📜 The Waqf Act

Good morning and happy Friday.

Hope you manage to get some rest when the weekend arrives.

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 📜 The Waqf Act: time for change?

• 🌳 Are Indian forests dying?

• 🗞️ Bite-sized summaries

  • 📱 Inhumane sales

  • 🧑‍🚀 Delayed return

  • 🧑‍🌾 Bonuses for farmers

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian benchmark indices Sensex and Nifty closed lower after the RBI kept rates unchanged. The Sensex fell 0.73% while the Nifty lost 0.74%. Broader and sectoral indices also declined, with IT, Metal and OMCs being the worst performers. The market ended in bearish territory following the RBI's rate decision.

🌍️ International

• U.S. stocks surged, with the Nasdaq and S&P 500 each rising significantly following a larger-than-expected drop in jobless claims, easing fears of a rapidly weakening labour market. All major S&P 500 sectors advanced, led by technology and communication services. The positive jobless data alleviated recession concerns, contributing to a broad market rally.

POLICY

📜 The Waqf Act: time for change?

The Indian government has been sparking serious debates this week, not just related to the new Budget, but also around proposed amendments to the Waqf Act.

The Waqf (Amendment) Bill, 2024 introduced in the Lok Sabha, seeks to make key changes to the law governing waqf properties in India. These lands and assets are dedicated for religious or charitable purposes under Islamic law, with waqf boards controlling over 8.7 lakh properties spanning 9.4 lakh acres, valued at an estimated ₹1.2 lakh Cr..

However, the waqf system has long been criticised for issues such as land grabs, mismanagement and corruption. The Madhya Pradesh High Court's recent dismissal of the Waqf Board's claims on several ancient, archaeology-protected monuments highlighted these persistent problems.

The new bill aims to address these concerns through several proposals:

• Repealing Section 40, which gives waqf boards the power to unilaterally declare properties as waqf - a power allegedly abused by vested interests.

• Increasing women's representation on waqf boards.

• Recognising new forms of waqf like the "Aghakhani waqf" and "Bohra waqf" alongside the existing Sunni and Shia categories.

• Empowering district collectors, rather than just the boards, in declaring waqf properties.

• Clarifying that "waqf-alal-aulad" (dedicating property to one's descendants) cannot deny inheritance rights, including of women.

Overall: Supporters argue these changes will bring much-needed transparency and accountability to the waqf system. However, Muslim organisations like the All India Muslim Personal Law Board have criticised the proposals as an attack on the autonomy of waqf boards.

Opposition MPs have also alleged the amendments are motivated by electoral politics, intended to polarise ahead of upcoming state elections. They demand wider consultation with the Muslim community before proceeding.

Ultimately, the debate reflects the complex, emotive nature of waqf properties in India. Balancing religious autonomy, public interest and good governance will be crucial as the government navigates these contentious reforms. The outcome could have lasting implications for the future of India's waqf system.

Read more: Economic Times

INFRASTRUCTURE DEVELOPMENT

🌳 Are Indian forests dying?

India's infrastructure development has come at a cost, with over 1,700 sq km of forest area lost in the last decade due to developmental activities. 

However, the government claims compensatory afforestation has led to a net increase of 21,761 sq km of forest cover.

In a statement to the Rajya Sabha, Environment and Forest Minister Bhupendra Yadav acknowledged the trade-offs involved:

• While some states like Arunachal Pradesh, Manipur, Nagaland, Mizoram and Meghalaya have seen declines in forest cover, others such as Andhra Pradesh, Telangana, Odisha, Karnataka and Jharkhand have experienced increases.

• The government is working diligently to protect soil, moisture, and wildlife during development.

• However, opposition MPs raised concerns about the impact on high-altitude forest areas above 1,000 metres, as well as specific projects like the Bhagirathi Char Dham initiative in Uttarakhand. They accused the government of "finishing forest areas" in the name of development.

• In response, Minister Yadav argued that the government must provide infrastructure and services to remote regions, even if this requires some forest clearance. He emphasised that the five states with declining forest cover were limited to the Northeast, and Uttarakhand was not among them.

• The minister also highlighted India's international commitments, such as the Paris Agreement goal to increase green cover to 33% of the total land area. He said the government has schemes to boost tree cover, including in coastal regions, and is working towards the global "30 by 30" biodiversity target.

Overall: Ultimately, this debate reflects the complex balancing act facing India's policymakers. 

On one hand, development needs to uplift marginalised communities and provide essential services. 

On the other, the country's precious forest ecosystems must be protected for their crucial environmental and social functions.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📱 Inhumane sales - Humane, a startup that launched a $699 AI Pin in April, is facing a major crisis as more units have been returned than purchased. The company has seen over $1M in total returns against $9M in sales, and only around 7,000 units remain in customer hands. Humane has faced negative reviews, executive turnover, and an inability to refurbish returned pins. The company is now scrambling to stabilize its operations and maintain confidence among staff and potential acquirers, as it negotiates with investors for debt financing. Humane's leadership appears to have ignored early warning signs from testers before launching the product, highlighting the challenges of bringing new AI hardware to market.

🧑‍🚀 Delayed return - Nasa astronauts Sunita Williams and Butch Wilmore, aboard the ISS since June on Boeing's Starliner capsule, may have to return on SpaceX's Crew Dragon in February 2025 instead. This is due to ongoing safety concerns over Starliner's propulsion system issues, including thruster failures and helium leaks. Boeing has been testing to address these problems, but Nasa is considering the Crew Dragon as the safer option. The decision will be a major setback for Boeing, which has already spent $1.6B developing Starliner since 2016. Nasa remains focused on ensuring the astronauts' safe return, whether on Starliner or Crew Dragon.

🧑‍🌾 Bonuses for farmers - The Haryana government has announced a ₹2,000 per acre bonus for farmers on their Kharif crops, due to inadequate rainfall in the state. Chief Minister Nayab Singh Saini said farmers faced higher costs this year because of the less rainfall. The bonus will be provided for all Kharif crops, including fruits, flowers and vegetables. Farmers must register on the 'Meri Fasal, Mera Byora' portal by August 15 to avail the bonus. The state has also waived outstanding canal water irrigation charges. These decisions come ahead of the upcoming Haryana Assembly elections, as the government aims to provide relief to the farming community.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Nazara buys UK’s Fusebox Games in $27-million all-cash deal.

• Karnataka Minister welcomes Zepto to “India's best startup ecosystem” - aka Bangalore.

• RBI increases UPI transaction limit from ₹1 lakh to ₹5 lakh for tax payments.

• Reliance Chairman Mukesh Ambani draws nil salary for 4th year in a row.

• LIC profit rises 10% to ₹10,461 crore in Q1.

• Palantir jumps on Microsoft partnership to sell AI to U.S. defense, intel agencies.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Olympics updates:

  • View the complete medal tally here.

  • India defeats Spain 2-1 to clinch second consecutive bronze medal at Paris Olympics.

  • India’s Aman Sehrawat beats North Macedonia’s Vladimir Egorov in the round of 16 and Zelimkhan Abakarov in the quarterfinals of the Men’s Freestyle 57kgs wrestling, but loses to Japan’s Rei Higuchi in the semis.

• India's Vinesh Phogat announces retirement after Olympics heartbreak.

• Naga Chaitanya and Sobhita Dhulipala to get engaged 💕