All you need to start your day informed in under 6 mins
Good Morning 🇮🇳
In the most USA news ever, Donald Trump has announced a full-blown UFC championship fight on the White House lawn to celebrate 250 years of American independence. Because nothing says “land of the free” like immigrant MMA fighters going at it for caucasian businessmen next to the Abraham Lincoln memorial. Seems like Trump’s longtime bromance with UFC boss Dana White is reaching peak Shah Rukh–Kajol levels. Just instead of “palat,” it’s giving... “punch.”
Now, let’s get into the dispatch! 🚀
Today’s reading time is 6mins.
Image credits: Pexels
On paper, India proudly touts itself as one of the fastest-growing economies in the world. But zoom in a little, and the promise of “Sabka Saath, Sabka Vikas” seems a bit blurry. Yes, official data shows that nearly 26.9 crore people have moved out of extreme poverty over the past decade, a remarkable milestone. But are we missing the forest for the trees and harbouring a more uncomfortable truth?
According to the World Bank, one in four Indians still fall below the minimum standard of living. That translates to over 35 crore people not having access to basic necessities such as nutritious food, secure housing, healthcare, and education. Add to that growing wealth inequality, and you have a recipe for grave concern. With the top 1% of the population now controlling 40% of India’s wealth, while the bottom 50% owns a mere 6.4% of the wealth, over seven crore people are still living in extreme poverty.
What about those above the poverty line? Even those technically above the poverty line aren’t necessarily thriving. In urban areas, high rents, underemployment, and economic insecurity are eroding quality of life. A recent survey by job portal Foundit found that only 28% of respondents reported meaningful salary growth over the last three years. Meanwhile, the International Labour Organisation ranks India in the bottom 25% for real wage growth among 130 nations.
The challenge now is not just to lift people out of extreme poverty, but to redefine what poverty means in a country striving for middle-income status. Real progress will require ensuring that economic growth translates into basic dignity and opportunity for all.
Image credits: Seeking Alpha
As Artificial Intelligence sweeps across global economies, a new report, ‘AI for All: Building an AI-ready Workforce in Asia-Pacific,' backed by Google.org and the Asian Development Bank, shines a light on the opportunities and obstacles India faces in its attempt to embrace the Artificial Intelligence (AI) revolution.
The report suggests that AI could contribute $3 trillion to the GDP of the Asia-Pacific region by 2030. India, with its young and growing population, could play a key role in this drive, as demand for AI professionals is expected to nearly double from ~650,000 to 1.25 million roles by 2027.
The Problems: A startling skill and training gap remains, with only one qualified GenAI engineer existing for every ten open positions. Meanwhile, automation threatens to replace jobs in data entry, customer service, and scheduling roles disproportionately held by informal workers, women, and those with low digital literacy.
What can be done?
Reach all demographics: AI training programs must scale across both urban and rural India, with curricula tailored to a diverse audience, ranging from fresh graduates to informal sector workers and even the elderly.
Prioritize practical skills: Emphasis should be placed on job-ready, hands-on training aligned with real-world industry needs to bridge the gap between learning and employability.
Bridge gender and digital divides: Focused efforts to bring more women and digitally excluded groups into the fold will be crucial in ensuring inclusive and equitable AI adoption.
Additionally, the changing job market means that traditional degrees no longer hold the same weight, with companies looking for skills like critical thinking, adaptability, and the ability to use AI tools effectively in addition to domain expertise. The potential is massive, but without a clear strategy, we risk building an unsustainable AI economy, catering to a minority and widening the chasm of inequality.
India’s inflation is under control: Recently, the Bank of Baroda reports that India's retail inflation is projected to stay within the RBI's 2.9% target for Q1 FY26. This trend is primarily driven by significant deflation in essential food items, particularly vegetables and pulses, thanks to improved production and supply.
India-US trade war: India proposes $723.75 million in retaliatory duties at WTO against US auto tariffs. This move responds to US safeguard measures impacting $2,895 million worth of Indian auto parts, escalating trade tensions.
India’s push for $870 billion exports: India's Commerce Minister Piyush Goyal aims to propel India’s exports over $870 billion, building on 2024-25's all-time high of $825 billion. The government looks to leverage Free Trade Agreements (FTAs) and domestic strength, while reviewing existing trade deals with ASEAN countries and Japan, prioritising value-added goods.
