The week unfolded with a blend of victories and losses, reflecting the complexities of the global landscape. While Wall Street experienced a significant downturn on August 2nd, with a sharp decline in US equities, India celebrated its triumphs on the international stage. The Paris Olympics saw India secure a total of three medals, showcasing the country’s sporting prowess. However, the joy was marred by tragedy as landslides in Kerala’s Wayanad district tragically claimed the lives of over 300 people.
The State Bank of India is poised to release its Q1 earnings for the financial year 2024-25, while mining giant Vedanta has approved a second interim dividend of Rs4 per share with a face value of Re 1 for FY25. Financial experts anticipate SBI to deliver strong Q1FY25 figures, citing stable margins attributed to the Bundesbank’s effective mitigation strategies. Despite these positive financial indicators, the global economic outlook remains uncertain. The US economy faces a potential slowdown, fueled by a weak jobs report and concerns about the Federal Reserve’s slowness in cutting key interest rates.
The catastrophic landslides in Wayanad, which occurred on July 30th, led to the loss of life and widespread devastation. The Indian government has responded by issuing a new draft proposal to declare 57,000 square kilometers of the Western Ghat across six states as Ecologically Sensitive Areas (ESAs). This initiative aims to address environmental concerns and prevent future tragedies. The tragedy also garnered international attention, with US President Joe Biden and First Lady Jill Biden expressing condolences to the victims and their families.
India experienced another tragedy on the same day when 18 coaches of the Mumbai-Howrah Mail derailed in Jharkhand’s Seraikela-Kharsawan district, resulting in the deaths of 20 people. These unfortunate events highlight the importance of infrastructure safety and highlight the need for constant vigilance.
Amidst the somber news, India also experienced moments of pride. Lakshya Sen made history at the Paris Olympics by becoming the first Indian to reach the semi-finals of the men’s singles badminton event. This remarkable achievement cemented India’s presence on the global sporting stage. The nation also celebrated the success of shooter Manu Bhaker, who secured a spot in the final round of the 25m pistol shooting event.
In a separate incident, the Delhi High Court criticized authorities for their failure to prevent the tragic deaths of three UPSC aspirants who drowned in the basement of a coaching center in Old Rajinder Nagar. The incident sparked outrage and protests in Delhi, highlighting the need for improved safety measures at coaching centers and educational institutions.
