Official indignation.

"US President Donald Trump has indefinitely extended the ceasefire with Iran after a direct request from Pakistan's leadership, as both sides await a unified Iranian proposal." "Trump's announcement of an indefinite ceasefire extension came hours before the truce was due to expire, following urgent appeals from Pakistan's top leadership." msn.com. Last week, Trump "praised Pakistan's Prime Minister Shehbaz Sharif and his army chief, Asim Munir, for hosting the US-Iran talks in Islamabad." "They are very extraordinary men, and continuously thank me for saving 30 to 50 million lives in what would have been a horrendous war with India," Trump said. NDTV. He has also claimed that eight planes were shot down during Operation Sindoor in May last year. TT. Clearly, Trump seems to enjoy needling Prime Minister Narendra Modi who claimed In Parliament that Pakistan begged India to stop shooting. NDTV. All that may seem trivial, but "Former US Ambassador to India Kenneth Juster yesterday suggested that Pakistan's improving ties with the United States could have implications for India's strategic decision-making in the event of a future major terrorist attack originating from across the border." He said it is an "irritant" to India. ET. More worrying, "India yesterday criticized remarks made by Trump in a social media post that referred to India as part of a 'hellhole' comment, calling the remarks 'uninformed, inappropriate and in poor taste', asserting that they do not reflect the true nature of bilateral ties." ET. On cue, India's Ambassador to the US, Vinay Mohan Kwatra claimed yesterday that PM Modi and Trump "share bonhomie which is reflected in the wide-ranging cooperation between New Delhi and Washington." ET. US officials applied a soothing balm, saying that Trump has said, "India is a great country with a very good friend of mine at the top." DH. The craven 'godi (lapdog) media' (wikipedia) is not to be left behind. Trump's admiration for Munir is because, "It resonates with core elements of Trump's own personality that include 'narcissistic supply' seeking, admiration for authoritarian figures, a transactional approach and an insatiable craving for validation as a deal maker." ET. Trump taken care of, now Pakistan's turn. Although the ceasefire negotiations were held in Islamabad, actually "America's biggest rival, China, has emerged as the quiet force shaping the outcome," as "Iranian officials reportedly credited a last-minute push by China with securing their acceptance, a claim soon after validated by Trump." ET. How can Trump validate a private message from China to Iran? But, a loud raspberry to Pakistan nevertheless. Is India a 'hellhole'? Depends on who you ask. Opposition parties mock the BJP as a "washing machine" party because criminals join the BJP to have serious criminal charges against them disappear (The Print). Institutions such as the Election Commission of India have lost all credibility and are seen as agents of the BJP. DH. What makes India a true 'hellhole' is that rapists and murderers are consistently protected and evidence against them deliberately destroyed. Especially if the victim is a Dalit (lower caste). Wrote Ranjana Padhi. Convicted rapist and murderer Ram Rahim has been released from prison 15 times since 2017 on parole and has spent 400 days in freedom. This was reported by CNN which is American. Trump may be in "poor taste" but "uninformed" he's not . Lots of Indians agree. Silently.         

Tons of gold.

"Reserve Bank of India (RBI) Governor Sanjay Malhotra has indicated that capital account liberalisation cannot come at the cost of macroeconomic sovereignty." "Highlighting some of the prudent measures.., Malhotra said that there were controls on the capital account for residents, limits on short term foreign debt and RBI intervened in forex markets when needed." TOI. Deputy Governor T Rabi Sankar said, "The RBI remains committed to the internationalisation of the rupee, but steps in with measures whenever there is excessive volatility." msn.com. The Indian rupee is freely convertible in the current account, which is for investment purposes (Medium) but is not convertible in the capital account, which is for buying assets (Tata). "Foreign investors (FIIs) pulled out nearly $19 billion from Indian equities in 2026 so far, even as domestic investors continued to deploy money through systematic investment plans (SIP) and lump-sum allocations." FE. In effect, FIIs repatriated foreign exchange bought with Indian rupees from domestic investors. But Indians are not allowed to buy and hold foreign currency. The result is that the RBI and the government can make Indians poorer deliberately. One US dollar bought Rs 59.44 in May 2014 (Thomas Cook) when Mr Narendra Modi was first elected prime minister (wikipedia), and is at 94 to one dollar this morning (xe.com). That is an impoverishing devaluation of over 58%. A weaker currency causes inflation by  increasing prices of imports and higher prices further reduce the value of the rupee. The RBI has been tolerating retail inflation at over 4% in most years (RI) and has overseen the rupee reduced to near junk. High inflation helps the government reduce its debt by increasing tax collections and rupee devaluation reduces the value of the debt. Economics Help. Thus, the RBI has been systematically transferring the wealth of Indian citizens to the government. In 2022, the RBI allowed foreign banks to open 'Vostro accounts' in Indian banks so as to enable payment for imports in Indian rupees. pib.giv.in. The idea is that when an Indian company imports goods from a foreign company it will deposit the cost into the account of that country in an Indian bank in rupees which can then be used to pay for goods bought from India (Investopedia) by a company of the same country. This way India would save foreign exchange. This can work only if trade with another country is roughly equal but we incurred a deficit of $333.20 billion in merchandise trade and a surplus of $213.89 billion in services trade for a combined trade deficit of $119.30 billion in 2025-26. pib.gov.in. And also, the currency must retain its value. Russian banks opened vostro accounts in India to avoid Western sanctions but were stuck with over $8 billion in rupees in those accounts. They had to spend the money in buying Indian government bonds, machinery and arms. Mint. Ordinary Indians do not understand all these shenanigans but they can feel that they are being cheated somehow. So they buy gold. "Morgan Stanley economists Upasana Chachra and Bani Gambhir estimate that Indian households now hold 34,600 tons of gold worth nearly $3.8 trillion (Yahoo) which is just below India's nominal GDP at $3.916 trillion  (TOI). Ironically, India fell from 4th largest economy in the world to 6th because of the slump in the rupee. As India's central bank, the RBI should control inflation and honor the rupee. Making citizens poorer is no sovereignty. No capital account convertibility? No problem - there's gold convertibility. Tons of it.  

