Follow SpaceX.

A week after its initial public offering (IPO), "SpaceX shares rose 4.8% to close at $201.80, giving Elon Musk's company a market value of roughly $2.655 trillion - some $800 billion more than when it sold its record IPO last week." Reuters. Music to Mr Mukesh Ambani whose Jio Platforms Ltd is headed for its own IPO. With 525 subscribers "paying Rs 214 a month on average, Jio garners $15 billion in operational revenue at a 52% Ebitda margin," wrote Andy Mukherjee. Is there enough money for the IPO? "About $55-65 billion is expected to flow into the country due to the RBI move to bear full hedging cost of banks for raising fresh 3-5 year FCNR(B) deposits and providing a concessional forex swap facility to incentivise ECBs (external commercial borrowing) by PSUs (Public Sector Undertakings), according to estimates by the State Bank of India's economic research department." The Hindu. This will result in a flood of liquidity into banks which will enable local institutions and savers to subscribe to Jio's $4 billion worth of IPO. However, former Credit Suisse analyst Ashish Gupta "reminds us that massive record-breaking IPOs have historically presaged market tops." Usually followed by deep market corrections. "The logic is straightforward: Mega-IPOs act as a structural liquidity drain, sucking vital capital out of  secondary markets." "The danger is particularly elevated in India where the banking system's 12% deposit growth is 4 percentage points slower than credit expansion," wrote Mukherjee. Will it produce jobs? "The aggregate net income of listed Indian firms is approaching a record 6%  of gross domestic product (GDP). Even so, their capital expenditure (new investment) has remained flat, hovering at 3.6% to 3.7% of GDP." "The good jobs that come with new factories, warehouses and showrooms are becoming elusive. Since wages support many more people than dividend or stock market gains, inequality is worsening." Only Mukesh Ambani, Gautam Adani, the Tata Group and Sajjan Jindal intend to invest, the rest do not. Even Pirojsha Godrej, chairman-designate of the Godrej Industries Group, plans wealth management, wrote Mukherjee. "A majority of global emerging-market (EM) investors continue to remain underweight on India...according to a report by Jefferies" which "analysed 70 large EM funds managing assets of about $320 billion as of March 2026 and found 61% of them were underweight India relative to benchmark allocations." FE. Indian manufacturers cannot compete against Chinese companies because the Chinese are subsidised through "3 major channels of sustained state support: direct state grants, preferential tax treatment and access to below-market borrowing through state-backed financial institutions. Together these reduce costs, lower investment risks and allow firms to expand more aggressively than competitors operating under commercial conditions," wrote Shishir Priyadarshi. One big problem is that state governments refuse to honor contracts made by previous governments. "Political parties across the board are guilty of reversing their predecessor's decisions or refusing to honor the commitments of past governments, citing reasons such as corruption, illegal tendering, environmental concerns and public interest. There may be some truth in these reasons, experts argue, but the end result is dwindling investors' confidence in Indian states." The Print. Trickery by the Chinese, vindictiveness of Indian politicians or fear of losses of Indian businesses, lack of investment means no jobs. The JIO IPO will probably sail through. Because of SpaceX. Musk's genius.    

The 33rd honor.

