All you need to start your day informed in under 6 mins
Good Morning 🇮🇳
In a whodunnit mystery that would probably get a 3.1 rating on IMDb, Reuter’s X account was blocked in India (along with some 2200 other accounts) but the culprit is still at large. Elon’s X and the government traded verbal fists on whose fault it was with the government saying it followed up ‘vigorously’ with X to unblock the account while X exploited technicalities to delay the unblocking. X alleges press censorship, and released a statement urging affected users to pursue legal remedies - basically corporate speak for “mai na sehta”.
Now, let’s get into the dispatch! 🚀
Today’s reading time is 6 mins.
MARKETS 🔔🐂🐻
As of market close on July 8
Green trend yesterday, with gains in both the Sensex and Nifty. Trend was driven by gains in financial heavyweights, including HDFC Bank, Kotak, Mahindra Bank, and ICICI Bank.
Oil and Gas 🛢️
U.S. imports to heat up India’s kitchens?
Image credits: Mint
From trade talks to tariffs, Donald Trump’s policies have stirred the global economic pot, and now, your kitchen might just be part of India’s counterplay. The country is set to import about 10% of its cooking gas (LPG) from the US by 2026, marking a strategic pivot to diversify energy sources and narrow its trade deficit with Washington.
Currently, over 90% of India’s 20.5 million tonnes of LPG imports come from the Middle East. The move follows China’s imposition of tariffs on U.S. propane, creating arbitrage opportunities for Indian refiners. State oil giants such as Indian Oil, BPCL, and HPCL have already begun U.S. LPG purchases as early as May.
India is also evaluating the removal of import taxes on U.S. propane and butane to make this shift more viable. The International Energy Agency expects India's LPG demand to grow at an average of 2.5% until 2030, reaching 1.2 million barrels per day, or roughly 37.7 million tonnes.
As part of its broader trade strategy, India has pledged to raise energy purchases from the U.S. by $10 billion, aiming to hit $25 billion soon, with both nations targeting $500 billion in bilateral trade by 2030.
This shift not only diversifies India’s energy supply but also strengthens its economic leverage with the U.S., reinforcing the broader goal to boost energy trade and close bilateral trade gaps.
Manufacturing 🏭
₹8,000 Cr proposals for electronics manufacturing
Image credits: The Economist
The Ministry of Electronics and IT has received over 100 applications from domestic and international companies to set up electronics manufacturing units in India, with investment proposals worth ~INR 8,000 Cr under the Electronics Components Manufacturing (ECM) scheme. As evaluations are in process, approvals are set to roll out in late August to early September.
Why it matters: The ECM scheme, launched in March with an outlay of ₹22,911 crore over six years, is part of a broader strategy to strengthen electronic manufacturing capabilities, while reducing dependency on imports. The scheme aims to attract large investments worth INR 59,350 Cr and generate domestic production worth INR 4,56,500 Cr within the six-year tenure. Additionally, it also aims to generate 91,600 jobs. Under the scheme, the centre is set to provide incentives for the production of camera modules, Lithium-ion batteries, and multi-layer printed circuit boards, among others.
Is the vision sustainable? India became the second-largest manufacturer of smartphones in FY24, producing 2.45 billion units in the period. Government data also suggests that domestic production of electronic goods increased almost 5 fold from FY15 to FY24.
This is a major push under the broader Make in India and PLI (Production‑Linked Incentive) agenda designed to anchor India deeper into the global electronics value chain, support national digital infrastructure, and create jobs while mitigating external supply risks.
BUSINESS INDIA
DHANDA HAI YEH!
India Vietnam target ‘$20 billion’ trade: Vietnam aims for a $20 billion trade volume with India, targeting a 30% increase from 2024's $15 billion. They are actively pushing for stronger economic ties and increased investment to foster this growth.
(A)C you in court: AC giant Carrier along with other big firms (Samsung, LG, Daikin and Voltas) are suing India over new e-waste rules that hike recycling fees these manufacturers must pay by 3-4x. Companies say it's unfair, but the government calls it "reasonable."
Jane Street says “this is business bro”: After getting banned and fined $567 million by SEBI, US trading firm Jane Street will now challenge India's ban, denying the stock manipulation claims. They insist it was "basic arbitrage and are beyond disappointed by the inflammatory accusations”. We are also beyond disappointed because of all the money we lost Jane.
Jio X BlackRock mutual fund play: Jio BlackRock is set to disrupt India's mutual fund market by introducing nearly a dozen equity and debt funds by the year-end with a low-cost strategy. The joint venture between Jio Financial Services and BlackRock enters India's $844 billion funds market with a business structure that threatens to shake up the sector.
Adani going big(ger)! Adani Power acquired Vidarbha Industry Power Ltd. for ₹4,000 crore, boosting capacity to 18,150 MW, targeting 30,670 MW by 2030. The broader group seems to be on a roll, raising over $3.2 billion in just six months, positioning itself for a massive $5 billion fundraising blitz by FY26.
US-India trade deal inches closer! President Donald Trump on Monday said that the US is "close" to a trade deal with India, even as new tariffs hit 14 other nations. India remains cautious, prioritising national interest in ongoing negotiations.
WORLD: NEWS HIGHLIGHT🌍
First-ever Malaria drug for infants approved
Image credits: UNICEF
Cause for celebration: For the first time ever, babies and very young children have a malaria treatment made just for them. Until now, doctors had to improvise with drugs meant for older children, raising the risk of overdose. That changes with Coartem Baby, a newly approved medicine set to roll out across several African nations in the coming weeks.
The big deal:
Malaria caused around 597,000 deaths in 2023, with three-quarters of deaths in kids under five, mostly in Africa.
