Only two exceptions.

 "Three months after CJI Surya Kant's 'cockroach' remark sparked a storm and gave birth to Cockroach Janta Party,... Supreme Court...sought responses from government and CBI on a PIL (public interest litigation) against those who commercially exploited the remark through clever editing of virtual court proceedings and draped it with a meaning that was never intended." TOI. "The Central Bureau of Investigation (CBI) is the domestic crime investigating agency of India" wikipedia. Surely, CJI Surya Kant knows exactly what he said and what he meant? How are the government and CBI going to read his mind? "There are youngsters like cockroaches, who don't get any employment or have any place in profession. Some of them become media, some of them become social media, RTI activists and other activists and they start attacking everyone," are the exact words quoted in TOI. This is mainstream media and the meaning seems quite clear. The government's own, "The Periodic Labour Force Survey (PLFS) 2025 annual report shows that 25% of India's youth (15-29 years, Gen Z) fall into the 'Not in Education, Employment or Training' NEET category. These youth are idle, doing nothing. Further, the unemployment rate, which counts those actively seeking employment" was 11.8% among graduates and 11.3% among post-graduates, wrote Subhash C Garg. "Shockingly, 40% of all youth (15-29 years) in the workforce are unpaid family labor. In 2024, about 28 million unemployed youth were looking for jobs; and about 100 million educated youth (mostly women) have stopped looking," wrote Profs Santosh Mehrotra & Jajati Parida. Whose fault is it that the economy produces no jobs? Is there no sympathy for the millions of young people looking at an empty, frustrating, blighted future? In May 2013, "A packed New Delhi courtroom sat in rapt silence this week as an irate Supreme Court judge denounced the elite CBI as 'caged parrot' and 'it's master's voice'." And "Justice RM Lodha loudly berated the attorney-general, the government's top lawyer, for what he said was clear evidence of interference in a CBI inquiry." Reuters. During the Emergency (1975-1977), "In what is now widely regarded as one of the most courageous judgments in Indian judicial history, Justice HR Khurana held that even during an Emergency, no person could be deprived of life or liberty without legal justification. He asserted, 'The question is not whether personal liberty can be restricted, but whether the rule of law can be entirely silenced.' He categorically stated that even the President could not suspend the rule of law or legal remedies guaranteed under the Constitution." He was denied promotion to Chief Justice even though he was the senior most judge. Law Trend. In August 2017, the Supreme Court "overruled 'expressly' the four-decades old controversial Emergency era verdict by which citizens were denied the right to approach a court to challenge detentions during the proclamation." FE. And yet, today, without declaring an Emergency, people are detained for years under the notorious Unlawful Activities (Prevention) Act (UAPA) without any evidence of wrongdoing. "For all India figures, we have 2% to 6% conviction, meaning thereby that there is a 94% to 98% possibility of acquittal in such cases in the country. In so far as the Union Territory of Jammu and Kashmir is concerned, the annual rate of conviction is always less than 1%," observed Justices BV Nagarathna and Ujjal Bhuyan in May 2026. In July, when a lawyer approached the Supreme Court on the matter of police brutality against unarmed protesters, a bench headed by Chief Justice of India (CJI) Surya Kant told the lawyer, "Don't waste our time, and don't waste your time." When the lawyer offered to show videos as evidence he was told, "We are not interested in videos; we don't have time to watch." HT. Incarceration for years without evidence is fine, but there is no time for real evidence. Justice Khanna and Justice Lodha had the guts to stand up for principles and the dignity of law. They should not be held up as exceptions. Sadly, they are.          

From $3,000 to $14,000 in 20 years.