Perception is correct.

"India's central bank has flagged the risk of inflation becoming entrenched as geopolitical tensions in the Middle East continue to disrupt global supply chains and energy markets." Reserve Bank of India (RBI) Governor Sanjay Malhotra "suggested that the central bank's response would focus more on managing expectations than aggressively tightening demand." ET. Meaning, he is averse to higher interest rates. "When households are asked to assign a number to current or future inflation, their responses are shaped by recent movements in the prices of everyday items," wrote Deepa Vasudevan. "The lower and more uncertain the income, the greater the inflation anxiety, and the higher the inflation is perceived to be." "Household inflation perceptions are heavily influenced by food and fuel prices." Even with the new CPI basket which assigns lower weight to food (finshots.in), "Households continue to perceive inflation 4-6% higher than the official rate." So, how is the RBI going to change public perception? By telling people they are wrong? The government has a large number of goods and services items in the CPI basket and measures inflation year-on-year but people perceive only what they buy which gives rise to 'subjective bias'. People only remember what they have purchased recently so there is 'recency bias', a sudden sharp rise in prices gives 'shock bias' and they notice only changes in prices which is 'impact bias'. Still, if their perception changes their consumption it is important for the economy, wrote Madan Sabnavis. Last year, the Economic Survey pointed out that while companies are making record profits, wages are not growing. "Profits before taxes for over 33,000 sampled companies nearly quadrupled between 2019-20 and 2022-23. Nifty 500 companies posted profit growth of 22.3% in 2023-24 alone." But employment grew by just 1.5% and, while the GDP grew at 6.7% between 2021-22 and 2023-24, "real wages for regular workers contracted by 0.07%," wrote Ajit Ranade. Indian companies operate on the principle of gouging customers while paying niggardly wages to their workers. No Indian company will dream of doubling wages as Henry Ford did, when on 5 January 1914, "he announced that henceforth the minimum wage for Ford employees would be $5 for an eight-hour day, more than doubling the previous Ford minimum wage of $2.34 for a nine-hour day." Ford Motor's profits doubled from 1914-1916. ebsco.com. Corporate social responsibility, in which companies must spend 2% of net profits on social activity, has been made mandatory cleartax.in. "Indian firms spend about Rs 340 billion on CSR, but most of it flows into low-poverty areas, and larger firms are leaving funds unspent." indiaspend.com. No wonder, worker protests broke out in Haryana and Uttar Pradesh recently. BBC. In 2012, the General Manager Human Resources was burned to death at Maruti Suzuki's car plant in Haryana. TOI. When people are financially stressed even a slight rise in prices can seem intolerable. The RBI is not serious about inflation control, achieving its target only in 2025 (RI). Perception is correct. It's not bias.  

The price of cheap food.