"Prime Minister Narendra Modi was yesterday conferred with Slovakia's highest national award, The Order of the White Double Cross (1st Class). This is PM Modi's 33rd international honor." NDTV. This is very satisfying. 'Double cross' is very meaningful (Dictionary), especially if it is '1st Class', and 'White'. Meanwhile, back home, "Cockroach Janta Party (CJP) founder Abhijeet Dipke was slapped and manhandled at a protest meet in Jaipur yesterday. Dipke had called for a peaceful protest....to oppose paper leaks and unemployment, and demand the resignation of Union Education Minister Dharmendra Pradhan." TNIE. Dipke needs to be careful because lynching by mobs is common across India (wikipedia) and very often go unpunished. Jaipur is the capital of Rajasthan which has a National Democratic Alliance (NDA) government led by the BJP with 118 seats out of a total of 200 assembly seats (wikipedia). On 12 June, "Around 4,000 electronic voting machines (EVMs) used in nearly 10 constituencies of South Bengal in the recent Assembly elections were destroyed were destroyed in the fire that engulfed a government building in Alipore," and "According to sources, the fire gutted 4,000 ballot units, 4,000 control units and 4,000 VVPAT machines reportedly belonging to key constituencies." DC. VVPAT, or Voter verifiable paper audit trial, allows voters to check that their votes were allotted correctly and detect possible voting fraud. wikipedia. Therefore a very thorough fire, leaving no trace behind. Fires are not unknown in official buildings in India, usually whenever there is a controversy. In 2012, "The fire at the Mantralaya (Ministry building) destroyed scores of files and official records." "There were claims that the fire was set off to destroy documents related to the Adarsh scam." HT. In the Adarsh Housing Society scam, politicians, bureaucrats and military officers contrived to buy flats at a prime location at below market price. wikipedia. While politicians and officials are protected by fires, journalists and citizens can be charged with fictitious offences and harassed over years even if exonerated in the end. "To allow the Delhi Police's foreign investment case against Newsclick to proceed would entail a 'gross abuse of the process of law', while the Enforcement Directorate's (ED) resting proceedings consist of 'bald assertions' that do not 'even remotely' point to an offence, the Delhi high Court has ruled, quashing both cases against the outlet." The Wire. The case has been going on since 2020, while in 2023, the publisher was arrested and journalists and offices raided, thus achieving the objectives of intimidation, coercion and harassment. In the US, "Members of both the Democratic and Republican parties on Capitol Hill have begun voicing increasing criticism of proposed changes to India's Foreign Contribution Regulation Act (FCRA) which they believe could adversely impact civil society groups - including Christian organisations - by preventing access to foreign funds and having their assets seized." HT. The ED has already charged The Timothy Initiative and many individuals under the Unlawful Activities (Prevention) Act for using "foreign-origin debit cards issued by a US bank to withdraw and utilise foreign funds across India." The Print. Bail is denied and people incarcerated indefinitely on dubious evidence under UAPA. livelaw. The conviction rate for UAPA accusation is just 4% in the whole country and an abysmal 0.8% in Jammu and Kashmir. NDTV. An honor for Dear Leader is an honor for all Indians. We have all been Double Crossed. It's 1st Class. And white.  

Lagging per capita.

"India's economy grew an unexpectedly strong 7.8% year-on-year in the January-March quarter, the government said, as robust private investment, farm output and construction activity offset the early impact of the Middle East conflict." "India estimates GDP growth for the full fiscal year that ended at 7.7%, the National Statistics Office said." Reuters. "Maharashtra Chief Minister Devendra Fadnavis dismissed concerns about an economic slowdown in the country, saying India has the capacity to repay 94% of its foreign debt in a single day." Earlier, our situation was more precarious. MC. This comfort is due to the foundation built by earlier prime ministers and our reserves are an insurance, not disposable cash. "Former Reserve Bank of India (RBI) Governor Raghuram Rajan has questioned whether India's strong economic growth figures fully reflect conditions on the ground, arguing that weak corporate investment and foreign capital inflows are difficult to reconcile with official data showing the economy expanding at more than 7%." ET. In 2026, at current prices, India's GDP per capita is $2,800 while that of Bangladesh is $2,900 and of South Africa is $7,500. imf.org. If the economy is growing gangbusters our companies should be increasing their business. But, "For the first time since at least 2000, no India company ranks in the top 10 of the MSCI Emerging Markets Index, a benchmark that shapes how hundreds of billions of dollars are allocated to developing economies worldwide." "Total assets benchmarked to MSCI's emerging market indexes including active funds that measure their performance against the same benchmark, exceed $1.8 trillion, MSCI data show." HT. "Foreign investors remained sellers in Indian equities, dumping more than Rs 628.53 billion of shares in the first fortnight of June," and "With the latest outflows, total withdrawals by Foreign Portfolio Investors (FPIs) from Indian equities have surged to Rs 2.87 trillion in 2026." ET. India-focused funds have pulled out $770 million in the latest week alone, while "US technology focused funds recently attracted a record $9 billion in inflows, while broader US equities saw $10 billion in foreign investments." And, "While India and China have seen outflows, markets like Taiwan and South Korea - which are globally recognized hubs for AI hardware, semiconductors, and electronic supply chains - have attracted over $9 billion in combined inflows." Whalesbook. Previously, FPI selling would cause markers to decline, but "In 2022, despite heavy FPI outflows of over Rs 1.2 trillion, the Nifty 100 generated a positive return of 4.9%. Similarly, in 2025, FPI selling of about Rs 1.64 trillion did not prevent Nifty 100 from gaining over 10%." This is because domestic investors are constantly buying Indian stocks through Systematic Investment Plans (SIP) of mutual funds. Mint. Despite domestic buying, "India's equity market was overtaken by Taiwan and South Korea in quick succession, pushing what was once emerging Asia's darling to seventh in the world by market capitalization." "India's share in the MSCI Global Standard index has shrunk to 12.3% from a peak of 21% in September 2024." Reuters. Domestic buying supports prices of stocks and allows foreign investors to sell at higher prices, increasing their profits and depleting our foreign exchange. "True earned reserves come from sustained current account surpluses (like China has). India rarely runs one." "A large portion  of India's reserves are better understood as 'rented capital' rather than earned surpluses." The stock market should be allowed to fall to protect the rupee. "Countries survive stock market crashes. But countries routinely go bankrupt because of currency crashes," wrote Shankar Sharma. Even with GDP soaring we haven't caught Bangladesh as yet. South Africa is far beyond the horizon. What exactly are we celebrating?    

