regulatory governance standards allowing the reporting of unethical practices without fear of retaliation," wrote Udaibir Das. Das is asking for the centuries old Latin saying, 'Quis custodiet ipsos custodes,' which means 'who will guard the guards themselves'. "Publicity is the very soul of justice." iclr.co.uk. Not going to happen in India. We still don't know how many millions died due to Covid. The government counts several hundreds. BBC. When, hundreds of dead bodies were floating down the holy River Ganga and crematoriums had run out of space. BBC. What is the point of rising to high positions if you have to explain yourself? Issue a show cause notice. Case closed.     

Dream of a job.

There are at least 91 Indians who were apparently forced or duped into serving as soldiers in the Russia army fighting in Ukraine. At least nine such Indians have been killed in the conflict so far. The Wire. But only three men of Indian origin are fighting for the Ukrainian army and they are apparently fighting to save their homeland. They went from India as adults and were not born there.The Week. That's loyal. "At least 47 Indians, who were trapped in 'cyber scam centers', have been rescued from Bokeo province in Laos, the Indian Embassy in the Southeast nation said. So far, the Indian mission has assisted in rescuing 635 Indians from Laos and ensured their safe return home." HT. In 2022, the nominal GDP of Laos was over $15.724 billion and the GDP per capita was $2,589 billion. Worldometer. However, the real GDP was higher at over $19 billion, which would suggest severe deflation (Investopedia). "The Indian embassy in Myanmar has announced that 21 Indian victims have been released from the Dongmei scam center in Myawaddy." Six Indians were released on 20 August and one was released on 12 August. ANI. In 2022, the nominal GDP of Myanmar was over $59.364 billion and real GDP adjusted for inflation was much higher at over $73 billion, again indicating severe deflation. GDP per capita is a mere $1,358. Worldometer. India's nominal GDP in 2022, on the other hand, was over $3.385 trillion while the real GDP was about $2.955 trillion. Worldometer. Why would people living in a $3 trillion-country seek work in countries trapped in deflation, which would signal economies in recession and high unemployment (Forbes), when the "Indian Economy is slated to grow to $55 trillion by 2047,...said Krishnamurthy V Subramanian, executive director, International Monetary Fund (IMF)." (BS). Because, India's GDP per capita was just $2,073 in 2022 and, in July 2024, "A recruitment drive for airport loaders led to a stampede-like situation in Mumbai. More than 25,000 applicants turned up for a shot at the 2,216 vacancies, and the staff of Air India Airport Services Limited struggled to manage the massive crowd." NDTV. To make matters worse, "That smooth path to the Canadian dream has been disrupted as Canada struggles with unemployment and a sluggish economy." This would mean "deportation for thousands of students". ET. "Visa applicants from Punjab, Gujarat and Haryana seeking to pursue higher studies in foreign countries like Canada and Australia are now facing higher rates of rejection," "mainly because these countries, along with others like the UK, have tightened rules and students from specific Indian states are facing greater scrutiny." The Print. In July, "India will soon become the third largest economy, Prime Minister Narendra Modi said." DH. So what? Will it stop Indians risking their lives for any sort of job? A job, any job, is the dream.