July 7: BRICS family photos, 'Gini' in a bottle

Good Morning 🇮🇳 

In a move that may have secretly been setup by Narayan Murthy, Telangana just said, “Why stop at 9-5?” and approved 10-hour shifts for workers in commercial establishments. Apparently a measure to improve “ease of doing business,” we were left asking whose “ease” are we talking about and why are we “improving” it? Thankfully, the policy allows a whole 30mins of break for every six hours worked. Unfortunately, this means our dhai-ghante of doom-scrolling requires atleast 30 hours of work a day.

Now, let’s get into the dispatch! 🚀 

Today’s reading time is 6mins.

External Relations 🌐🤝
BRICS Summit Underway in Brazil

The 17th BRICS summit kicks off today in Brazil bringing together the ‘Global South’ economies to discuss global issues. The official program even features two separate “Family Photo” slots—because even high-stakes diplomacy needs photo options, and making sure no-one blinked.

Objectives: The states are expected to release joint statements and sign declarations on:

• Strong condemnation of terrorism, with specific reference to the recent attack in Pahalgam, reinforcing a united front against extremism.

• Joint economic cooperation roadmap, focusing on sustainable development, trade resilience, multilateral tax transparency and reforms in global institutions (IMF).

• Russia’s war in Ukraine and conflicts in the Middle East.

Side-plots:

• Diplomatic victory for Iran: The bloc released a statement in support of Iran stating, “We condemn the military strikes against the Islamic Republic of Iran since 13 June 2025”, “We further express serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities,” and that the strikes “constitute a violation of international law.”

• Xi? “absent ma’am”: For the first time in 12 years, China’s President Xi Jinping is skipping the summit, further fueling chatter about his diminishing influence at home and the possible power struggles brewing in Beijing.

• Trump (obviously): The bloc mentioned that Trump’s “indiscriminate” import tariffs were threatening the global economy. DT has historically not been a fan of BRICS saying “We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs”. Let’s see what he says this time.

India’s moment: With Xi absent, Putin joining remotely, and PM Modi on a state visit to Brazil - India is very much in the spotlight advocating for tougher anti-terror language and preparing to assume the BRICS Presidency next year.

Economy & Society 🇮🇳📈
‘Gini’ in a Bottle: India Among World’s Most Equal

India is now ranked as the world’s fourth most equal society according to the World Bank’s Gini Index, with a score of 25.5 in 2022—lower (more equal) than all G7 and G20 nations. The Gini Index measures income inequality on a scale from 0 (perfect equality) to 100 (maximum inequality), with India falling into the “moderately low inequality” category (25-30).

Key Factors Behind Gains:

• Steady Decline in Inequality: India’s Gini score improved from 28.8 in 2011 and 29.7 in 1977, showing a long-term trend toward greater equality.

• Poverty, Unsubscribe: Between 2011 and 2023, 171 million people moved out of extreme poverty. The share of population living below the World Bank’s revised $3/day metric would stand at 5.3%.

• Welfare Schemes Galore: Programs such as Jan Dhan Yojana (financial inclusion), Aadhar (digital ID), Direct Benefit Transfer, PM Garib Kalyan Anna Yojana (food security), and PM Vishwakarma Yojana (livelihood support) have helped aid in moving people out of extreme poverty.

Global Context:

India ranks just behind Slovak Republic (24.9), Slovenia (24.3), and Belarus (24.4), and ahead of countries like Norway (26.9), China (35.7), Germany (32.4), France (31.2), and the US (41.1). Of course, some experts suggest that the Gini Index is like using a selfie filter for real life: it smooths over the messier details, like how wealth is actually distributed or how much people rely on government handouts. Yet, while most developed economies have seen rising inequality, India’s trend arguably reflects a robust and inclusive model of economic policymaking.

BUSINESS INDIA
DHANDA HAI YEH!

• Jio flexes finance: Reliance’s Jio Financial Services is basically the new kid in fintech school showing up with bestie BlackRock and suddenly owning half the playground. JFS’s lending arm has grown rapidly, with assets under management jumping from ₹173 crore to over ₹10,000 crore in a year. Yet, while its reach and resources are unmatched, industry leaders such as Nitin Kamath, CEO of Zerodha, argue that true disruption requires more than just scale.

• Market goes dominoes: SEBI has accused Jane Street of market manipulation, with ₹4,843.5 crore impounded and accounts frozen, triggering a sharp selloff in the market that wiped out Rs 12,000 crore in four stocks. Meanwhile, UK’s top trader Aleksander Gerko says it may help explain Jane Street's unusually high profits in India, suggesting their trades were misleading.

• India swipes right on FDI: India is fast-tracking the expansion of its Bilateral Investment Treaties (BITs) network, negotiating with over a dozen nations like Saudi Arabia and Russia to protect and promote investment. Meanwhile, India’s FDI crossed $1 trillion, showcasing global confidence. 

• India’s nuclear leap: India’s Atomic Energy Regulatory Board (AERB) licensed two new 700 MW indigenous reactors (KAPS-3, KAPS-4) at Kakrapar, Gujarat. This marks a significant milestone in the country's nuclear capabilities. 

• Viksit Bharat: The Confederation of Indian Industry (CII) President says that achieving 'Viksit Bharat' by 2047 will require 10% nominal GDP growth. He anticipated that US trade talks would provide more clarity while boosting tech exports. CII projects current fiscal growth at 6.4–6.7%, driven by domestic demand despite global risks.