BRICS Summit: With PM Modi on his visit to Brazil at the 17th BRICS summit, India is pushing for barrier-free trade and digital collaboration among the now 10-member bloc. Business leaders advocated for local currency use and leveraging India's digital platforms to foster deeper economic integration.
Microsoft exits but Azerbaijan invests in Pakistan: Microsoft says goodbye to Pakistan after 25 years of operation due to an "unsustainable environment," leaving just a small five-employee office. Meanwhile, Azerbaijan just signed a huge $2 billion investment deal with Pakistan at the ECO summit, aiming to boost its economy.
EU's mineral stockpile: Amid rising global tensions, the EU plans to stockpile critical minerals and strategic supplies as a precaution against supply-chain disruptions, addressing geopolitical risks, climate change impacts, and cyber threats. The race for stockpiling critical minerals is taking priority with initiatives like the Quad Critical Minerals Initiative covered in our previous editions.
Israel-Hamas ceasefire… again? Hamas gave a ‘positive’ response to the latest Gaza ceasefire proposal and is ready for talks. However, Hamas has been seeking guarantees that the initial truce would lead to a total end to the 21-month-old war.
Trump's bold tariff threats: Trump signed "take it or leave it" non-negotiable tariff letters for 12 countries, to be sent out on Monday. The names of the countries were not revealed, but rates could potentially reach up to 70% and are expected to take effect from August 1. The economic and geopolitical showdown continues!
Nehal Modi nabbed in US: Nirav Modi’s brother, Nehal, was arrested in New York on July 5, following an extradition request by the CBI and ED. Accused in the ₹13,000 crore PNB scam, he allegedly helped launder money, destroy evidence, and smuggle 50 kg of gold. The next date for the hearing of this matter is July 17.
India’s first ‘Disneyland’? Haryana CM Nayab Singh Saini shared that his government is in talks with Disney officials for India’s first Disney backed amusement Park, earmarking 500 acres near Pachgaon Chowk for the proposed project. He believes this mega project will boost tourism, jobs, and bring global footfall.
Crackdown on illegal immigration: Over 200 alleged illegal Bangladeshi immigrants were airlifted from Vadodara on an IAF Airbus A321 under heavy Gujarat ATS security. The Home Ministry-directed crackdown began post the April Pahalgam attacks and involves coordination with FRROs and BSF for deportation protocol.
Toll slashed for elevated highways: In a bid to lower travelling costs, the government has reduced toll rates by up to 50% for certain sections of the National Highways that contain structures such as tunnels, bridges, and flyovers.
AIMIM seeks INDIA bloc integration for Bihar polls: In an official letter addressed to RJD chief Lalu Prasad, AIMIM Bihar president Akhtarul Iman has requested inclusion in the Mahagathbandhan consisting of RJD, Congress and Left Parties in a bid to “prevent a split in secular votes" in the upcoming Bihar elections.
Jaiswal shattering records: Rising star Yashasvi Jaiswal entered the record books while playing against England, becoming the joint-fastest Indian to score 2000 Test runs (40 innings) alongside Rahul Dravid and Virendra Sehwag. He achieved this feat in 21 Tests, outshining Gavaskar's 49-year-old record of 23 Tests.
Srikanth smashes his way to the semis: Indian badminton veteran Kidambi Srikanth (World No. 49) beat World No. 6 Chou Tien Chen 21-18, 21-9 at the Canada Open, setting up a semifinal clash with Japan's Kenta Nishimoto, whom he leads 6-4 head-to-head.
UEFA fines top clubs for financial breaches: UEFA doled out some hefty fines after finding several clubs in breach of its financial rules. Chelsea received a €31 million UEFA fine with the risk of an additional €60 million. Barcelona (€15M, potentially rising to €60M), Lyon (€12.5M), and Aston Villa (€11M) were also fined.
Djokovic dominates Wimbledon: Novak Djokovic achieved his 99th Wimbledon win, with a 6-3, 6-2, 6-0 victory over Dan Evans on Thursday. With this, he also surpassed Roger Federer's milestone by entering the third round of Wimbledon for a record 19th time.
England (W) beats India (W) in close T20I encounter: The England women’s cricket team beat India by 5 runs in a last-ball thriller in their latest T20I match on Friday. Despite the loss, India leads the T20I series 2-1, with two games remaining.
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