Indian corporates reported a mixed bag of earnings, deals, and investments during the last quarter of the fiscal year 2023-24. Here’s a round-up of some of the key developments:
Results for: India
Air India and All Nippon Airways (ANA) have recently entered into a codeshare agreement, expanding their reach and providing seamless connectivity between India and Japan. This codeshare agreement, effective May 23rd, enables passengers to conveniently book combined flights between the two countries with a single ticket.
The All India Chess Federation (AICF) is exploring the possibility of hosting the World Chess Championship in India following the remarkable performance of 17-year-old Grandmaster (GM) D. Gukesh. Gukesh made history by becoming the youngest player to win the FIDE Candidates tournament, qualifying him to challenge current world champion, China’s GM Ding Liren. AICF President Nitin Narang stated that the federation is currently evaluating the feasibility of hosting the event and will provide a handsome financial reward to Gukesh in recognition of his achievement.
Ibrahim Mohamed Solih’s victory in the Maldives parliamentary elections is expected to usher in a new era in relations with India. Experts believe that Muizzu, who has been critical of India in the past, will likely tone down his rhetoric and seek to maintain a more balanced approach between India and China. The Maldives is a strategically important country for both India and China, and the outcome of the elections could have implications for the balance of power in the Indian Ocean region.
India emerged as the fourth-largest military spender worldwide in 2023, with expenditures surpassing $83.6 billion. This significant outlay represents a 4.2% increase from 2022 and a substantial 44% growth since 2014. The United States, China, and Russia retained the top three positions in global military spending, followed by India and Saudi Arabia. The report highlights a shift towards domestic procurement, with 75% of equipment spending directed towards domestically produced arms. This move aligns with India’s goal of self-reliance in defense development and production.
Google’s search leader, Prabhakar Raghavan, outlined key challenges and initiatives in a recent all-hands meeting. Acknowledging increased competition and regulatory complexities, he emphasized the need for faster adaptation. Raghavan highlighted plans to establish teams closer to users in strategic markets like India and Brazil. Despite resource constraints, Google Cloud is also implementing measures to expedite project completion times. The company’s trusted reputation remains a key advantage in the face of challenges.
India’s External Affairs Minister, S Jaishankar, has declared that ‘Modi’s guarantee’ of protection encompasses Indians both within and outside the country’s borders. Amidst ongoing conflicts and global challenges, the government prioritizes the security and well-being of its citizens overseas.
Indian Prime Minister Narendra Modi has come under fire for using the term ‘infiltrators’ in reference to Muslims during an election campaign speech. The comments have added to tensions at a time when Modi’s Bharatiya Janata Party (BJP) is defending its majority in parliament. Modi’s opponents have accused him of trying to divide Indians with his statements, while some Muslim leaders have expressed dismay. The comments have also highlighted the history of religious tensions in India, where Hindus are in the majority but Muslims make up a significant minority.
India’s renewable energy installations hit a record high of 7.1 gigawatts (GW) in March 2024, driven by a 23% increase in solar installations. This surge helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024. Despite this growth, India faces challenges in boosting its capacity to meet its target of 500 GW of non-fossil fuel capacity by 2031-32. The ramp-up of solar installations has created substantial demand for solar equipment, leading India to expand its reach by exporting panels. Fueled by its growing solar panel production capacity, India looked to expand its reach by exporting panels to the US, which emerged as a major export destination due to its high demand for solar energy and the potential for strong profit margins.
India is undergoing a significant dietary transition characterized by a shift towards processed and high-calorie Western-style diets, often referred to as “junk foods.” These foods are low in essential nutrients but high in calories, fats, salt, sugar, and preservatives. Scientific evidence has linked junk food consumption to weakened immune defenses, increased blood pressure, elevated blood sugar levels, weight gain, and increased cancer risk. This dietary shift coincides with economic growth, urbanisation, and increased consumption of packaged and processed foods. The food safety and standards authority of India (FSSAI) has released regulations restricting the sale of HFSS foods in schools to protect children from their harmful impact. Despite policy intentions to ensure safe food environments there is still much work to be done. Clear definitions of HFSS foods and effective implementation of regulations are crucial. Front-of-Pack Labelling (FOPL) can help consumers make informed choices. Subsidies for healthy foods and behavioural change campaigns targeting children and young adults can promote healthy dietary habits. India needs a “Jan Andolan” or people’s movement for healthy and nutritionally diverse diets, supported by sincere policy interventions that help Indians exercise their right to make informed food choices.