On 31 December 2025, "Cut to 2026, three months in. India will expand to $4 trillion in GDP by then, just $150 billion shy of beating Japan and likely to cross the latter in FY27 to reach No 4 in the global pecking order." India will soon cross $5 trillion, wrote Pragya Sravastava and Payal Bhattacharya. However, "At an individual level, Indians remain behind. Per capita GDP - the real deal - is estimated at $2,818 for 2025-26, and puts India among the 50 poorest countries." Instead of rising to 4th, India has slipped to 6th according to the IMF's World Economic Outlook (April 2026). As per the IMF's estimate in April 2025, India should have been at $4,187.017 billion in April 2026, with Japan at $4,186.431 billion and the UK at $3,839.18 billion. Instead, India's nominal GDP is at $3,916 billion with the UK at $4,003 billion and Japan at $4,435 billion. TOI. This is partly because GDP is measured in US dollars and the Indian rupee has fallen from 84.5484 on 30 April 2025 (exchangerates.org.uk) to 93.33 to one dollar this morning (xe.com). Also, the base year for the GDP has been updated from 2011-12 to 2022-23 and the methodology has been changed to international standards. Accordingly, the nominal GDP in FY26 is calculated at Rs 345 trillion as opposed to Rs 357 trillion projected earlier. Kashmir Life. A research paper by Abhishek Anand, Josh Feldman and Arvind Subramanian have reworked the numbers. "Officially India's so-called 'gross value added' (an indicator of economic output from the production side) between 2011 and 2023 grew at an average rate of 5.9% in real terms. With the corrections, that average rate drops to 4-4.4% per year, according to Anand et al." The Ministry of Statistics and Programme Implementation (MoSPI) strongly disagreed. Mint. In December 2025, the economy was said to be in a 'Goldilocks period', with 8.2% growth in the second quarter of 2025-26 and consumer price index (CPI) inflation below 2%. ET. The glee is because the CPI inflation rate came in at 1.33% year-on-year in December 2025, with food prices contracting by -2.71%. pib.gov.in. That may not be something to celebrate as "Cheap food for the urban consumer has been secured by shifting the burden of inflation control on to the farmer." "When output prices fail to cover the full cost of production, debt ceases to be a choice and becomes a structural inevitability. In India, nearly 70% of farm households are trapped in a cycle of borrowing, with small and marginal farmers, who constitute 85% of all cultivators, bearing a disproportionate share of this burden." DH. In supreme irony, "The Union Cabinet... approved a two-percentage-point increase in dearness allowance (DA) for central government employees and dearness relief (DR) for pensioners, raising both to 60% of basic pay and pension respectively." HT. Dearness means higher prices or inflation. So, this pampered, overpaid crowd gets 60% extra cash every month while farmers are suppressed. The GDP series may be new, but the exploitation is old. They get 60%. Farmers borrow. It's redistribution. Indian style.       

Dreaming of stars.

"The indigenously designed and built Prototype Fast Breeder Reactor (PFBR) at Kalpakkam in Tamil Nadu successfully attained its first criticality on 6th April 2026, marking the initiation of a sustained chain reaction." "Once fully operational, India will become only the second country in the world after Russia to operate a commercial fast breeder reactor." pib.gov.in. "During the same time India's first PFBR achieved criticality, Bengaluru-based startup Pranos raised $6.8 million in seed funding to build India's first commercial fusion reactor prototype." "Fusion-based reactor technology is gaining traction with a couple of Indian-startups looking at power generation by 2035, while thorium-based rectors are a few decades away." "India is already contributing Rs 7.45 billion in 2026-27 for a global fusion project, the International Thermonuclear Experimental Reactor (ITER), a multi-country endeavour located in France." BT. India's top companies Reliance and Adani are interested. The Indian Space Research Organisation (ISRO)  spent "$74 million on the Mars orbiter Mangalyaan and $75 million on...historic Chandrayaan-3 - less than the $100m spent on the sci-fi thriller Gravity." Nasa's Maven orbiter cost $582 million and Russia's Luna-25, which crashed on the moon's surface, cost $133 million. BBC. Although, India has a track record of achieving great scientific success on a shoestring budget, $6.8 million is really loose change for fusion research. China Fusion Energy and Neo Fusion of China have budgets over $2 billion, while Commonwealth Fusion Systems and Helion Energy of the US have budgets of nearly $3 billion and over $1 billion respectively. FEB. Tokamak technology has been around since !960. The Tokamak Fusion Test Reactor (TFTR) was built at Princeton Plasma Physics Laboratory in 1980 and entered service in 1982 but it could never achieve break-even, which means it used more power than it produced. It was dismantled in 2002. wikipedia. In December 2022, "an experiment carried out at the Lawrence Livermore National Laboratory (LLNL) in California had for the first time managed to produce more energy than it than it consumed via nuclear fusion," but "The experiment in California was carried out under special conditions that cannot be replicated anywhere else in the world and produce modest results in terms of the amount of energy generated," wrote Marcos Pivetta. Perhaps, the biggest hurdle will be electricity. ICRA estimates electricity demand to grow by 5-5.5% in FY 2026 and by a compound annual growth rate of 6-6.5% over the next five years. ET. It is not sure whether this takes into account that "India's data center capacity is expected to surge nearly six-fold from about 1.5 GW in 2025 to 8-10 GW by 2030, while electricity consumption from the sector is expected to rise sharply from 10-15 terawatt hours (TWh) in 22024 to 40-45 TWh by 2030." FE. It's good to dream of producing fusion energy of stars in India. Others have tried and failed. At least it's cheap at $6.8 million.