"According to Amitabh Kant, former CEO of NITI Aayog, India needs to grow at around 9% annually if it is to become a developed economy by 2047." Compounding at 9% per year the economy will double in size every eight years, and we need to attract at least $180-200 billion in foreign direct investment annually, but that will need predictable policies. "Uncertainty over taxation, customs procedures, regulatory decisions, dispute resolution and approvals can affect the economics of long-term investment." CNBCTV18. As per the World bank's classification, a developed, or high income, country is one with a gross national income (GNI) per capita of over $13,935 per year. India's GNI per capita was just $2,760 in 2025. Bangladesh was higher at $2,840, but Pakistan was much lower at $1,500. World Bank. "Foreign investors see impressive things in India." "Yet India remains a paradox: It can attract much more foreign investment, but it will not." "A TeamLease report found that setting up a stand-alone solar plant requires 2,735 compliances. Almost 40% of these are labor related." Firing workers is difficult. So, India needs labor reforms. But, "Reforms create losers in the short run, while benefits accrue only later."As Jean Claude Juncker said, "We all know what needs to be done. We just don't know how to get re-elected after doing it," wrote, Swaminathan Aiyar. Policy decisions should not be based on a whim. "India's disastrous demonetization in 2016 offers a striking example. With barely four hours' notice, 86% of the country's currency in circulation ceased to be legal tender." "The economic damage was enormous: markets were thrown into disarray, India's economic growth slowed for four years and youth unemployment surged to 26%," wrote Prof Kaushik Basu. To attract foreign exchange, "The Reserve Bank of India (RBI) unveiled a package centered on foreign-currency deposits from non-resident Indians." "The RBI also introduced incentives aimed at external commercial borrowings." These are short-term measures so the government is considering increasing foreign direct investment (FDI) from Rs 50 billion to Rs 150 billion without Cabinet-level scrutiny. "Foreign investors have long argued that India's dispute-resolution architecture is less attractive than competing destinations. The government is now examining changes that could make the investment regime more investor-friendly." ET. But why has it taken a possible currency crisis to agree to rules for fair trade? Why didn't we learn in 2021 when, "In a setback to India, Britain's Cairn Energy has secured a French court order to seize some 20 government properties in Paris to recover a part of the USD 1.7 billion due from New Delhi following an arbitration panel overturning levy of retrospective taxes." NDTV. Since oil is priced in dollars, a higher price of crude will cause a higher outflow of foreign exchange and a weaker rupee. That is why the government is discussing how to be reasonable. There is also China. China had a stockpile of 1.3-1.5 billion barrels of oil, and responded to the supply shock due to the Iran war by "sharply cutting crude imports, restricting exports of refined fuels and drawing on domestic inventories." "June deliveries plunged more than 41% from a year earlier to 7.12 million barrels per day (bpd)," which "allowed the global economy to absorb the loss of over 13 bpd of Middle Eastern exports." ET. China helped us by keeping the price of oil down. But what if China increases buying to replenish its oil stores, in addition to its daily imports? The Indian government has to understand that it has to obey rules if it wants foreigners to invest here. Cannot reply with pellet guns on foreigners as they did on Indian students (NDTV). Be trustworthy. If you can. 

John Kennedy you are not.

"Prime Minister Narendra Modi urged graduating engineers at IIT-Delhi...to measure their careers against the country's needs rather than salary slips or startup valuations, telling students that 'the basis of every decision of yours should be what the benefit to the country will be'." HT. Shouldn't the PM set an example? "PM Modi's foreign visits have incurred over Rs 5.57 billion in expenditure since 2021, the Centre informed the Rajya Sabha, with nearly Rs 1.87 billion spent in 2025 and Rs 745.8 million so far in 2026." TNIE. Mr Modi should enjoy foreign junkets, while the young should serve for nothing. "And so, my fellow Americans: Ask not what your country can do for you - ask what you can do for your country," said President John F Kennedy on 20 January 1961. shapell.org. If Mr Modi is trying to be Kennedy, perhaps he should remember that Kennedy enlisted in the US Navy during World War II. "Commanding the Patrol Torpedo Craft (PT) 109, Lieutenant, Junior Grade, John Kennedy participated in the early campaigns," and "On August 2, 1943, as PT 109 was running silent to avoid detection it was struck by Japanese destroyer Amagiri." PT 109 was cut in two and the crew thrown in the water. Kennedy towed injured crew member Mc Mahon 4 miles to a small island. jfklibrary.org. While Kennedy risked his life for his nation, early this month the Delhi Police fired pellet guns at unarmed protesters, blinding some permanently (BBC). Mr Amit Shah, Home Minister since 2019, "hasn't undertaken any foreign visits, neither official nor personal." "According to Shah's website, he hasn't gone on a foreign visit since 2006. It doesn't, however, say which country or countries he had visited before 2006." The Telegraph. While asking students to sacrifice for the country, India's "Education accounts for 4.1% of GDP and 14.2% of public expenditure, down from 15.7% in 2015 and below UNESCO's 15% benchmark." "The funding situation in education becomes more conspicuous as it trails behind in terms of secondary school completion as well." The rate for Classes IX-XII is at 51% compared to the target figure of 84%. ET. "Academic and research freedom in Indian educational institutes and universities is at its lowest since 1900, even below the Emergency years between 1975 and 1977, an international ranking has highlighted." India ranks below Pakistan, Iraq, Sudan, Syria and Yemen. The Print. In September 2025, "Five years after the implementation of National Education Policy (NEP) 2020," "The recently published PARAKH (Performance Assessment, Review, and Analysis of Knowledge for Holistic Development) 2024 survey report, has highlighted significant learning gaps among students in different grades in all subjects, including science. The average scores of class 9 students were only 40% in science and 37% in math," wrote Anuradha De & Amarjeet Sinha. "According to the India Employment Report 2024, the youth make up 83% of the total unemployed." There is a huge demand for coaching centers to prepare for government jobs or elite institutions. "It is an industry worth an estimated $10 billion." And yet, in Maharashtra, "it was revealed that there are 300 colleges, fully funded by the state, that receive zero applicants. These colleges receive grants for staff and faculty salaries but have no students," wrote Ajit Ranade. Clearly, some in the government are pocketing huge sums without accounting for them. When asked how Abhijeet Dipke, leader of the Cockroach movement, financed his studies in the US, he said, "I am ready to show documents related to my education loan and the scholarship letter. I also request Modi to show his degree." If Mr Modi wants people to follow his advice he should lead by example. Which, as we know, is better than precept (askfilo,com). Action, rather than hot air. Thank you.