Punishment vs morality - a conundrum.

"At the invitation of the President of France, H.E. Mr Emmanuel Macron, Prime Minister Shri Narendra Modi will be undertaking an official visit to France from 13-14 June 2026 (Nice), and 16-18 June 2026 (Evian and Paris), as also Slovakia from 14-16 June 2026. mea.gov.in. Mr Modi "arrived in Nice yesterday as part of his official visit to France," where "Modi and Macron are set to hold bilateral discussions covering key areas of cooperation between India and France." Mr Modi will also meet President Donald Trump on the sidelines of the G7 summit "amid strains in India-US relations following Operation Sindoor and Washington's decision to impose steep tariffs on New Delhi." TOI. Operation Sindoor followed a terror attack at Pahalgam in Kashmir on 22 April 2025, when three terrorists shot 26 civilians to death, of whom 24 were Hindus, one a Christian and one a Muslim pony ride operator. wikipedia. In retaliation, India is also withholding water under the Indus Water Treaty. "With India keeping the Treaty in abeyance, a severe water shortage across Sindh and Balochistan is fueling fears of an 'economic massacre' in agricultural regions." "According to Dawn, the crisis is becoming increasingly visible around the Sukkur barrage," which "supports millions of acres of farmland across Sindh and Balochistan, making it critical to Pakistan's economy." TOI. The Indus Water Treaty "gave control of the waters of the western rivers - the Indus, Jhelum and Chenab - to Pakistan and those of the eastern rivers - the Ravi, Beas and Sutlej - to India." The British constructed a large canal system but, after Partition, the headworks came to India feeding the canals running through Pakistan. India started withholding water to Pakistan. The Treaty, with funding from the World Bank, provided for the "building of dams, link canals, barrages and tube wells - notably the Tarbala Dam on the Indus River and the Mangla Dam on the Jhelum River. These helped provide water to Pakistan in the amounts it has previously received from rivers now assigned to India's exclusive use." Britannica. The situation is deeply troubling. If India is not receiving any water from Pakistan's rivers, why should India share its waters with Pakistan while Pakistan actively supports a policy of 'death by a thousand cuts'  (wikipedia) which was invented as "Lingchi" by India's existential enemy, and Pakistan's iron brother, China, whose mutual infatuation is "higher than the mountains, deeper than the sea, sweeter than honey, and harder than steel"(ciis.org.cn)? On the other hand, is it morally justifiable to engineer a severe drought which destroys agriculture, causing hunger, maybe even starvation, to a large population of civilians including children, who have nothing to do with the Pakistani Army or terrorism? Is an "economic massacre" any better than a massacre with guns?  "Moderate to strong El Nino conditions are likely to prevail during India's June-September monsoon season (Reuters), because of which the India Meteorological Department "downgraded its long-range seasonal monsoon forecast, predicting 90% of average rainfall between June and September (DH)." India may also need more water from the same rivers. On the other hand, in November 2025, "The Sindh region may not be with India today, but borders may change and the region may return home to India, Defence Minister Rajnath Singh said." NDTV. Not if people and cattle have died of starvation. In 2015, Pakistan's Army accused India's Research and Analysis Wing (RAW) of inciting insurgency in Balochistan. BBC. In August 2019, "Irrespective of being a province within the territory of Pakistan, people of Balochistan expressed their solidarity with Indians on the occasion of the country's 73rd Independence Day and said they need India's support to free their land from the domination of Pakistan and its military establishment." ANI. India needs water. Pakistan needs to be punished. Sindh and Balochistan are suffering. The very provinces India wants to befriend. A difficult conundrum. What is the solution? Over to Dear Leader. But, where is he?    

