🇺🇸 US tightens visa rules

Good morning. Fun fact:

• 2013 US Open Final: Rafael Nadal def. Novak Djokovic 6-2, 3-6, 6-4, 6-1

• 2025 US Open Final: Carlos Alcaraz def. Jannik Sinner 6-2, 3-6, 6-1, 6-4

They’re the same sets, just flipped in the last two 🤯 🎾 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇺🇸 US tightens visa rules

• 🛢️ India keeps tapping Russian Oil, despite U.S. pressure

• Bite-sized summaries

  • 📉 Tesla’s EV slide

  • 📝 Literacy gains momentum

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities advanced. Autos and metals rallied, supported by festive demand, while IT lagged. Investors awaited key CPI inflation data in India and the US, and GST reforms continued to lift sentiment amid hopes for Fed rate cuts.

🌍️ International

• US markets closed higher, with the Nasdaq reaching a fresh record. Tech stocks led, as investors bet on Federal Reserve rate cuts after a weak jobs report, while attention turned to upcoming inflation data.

GEOPOLITICS

🇺🇸 US tightens visa rules

For years, Indian students and travelers to the US had a workaround: instead of waiting months (sometimes over a year) for an interview slot at home, they’d apply for visas in countries like Vietnam, Thailand, or even parts of Europe where wait times were shorter.

That door just slammed shut.

On Sept 6, the US State Department ruled that non-immigrant visas—student (F1), visitor (B1/B2), work (H-1B, O-1)—must be applied for only in your country of residence or citizenship. In plain terms: Indians can now only apply in India, no matter how long the queue.

This rollback ends a Covid-era flexibility that had been a lifeline for students rushing to meet university deadlines or professionals trying to keep projects on track. The timing makes it sting even more—US visa processing in India is already overloaded, with wait times stretching past a year for visitor visas and limited slots for students.

What’s changed? Pre-2020, third-country visa applications were rare. Covid forced the US to relax rules, allowing Indians to apply abroad to ease backlogs. That’s now gone, just as the Trump administration has made immigration stricter across the board, with more denials and higher scrutiny.

The fallout is big: Indian students (the second-largest international student group in the US) may have to delay admissions, while tourists and business travelers face canceled plans or costly reapplications.

In short: what was once a “hack” to bypass India’s clogged system is no longer an option—meaning the bottleneck at home just got a lot worse.

Read more: Economic Times

CRUDE OIL

🛢️ India keeps tapping Russian Oil, despite U.S. pressure

India’s oil lifeline from Russia is still flowing—just with a few hiccups.

Indian Oil Corp (IOC), the country’s largest refiner, confirmed that Russian crude continues to arrive at Indian ports at a $2–$3 per barrel discount to Dubai crude. That’s not as steep as the bargains seen right after the Ukraine war began, but still cheaper than alternatives.

Here’s the backdrop: since Europe and the U.S. banned most Russian oil after the 2022 invasion of Ukraine, India stepped in as Moscow’s top buyer, scooping up discounted barrels. Washington hasn’t been thrilled—slapping tariffs on Indian exports to nudge New Delhi away from Russian crude. But India has stuck to a simple logic: cheap oil helps keep inflation in check.

So why the recent dip? Imports from Russia fell sharply in August—down to ~687,000 barrels per day, almost half of July’s level. IOC says that wasn’t political—it was practical. State refiners paused purchases because inventories were high and discounts had narrowed, making the math less attractive. But buying hasn’t stopped; IOC is already booking cargoes for October and November.

The big picture: India is walking a fine line. On one side, U.S. pressure to curb Russian imports. On the other, a need to secure affordable energy for its 1.4 billion people. For now, economics is winning out—and as long as Russian barrels stay cheaper than the rest, they’ll keep finding their way to Indian shores.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📉 Tesla’s EV slide - Tesla’s US market share fell to 38% in August, its lowest since 2017, as rivals like Hyundai, Kia, Toyota, and Volkswagen gained ground with aggressive EV incentives. Once commanding over 80% of the market, Tesla’s aging lineup and delayed affordable models are leaving it vulnerable, despite sales rising modestly. The company is shifting focus toward robotaxis and AI ventures, but its core auto business faces mounting pressure. With federal EV tax credits set to expire this month, analysts expect a short-term sales bump followed by a slowdown—forcing Tesla to choose between cutting prices further or ceding market share.

📝 Literacy gains momentum - India’s literacy rate has risen from 74% in 2011 to 80.9% in 2023–24, Union Education Minister Dharmendra Pradhan announced on International Literacy Day. The ULLAS-Nav Bharat Saaksharta Karyakram has been key, enrolling over 3 crore learners and 42 lakh volunteers, with 90% success in foundational assessments. States like Goa, Tripura, Mizoram, and Himachal Pradesh, along with Ladakh, have achieved full literacy. Learning material is now available in 26 Indian languages, ensuring inclusivity. This year’s theme—“Promoting Literacy in the Digital Era”—underscored how India’s digital infrastructure is expanding literacy to include digital skills, setting an example for the Global South.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Indian semicon consortium bags deal for 5 lakh indigenous cameras.

• Can this American bill topple India's showpiece industry?

• India projects five-fold growth in space economy to $44 billion by 2033, bets on downstream services and exports.

• China's exports to Africa are soaring as trade to U.S. plunges.