Can't displease the boss.

"Even with the removal of taxes on overseas purchases of sovereign bonds, relative yield differential and the current state of the policy cycle and INR expectations do not provide much comfort with respect to prospects of debt flows," SBI Funds said. "The assessment comes as SBI Funds also expects the Reserve Bank of India (RBI) to remain on an extended pause on interest rates," as "The RBI's repeated emphasis on core inflation also indicates a greater tolerance for headline inflation remaining above the 4% target." The Hindu. In this decade, "Beijing has dropped export prices nearly 20%, producing a 40% surge in volume." China's trade surplus jumped 20% to a record $1.2 trillion last year. "Across Asia, nations where Chinese imports are rising fastest, also tend to have the weakest job growth. India has been particularly hard hit recently, and has suffered a sharper decline in manufacturing, than many Asian rivals." TOI. What is the connection between the SBI Funds report and Chinese perfidy? India's "Retail inflation based on Consumer Price Index (CPI) in June, was 4.38%." It was 3.93% in May. pib.gov.in. But, "All India Wholesale Price Index (WPI) for June 2026 was 9.87% on a year-on-year basis, compared to 9.68% in May 2026." "Across groups, 'Mineral oils (containing Petroleum Products), 'Food Articles', 'Manufacture of Basic Metals', and 'Manufacture of Chemicals and Chemical Products', have been major drivers of WPI inflation in June 2026." pib.gov.in. India's trade deficit with China was a record $116.12 billion in 2025 (understandupsc) and is already at $67.1 billion in the first half of 2026 (ET). Cheap Chinese imports may explain why the CPI inflation has risen a little to 4.38% while input costs, as shown by the WPI inflation, have risen at 9.87%, near double digits. "Central banks in many major emerging markets have already hiked their rates." But, "The term 'core inflation' (excluding food and fuel inflation) has been mentioned eight times in Governor (of RBI) Malhotra's statement," wrote Mythili Bhusnurmath. In May 2026, Poonam Gupta, Deputy Governor in charge of monetary policy, pointed out, "Of the 48 countries that currently operate under an [inflation targeting] framework, 47 target headline inflation." In India, "The government...extended the mandate for the RBI to maintain CPI inflation at 4%, with a tolerance band of 2 percentage points on either side, for another five years ending 31 March 2031." TOI. So, the mandate is for 4%, with tolerance for an occasional slippage, and not tolerance forever, which the RBI seems to think. India's GDP grew 7.7% in 2025-26 which should "tighten output gap and lift inflation. Instead India's 'refined' core inflation, which excludes food, fuel and precious metals to better capture domestic demand conditions, fell...from around 6% in early 2023 to 2.1% in the first quarter of 2026." This was because of a combination of productivity expanding faster than domestic demand, lower food prices restrained household inflation expectations, which may have suppressed demand for higher wages, lowering of GST rates in late 2025 and "China has exported disinflation to much of the world." "But policymakers should avoid drawing structural conclusions from an exceptional period," wrote Dhiraj Nim. Markets have inferred a hierarchy of objectives which seems to guide the RBI. "Many investors would describe the hierarchy roughly as: exchange rate stability (supporting the rupee), government's borrowing costs, growth and finally inflation," wrote Puja Mehra. Annual CPI inflation in the US was at 3.5% in June. bls.gov. A higher rate of inflation relative to the US would lead to a weaker rupee against the dollar and so the difference in yields between US Treasuries and GOI bonds should be higher than it is to compensate for the expected fall in the rupee. Foreign investors are shunning GOI bonds because the RBI is refusing to raise rates. That is what SBI Funds is trying to explain. But without upsetting the RBI. Because the RBI is the regulator. The Boss.   

Europe having to deal with heat and VaaS.