Carefully locked in.

"Amid significant depreciation in the domestic currency, the Reserve Bank of India (RBI) said it will absorb hedging cost for foreign currency deposits mobilized by Indian banks till 30 September 2026." "RBI had last introduced an FCNR (foreign currency non-resident) deposit scheme during the 'taper tantrum' of 2013," and "The scheme had then brought in over $20 billion of foreign flows, giving non-resident Indians (NRI) attractive tax-free returns." Mint. In August 2013, "The Indian rupee has dropped by nearly 4% to a new low of 68.7 to the US dollar," as "The rupee has lost 20% of its value this year." This was in reaction to then US Federal Reserve chair Ben Bernanke saying that the Fed was going to start to "taper" its bond buying program. BBC. "RBI has opened the dollar tap by taking on the currency risk itself to draw in overseas money," as "The RBI will not charge any premium for swapping dollars raised through FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs." NRIs can use this arbitrage opportunity to borrow at cheaper rates abroad and pocket the difference." TOI. The dollars that banks borrow "can be parked with RBI at the spot exchange rate; after 3 years (or 5), when the deposits have to be returned, banks can take those dollars back by paying the same amount of rupees they got when they parked the funds with the RBI." The RBI has capped the interest on these dollar loans at a maximum of 7.15%. This is a masterstroke as this will increase rupee liquidity in banks, while increasing RBI's forex reserves, by $20-$50 billion, wrote Madan Sabnavis. In its latest meeting the Monetary Policy Committee of the RBI left its interest unchanged at 5.25%, while projecting GDP growth at 6.6% and consumer price index (CPI) inflation at 5.1%. newsonair.gov.in. Interest rate at 5.25% is "too small a premium when the Fed's target range is 3.5% to 3.75%, and expectations are growing that its next move will be a hike. It's very clear what the authorities are trying to do here - stabilize the currency, keep domestic rates low and avoid capital controls. Juggling with the three objectives requires putting taxpayers on the hook, which is what an expected 3% concession on dollar borrowers' hedging cost effectively means," wrote Andy Mukherjee. It would be better for the RBI to raise interest rates. The GDP has grown by 7.8% in Q4 FY26 and by 7.7% in 2025-26. The current account was in a surplus of 0.7% of GDP in Q4 of FY26 and remittances from abroad grew 25%, wrote Soumya Kanti Ghosh, member of the Economic Advisory Council to the Prime Minister. The RBI "may have to manage inflation expectations, currency stability and liquidity conditions simultaneously without relying on a single policy instrument." It must not increase interest rate or reduce liquidity in the markets, but sell dollars to support the rupee and wait for inflation to come down by itself, advised Mr Ghosh. The MPC meeting predicted CPI inflation at 4.2% in Q1 FY27, 5.1% in Q2, 5.9% in Q3 and 5.4% in Q4 of FY27. The Fixed Income. Which means "the real effective rate of interest falling close to zero by the second quarter (if one considers the repo rate of 5.25% and second quarter inflation of 5.1%) and a negative 0.65% if one takes the third quarter inflation projection of 5.9%." The best course of action would have been to hike interest rates as "that would discourage consumption, and encourage foreign debt flows and, most importantly, dampen inflationary pressure." The RBI is trying to "fill a leaky bucket. A futile exercise. And one that may cost us dear," wrote Mythili Bhusnurmath. "Interest rates across the world are rising again. ECB increased its benchmark rate by 25 basis points (bps) for the first time in three years, after the central banks of Indonesia, the Philippines and Sri Lanka hiked interest rates. Mint. Those central banks probably think about citizens, while Indians will lose out by earning interest lower than inflation on their savings, as well as transfer their taxes to NRIs. These FCNR(B) deposits will be locked in for 3-5 years, which will be after the next general election  in May 2029 (wikipedia). That's all that matters. Don't ask. Just vote. 

The weakness in longevity.