• India’s aerospace soars: Union Minister Piyush Goyal praised India's growing aerospace sector during a recent visit to the Bengaluru Aerospace Aerospace Special Economic Zone (SEZ). He hailed indigenous innovation and global relevance, seeing SEZs as a bridge for exports. Leading domestic aerospace companies, including Safran HAL, were also highlighted.

WORLD: BUSINESS AND GEOPOLITICS 🌍
KYA CHAL RAHA HAI?

• China-EU trade shade: China banned EU firms from major medical bids of over 45 million yuan ($6.3 million), retaliating against the EU's €5 million restrictions on Chinese firms. This escalates a trade spat, with both accusing each other of discriminatory practices amid wider disputes.

• Gaza truce hope: Israel agreed to Gaza truce talks in Qatar as PM Netanyahu heads to Washington. The 21-month war ceasefire aims for a 60-day hostage-for-detainee swap; however, Hamas's terms remain "unacceptable," hindering peace efforts.

• UK-Syria Reunion: After a 14-year hiatus, the UK has restored relations with Syria, pledging $129 million in aid for relief and reconstruction. UK Foreign Secretary Lammy met with Syrian President al-Sharaa for a "reset" aimed at helping rebuild Syria's economy and pursuing justice after the conflict.

• Metal watch: The global zinc and lead markets in 2025 are seeing modest demand growth and rising supply, resulting in projected surpluses of 93,000 tonnes and 82,000 tonnes, respectively. China plays a key role. Prices may soften despite a weaker US dollar, as supply-demand fundamentals lead.

• Elon’s new party: Elon Musk's "America Party" sparks mixed reactions. Supporters like Mark Cuban have emerged, but Trump allies fiercely criticise the foreign-born founder. It aims to fund candidates, complicating the 2026 midterms.

Aur Batao: News from across India 📰

• India’s star in space: Gaganyatri Group Captain Shubhanshu Shukla is dazzling aboard the ISS on a 14-day mission since June 26, conducting key research on muscle health, micro-algae, and space-grown sprouts. In a heartwarming chat with PM Modi, he said, “Bharat looks bhavya.”

• Kolkata Airport Offline Olympics: Kolkata Airport hasn’t had Wi-Fi since November 2023, leaving flyers stranded without connectivity or a SIM counter. Complaints are piling up as passengers can’t even book cabs or access hotel info. AAI's tender for a new ISP is still pending. New plans promise 45 minutes free Wi-Fi at 5 Mbps (500MB cap) by July 31.

• UP’s pilgrimage boost: UP CM Yogi Adityanath has launched two travel aid schemes; Panch Takht Yatra for Sikhs and Buddhist Tirtha Darshan for Buddhist devotees. Each pilgrim gets a minimum grant of ₹10,000 to visit key spiritual sites across India. Partnering with IRCTC, applications will be fully online and will prioritise EWS. 

• Kashmir tourism center stage: For the first time ever, the Tourism Secretaries’ Conference will be held in Jammu & Kashmir on July 7–8, 2025, at SKICC, Srinagar. Officials from all states and Union Territories, including Union ministers, will discuss tourism policy, investments, film tourism, and 2025–26 budget plans. J&K aims to shine as a year-round destination. 

• Mali Mayhem for Three: Three Indian workers were kidnapped by an Al-Qaeda-affiliated group in Mali while working at a cement factory. The families were first told by the company that the men were in police custody, but later learned of the abduction and a ransom demand. The Indian government has condemned the attack and is working to secure the release of the citizens. 

Sports and Entertainment

• Historic Edgbaston win: The Indian cricket team made history, winning a Test at Edgbaston after 68 years, beating England by 336 runs in the 2nd Test. This levelled the series 1-1 and extended India's world record for most Test venues won.

• India eyes world athletics glory: India’s going all in with a strategic bid to host the 2029 or 2031 World Athletics Championships, hoping to land at least one. With Tokyo (2025) and Beijing (2027) already hosting, 2031 looks more realistic. India’s also eyeing the 2028 Junior Worlds and a future World Relays — all part of the bigger dream: hosting the 2036 Olympics.

• Nosková shines as Wimbledon shocks: Czech teen Linda Nosková is stealing the show with a career-best 4th-round run, beating Rakhimova, Lys, and Pera. Meanwhile, Wimbledon Day 5 brought chaos with Rybakina and Krejčíková sent out, stunned by Tauson and Navarro. With no former champions left, it’s officially anyone’s game at SW19!

• PSG cooks at the CWC: PSG claimed a dramatic 2–0 win over Bayern Munich in the Club World Cup quarter-final, despite finishing with just nine men after late red cards. Goals came from Désiré Doué and Ousmane Dembélé in stoppage time. The match remained tense with Bayern’s Jamal Musiala suffering a horrific ankle injury, but PSG’s grit and adaptability saw them through to the semi-finals.

• Ozzy bows out, Birmingham roars: In one epic night, Ozzy Osbourne, 76, reunited with Black Sabbath for a farewell gig in Villa Park, Birmingham. Metallica, Tool, and Guns N’ Roses joined in as Ozzy rocked from a black throne despite battling Parkinson’s. Profits from the show went to charity.

• ‘F1’ races in towards ₹50 crore finish: Brad Pitt’s racing drama ‘F1’ picked up speed with a ₹5.75 crore Day‑9 haul, pushing its India total to ₹44.5 crore. With no major rivals and glowing reviews, it’s set to cross ₹50 crore.  

Recommended Read

🥷🏼 A former engineer in Kochi ran a full-fledged drug business straight from his apartment using the Indian postal service. If you’re into crime thrillers, check out this wild story of how a guy turned India Post into his personal drug delivery service. 

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