"SAP has paused most travel and hiring. Europe's largest technology company has introduced the measures as it increases investment in artificial intelligence (AI), telling employees it needs to 'be disciplined in how we spend'." "The company added that expanding AI use across its operations has also increased token usage and related costs as more AI-powered services are deployed." TOI. "Record temperatures across Europe are piling fresh pressure on food prices, supply chains and heavily indebted economies." Heat is affecting agriculture and supply chains are getting disrupted because of the conflict in the Strait of Hormuz, as well as "Major waterways, including the Rhine river, are suffering from exceptionally low water levels." "The disruption risks adding to inflationary pressures," and "Heatwaves, droughts and wildfires across Europe are also hitting agriculture." "That leaves the European Central Bank and the Bank of England balancing inflation risks from extreme heat against the potential drag on economic growth." Reuters. One of the biggest economic problems may be that all European countries became wealthy by plundering, raping and slaughtering their colonies on every continent (wikipedia) and can't do that any more. European nations are still suffering some hangovers for their colonial sins. "Tens of thousands of migrants who crossed into Spain's tiny Ceuta territory returned voluntarily to Morocco," as "Ceuta's president put the number of migrants at 60,000, which was equivalent to 70% of the territory's population." Global News. Three days ago, "Italy has announced the suspension of free movement with Spain in response to a significant influx of migrants into the Spanish enclave of Ceuta from Morocco." "Following Italy's announcement, 22 EU member states signed a letter supporting Italy's position, indicating a shift towards increasing solidarity among nations over migration issues." Indian News Network. In retaliation, "Spain has imposed border controls on all air and sea travel from Italy as a row between the two EU countries intensifies." "Italy's decision to suspend Schengen for a month was backed by Finland and Denmark, while the Czech Republic called for Spain's membership to be temporarily suspended." BBC. The immigrant population has reached 21.8 million in Germany which is 26.3% of the population. "Police counted 13,920 rape cases in 2025. This is a 9% increase from 12,771 cases in 2024. In 2018, there were 8,106 cases." In Bavaria, "Syrians have a crime rate 16 times higher than German citizens. Afghan nationals have rate 14 times higher." etias.com. In Europe teenagers are being hired by, "the Foxtrot Network, an organized crime group with links to the Iranian regime which has become notorious for its violence-as-a-service (VaaS) tactics." Since 2022, the gang is thought to be responsible for 35 murders, as well attacks on Israeli targets "including two involving explosives and hand grenades". "The gang recruits teenagers to carry out the attacks for cash, but it almost never has to pay as they often get caught." BBC. One more reason why Iran needs a regime change. "Saudi Arabia, Turkey and Pakistan have signed a joint defence agreement, saying an attack on one of them would be seen as an attack on all three." BBC. Even Iran will not be able to resist attacks from three fronts. Meanwhile, Republican Senator Ted Cruz is urging arming Iranians who oppose the government. "Cruz first pushed for the US to arm protesters in late January, after Iran cracked down on the country's largest wave of demonstrations in years, killing at least 12,000 people." CBS. Excellent advice. Also target residences of the Islamic Revolutionary Guard Corps (IRGC) and Basij commanders without killing anyone. Get the wives to nag the scoundrels. Even the worst villains cannot resist their wives. Weapons and wives, win-win in war.           

The middle finger of fate.

"The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on 05 August unanimously decided to keep the policy rate unchanged at 5.25%, while retaining its neutral stance." "Explaining the decision, the MPC said the economy continues to remain resilient despite heightened global uncertainty, while inflation is expected to rise in the coming months before easing." Real GDP growth rate is projected at 6.7% in 2026-27 and at 7.3% in the first quarter of FY 28 and CPI inflation is expected at 5%. ET. On 29 April, "India's economy remains resilient but faces mounting risks from the Middle East conflict, which has disrupted supplies of energy, fertilizers and industrial raw materials, raised costs and weakened trade, the government's monthly report said." The International Monetary Fund (IMF) raised its growth forecast for India from 6.4% to 6.5% but "risks were tilted towards higher inflation." Reuters. Politicians always want lower interest rates because that lowers the government's borrowing cost. In May 2018, "Turkey's President Tayyip Erdogan called for lower interest rates and described them as the 'mother and father of all evil', triggering a fresh slide in the lira," which fell from 4.2374 to 4.3080 against the dollar." Reuters. The Turkish lira is trading at 47.7026 against one dollar today, less than one-tenth of its value in 2018. in. investing.com. If the value of the currency falls, costs go up, and as costs rise the value falls further. Turkey's inflation rose from 16.33% in 2018, when Erdogan made his brilliant statement, up to 72.31% in 2022 (macrotrends) and is at 31.75% today (tcmb.gov.tr). Erdogan was seen handing out cash to voters at a polling station during elections in 2023. (independent.co). India has not reached Turkey's level as yet but the RBI was forced to raise its policy rate by 40 basis points (bps) in an emergency meeting on 5 May 2022, after holding it at 4% since May 2020, "barely hours before the US Federal Reserve was set to raise rates by 50 (bps)" (TOI), even though the consumer price index (CPI) inflation was raging at around an average of 6.5% (rateinflation.com). No wonder the rupee has dropped from around 76.38 in 2020 to one US dollar (bookmyforex.com) to 95.26 to 1 USD today (xe.com). Also, Prime Minister Narendra Modi transferred Rs 10,000 to the bank accounts of 7.5 million women in September 2025 at a cost of Rs 75 billion (pib.gov.in) just over one month before Assembly elections on 6 and 11 November (wikipedia). Since this unexpected handout would be expected to add to the fiscal deficit the government needs the interest rate to stay as low as possible and the RBI has to raise tens of billions of dollars from non-resident Indians (NRI) at much higher rates (ET) to prevent the rupee from tanking. US President Donald Trump "for months publicly pressured the Federal Reserve to slash its benchmark rates, claiming it would be 'Rocket Fuel!' for growth and make housing affordable." ABC. But Trump appointee "Federal Reserve Chairman Kevin Warsh said on 29 July that the US central bank has no higher 'soft target' for inflation and is determined to meet its longstanding 2% goal despite leaving rates unchanged amid elevated inflation readings." Reuters. Politicians just want to win elections but the central bank is supposed to make calculated decisions balancing growth, inflation and the currency. JP Morgan is pricing in a 25 bps rise in US interest rate in the Fed's September meeting. Will the RBI hold a panic meeting as it did in 2022? "RBI's rate policy panel has failed to read what's written on the wall, wrote Mythili Bhusnurmath. "The moving finger writes; and having writ moves on," wrote Omar Khayyam in the 12th century. Goodreads. Khaiyyam was writing about the finger of fate. RBI should beware. Hope it's not the middle finger. 

