Klips for 1st Feb š¼
National š®š³ | Interim budget to be presented today
Leaked NSSO report says unemployment rate at 45 yr high in 2017-18
– NITI Aayog clarified that the report was a draft report and actual jobs data ācould be released in Marchā
– The report was published by Business Standard on Thursday
– 2 members of the statistic commission resigned as the govt decided to withhold the report
Reuters: https://reut.rs/2sYM8ew
NSSO: National Sample Survey Office
Govt Revises growth rate upwards for 2016-17
– As per the 2nd revision to the data, GDP grew 8.2% up from 7.1% for 2016-17
– The revisions came largely due to higher GVA (Gross Value Added) in construction, up 6.1% as compared to 1.3% earlier
BQ: http://bit.ly/2GdsjaU
Economy and Business š° | Amazon, Flipkart to look different from today, fewer products to be available
– This is in line with the new e-comm directives from the government
– As an example the Amazon Echo is no longer available for purchase on Amazonās India website
– The buy button is replaced by: āWe don’t know when or if this item will be back in stockā
Livemint: http://bit.ly/2GbCqNy
3 PSUs removed from PCA framework
– Bank of India, Bank of Maharashtra and Oriental Bank have been removed from the prompt corrective action (PCA) framework which means they can now lend
– 11 PSUs were put under PCA to deal with NPAs
BQ: http://bit.ly/2G1BKLt
Sensex jumps 665 points as US Fed says will be āpatientā with rate hikes
– The Fed said that it will slow down the pace of rate hikes
Livemint: http://bit.ly/2GdP7aC
Tech š„ š± | Google and FB face backlash for paying teens to share usage data
– Both gave 13 yr olds financial incentives to share phone usage data by installing custom apps
– This came to light after Apple asked both to disable the apps which used functionalities meant for enterprise deployment of apps (and not for end users)
Techcrunch: https://tcrn.ch/2GiobGy
Op-Ed š | In the NE, a David versus Goliath battle
The controversial Citizenship Bill has ensured that Assam and other states (David) are now united against the BJP (Goliath) for shifting the goalpost from NRC (National Register for Citizens), by excluding Muslims, changing the year for deportation and in general straddling upon a widely accepted Assam Accord, writes the author in this Hindu piece.
Hindu: http://bit.ly/2SgPIik
Klips for 2nd Feb
National š®š³ | FM proposes tax relief, support for farmers in populist Interim budget
– The proposal is to give a full tax rebate on income upto ā¹5L (those earning more donāt get any rebate) while current tax brackets will hold true for FY19 until full budget after elections
– Also proposed is a backdated direct transfer scheme for farmers that will transfer ā¹6000/yr from Dec ā18 to 12cr families
– The fiscal deficit target was breached for a 2nd consecutive year at 3.4% while that for the next year has been revised upwards to 3.4% from 3.1%
Highlights (Hindu): http://bit.ly/2D4aXKF
IAFās Mirage fighter plane crashes in Bengaluru, both IAF pilots dead
Reuters: https://reut.rs/2GeCbRR
Economy and Business š° | RCom to file for insolvency with NCLT
– RCom owes creditors more than $7bn (as of Mar ā17)
– The DoT blocked its sale to Jio last month
Livemint: http://bit.ly/2MP1CLe
Govt expects interim dividend of ā¹28000 cr from RBI
– The RBI has already paid a dividend of ā¹40000 cr and was expected to make an interim dividend payout ā¹10000 cr
– The decision on the payout will be taken by an RBI panel
Livemint: http://bit.ly/2sXWPxK
Op-Ed š | Shopping for votes: on the Interim Budget
The word interim is added to the last budget of an outgoing govt for a reason: the current govt has but 2 months to work on the proposals made. While many an announcements will benefit farmers and middle class, the important part about managing the incoming funds does not seem to be addressed, as thatās the next governmentās worry, writes the Hindu.