On 26 May, Narendra Modi completed 12 years as prime minister, as "On this day in 2014, Mr Modi took the oath as Prime Minister." newsonair.gov.in. Apparently, he became the longest serving prime minister on 10 June, 2026. The Union Cabinet passed a resolution, applauding this milestone. "By establishing a record of 4,399 days of continuous service as an elected PM, he has surpassed the previous record held by Shri Jawaharlal Nehru, who served for 4,398 continuous days from 1952 to 1964." pib.gov.in. "Leaders from across the world, including US President Donald Trump, congratulated PM Narendra Modi,...with several describing the milestone as a reflection of the trust reposed in him by voters over three consecutive parliamentary elections." TOI. If we are talking numbers, then Mr Modi did not win the 2024 general election outright. With 240 seats, the BJP is well short of the required majority of 272, and Mr Modi has managed to hang on to his kursi (chair) with the support of TDP (16 seats), JDU (12 seats) and an assortment of smaller parties. indiavotes.com. Mr Nehru never had any need of multiple poles supporting his kursi and neither did Ms Indira Gandhi. adrindia.org. It is unclear how Mr Modi has surpassed Mr Nehru with 4,399 days in office since, "Nehru was in office for over 6,000 days, from 15 August 1947 till 27 May 1964, the day he died." "Indira Gandhi was also in office for almost 6,000 days, which is likely the reason that awkward word'uninterruptedly' has been used," wrote Aakar Patel. How will Mr Modi be remembered in 2086, after six decades. Most likely he will be forgotten like many other prime ministers India has had. But, why is Nehru still remembered and why does the BJP still keep bringing him up? "It is because of what he left behind." Nehru left behind institutions of every sort - educational, scientific, cultural and medical. The present period will be remembered for "Bulldozers, lynchings, Special Intensive Revisions (wikipedia) and so on. Trump's congratulation of Mr Modi is ironic, in that his second term will end on 20 January 2029 (govtrack.us) and he is barred from standing again. Mr Modi has no intention of giving up his kursi. Trump was impeached twice during his first term. Trump was ordered to pay more than $350 million in a case of business fraud by a court in New York in February 2024. BBC. Can anyone be mad enough to imagine that Mr Modi can ever be held to account in a court of law in India? Mr Modi never answers questions. In May 2026, "As he walked away after a joint press appearance with Norwegian Prime Minister Jonas Gahr Store, journalist Helle Lyng called out to him, asking why he does not take questions, but got no response." "Later in a press conference by Indian diplomats, "Lyng asked, 'Why should we trust you (India)? Can you stop the human rights violations that go on in your country?'" BBC. In the Netherlands, Dutch Prime Minister Rob Jetten "told reporters just before Modi arrived that there were concerns among the Netherlands and other EU member states about 'developments in India' under Modi's BJP." The Wire. "The Catholic Church has strongly criticised the Bharatiya Janata Party (BJP)" and "referred to an incident in Odisha where a pastor was allegedly forced to eat cow dung during a prayer meeting by right wing goons." The Wire. In another incident in Odisha, a pastor's wife complained to the police that "a mob of 15-20 people allegedly assaulted her husband, smeared sindoor (vermillion used by married Hindu women) on his face, garlanded him with footwear and paraded him through the village. She further alleged that the group forced him to drink drain water and bow before a temple against his will." The Wire. Ms Georgia Meloni is the Prime Minister of Italy whose capital, Rome, is where the Vatican City (wikipedia), the epicenter of Catholicism, is based. So why did these leaders praise Mr Modi when they know how he wins elections by inciting Hindus, using investigative agencies to harass opposition leaders (Reuters) and dropping g all criminal charges against opposition politicians who join the BJP, so that the BJP is called the "washing machine party" (The Print)? Because they know that a man who will do anything to stay in his kursi is terrified of losing power in case he is held to account for his actions. So they can make him do what they want. They control India.         

Outsource the war and take the plaudits.