Just a by-election.

Prashant Kishor, chief of the Jan Suraj Party won a by-election from Bankipur in Bihar by beating the BJP candidate Neeraj Kumar by 19,324 votes." Kishor received 64,151 votes while Kumar got 44,827. NDTV. Kishor's party failed to win a single seat in the assembly election held in November 2025, in which the BJP won the largest number of seats with 89 while its ally JD(U) came second with 85 seats. wikipedia. Bankipur was considered a BJP bastion, having held it continuously since 1995. TOI. Ironically, Prashant Kishor, a political strategist, helped Mr Narendra Modi win in Gujarat and also the general election in 2014, when the BJP won a majority in the Lok Sabha with 282 seats (wikipedia) and made Mr Modi the prime minister. It would be premature to read too much into one by-election result. However, "Most by-elections are indeed insignificant but political circumstances sometimes transform them into historical milestones," exulted The Wire. "The BJP stands on two pillars of Modi and Shah. Even Municipal elections are won using their magic, money and muscles." But, "Modi and Shah are living in a delusion if they think the brutalities against the students (The Diplomat) and theft at Ram temple (BBC) will not bruise their image." Apart from the BJP, "What's most shocking, however, is the wild speculation on social media about the absence of Gyanesh Kumar magic in these elections." Mr Gyanesh Kumar is the Chief Election Commissioner of the Election Commission of India (eci.gov.in), which must be seen to be completely impartial and honest. If the social media is so contemptuous of Mr Gyanesh Kumar, it is a sad decline from Mr TN Seshan "who believed that if the Constitution had entrusted him with power, it was his moral obligation to use each of it without any fear, favor or hesitation." Politicians feared and hated him but, "Seshan's tenure transformed the Election Commission into one of the most respected institutions in India. Voters began to trust elections again." (Luv My India). "Bankipur stands out as an unusually educated, middle-class, and upper-caste oasis, in a poor rural state that's heavily fissured along caste lines." Bankipur is home to students, coaching centers, middle-class salaried households, small traders and migrant workers." "In recent decades, Bihar's elections have been fought between an NDA bloc (BJP and its allies) (wikipedia) that combined Hindutva and women-centric welfare, and RJD-led bloc that spoke the language of Mandal-inspired (wikipedia) social justice." Prashant Kishor campaigned on "education, jobs, out-migration, corruption and the quality of public services and leadership," wrote Uday Chandra. While an old steel bridge over a river at Ranikhet, which was fabricated at a foundry in Liverpool, England, in 1927, is still carrying heavy traffic, "in Bihar, 26 moderns concrete bridges have collapsed in the last five years. Among these, some collapsed during construction, and one even during the inauguration," wrote Gautam Bhatia. After the leak of questions of the recent NEET examination (BBC) students see no future for themselves. They feel they have nothing to lose and so have lost their fear, while the regime cannot afford to lose power because they will be held to account for all their crimes. Already a Congress leader has threatened that BJP leaders will need protection. DH. First, Education Minister Dharmandra Pradhan was forced to resign (BBC) and now a citadel has fallen. When children chant "56-inch ka chhota bandar, bhaag Narender, bhaag Narender" (56-inch small monkey, run Narender, run Narender) (The Wire), your dignity is completely ruined. Time to go. Preserve your self respect. If you have any. 

FCNR (B) to pay for NDF.

