🧑‍🏫 Delivering Humans?

Good morning and apologies for going completely MIA. We promise we had good reason.

One of us got married a week ago!

It was an Indian wedding so you can imagine the chaos that ensued. Despite the whirlwind of events, everything came together beautifully, making for a truly memorable weekend 🫂 

We won’t go MIA without explanation again, we promise.

Hope you have kept well and are ready to get smarter each day in 5 minutes or less reading this daily NL.

We are so back 💪 

p.s. it was Shatakshi’s wedding ❣️ 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🧑‍🏫 Delivering Humans?

• 🥇 Why is the RBI buying so much gold?

• 🗞️ Bite-sized summaries

  • 📜 The New Income Tax Bill

  • 🏥 Adani enters healthcare

  • 💰️ How will tariffs impact Indian steel?

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• The Indian stock market experienced a significant downturn. All major sectors declined, with smallcap and midcap indices dropping 3.9% and 3.5% respectively. The market crash was attributed to poor domestic earnings, US trade policy concerns, and continuous foreign fund withdrawals. Investors lost approximately ₹9 lakh crore in market capitalisation.

🇮🇳 International

• The U.S. stock market showed mixed performance. The S&P 500 edged higher, and the Dow Jones saw gains driven by strong energy and industrial sectors. However, the Nasdaq slipped due to losses in tech stocks. Ongoing trade tensions and general market caution contributed to the restrained sentiment, creating a varied landscape across the major indices.

QUICK COMMERCE

🧑‍🏫 Delivering Humans?

Indian startup Topmate.io is revolutionising mentorship by offering real-time access to industry professionals in just 10 minutes. The platform instantly connects users with experts for career advice, interview tips, and professional guidance.

Operating daily from 6 PM to 10 PM, Topmate.io boasts a 4.9-star rating, with over 1 million users and 300,000 professionals available for consultation. Whether seeking career insights or expert problem-solving, the service provides a fast and personalised approach.

Marketing lead Nimisha Chanda announced the service on X (formerly Twitter), emphasizing its ability to provide instant access to professionals who can answer critical questions and support career growth.

While many users applauded the innovation, others questioned its effectiveness and affordability, debating whether quick consultations can truly replace deeper learning and skill-building.

Overall: With the growing demand for on-demand knowledge, Topmate.io is tapping into a fast-paced mentorship model. Whether it will redefine career guidance or face limitations remains to be seen.

Would you pay for instant expert advice?

Read more: Economic Times

GOLD

🥇 Why is the RBI buying so much gold?

The Reserve Bank of India (RBI) is on a gold-buying spree, adding 72.6 tonnes to its reserves in 2024—quadrupling its purchases from the previous year. This surge aligns with a global trend in which central banks, facing currency volatility and geopolitical uncertainties, are increasingly turning to gold.

Key reasons behind RBI’s Gold accumulation

1. Hedge Against Currency Volatility: Gold acts as a stabilising asset in times of financial uncertainty. With the US dollar facing fluctuations and rising Treasury yields, the RBI is using gold to mitigate revaluation risks in its foreign exchange reserves.

2. Diversification of Forex Reserves: While India’s forex reserves remain largely USD-dominated, increasing gold holdings reduces dependence on any single currency. Global central banks, including Turkey, China, and Switzerland, are also similarly diversifying their portfolios.

3. Safe-Haven Investment Amid Global Uncertainty: Gold prices have surged over 10% in early 2025, fueled by fears of a global trade war after US President Donald Trump announced new tariffs on steel and aluminium. As economic tensions rise, central banks see gold as a secure long-term asset.

4. Protection Against Inflation: With inflation concerns looming worldwide, gold is a proven store of value. Historically, it has helped central banks maintain purchasing power even during economic downturns.

Overall: Experts predict that central banks, including the RBI, will continue accumulating gold in 2025 to strengthen their reserve portfolios. With global financial instability persisting, gold remains a crucial asset in central banking strategies.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📜 The New Income Tax Bill - The new Income Tax Bill, announced by Finance Minister Nirmala Sitharaman, is set to replace the Income Tax Act of 1961, aiming to simplify and modernize India's direct tax laws. After receiving Union Cabinet approval on February 7, 2025, it will be tabled in Parliament and could undergo review by the Standing Committee. The bill is designed to reduce complexities, eliminate outdated provisions, and make tax laws more accessible for ordinary citizens. The goal is to cut legal disputes and compliance issues by simplifying the language and making the tax structure clearer, though it is expected to remain revenue-neutral, meaning it won't change tax rates or slabs.

🏥 Adani enters healthcare - Adani Group will invest ₹6,000 crore to establish two 1,000-bed multi-specialty hospitals and medical colleges in Mumbai and Ahmedabad in partnership with Mayo Clinic. These integrated health campuses will provide affordable, world-class healthcare and medical education. Gautam Adani stated this initiative is part of a larger ₹60,000 crore commitment towards healthcare, education, and skill development. Mayo Clinic will offer technical expertise, focusing on advanced medical research, AI, and digital healthcare. The Adani Health City initiative aims to expand across India, ensuring quality healthcare access for all socio-economic groups while training future medical professionals.

💰️ How will tariffs impact Indian steel? - The Indian Steel Association (ISA) has expressed deep concern over the US administration’s decision to impose a 25% tariff on steel imports. This move is expected to reduce Indian steel exports to the US by 85%, creating a surplus that may flood the domestic market, leading to price crashes and unfair competition. ISA President Naveen Jindal stated that existing anti-dumping duties already limit India’s exports. Moody’s Ratings warned that Indian steel producers will face greater challenges, while trade data suggests US steel imports have risen despite past trade restrictions. The decision could significantly disrupt global trade and Indian industry.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Peak XV Partners trims 1% stake in SaaS firm Freshworks for $51.5 million.

• Paris AI summit to kick off with PM Modi as co-chair, govt chiefs and tech leaders gather.

• Indo-US trade deepening from startups to defence firms, says US official Andrews.

• India importing crude from 40 countries; Argentina is new supplier.

• Rolls-Royce to double sourcing from India over the next five years.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Loveyapa review: uneven, fun, frothy and anything but pointless.

• Thandel box office collection day 3: Naga Chaitanya's film is on a roll, crosses ₹30 Cr. mark.

• Jasprit Bumrah has been ruled out of the 2025 ICC Champions Trophy due to a lower back injury.

• Tennis: Maaya Rajeshwaran’s dream run ends in Mumbai Open semifinals defeat to sublime Jil Teichmann.