Yesterday, "The US says it has carried out a series of strikes on Iranian military and surveillance sites in response to the downing of an American helicopter in the Gulf." In tit-for-tat retaliation, "Iran's Islamic Revolutionary Guard Corps (IRGC) said it launched strikes on 21 targets at US bases in the region, one in Bahrain and the other in Jordan." BBC. On 3 June, "One person was killed in an Iranian attack targeting civilian facilities in Kuwait, including the international airport and diplomatic missions, the foreign ministry said." Reuters. These attacks are despite a ceasefire agreed between Iran and the US on 8 April 2026. Iran's demands for an end to the war (wikipedia) seem so one-sided that it would be an insult to accept them. Why does Iran keep escalating the conflict when its economy is in a state of collapse? In April, its currency, the Rial plunged to 1.58 million to one dollar, its infrastructure is shattered and inflation is close to 40%. "Amir, a resident of Tehran, said the price of a basic food item jumped from 700,000 rials to 1 million rials, while a cancer treatment tablet that earlier cost three million rials surged to 180 million rials." "Factories, power plants, railways, airports and bridges have been hit, while trade ties with Gulf states - a key economic channel - have been severed possibly for years." TOI. The regime has responded with greater violence against its people, with more arrests and executions (Arab news), who are probably too debilitated by their efforts to survive to offer any resistance. The problem with the US is that it is terrified of any of its soldiers returning home in body bags. The death of six soldiers killed by an Iran drone strike in Kuwait was commemorated in a solemn ceremony, attended by President Donald Trump. pbs.org. On the other hand, the Iranian regime responds to any dissent with lethal power and uses the large number of corpses (CNN) to terrify its people into submission. The US also seems reluctant to target individual Ayatollahs, IRGC officers and the Basij thugs in their offices and homes, whether due to lack of intelligence or some woke sense of morality, is hard to tell. If they are paralysed with fear why not help the Israelis take the fight to the Iranian regime. "Israel secretly deployed military and intelligence units to Azerbaijan...as part of a network of covert sites across the Middle East to facilitate operations against Iran." The forces were "adjacent to Iran's northern border and, at its closest point, only about 60 miles from the Iranian city of Tabriz, Which Israel struck during the war." "Special commando units were also deployed to the location and carried out intelligence gathering missions and drone operations." "Together, the deployments described by the sources placed Israeli forces along Iran's southern, western and northern periphery during the war, extending the military's range by hundreds of miles, deep into Iranian territory." Israel also had facilities in Somaliland on the Horn of Africa, two secret facilities in Iraq and quietly deployed an Iron Dome battery in the UAE. CNN. Since yesterday, "The United States began a fresh round of strikes against multiple targets overnight in Iran, the US military said...as President Donald Trump vowed even more attacks if no peace deal secured." ET. Iran struck US military assets in Bahrain and declared the Strait of Hormuz closed. ET. What is the point of having an army if you are not ready to kill, or be killed. Outsource the war to Israel. Support them with no fear of body bags. Take the plaudits when the job is done. Israel will have no objection.                

Controlled RBI, decontrolled foreigners.