"The central bank's special measures to attract foreign exchange have brought in $40.81 billion by July 31, driven largely by foreign currency non-resident (bank) or FCNR (B) deposits, showed data released by the Reserve Bank of India (RBI)." "Banks can swap these deposits with the RBI under a zero-cost hedging facility available until 30 September." ET. That means that banks will be able to buy back this foreign money from the RBI at today's exchange rates when the bonds are redeemed at the end of 3-5 years. The RBI will bear the cost of any depreciation of the rupee. Protects banks but punishes taxpayers. "A surge in dollar demand from Indian lenders racing to boost the leverage on foreign currency deposits they are offering to overseas citizens is firing up its dollar bond and loan markets, with global banks rushing to capture the business." "Banks are giving interest rates north of 7% for those dollars which would end on 30 September." ET. Foreign banks are lending money to non-resident Indians (NRIs) to invest in these bonds. Yield on 5-year US Treasury is at 4.34% and on 5-year AAA Corporate bonds is at 4.44%. Fidelity. Foreign banks will profit from interest on their loans while NRIs will profit from the difference between their borrowing cost and the huge interest from Indian banks. The hapless taxpayer loses out. Meanwhile, "Bloomberg Index Services...deferred the inclusion of Indian government bonds in its flagship Global Aggregate Index." "Inclusion in the index typically leads to increased foreign flows into the debt market and helps boost the country's currency - the Indian rupee has depreciated 5.5% so far this year." In June, India scrapped 12.5% long-term (bonds held for more than 12 months) capital gains tax and a 20% withholding tax on interest earned from government bonds to tempt foreign investors. Reuters. "Market participants are closely watching foreign portfolio investor (FPI) activity in fully accessible route (FAR) securities as some investors, who had bought them in anticipation of their inclusion in the Bloomberg global bond gauge, are expected to lighten positions accumulated over the last two months. " The daily average flow from FPI has dropped to Rs 3 billion in July from Rs 30 billion in June as markets are pricing in 1-2 rate hikes from the US Federal Reserve. ET. "India's remittance boom has powered through global crises, geopolitical tensions and economic slowdowns, helping make the country the world's largest recipient of money sent home by overseas citizens since 2008." "According to the Finance Ministry...gross remittance inflows rose to a record $155.1 billion in FY 26 from $135.4 billion in FY 25, an increase of 14.5%." However, "tighter visa rules, higher salary thresholds and restrictions on temporary migration could slow the pipeline of new migrants, making future growth uneven." ET. In addition to this high interest borrowing from NRIs, "The RBI's net foreign exchange forward book market shrank slightly to $103.3 billion in June, as a reduction of near-tenor dollar liabilities outweighed a rise in longer tenor ones reflecting absorption of dollar inflows." Reuters. The RBI's short-term borrowing in the non-deliverable forward market is to shore up its foreign exchange reserves to protect the rupee from steep falls. The 3-5 year FCNR (B) bonds is just kicking the can down the road (BBC). India's total foreign debt was $762.80 billion in the first quarter of 2026, slightly down from $765.50 in the fourth quarter of 2025. Trading Economics. India's foreign exchange reserves were $682.35 billion on 31 July 2026. investing. com. Hope we don't have to borrow from the International Monetary Fund (IMF) like Pakistan  (imf.org)." Imagine India and Pakistan standing with tin cans outside the IMF building in Washington. Brothers in alms. 

The door is there.

"Rejecting Meta's apology for taking down a PM Narendra Modi's video, a parliamentary committee yesterday sought a personal apology from its founder and CEO Mark Zuckerberg and warned of seeking removal of its safe harbor protection if he failed to comply." TOI. It is not clear why Meta should act as a propaganda channel for Mr Modi or the BJP unless someone pays for it. Is it not enough that the mainstream media has been neutered into a sycophantic 'Godi (lapdog) media'? One week ago, Meta... admitted that PM Modi's first selfie video on Facebook, meant to address Gen Z over NEET paper leak, was taken down due to an 'error'." "The ministry of electronics and information technology (MeitY) summoned Meta's global head of public policy, according to PTI sources. This comes as PM Modi's video was 'unavailable" for a little time on Facebook but was later restored." TOI. In July 2023, "Meta has lifted the final restrictions on Donald Trump's Facebook and Instagram accounts in the run up to US presidential elections in November." "Trump's accounts, which combined have over 60 million followers, were reinstated in 2023 but subject to additional monitoring, which has now been removed, the social media giant said in a blog post." BBC. If Meta can block Trump why can't they drop Mr Modi's selfie? If the BJP actually penalises Meta in any way, Trump could show his support for the company by uninviting Mr Modi from addressing the UN General Assembly in New York next month (TNIE). Trump is unpredictable. The BJP should reflect before 'pulling the tiger's tail' (WR Forums). "Bitchat, the internet-free messaging app at the center of a government crackdown, has continued to gain traction in India despite authorities ordering GitHub to remove its source code repository." "Bitchat, founded by former Twitter CEO Jack Dorsey, allows users to message without using any internet using Bluetooth mesh networks. According to new Appfigures data, India contributed 53% of Bitchat's estimated 120,000-plus global downloads in the thirty days ending July 24." ET. During the protests by thousands of students at Jantar Mantar against leaked question papers (Reuters), "Republic TV's main talking points included the alleged involvement of Central Intelligence Agency (CIA), an alleged US hand behind the protest, a 'foreign funding cluster', alleged conversion by missionaries and the 'tukde tukde gang'." The Center for Culture-Centered Approach to Research and Evaluation (CARE), Massey University, New Zealand, analysed 25 Republic TV broadcasts between 20 and 25 July and counted 58,941 words, vilifying students as criminals and creating a fiction of paranoid delusion. Why didn't the government take down this blatant abuse? Television news channels are losing viewers and ad revenue. "It seems the nation no longer wants to know. Or at least no longer wants to know what the government wants it to know through the journalism of cower-age." "Shehzad Poonawalla, as BJP's chief content creator on prime, seems to have been clever enough to discern the impending great crash and has chosen to walk into the sunset before that happens." The Wire. While treating Indians at home with contempt and ruthless suppression, Mr Modi loves to present a benevolent persona in other countries. "In the enduring world of Prime Minister Modi's jhappi pappi (hug and kiss) diplomacy, something new is creeping in and has been on full display in his last few visits abroad." "Of course, the new contrived spontaneity of lighthearted interactions that is on full display only at the Mega Modi melas for NRIs," "But there is also a creeping international media scrutiny of Modi's jumbo jamborees abroad, raising issues of taxpayer spends, and fueling the anti-migrant and anti-Indian cry in the countries that Modi visits today," wrote Vrinda Gopinath. Other countries do not have a genuflecting media like in India and their politicians may start to pay attention. Also, non-resident Indians (NRIs) may realize that Mr Modi's visits coincide with racial hostility. At home, police harassment of students (MC) will surely anger their parents who have been Mr Modi's vote-bank (wikipedia). Mr Modi should heed Confucius, who said, "The way out is through the door. Why is it that no one will use this method? (Goodreads). If too profound, ask Gen Z. They found the door. Will open it. Gladly.        

