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Good morning. Happy Met Gala Monday. If you’re unfamiliar, the Met Gala is essentially the red carpet equivalent of a Karan Johar film, with the theme being fashion, fashion, and more fashion.

This exclusive event is invitation-only, and Indian stars like Alia Bhatt, Deepika Padukone, and Priyanka Chopra have previously attended. Fun fact: Priyanka Chopra met her hubby Nick Jonas there for the first time 🧑‍🤝‍🧑 

This year's Met Gala theme is Sleeping Beauties: Reawakening Fashion, a tribute to JG Ballard's 1962 tale.

There - now you're prepped for some engaging water cooler conversations at work today.

You’re welcome 💫 

- Ruchrngd Sharma & Shatakshi Sharma

📊 Markets

🇮🇳 India

• Indian stock markets plummeted on Friday, erasing over ₹4.25 lakh Cr in market capitalisation. The fall was driven by Q4 earnings, election season, US rate cut delays, and Lok Sabha poll speculations. The increase in India's VIX volatility gauge also intensified bearish sentiments. Volatility is predicted to rise as elections approach.

🌍️ International

• After a weaker-than-expected US jobs report, stocks rallied, anticipating potential Fed rate cuts. The data eased inflation fears, increasing bets on the Fed easing monetary policy sooner, with markets pricing in rate cuts for 2024.

💰️ Untapped potential

At Berkshire Hathaway's annual meeting on Friday, legendary investor Warren Buffett expressed his optimism about the Indian market's untapped potential. 

When Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund investing in Indian equities, asked Buffett about the possibility of Berkshire exploring opportunities in India, Buffett acknowledged the abundance of prospects the world's fifth-largest economy has to offer.

"I am sure there are loads of opportunities in countries like India," Buffett remarked, recognizing the vast potential of the Indian market. However, he cautioned that the key question is whether Berkshire possesses any competitive advantages or insights into Indian businesses that would facilitate successful transactions aligning with the conglomerate's interests.

The 93-year-old investor, known for his shrewd investment acumen, admitted that a "more energetic management at Berkshire" could potentially pursue these "unexplored or unattended opportunities" in India in the future. 

Buffett also highlighted Berkshire's global reputation and shared his fascination with the company's experience in Japan, hinting at the potential for similar ventures in other markets.

Overall: While Buffett acknowledged the challenges of competing against asset managers incentivised by assets under management, his remarks underscore the immense potential he sees in the Indian market. 

As one of the world's most successful investors, Buffett's recognition of India's untapped opportunities signals a promising outlook for the country's business landscape.

Read more: The Indian Express

📊 A boom in Indian entrepreneurship?

Increased startup activity is generally linked to good economic conditions and increased consumer confidence. 

So how’s India’s entrepreneurial activity?

According to the latest data from the Ministry of Corporate Affairs, 185,000 companies were incorporated during the fiscal year 2023-24, surpassing the previous year's total of 159,000 new company registrations.

Here are some stats:

• The combined paid-up capital of these new companies reached an impressive ₹30,927.40 Cr.

• The services sector led the way, accounting for 71% of the new incorporations, followed by the industrial sector at 23% and the agriculture sector at 6%.

• As of March 31, 2024, India had 2.663 million companies on record, with 1.691 million (64%) actively operating. Interestingly, Maharashtra had the highest number of new company formations, contributing 17.6% to the total.

• The ministry's data also showed that out of the 5,164 foreign companies registered in India, 3,288 (64%) were actively operating in the country.

Why does this matter?

An increase in company incorporations typically signifies a developing business ecosystem and strong business confidence in India's economic prospects.

This could also indicate an increase in:

• Innovation: Startups usually introduce new products, services, or business models that disrupt existing markets or create new ones.

• Job Creation: As startups scale their operations, they contribute to job growth.

• Investment Opportunities: More startups offer more investment opportunities for venture capitalists, angel investors, and other sources of funding, further stimulating the entrepreneurial ecosystem.

Overall: With a 16% annual growth rate in new company formations and heightened entrepreneurship, India is fostering its business environment and startup ecosystem at a significant pace. 

Though still far from the US's average of 4.7 million new companies, it's only a matter of time before Indian entrepreneurship receives the boost it deserves.

Read more: Economic Times

🗞️ Bite-sized summaries

🧑‍💼 The Indian-American nightmare - Indian students in the U.S. are finding it difficult to secure summer internships this year due to the economic slowdown and reduced entry-level job opportunities. Companies are hiring less due to inflation, rising costs, local unemployment issues, and a preference for domestic students during an election year. This situation poses a significant problem for the over 270,000 Indian students in the U.S., as the intense competition for limited internships hampers their chances of gaining crucial work experience.

🎭️ Deepfakes will be the bane of this election season - Fake videos involving top aides of Prime Minister Narendra Modi have sparked a political controversy in India's ongoing elections. Authorities have initiated investigations and made arrests, including opposition Congress party's social media coordinators, for spreading a doctored video that seemingly features BJP president Amit Shah making controversial comments about minorities. With close to a billion voters and widespread misinformation, authorities are monitoring online content continuously and coordinating with social media companies.

📱 A bad Apple? - Apple has reported a significant 10% year-over-year decline in iPhone sales for the January-March quarter, marking its largest drop since the early days of the pandemic. This slump in iPhone sales, worsened by supply chain issues from the previous year, is the primary reason for Apple's 4% revenue decline to $90.8B this quarter. Although earnings marginally exceeded expectations and Apple increased its dividend and share buyback program, investors remain sceptical about Apple's ability to maintain its technological leadership. This concern is particularly relevant in emerging fields like artificial intelligence, where competitors like Microsoft and Google currently lead.

🧑‍🍳 What else is cookin’?

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

• Why RBI's dividend payout to govt this year will be lower.

• Only 3% of women entrepreneurs in tier 2-3 cities have access to external funding.

• Kotak Bank sees Rs 300-500 Cr. hit to profit from RBI curbs.

• S Jaishankar reacts to Canada arresting 3 Indians in Hardeep Nijjar murder.

• China is buying gold like there’s no tomorrow.

• Sony and Apollo in talks to acquire Paramount.

• Google’s empire is massive. A judge will soon rule if it’s a monopoly.

🍿 Entertainment, Entertainment, Entertainment

• IPL weekend roundup:

  • SRH won by 1 run against RR;

  • KKR won by 24 runs against MI;

  • RCB won by 4 wickets against GT;

  • CSK won by 28 runs against PBK;

  • KKR won by 98 runs against LSG; and

  • KKR leads, RR and CSK follow in second and third place respectively. IPL leaderboard here.

• 22-year-old Polish tennis player, Iga Swiatek beats Aryna Sabalenka in Madrid Open final.

• India retreats out of both the Thomas and Uber Cup, facing defeats against China and Japan respectively.

• Salim Tete replaces Savita Punia as India’s women’s hockey team captain.

• Newsroom drama, The Broken News S2, starring Sonali Bendre, Jaideep Ahlawat and Shriya Pilgaonkar releases on Zee5. Reviews are out.

• One of the most anticipated movies this weekend, Fall Guy, fizzles after earning $28 million in ticket sales.

• Titanic and Lord of the Rings actor, Bernard Hill, passes away at 79.