🇮🇳 The Indian Era

Good morning. We were in for a surprise yesterday when we realised that not only was it not Friday, but it was also not Thursday.

It feels like a long week, so we are just glad it’s Thursday and one step closer to the weekend. 🛏️ 😴 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🇮🇳 The Indian Era

• 🏭️ How India's infrastructure is affected by climate change

• 🗞️ Bite-sized summaries

  • 💸 Hefty bills for Zomato

  • 🔋 Maruti is charging up

  • 🔝 Improving trade deficit

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Benchmark indices BSE Sensex and NSE Nifty50 retreated from record highs, closing 0.16% lower ahead of the US Fed policy decision. Sensex dropped 131.43 points to 82,948.23, while Nifty fell 41 points to 25,377.55. Tech stocks like TCS and Infosys led the decline, while financials like Bajaj Finance gained.

🌍️ International

• U.S. stocks closed slightly lower after the Federal Reserve cut interest rates by 50 basis points, its first reduction in over four years. Despite initial gains, the S&P 500, Dow, and Nasdaq ended down. Intuitive Machines surged 38.3% following a NASA contract win amid choppy trading conditions.

FUTURE OF INDIA

🇮🇳 The Indian Era

The world is slowly, but surely, entering "the Indian era," and Salesforce CEO Marc Benioff knows it. 

Speaking at Salesforce's 22nd annual Dreamforce conference in San Francisco, Benioff noted the country’s growing importance in the global tech landscape, highlighting India’s contributions to the company's engineering and support functions while boasting the substantial customer base that has thrived on the Salesforce platform.

Here’s the TL;DR: 

• Benioff emphasized that major Indian customers and IT services firms are increasingly collaborating with Salesforce. 

• Companies like Accenture, IBM, Capgemini, Deloitte, and KPMG are described as Salesforce "trailblazers," with large teams trained and certified on the platform. 

• Among Indian IT firms, Persistent and Infosys have the most significant involvement with Salesforce, with 30% of Persistent employees holding Salesforce certifications.

• Given this growth, Salesforce is also investing big in India, led by a strong management team under Arundhati Bhattacharya, a former State Bank of India chairperson. The company has grown its workforce in India over the past two years, establishing its largest local office and center of excellence in Hyderabad. 

Overall: As India continues to play a crucial role in Salesforce's global strategy, the company's investment and partnerships in the country underscore the shifting dynamics of the tech industry. With a strong talent pool and growing customer base, India is poised to become an increasingly important hub for innovation and growth in the coming years.

Read more: Economic Times

CLIMATE CHANGE

🏭️ How India's infrastructure is affected by climate change

It’s no surprise that global warming is impacting communities worldwide, but we can't overlook India's role and its own vulnerability to climate change. 

Here are some numbers: 

• Ranked fourth among the countries most affected by climate change, India emits about 3 gigatonnes of CO₂ equivalent each year, accounting for 7% of global emissions. 

• From 1901 to 2018, India's average temperature increased by approximately 0.7 degrees Celsius (1.3 degrees Fahrenheit). 

  • This seemingly small change has significant consequences, including more frequent heatwaves and dramatic shifts in weather patterns. 

• Studies show that India has contributed about 0.08 degrees Celsius to global warming since 1850, making it the fifth-largest contributor to the temperature rise.

Amid these growing concerns, CBRE South Asia has raised alarms about India's public infrastructure. 

• Half of it is inadequately prepared for disaster management, posing a severe threat to the economy, population, and sustainable development. 

• Natural disasters like floods, extreme temperatures, and cyclones are on the rise, alongside man-made risks such as industrial accidents and cyberattacks, causing extensive infrastructure damage, loss of life, and disruptions to livelihoods.

What are the experts saying? 

• Anshuman Magazine, CEO of CBRE for India, Southeast Asia, the Middle East, and Africa, emphasized that poor risk management in infrastructure leads to financial losses and hinders GDP growth.

• He called for a proactive approach, urging innovative and forward-thinking practices in infrastructure development for a sustainable future.

• CBRE also highlighted Smart Facilities Management and technologies like IoT sensors, AI analytics, and machine learning to boost infrastructure resilience.

• These technologies can predict and prevent equipment failures, reduce downtime, and optimize resource allocation, leading to more sustainable infrastructure.

• Additionally, Rajesh Pandit, Managing Director of Global Workplace Solutions at CBRE, emphasized the firm's focus on sustainability and disaster preparedness, aiming to create a future-ready foundation for India's infrastructure.

As India continues its rapid development, addressing these infrastructure vulnerabilities will be crucial to safeguarding its economic progress and ensuring the well-being of its citizens amid increasing environmental and technological challenges.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

💸 Hefty bills for Zomato - Zomato has received a GST demand order of ₹17.7 Cr. from the Assistant Commissioner of Revenue, West Bengal, for non-payment of GST on delivery charges, including interest and penalty. The order covers April 2021 to March 2022, totalling ₹11.1 Cr. in GST, ₹5.46 Cr. in interest, and ₹1.11 Cr. in penalty. Zomato plans to appeal, citing a strong case with relevant documents and judicial precedents. The company believes this demand won't impact its finances. Zomato has been facing similar tax demands from various authorities recently.

🔋 Maruti is charging up - Maruti Suzuki India is set to launch its first electric vehicle (EV), the Concept eVX SUV, in January 2025. To support this, the company plans to establish around 25,000 EV charging points by partnering with oil marketing and energy companies. This initiative aims to tackle challenges like charging infrastructure, which hinder EV adoption in India. Maruti will also utilize its 5,100+ service centres across 2,300 cities. The eVX, priced between ₹20-25 lakh, will be produced in Gujarat, sold through Nexa outlets, and is part of Maruti’s broader strategy to introduce several EVs over the next 6-7 years.

🔝 Improving trade deficit - Commerce and Industry Minister Piyush Goyal announced that India’s exports of goods and services are projected to surpass $825 billion this fiscal year, despite global challenges. To boost this, the government plans to address container shortages, high freight rates, and the Red Sea crisis. The ministry will also open offices abroad, in locations such as Singapore, Dubai, and New York, to promote foreign investment and trade. These offices will streamline business operations in India for global investors. Last year, India’s exports totalled $778B, and current initiatives aim to boost further growth despite a recent decline in goods exports.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• India serves formal notice to Pakistan for Indus Water Treaty changes.

• In just two months, 5.56 lakh FIRs registered under new criminal laws.

• Union Cabinet approves Chandrayaan-4, Venus Orbiter Mission.

• Walkie-talkie explosions wound hundreds in Lebanon a day after pager attacks.

• The US Federal Reserve surprised Wall Street with a half-point rate cut on Wednesday, bringing its target range to 4.75% to 5%.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Coldplay confirms India tour in 2025.

• Vicky Vidya Ka Woh Wala video song Tum Jo Mile Ho teaser out now.

• Sean ‘Diddy’ Combs again denied bail in sex trafficking and racketeering case.

• Champions League round-up: Paris and Dortmund leave it late, Man City held, Celtic and Sparta shine. Scoreboard here.