Adding billionaires.

"India's gross Goods and Services Tax (GST) collections rose 15.4% year-on-year to over Rs 2.11 trillion in July, driven by higher revenues from both domestic transactions and imports, according to government data." "Gross domestic GST revenue increased 10.1% to Rs 1.45 trillion," and "GST from imports rose 28.8% to Rs 665.11 billion." ET . Rise in GST on imports could be partly due to a devaluation of the rupee from around 86.50 to one dollar in July 2025 to around 96.30 to one dollar in July 2026 (Thomas Cook), which would have increased prices of imported goods, but the rise in domestic GST is in spite of a cut in rates and a simplification to a two-slab structure from multiple slabs (pib.gov.in). Since GST is a percentage of the retail price of goods and services, the rise in domestic collections could be partly due to the rise in the consumer price index (CPI) inflation jumping from 3.93% in June 2026 to 4.38% in July  (pib.gov.in). Annual GST collections have almost doubled from Rs 11.77 trillion in 2018-19 (the first full year of collections) to an estimated Rs 23 trillion in 2025-26. blog.tatanexarc.com. Since GST is a consumption tax this seems to imply a healthy rise in consumer spending. "Government...said that there were 576 individuals who had disclosed a gross income of over Rs 1 billion during financial year 2024-25 with 165 added during the year." TOI. But only around 81 million out of a total population of 1,478 million  (Worldometers) filed tax returns in 2024-25. India will shortly be entering the festival season, which starts with Ganesh Chaturthi on 14 September 2026 and will go on till Christmas. "Indians spend heavily during the festive season, with BCG estimating festive consumption at Rs 12-14 trillion last year." "Early industry estimates suggest consumers are willing to spend more on premium products even if purchases in the mass market segment remain subdued. India's appetite for premium goods is increasingly becoming a barometer of the economy's underlying strength." ET. Is it? India's household debt hit a new high of 47.8% of GDP by December 2025. "Non-housing retail loans now account for 58.4% of household borrowings." "A housing loan creates an asset, while a business loan may create an income stream. Even an education loan creates future earnings. But a personal loan used for groceries, medical expenditure or repayment of earlier loans creates neither." "Gold loans have grown at a compound annual rate of 42.4% since March 2024." "RBI finds that much of this increase has come from existing customers using higher gold prices to obtain larger loans and roll over previous debt," wrote Ajit Ranade. "Gold loans drove a sharp acceleration in personal lending and overall bank credit, with the segment expanding 93.8% year on year at the end of June 2026," as banks increased their gold loans to Rs 5.4 trillion. TOI. Distress loans for borrowers, increased bonuses for bank managers. Women in several villages of Jharkhand have fled their homes because they are unable to repay multiple loans from microfinance institutions (MFI). Mint's reporters "met at least two dozen women who were reeling under debts ranging from Rs 20,000 to Rs 600,000, taken to meet their daily consumption needs," wrote Ritwika Mitra. "India has seen a rise in unofficial gold inflows since the government increased import tariffs on the precious metal earlier this year." Gold smuggling fell to 20.4 tons in 2025 from 156.1 tons in 2023 but "illegal gold imports could exceed 100 tons in 2026. ET. Billionaires, bank managers and gold smugglers are thriving. People less wealthy are not. After 12 years of Prime Minister Narendra Modi. India needs a change. Now.  

Humor difficult to counter.