"Even as the global economy faces uncertainty from slowing growth, geopolitical tensions and trade disruptions, the World Bank believes India is well-positioned to maintain strong economic growth and continue creating jobs. A senior World Bank official Paul Procee said India's economic fundamentals, expanding trade partnerships and large domestic market provide a strong foundation for sustained growth in the years ahead." MC. The World Bank's optimism is not shared by Indians. "Urban consumers turned more pessimistic about the economy, jobs and spending in May," as, "The Reserve Bank of India's (RBI) Urban Consumer Confidence Survey (UCCS) showed consumer confidence for the current period fell for the third consecutive round, with the Current Situation Index (CSI) declining to 90.7 in May from 95.7 in March." ET. Since anything below 100 is negative, it seems that people are going from pessimism towards hopelessness. Current employment conditions fell from minus 9.1 to minus 14.4, naturally "The net response on overall spending eased to 74.0 from 78.4." Trying to support the falling rupee, the government "granted full tax exemption on interest income and capital gains earned on government securities by foreign investors." And also the Bank for International Settlements. Capital gains on securities held for longer than 12 months was taxed at 12.5%, while less than 12 months faced a 20% tax. Mint. The RBI "expanded the range of government bonds that foreign investors can buy without investment restrictions," and "also raised the limits for investments by non-resident Indians (NRIs) and overseas citizens of India (OCI) in listed Indian equities without requiring registration with market regulator SEBI." ET. The Securities and Exchange Board of India (SEBI) is the regulator for securities, stock and commodity markets. wikipedia. The SEBI is silent, so is the RBI intruding on SEBI's territory? If so, how? In his acceptance speech of the 2026 John F Kennedy Profile in Courage Award, former Chair of the US Federal Reserve, Jerome Powell said, "Central banks make monetary policy under high uncertainty," and they "do not take into account the fortunes of any political party or politician in making those decisions." "The reason the Fed has been able to resist political pressure is that it is protected by institutional mechanisms that mandate its independence." MInt. The SEBI is "under the administrative domain of Ministry of Finance within the government of India," while "Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India." rbi.org.in. To increase trade the government has signed "15 operational free trade agreements (FTA) covering 27 countries, while another nine agreements involving 42 countries are awaiting implementation." But the Global Trade Research Initiative (GTRI) warned that "Rising trade deficits, limited use of FTA benefits by exporters, manufacturing distortions and growing regulatory burdens are among the issues that could erode the gains." ET. The RBI has told "state-run firms and local banks to raise dollars overseas, bring them home, and get a big discount on their hedging cost until Sept. 30." The authorities are trying to "stabilize the currency, keep domestic rates low, and avoid capital controls." But, "The only path to lasting peace on India's external accounts goes through higher (interest) rates," wrote Andy Mukherjee. At its recent meeting of the Monetary Policy Committee (MPC) on 5 June, the interest rate was left unchanged at 5.25%, while the GDP growth forecast was cut from 6.9% to 6.6% and the inflation rate forecast for 2026-27 was raised to 5.1% from 4.6%. ET. Which means "the effective real rate of interest falling to close to zero by the second quarter (if one considers the repo rate of 5.25% and second quarter inflation at 5.1%) and negative 0.65% if one takes the third-quarter inflation projection of 5.9%," wrote Mythili Bhusnurmath. Trying to increase hot money flows without decreasing consumption, by raising rates, will store problems for the future. Are the RBI's actions based on an analysis of India's economy in relation to global events and how other nations are reacting to those events, or are they based on prayers that the Iran conflict would be over soon and oil prices will plummet as sanctions of Iran are lifted, causing a glut of oil in the market? However, even if the conflict is over tomorrow, it may take years to repair war damage before oil flows resume at full flow. Our future resting on a wing and a prayer. Like, the official motto of the US is "In God we trust". wikipedia. Hindi-Yankee bhai bhai.        

Anti-AI is no advantage.

"India recorded a current account surplus of $7.1 billion (0.7% of GDP) in the January-March quarter of FY26 supported by higher services exports and a rise in remittances from overseas Indians," but lower than the $13.7 billion, or 1.4% of GDP, in the same quarter of the last financial year. "However, for the full financial year 2025-26, the current account deficit widened to $25.2 billion, or 0.6% of GDP, from $22.9 billion, or 0.6% of GDP, in FY25." TOI. Excellent example of how percentages can be totally misleading. "One of the most consequential transformations of the Narendra Modi era," is that, "Over the past decade, Indian households have steadily shifted a portion of their savings from traditional assets such as bank deposits, gold and real estate into equity and mutual funds." Total market capitalization has risen from $1.14 trillion in 2013 to nearly $4.84 trillion currently." CNBC. Perhaps, people have been forced by financial repression as the interest income from bank savings and fixed deposits is clubbed with earnings and taxed at the applicable income tax rate. DBS. After the decrease in value of savings by inflation is factored in, the returns from investment in banks becomes almost zero. Can Indian markets go on rising to infinity? If not, what is the ceiling beyond which there are no returns? "India's equity market has come under severe bearish grip again," "As foreign institutional investors (FIIs) continue to dump Indian shares and the West Asia conflict escalates again, leading to higher crude oil prices, the D-Street has started to feel the heat again." TNIE. "For the last two years, the Indian stock market has been a growth ghost town," and "It is precisely because these market powerhouses are wounded that they have now become incredibly dangerous for bears, and possibly ripe for an explosive rally." msn.com. Is this a prediction based on logical market analysis or just hot air to induce people to keep investing in shares? The government taxes every purchase and sale of shares, called Securities Transaction Tax (STT), sale of mutual funds, and options and futures transactions. cleartax.in. As a result, the contribution of STT to total income tax collections has risen from 3.3% in 2021-22 to 5.4% in 2024-25. And so, "Despite implementing tax cuts in the latest Budget, the Centre estimates a robust 14.4% growth in income tax collections in 2025-26, thanks to an unexpected boost from STT revenues." Mint. How are Indian markets going to start rising again? Apparently, "As a violent tech meltdown triggers an unwinding of the global artificial intelligence trade in America's Nasdaq, South Korea and Taiwan, analysts say, India could emerge as the ultimate 'anti-AI' trade, positioning Dalal Street to become a major relative beneficiary and an oasis of peace in a fracturing financial landscape." "FIIs have aggressively abandoned India," and "This relentless exodus was directly engineered by an explosive chip rally in Taiwan and South Korea, which pushed their market capitalization above India's." TNIE. On the other hand, "Indian IT majors, TCS, Infosys and others saw their stocks decline as fears of AI-led workforce disruptions threatened the working model of this sector." The compound annual growth rate (CAGR) of earnings of Indian companies has collapsed from over 20% to just 5-6%. TOI. Will a collapse of other markets divert FIIs to India? If FIIs lose money they may cut down on new investments and prefer developed economies as they switch to a risk-off mode. Indian markets could fall further as FIIs repatriate money to pay home investors. Wishing ill of others because India has no AI or chip industry is nasty. Could boomerang.       

