🤖 AI ambitions meet visa walls

Good morning. It’s a great day - let’s get this bread 💪 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 💰️ Modi pledges ₹1,600 Cr. for flood-hit Punjab

• 🤖 AI ambitions meet visa walls

• Bite-sized summaries

  • 🇶🇦 Israeli strikes hit Doha

  • 📱 Expensive iPhones

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities closed higher. IT stocks, led by Infosys on buyback buzz (+4.85%), and pharma shares outperformed, while oil & gas and realty sectors saw mild pressure. Optimism over GST reform, global cues, and hopes for US rate cuts supported the rally.

🌍️ International

• US markets finished at all-time highs, driven by optimism for Federal Reserve rate cuts and downward revisions to jobs data. Gains were broad-based, with tech and healthcare leading; Apple slipped on iPhone news.

PUNJAB FLOODS

💰️ Modi pledges ₹1,600 Cr. for flood-hit Punjab

Punjab is reeling from its worst floods since 1988, and Delhi is stepping in with fresh relief.

On Tuesday, Prime Minister Narendra Modi announced an additional ₹1,600 crore ($192M) in financial aid for Punjab, on top of the ₹12,000 crore already allocated. He also promised ₹2 lakh for families who lost loved ones and ₹50,000 for those seriously injured.

So what’s the backdrop? The Sutlej, Beas, and Ravi rivers—swollen by relentless rains in Himachal and J&K—burst their banks, swamping 2,064 villages across 15 districts. The toll: 51 lives lost, crops damaged on nearly 2 lakh hectares, and an estimated ₹13,000 crore in losses. Over 3.8 lakh people have been affected, with thousands evacuated.

The status quo until now was largely piecemeal relief from the state and limited federal funds. With this announcement, the Centre is signaling a more comprehensive recovery push—ranging from rebuilding homes under PM Awas Yojana and restoring highways, to compensating farmers and even providing livestock kits.

Why it matters: Beyond immediate cash relief, this aid is about resilience. Disasters like these don’t just destroy homes and crops—they strain food supply chains, livelihoods, and local economies for years. Punjab, India’s breadbasket, is critical to national food security, so rebuilding quickly isn’t just a local priority—it’s a national one.

The bottom line: While ₹1,600 crore won’t erase the devastation, it marks a shift from crisis response to long-term recovery. For Punjab’s farmers and families, that could make all the difference.

Read more: Economic Times

CRUDE OIL

🤖 AI ambitions meet visa walls

Indian AI startups are flocking to the US—the world’s AI capital—but Uncle Sam isn’t rolling out the red carpet.

Why the rush? The US is where the customers are, where the best PhDs live, and where venture dollars are flowing fastest. Founders say deals often close only after in-person meetings, making physical presence a business necessity, not a luxury.

The snag: visas. Under Trump 2.0, the US has tightened immigration rules. Short-term B1/B2 visas can take 3–9 months to secure in India, while the O-1 “extraordinary ability” visa is facing stricter scrutiny and rising denial rates (5.8% in FY24 vs 4.5% a year earlier). Some founders had been flying to Thailand or Europe to apply, but that loophole just closed—applications must now be filed from your home country.

For AI startups, this hits hard. Executives risk missing key client meetings, while teams face disruption as the OPT program—which let F-1 student graduates work for two years—may be scrapped. Companies are already adjusting: hiring expensive US talent for biz dev roles, while shifting engineering back to India.

The big picture: India is producing world-class AI talent and startups, but their growth engine depends on access to the US market. Immigration hurdles won’t stop them from trying—but they’ll make scaling slower, costlier, and riskier.

Or as one founder put it: “Time is of the essence in AI. If you’re not in the room, you’re already behind.”

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇶🇦 Israeli strikes hit Doha - Explosions shook Doha, Qatar, on September 9 after Israel confirmed it had conducted a “precise strike” targeting Hamas’s senior leadership. The Israeli military said those leaders were responsible for the October 7, 2023 attacks and for directing the ongoing Gaza war. AFP reporters in Doha saw blasts at a Hamas compound, while Qatar said residential buildings housing Hamas leaders were struck, condemning the attack as “cowardly” and a violation of its sovereignty. Israeli ministers praised the operation, vowing Hamas leaders abroad would not be safe. Iran also denounced the strike as a “gross violation” of international law. The escalation comes amid faltering ceasefire talks brokered by Qatar, Egypt, and the U.S.

📱 Expensive iPhones - Apple is set to unveil the iPhone 17 amid escalating trade tensions under U.S. President Donald Trump, whose tariffs could push up iPhone prices for the first time in five years. Despite pressure to shift manufacturing to the U.S., Apple continues production in China and India, risking 25% import duties. Analysts expect a $50–$100 price hike on some models. While upgrades will focus on cameras, battery life, and possibly a new ultra-thin “iPhone Air”, Apple’s delayed AI features and weaker innovation pipeline have raised concerns. The trade war and AI setbacks have weighed on Apple’s stock, even as rivals surge.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Do not import cheaper material, support domestic players: Piyush Goyal to industry.

• Urban Company raises Rs 854 crore from anchor investors ahead of IPO.

• Klarna set to price much-awaited US IPO in boost to fintech hopefuls.

• US tariffs: India eyeing markets of 40 nations for pushing textile exports, says Giriraj Singh.