All for women.

"Prime Minister Naredndra Modi yesterday apologised to women across the country after the Lok Sabha rejected the proposal for 33% reservation for women in Parliament," blaming opposition parties. ET. But why now, exactly one week before elections to assemblies of opposition controlled states of Tamil Nadu and West Bengal (wikipedia)? Government channels "Doordarshan National and DD News are the primary government broadcast channels that carry all presidential and prime ministerial addresses to the nation live and without interruption." Not just that, "Every household with a basic cable or DTH connection receives DD News." Dailyhunt. Which means that every Indian citizen is compelled to subscribe to these channels which serve the government. Mr Modi first came to power in 2014 (wikipedia) so why did he bring this law at this time in blatant violation of the Model Code of Conduct which "prescribes that official work and campaigning shall be kept separate and no official machinery should be used for campaigning. It also prohibits from spending public money for propaganda (wikipedia). At the very least the Election Commission of India (ECI) should postpone both elections by one month. Mr TN Seshan would have had the guts and integrity to do so TNIE. If the government's collective heart is bubbling over with concern for women, perhaps someone could explain why 35-year old Princess Latifa of Dubai was assaulted by Indian commandos, forcibly tranquilized and flown back to Dubai when she was begging for asylum (TOI). Or why thousands of women, many with little children, were forced to walk hundreds of kilometers back to their villages with no food, water, transport (gettyimages.in) or any help from the government after a very stringent lockdown was imposed on the whole nation on 25 March with just 4 hours notice (BBC)? Hungry toddlers cried for food and women even gave birth at the roadside without any medical help. TOI. Jyoti Kumari, born in 2005, would have been just 15 years old in May 2020, when she carried her injured father 1,200 kms on a bicycle from Gurugram near Delhi to Sirhulli in Bihar. Cycling 100 kms every day. wikipedia. Has anyone apologised to all these women for all the suffering that was imposed on them? "The 106th Constitutional Amendment in 2023 introduced reservation of one-third of seats in Lok Sabha and State Assemblies for women. It provides that reservation will come into effect after an exercise of delimitation is undertaken for this purpose, based on the first census after the commencement of the 2023 Act." PRS. A census started on 1 April 2026 and will continue till September. The Population Enumeration is scheduled for February 2027. wikipedia. The 131st Amendment Bill, which was defeated in Parliament, proposed Delimitation based on 2011 Census and Women's Reservation based on that. This was brazen, shameless duplicity. The ECI is a constitutional body and should take action at this sly, deceitful and  dishonorable electioneering. That would need a spine. Of bone. Not jelly  

At $1 per hour.