Dead by NEET.

At the Cockroach Janta Party's (CJP) protest at Jantar Mantar, a man said, "He had come to support his girlfriend," and "had nothing to do with politics, viral hashtags or social media trends." He said he came on her behalf as she was unable to attend in person because she had been struggling with depression since the controversy with the NEET paper. msn.com. NEET stands for the National Eligibility cum Entrance Test, conducted by the National Testing Agency for admission into undergraduate medical programs. wikipedia. 2.27 million youngsters appeared for this year's exam on 3 May 2026. The exam was canceled on 12 May 2026 because the question paper had been leaked. wikipedia. 18-year old Akanksha Chaturvedi committed suicide over the canceled exam. TOI. Apparently, a couple of people at the protest were ignorant of the relevance of the term 'Chicken Neck', relating to India's borders with neighboring countries. It became a talking point when "Union Minister Kiran Rijiju shared the clip on his X account, calling for greater awareness about the county's geography and national issues." ET. 'Chicken Neck' is a narrow corridor in West Bengal, leading to India's northeastern states, bordered by Bangladesh, Nepal and Bhutan. wikipedia. Retiring after over 50 years of medical practice I can assure Hon'ble Minister that ignorance of India's geography is of no relevance to becoming an extremely erudite and competent doctor. Leaking questions for money is. With an enormous population and limited opportunities the temptation to game the system, for those with power and money, must be impossible to resist. The most infamous was the Vyapam scam, in which questions for exams to select medical admissions and government employees, were leaked to candidates who paid. At least 40 people, including an erstwhile Governor's son, died suspiciously. Unofficially, more than 100 were eliminated. wikipedia. Perhaps even worse than corruption is the callous incompetence that puts our children's future in jeopardy. "Days after the government-run Central Board of Secondary School Education (CBSE) announced its Grade 12 - equivalent to UK's A level - results, dozens of students complained about errors in their marks allegedly linked to a newly-launched digital evaluation system," "Called On-Screen Marking (OSM), the system works by scanning physical copies of answer sheets and uploading them on an online portal for teachers to evaluate." Errors included mistakes in manual evaluation, "pages were missing, answers were marked wrongly, or the digital copies did not match the original paper answer sheets." Because of delays in re-evaluation by CBSE many students are in danger of missing scholarships to foreign universities and admissions to the Indian Institute of Technology (IIT) which require at least 75% marks in CBSE Class 12 exam. TOI. Why wasn't the system evaluated thoroughly before ruining hundreds of lives? Because there is no accountability. CJP chief Abhijit Dipke demanded the resignation of Education Minister Dharmendra Pradhan and said that the Hindu-Muslim agenda (BJP's election winning strategy) for the last 12 years cannot create jobs. HT. So will the Hon'ble minister take responsibility? Hell, no. Indian ministers have perks which would outclass those of a US president. Sharam and Izzat be damned. Recently, the Chief Justice of India (CJI), Surya Kant labeled "people entering professions using 'fake and bogus degrees' as "cockroaches". TOI. Careful. The CEO might think it is aimed at him.  As "the CEO with the invisible degree remains secure," even if "The degree remains invisible yet apparently protective, like a talisman that wards off inquiry." Judges have repeatedly protected the secrecy. DH. If the top certificate is fake, others down the line will follow. That's why they are followers.