The past week from July 21 to July 27 was a whirlwind of political and financial developments, ranging from the unveiling of Budget 2024 to the Supreme Court’s decision regarding the NEET-UG 2024 exam. This week also saw the release of Q1 results from prominent companies. Notably, President Joe Biden surprised the world by announcing his decision to step down from the 2024 presidential race, endorsing Vice President Kamala Harris as his successor. Let’s delve into some of the key highlights of the week.
On July 21, President Biden announced his exit from the 2024 presidential race, citing growing pressure from fellow Democrats. He formally endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in the upcoming November election. This unexpected announcement shook the political landscape and sparked widespread discussion about the future of the Democratic Party.
Moving to India, Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24, along with its statistical appendix, in the Lok Sabha on July 22. The survey indicated that India’s GDP is projected to grow between 6.5 and 7 percent in the current fiscal year, painting a positive picture for the Indian economy.
On July 23, the Indian parliament witnessed the announcement of the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman. The budget focused on bolstering the agricultural sector, introducing new employment schemes, expanding loan programs, providing financial support to the MSME sector, and prioritizing infrastructural development. The fiscal deficit was projected at 4.9%, with a commitment to reducing it to 4.5% in the coming years.
The corporate world also made headlines this week with the release of Q1 results from several major companies. On July 23, Hindustan Unilever Ltd (HUL) announced a 2.7% rise in its standalone net profit for the April-June quarter, reaching ₹ 2,538 crore, compared to ₹ 2,472 crore in the corresponding period last year.
The Supreme Court delivered its verdict on the NEET-UG 2024 exam on July 24, declining to cancel the exam. The apex court reasoned that a retest would have significant negative consequences for the over 24 lakh students who participated in the exam. This decision brought relief to many students and their families.
Tragedy struck on July 24 with the crash of a Saurya Airlines aircraft at the Tribhuvan International Airport in Kathmandu, Nepal. The accident resulted in the loss of 18 lives, out of a total of 19 people on board, including two crew members. The Pokhara-bound flight had taken off from Kathmandu.
Axis Bank announced its April-June quarter results on July 24, reporting a 4% increase in net profit at ₹ 6,035 crore, compared to ₹ 5,797 crore in the same period last year. L&T also released its Q1 results, demonstrating a 12% surge in its profit after tax (PAT) at ₹ 2,786 crore for the June quarter, compared to ₹ 2,493 crore in the corresponding period last year.
The week witnessed heavy rains wreaking havoc in parts of India. Mumbai, Thane, and Palghar experienced severe flooding on July 25, leading to disruptions in normal life. Flights and train services were also affected by waterlogging in various areas. Similar heavy rainfall caused widespread devastation in Pune, resulting in at least four deaths and inundation of several houses and residential societies in low-lying areas.
HDFC Bank revised its fixed deposit rates for deposits less than ₹ 3 crore on July 25. Following the changes, the bank now offers interest rates ranging from 3% to 7% for the general public and 3.5% to 7.5% for senior citizens across various deposit tenors from 7 days to 10 years.
On July 25, the Supreme Court, in a landmark judgment, ruled by a majority that states have the authority to impose taxes on land containing minerals. The court clarified that royalty payments made by miners to the Central Government should not be classified as a tax but rather as a contractual payment.
India commemorated Kargil Vijay Diwas on July 26, marking the 24th anniversary of the successful culmination of ‘Operation Vijay’. This operation, which lasted for nearly three months, led to India’s victory over Pakistani forces in the Kargil region of Ladakh. Prime Minister Narendra Modi, on this occasion, warned Pakistan that its nefarious plans would not materialize.
The much-anticipated Paris Olympics 2024 officially commenced on July 26, with a spectacular and unprecedented opening ceremony held on the Seine River. The event kicked off a month of intense competition and sportsmanship in the French capital.
InterGlobe Aviation Ltd., the parent company of India’s largest airline, IndiGo, reported a nearly 12% decline in net profit at ₹ 2,729 crore for the June quarter. This marked the airline’s first year-on-year decline in profit in approximately two years, attributed to higher costs.
On July 27, US Vice President Kamala Harris officially declared her candidature for the US Presidential Elections, scheduled for November 5, by signing the necessary forms. This move solidified her candidacy for the Democratic nomination and set the stage for an intense campaign leading up to the elections.