Four days ago, "Police lobbied tear gas shells and used 'minimum force'...to quell a factory workers' protest in the Indian national capital's suburb of Noida, which turned violent on its fourth day, with vehicles torched and stones pelted in parts of the satellite city." Perhaps incensed by the news that, "Similar protests in the auto-making state of Haryana last week led to the government ordering a 35% hike in minimum wages." Reuters. Noida is in Uttar Pradesh and so, "Noida police have alleged that two social media accounts in X, operated from Pakistan, played a major role in escalating the April 13 labor protest into violence by spreading false information about multiple deaths during the demonstrations, as per TOI." India's strict labor laws imposed high costs on employing permanent labor. So companies resorted to laborers on temporary contracts, on lower wages and no benefits, supplied by manpower supply companies. Scroll. Last year, "With the four labor codes now live, the government has effectively rewritten the rules for how companies hire outside permanent roles. In plain terms: India's workforce has long run on two parallel tracks, fixed-term direct hires and contract labor via agencies. The codes try to formalize both." MC. However, Noida is not the only place, workers have protested in Faridabad and Manesar in Haryana, in Surat in Gujarat and in Bhiwadi in Rajasthan. Paltry wages, which have stayed stagnant for years, while prices have risen make life impossible. DH. A shortage of manufacturing jobs for unskilled labor forces people to work for low wages. On 31 January 2025, "The sector's contribution to GDP, which has stagnated at 16-17% (of GDP) for years, is projected to drop to 13-14% by 2025." "Supply chain disruptions, cost disadvantages and a tepid export environment have significantly eroded the sector's competitiveness." FE. India produces a large number of graduates, but "graduate unemployment for the 15-25 age group is hovering near 40%", because, "India's elite, hemmed in by its own risk aversion and stifling bureaucratic controls, has shown little ambition to build the kind of mass-employment manufacturing base that could provide an alternative," wrote Andy Mukherjee. Mopping and dusting offer better returns. "At Indian startup Pronto's training hub, women hone their mopping and chopping skills while learning how to send SOS signals if they feel unsafe in customers' homes. They are set to join India's new consumer craze: house help for $1 an hour." "The potential annual earnings from working eight hours a day can be as high as $5,000 - a figure that surpasses India's per capita income of around $3,000." "Similar services can cost around $30 an hour in the United States, and around $7 in China." Reuters. In Noida, most protesters are "non-unionised contract workers employed in small factories across industrial clusters." "They earn between Rs 10,000 ($107) and Rs 15,000 a month - wages that have remained largely unchanged for months. Many are migrant workers, living hand-to-mouth in cramped housing on the city's outskirts." BBC. While women are becoming home helps, men are joining the gig workforce as delivery men. "India's gig workforce is 12 million strong and expected to double to 24 million by the end of this decade." BBC. Given all that, $1 an hour is the highest price for an Indian. Only if you are lucky.      

A loud 'No' please.

In a special session of the Parliament, "Formally known as the Nari Shakti Vandan Adhiniyan, the Women's Reservation Bill is a constitutional amendment that seeks reservation of 33% of seats in the Lok Sabha and state legislative assemblies for women." TOI. But, why now? Exactly one week before assembly elections West Bengal and Tamil Nadu (wikipedia), both states ruled by opposition parties. The original bill passed in 2023 was to come into effect in 2034, based on the 2027 Census. However, the BJP has moved a Delimitation Bill prematurely, tying it to the Women's Reservation Bill (ET) even before the Census has been completed. Delimitation is meant to increase the number of seats in the Lok Sabha to reflect the growth in population. The problem is that the total fertility rate (TFR) is high in the northern Hindi-speaking belt while it is below replacement level in the South and East. wikipedia. "Projections suggest the number of Lok Sabha seats could rise from 543 to 753 if current population trends continue." Seats of southern states will rise from 129 to 144, which will be a fall from 24% of the Lok Sabha to 19%, while northern states will see a jump of 60% from 222 to 357. Chief Minister of Andhra Pradesh Chandrababu Naidu and "his counterparts in other southern states are desperate to escape the sheer weight of numbers in the country's north. Naidu promised women Rs 25,000 if they had a third child, and also suggested extended maternity leave and a longer period of free education." ET. And yet, while other southern states have opposed the bills, Mr Naidu said that the present Women's and Delimitation Bills have his 100% support. ET. Why? What is Mr Naidu afraid of? In fact, with 240 seats, the BJP is well short of the 272 required for a majority and is only in power because of the support of the TDP of Mr Naidu with 16 seats and JDU's 12 seats from Bihar. wikipedia. In Bihar, JDU Chief Minister Nitish Kumar has been sent to the Rajya Sabha and replaced by Mr Samrat Choudhary who switched from the JDU to the BJP. BBC. The Lok Sabha has 540 members at present so 271 will give a simple majority but a Constitutional Amendment requires two-thirds majority which means 360. The Wire. Mr Naidu can kill off the Delimitation Bills while supporting the Women's Reservation Bill. Mr Naidu should remember that the BJP has a habit of cannibalising its friends and destroying them in the process. He should see what happened to BJP's friends, the Shiv Sena, also a Hindu party, and the Nationalist Congress Party (NCD) in Maharashtra, the Akali Dal in Punjab and the Lok Janshakti Party (LJP) in Bihar. The Wire. Mr Eknath Shinde broke away from the Shiv Sena and was the chief minister of Maharashtra from June 2022 to December 2024. wikipedia. Now he is Deputy Chief Minister alongside Ms Sunetra Pawar of the Nationalist Congress Party (NCP) (wikipedia). In 2019, the undivided Shiv Sena had 56 seats and the NCP had 54, for a total of 110, while the BJP had 105 seats. Since 2024, the BJP has 132, while Mr Shinde's Sena and Ms Pawar's NCP have a total of 98 seats. PRS. Mr Naidu should prepare for sunset. Unless he stands up to the rapacious BJP. Say "NO". Loudly.