⛰️ Cliff effect

Good morning. In Olympic shooting, they use equipment like:

• a lens to avoid blur;

• a lens for better precision; and

• ear protectors for noise.

Then a Turkish guy, Yusuf Dikeç, comes in and wins a silver medal with just a pair of prescription glasses. Unreal 👓️ 🔫 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• ⛰️ Cliff effect

• 🏏 Byju's settlement with BCCI

• 🗞️ Bite-sized summaries

  • 🛫 Weather delays

  • ⭐️ Star India breaks up with Zee

  • 💥 Semiconductor boom

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• The BSE Sensex and NSE Nifty50 closed positively on Wednesday, with Sensex up 0.35% and Nifty50 up 0.38%. Most Sensex stocks gained, led by Maruti Suzuki India. The MidCap index rose 0.63%, while some Smallcap stocks declined. Most sectoral indices ended in the green, except PSU Bank, Oil & Gas, and Realty.

🌍️ International

• US stocks rallied, following dovish comments from Federal Reserve Chair Jerome Powell, who indicated a potential rate cut as soon as September. Nvidia led the gains, jumping 13% after a bullish analyst call, adding a record $329B in market value. Meta Platforms and Qualcomm also reported strong earnings, contributing to the positive sentiment. Treasury yields fell, and oil prices rose amid geopolitical tensions. The market's reaction suggests optimism for easing monetary policy, with key economic data expected before the next Fed meeting.

EMPLOYMENT

⛰️ Cliff effect

Indian higher education has significantly improved over the decades. 

• Today, India boasts 4.33 crore students enrolled in higher educational institutes, up from 4.14 crore in 2020-21 and 3.42 crore in 2014-15, spread across over 1,100 universities. 

• Female enrolment has risen remarkably, jumping 32% from 1.5 crore in 2014-15 to 2.07 crore in 2021-22. 

• The most astounding rise was at the PhD level, with total PhD enrolment reaching 2.12 lakh in 2021-22.

Despite these achievements, there is a significant problem: many tech graduates in India find their skills outdated upon entering the job market. 

This issue termed the “Cliff Effect,” stems from a sharp decline in education quality outside top institutes like IITs and IIScs. Despite India's vast investment in higher education, many students are left underprepared for the industry, highlighting the need for comprehensive reform.

Here’s the data: 

• India's youth, comprising 65% of the population, largely lack the skills required in the modern economy. 

• The Economic Survey and NASSCOM reports indicate only half of the youth are employable, a significant gap that threatens India's goal of becoming a $5T economy by 2025. 

• Outdated curricula, lack of experiential learning, and stagnant entry-level salaries contribute to this issue.

And here’s the kicker - just having coding skills alone is no longer sufficient. 

As AI transforms the job landscape, employers seek candidates with domain knowledge and an interdisciplinary approach. For example, a coder with agricultural expertise can develop AI solutions for crop management, while one with pedagogical knowledge can create advanced educational platforms.

So what’s the solution? 

• India needs an education system that fosters interdisciplinary skills. 

• Collaborations between universities, industry experts, and policymakers can ensure curricula are relevant and future-proof. 

• Practical training, internships, and cross-disciplinary projects should be integral parts of the education process. 

• The Mozilla Foundation's Responsible Computing Challenge in India is an example of integrating ethics and interdisciplinary knowledge into computer science education, promoting a culture of ethical innovation.

Overall: Overcoming resistance to change within institutions and shifting parental mindsets are crucial for these reforms. Only then can India prepare its graduates for the complexities of the modern workforce.

Read more: NDTV

SETTLEMENTS

🏏 Byju's settlement with BCCI

Embattled ed-tech startup Byju's has finally reached a settlement with the Board of Control for Cricket in India (BCCI) over a ₹158 Cr. sponsorship dues dispute. The National Company Law Appellate Tribunal (NCLAT) was informed on Wednesday that part of the settlement amount had already been paid.

Interestingly, the payment is being made by Riju Ravindran, brother of Byju's founder Byju Raveendran and a company board member. The remaining amount is set to be paid in instalments over the next 10 days.

Here's where things get a little interesting - the settlement is now facing opposition from Glas Trust Company LLC, representing a group of US lenders who claim the money belongs to them. These lenders had previously provided a $1.2 billion loan to Byju's US subsidiary.

Overall: This settlement comes amidst ongoing insolvency proceedings against Byju's parent company, Think and Learn, initiated by the National Company Law Tribunal on 16 July. 

The NCLAT is set to hear further arguments on Thursday.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🛫 Weather delays - Heavy rainfall in Delhi caused significant disruptions, with the India Meteorological Department issuing a red alert until 9 PM yesterday. At least 10 flights were diverted, and severe traffic congestion and waterlogging affected key areas like Parliament and Pant Marg. Airlines have advised passengers to check flight statuses and allow extra time for travel. The forecast predicts continued heavy rains until August 5, potentially impacting Delhi and neighbouring regions such as Noida, Ghaziabad, Faridabad, and parts of Haryana and Uttar Pradesh.

⭐️ Star India breaks up with Zee - Disney-owned Star India has terminated its $1.5B alliance agreement with Zee Entertainment for ICC TV rights. The termination occurred on June 20, as disclosed in Zee's regulatory filing. Star initiated arbitration proceedings against Zee in March at the London Court of International Arbitration, seeking unspecified damages. The original agreement, signed in August 2022, involved sublicensing ICC TV rights for men's and U-19 events until 2027.

💥 Semiconductor boom - India's semiconductor industry is projected to grow from $38B in 2023 to $109B by 2030, according to Minister of State for Electronics and IT Jitin Prasada. In a Lok Sabha address, he reported that the government has approved four semiconductor units with a total proposed investment of ₹1.48 lakh crore under the India Semiconductor Mission. Additionally, 13 semiconductor design companies have been greenlit. The government offers 50% fiscal support for chip manufacturing or packaging and testing units, and up to 50% incentive for product design, capped at ₹15 crore per application. The scheme has already generated ₹8803.14 crore in incremental investment and ₹18,083.55 crore in production as of June 30.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• FirstCry files RHP, IPO subscription opens on August 6.

• Infosys gets demand notice for GST evasion of over ₹32,000 Cr.

• Boeing appointed Kelly Ortberg as its next chief executive officer.

• Air India Express announced the expansion of its operations to Dhaka.

• $55 billion lost on hold, Indians’ customer service wait soars.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Olympics updates:

  • Gymnast-turned-shooter Adriana Ruano wins Guatemala’s first Olympic gold.

  • India’s Deepika Kumar beats Netherlands’ Quinty Roeffen 6-2 in women’s archery in the 1/16 elimination round.

  • India’s Lakshya Sen beats Indonesia’s Jonatan Christie 21-18, 21-12 in Men’s Badminton.

  • India’s PV Sindhu beats Estonia’s Kristin Kuuba 21-5, 21-10 in Women’s Badminton.

  • India’s Lovlina Borgohain beats Norway’s Sunniva Hofstad 5-0 in Women’s Middleweight Boxing.

  • Nadal and Alcaraz get knocked out of men's doubles.