Coartem Baby, developed by Novartis and Medicines for Malaria Venture (MMV), is the first drug formulated for infants under 4.5kg.
It’s being introduced on a not-for-profit basis, with eight African countries that participated in trials among the first to benefit.
Malaria is one of the world's deadliest diseases, particularly among children. The death rate for malarial infections, particularly in sub-Saharan Africa is extremely high - over 76% of deaths occur in children under five years old. This milestone could drastically reduce infant malaria deaths in these regions where children with fragile immune systems are most at risk.
A small pill, but a giant leap for global child health.
WORLD: BUSINESS AND GEOPOLITICS 🌍
KYA CHAL RAHA HAI?
TikTok is coming in a new avatar in the US: TikTok is launching a new app for US users around September 5. This is due to a law requiring ByteDance (TikTok’s parent company) to sell its US operations over data concerns. The current app will function until March next year.
Rare earth tensions: China has warned Myanmar rebels to halt their offensive in the town of Bhamo in Kachin, Myanmar or face a halt in heavy purchases of rare earth metals. Nearly half the world’s supply of heavy rare earths is extracted from mines in Kachin state in Myanmar, including the strategically-vital garrison town of Bhamo. These are then shipped to China for processing into magnets that power electronic vehicles and wind turbines. This warning threatens global supply, exports from Myanmar are already down 50% this year due to fighting in the region.
Kenya's Saba Saba uprising: Nairobi is in lockdown as Kenya saw deadly anti-government protests on July 7 (known as Saba Saba Day), killing 10 people. The riots were sparked due to poor governance and the high cost of living, with protesters demanding President William Ruto’s resignation.
China opens door: China expanded visa-free entry to 74 countries for up to 30 days, boosting tourism and the economy. Over 20 million people entered visa-free in 2024, doubling previous figures and fuelling recovery.
Donald Trump’s boomerang: On Monday, Donald Trump said that the US will send more weapons to Ukraine, just days after ordering a pause in weapons delivery to Kyiv. This comes as Ukraine faces intense Russian attacks, with 11 civilians recently killed, and more than 80 left injured.
Meta’s talent chase: Apple's top executive in charge of AI models, Ruoming Pang, is leaving the company for Meta Platforms. He will join a new superintelligence team at Meta for a package worth millions of dollars per year. One more reason your uncle is going to ask you to “go to AI beta”.
Pakistan's hypocrisy: Pakistani soldier, Captain Karnal Sher Khan, who died 26 years ago in the Kargil war and was initially disowned by Pakistan, was honoured as a national hero on the 26th martyrdom anniversary. India had recognized his bravery, returning his body with a citation.
Aur Batao: News from across India 📰
AI-171 crash — first report in: AAIB has submitted a preliminary report on the tragic AI-171 crash that killed over 250 people. Two black boxes were recovered, one from a rooftop and another from the crash debris, on June 13 and June 16, respectively. The black box data was decoded domestically at AAIB’s Delhi lab for the first time.
India’s first-time flyers go global: Numbers of first-time Indian international travellers are soaring as a report mentions 32% jump in fresh applications in a year, with 56% coming from tier-2 and 3 cities like Surat and Lucknow. Popular destination are UAE, Thailand, and Vietnam - driven by cheap flights and easy visas.
Kamra’s punchline backfires: Stand-up comic Kunal Kamra and Shiv Sena (UBT)’s Sushama Andhare will soon receive show-cause notices from Maharashtra’s Privileges Committee for “insulting” Deputy CM Eknath Shinde and the state legislature. Kamra’s parody song in March sparked an FIR and outrage.
Khalistani terror accused to be extradited: Harpreet Singh alias Happy Passia, wanted for 14+ terror attacks in Punjab, is set to be extradited from the US. Arrested in California in April, Passia allegedly worked with Pakistan’s ISI and Babbar Khalsa (Khalistani terror outfit). Declared a terrorist by NIA he entered the US illegally in 2021 and will face trial under Unlawful Activities (Prevention) Act.
Kerala seeks $1.1 billion compensation: Kerala has sued Swiss-based Mediterranean Shipping Co.over a massive oil spill after their ship ELSA 3 sank in May, polluting the Arabian Sea. The state seeks $1.1 billion in damages for environmental harm and losses to fisherfolk, with over 1 lakh families affected.
Sports and Entertainment
Mulder’s 367 smashes records in SA captaincy debut: In his debut as South Africa’s test captain, Wiaan Mulder scored a blistering unbeaten 367 against Zimbabwe. In doing so, he became the first cricketer to score a triple century on his test debut, surpassing Hashim Amla’s 311 to record the highest individual score by a South African while coming agonizingly close to beating Brian Lara’s 400-run Test record. Mulder said he declared because “legend Lara keeping test record is the way-it-should-be”. What a boss.
Women in blue eye a historic first: Indian women's cricket team eye history as they take on England in their 4th T20I of the series at the Old Trafford Cricket Ground on July 9. Harmanpreet Kaur and Co. currently lead 2-1, needing just one victory for their first T20 series victory against England.
Djokovic nears Federer milestone: Novak Djokovic "broke the curse" at Wimbledon, winning his 101st singles match after defeating Alex di Minaur in four sets (1-6, 6-4, 6-4, 6-4) with Roger Federer in attendance. He advanced to the quarterfinals, now just four victories away from Federer's impressive record of 105 total wins.
Hulkenberg's 1st F1 podium: After 239 starts, Nico Hulkenberg finally achieved his maiden F1 podium at the British Grand Prix, breaking a long-standing 15-year jinx at Silverstone.
Aamir’s big ‘Mahabharat’ plans: In an interview with the Indian Express, Aamir Khan stated the commencement of his "Mahabharat" film series this August. He said he will cast all ‘fresh’ faces for a grand interpretation.
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