One week ago, "India's Cockroach Janta Party (CJP) has called off its five-week long-protest, hours after EducationMinister Dharmendra Pradhan resigned." "This was the most visible expression of public anger against PM Narendra Modi's government in recent years" as "Thousands of posts mocking Modi have flooded social media. The prime minister's videos, intended to quell anger, have been turned into jokes and memes." BBC. Mockery, derision and ridicule are the most potent weapons against a regime using force, intrusive surveillance (ET) and a militia of Bhakts (DH), who live in delusion of Hindu utopia, similar to the Islamist Basij militia of Iran (Britannica). On 31 July, Mr Modi "expressed 'shock' at female protesters using expletives and said he wished to forgive such 'misled children'. He did not mention the use of force, including pellet guns," (The Wire) or firing the deadly AK47 at unarmed students (News18), protesting against criminal incompetence. "A girl, who was booked for allegedly using abusive language against PM Modi during protest at Jantar Mantar, has now apologized. In a viral video, she claimed to be 15 years old and said others influenced her at the protest." Newsbytes. When you have to use coercive force to terrorize a minor into apologizing, you have no respect or dignity left. Needless to say, social media was not impressed. The All India Students' Association (AISA) observed, "It has been a shameful normalcy of trolling and doxxing dissenters and giving rape threats to women and gender minorities. All this done by the IT cell run with utmost precision by Amit Malviya." The Wire. Malviya is the "national convener of the IT cell of the Bharatiya Janata Party" (wikipedia), which is Mr Modi's party. "The police claim to have identified 480 social media handles allegedly originating in Pakistan for spreading deep-fakes, and another 450 accounts that were sharing deep-fakes," wrote Bharat Bhushan. This is a crude attempt at tarring the protesters as anti-national. But, "The most viral of the Gen-Z memes and slogans are, on the other hand, personally derisive and mocking," and "As a result, the personal ridicule of Modi has gone deeper than in previous campaigns." "The idiom of mockery cannot be countered through rational responses of factual counter-arguments. This leaves the government with no ground to counter them except by resorting to the legalese that ridiculing constitutional public figures is punishable under the law." DH. Using pellet guns to deliberately blind protesters, shooting live rounds or using law enforcement as psychological terror on a minor are crimes against humanity. " Article 7 (1) (f) and Article 7 (1) (h), International Criminal Court. Western countries claim ownership of so-called liberal democracy (wikipedia), a civilizational superiority over others. Now is the time to act. Just stop inviting regime leaders for visits or summits and politely, and quietly, tell them it is not convenient if they want to visit. No lectures or any public statement. That will be used by the regime as an insult to the sovereignty of the Indian nation and the regime will create a siege situation and increase persecution of the people. Forget the idiotic principle of "Constructive Engagement" (Model Diplomat) which has not worked in the past and will not work here. Just ostracize the regime. Silently. Mr Modi's carefully nurtured invincibility has been stripped away. The king is in the altogether. Just laugh.            

Fund research. Prove your point.

" 'Gaumutra', or cow urine, has 'anti-bacterial' and 'anti-fungal' properties, and can heal a variety of illnesses, including IBS, or Irritable Bowel Syndrome - advice apparently proffered by V Kamakoti, the Director of Chennai's Indian Institute of Technology." He also claimed that "The anti-fungal, anti-bacterial and anti-inflammatory properties of cow urine have been scientifically demonstrated," and evidence published in top journals in the US. The journal Nature published an article on 'peptide profiling in cow urine'.  NDTV. "Kamakoti Veezhinathan completed both his MS and PhD in Computer Science and Engineering from IIT Madras and joined its faculty in 2001." ET. Excellent. But where did he graduate from? When Congress leader Priyanka Gandhi referred to a 'gau-mutra expert' on the government's education reform panel, "Though she did not name anyone, the remark was widely seen as referring to Prof Kamakoti."  TOI. To that former Chief Economic Advisor (CEA) Prof Krishnamurthy V Subramanian posted, "If we do not reject Ramanujan's theorem's because Devi came and gave them in his dreams, why shud we reject a research question on Gomutra?" BT. Solutions to problems can come in dreams and Ramanujan may have described them as revelations from the Goddess, but thousands of his results have been proven correct and mathematicians continue to study his work (wikipedia). If cow urine has such novel molecules, they should be isolated and studied. Also urine from other herbivores, such as camels, elephants or horses studied to see what they contain. Could be a treasure trove. Indian pharma companies are creating advanced anti-microbial drugs to treat bacteria resistant to all available antibiotics,. "Enmetazobactam, developed by Chennai-based Orchid Pharma" treats severe infections by "targeting bacteria's defence mechanisms rather than the bacteria itself." Zaynich from Wockhardt is described as "ground-breaking, one-of-its-kind new antibiotic designed to combat all major super bugs." Wockhardt's Nafithromycin is undergoing Phase-3 trials, while some startups are also researching new drugs. BBC. "As per 20th Livestock Census, 2019, country has 193.46 million cattle population and out of this 142.11 million are indigenous and nondescript cattle, which is 73.45% of the total cattle population in the country." pib.gov.in. That is potentially an ocean of gaumutra, possibly containing "indigenous and nondescript" peptides. While the present government is showering us with the benefits of cow urine, "After-school tuition is sucking up a bigger portion of Indian family budgets these days as an increasing number of students compete for limited number of spots at top colleges." "Household incomes have increased at a compound rate of 11.9% a year in the past decade, trailing the 15.7% pace in education spending," so that "An average household now spends almost 3% of their income on education...compared with 1.95% in 2014-15, according to the Centre for Monitoring Indian Economy (CMIE). ET. Despite spending so much, a report, The State of College Hiring in India 2026, found that "While 68% of students said they considered themselves job-ready from the first day of employment, only 9% of companies shared that view." TOI. Instead of wasting time on mindless arguments, the believers should pay for research on gaumutra. Also, they may drink a liter of gaumutra everyday and compare their health with an age and sex matched cohort after 5, 10, 15 and 20 years. Till then, no idiotic claims. Put up or shut up.