Hindu: http://bit.ly/2sXUSkU
Interesting: More Google Employees Are Losing Faith in Their CEO’s Vision
An approval rating of 75% plus is not something that anyone would worry about, unless ofcourse the decline is 10% y-o-y. This is as per the survey Google conducts with its employees called Googlegeist. Reflects a shift within the company and an interesting read
Bloomberg: https://bloom.bg/2t2D9Zw
Klips for 4th Feb
Global š | Trump says military intervention āan optionā in Venezuela
– Russia said that countries should stay away from ādestructive meddlingā
– US and several other countries have disavowed Maduroās re-election
Reuters: https://reut.rs/2Glvf5l
National š®š³ | Mamta Banerjee begins sit-in protest in Kolkata against Modi
– She is protesting alleged interference by CBI as they tried to question Kolkataās police Chief
Livemint: http://bit.ly/2Sk6zRl
7 dead as passenger train derails near Patna
Reuters: https://reut.rs/2G3Y8ni
Economy and Business š° | š£Ericsson to move SC against RCom assets
– RCom has approached NCLT for debt resolution, in effect trying to avoid SCās ruling to pay Ericsson ā¹550 cr
ET: http://bit.ly/2GlZzgi
š£Op-Ed š | Interesting: Village school in Maharashtra welcomes āAlexa teacherā
An interesting story of how a school in a Mah village is welcoming Alexa into the classroom as the ā3rd teacherā. A shift worth noting.
Hindu: http://bit.ly/2StPYdE
Klips for 5th Feb
Global š | London court approves Mallyaās extradition: UK Home Office
– Mallya will formally appeal against it in the High Court
Reuters: https://reut.rs/2GpwpwL
Economy and Business š° | RCom shares tank 54%
– On Friday RCom approached NCLT to help resolve its debt issues
– Ericsson, on the other hand wants its dues as per NCLATās ruling
– RCom has moved NCLAT to withdraw its appeal
Reuters: https://reut.rs/2GeBRUb
NCLAT: National Company Law Appellate Tribunal
UPI transactions hit another record, up 8.5% to 627mn in Jan
– 13 mn of these happened through BHIM app
– Over the last few months NCPI has introduced a few curbs to reduce fake transactions (limit of 10 p2p transaction in a day)
Livemint: http://bit.ly/2MMNh1N
Fiscal deficit narrows in Dec from 14.8% to 12.4%
– The govt in its interim budget has said the final fiscal deficit will be 3.4%
– The govt is likely to be compensated by a higher RBI interim dividend (ā¹28000cr) to meet its revised target
BQ: http://bit.ly/2MOAUSP
Tech š„ š± | Messaging platform Slack to go public
– Will file for direct listing to avoid traditional style IPO
– Itās valued at ~$7bn
Bloomberg: https://bloom.bg/2DT9Xuo
Op-Ed š | How India’s Banks Ran Up a $7 Billion Phone Bill
The leniency shown by Indian banks in the RCom case is not surprising: the bigger the loan and fish, the lesser is the urge to get back oneās dues. But while not surprising, whatās odd is that RCom was given several opportunities to come good on its debts and each time it failed. So if tomorrow banks donāt get anything back, there is nobody else to blame but the banks themselves.
Bloomberg: https://bloom.bg/2GnECl1
š£Instead of grief & alarm, Indian politicians are foolishly celebrating failures of HAL
A former Navy Chief, the author laments the sad state of affairs both at and about HAL as politicians try to play petty politics around this 79yr old PSU. A nice article to understand how, over the years, bureaucracy and politics and most importantly incompetence have beaten down HAL.
The Print: http://bit.ly/2MNoHO9
Klips for 6th Feb
National š®š³ | SC directs Kolkata Police Commissioner to appear before CBI
– The matter relates to the Saradha chit fund scam
– The SC has also directed CBI not to take any coercive action
Livemint: http://bit.ly/2DW16rM
India successfully launches communications satellite GSAT-31
Hindu: http://bit.ly/2DV9BmM
A year after Nirav Modi scam, PNB records surprise profit
– In what can be termed as a turnaround for the bank the bank reported a profit of ā¹246 cr in Q3
Livemint: http://bit.ly/2MONbqc
Economy and Business š° | Airtel downgraded by Moodyās
– This is the first time that Airtel has been downgraded by an international ratings agency
– Airtel is also likely to lose its no 2 carrier status to Jio soon (by subscribers)
– Despite these Airtelās revenues have fallen by only 0.6% and its Africa business is showing promise
BQ: http://bit.ly/2MPw7QY
Govt expects RBI to pay ā¹69000 cr is FY 19
– The govt has asked RBI to transfer its surplus from last two years
– This comes even before a specific committee appointed under Bimal Jalan shares its views on the matter
BQ: http://bit.ly/2DXNfRN
š£Banks yet to recognise ā¹3.5L cr bad loans as NPAs: report
– This represents 3.9% of total stressed assets and are still on the banksā books
ET: http://bit.ly/2MOtIpR
Op-Ed š | Churning Ad Machine drowns our Googleās troubles
Google and FB have been mired by privacy and other controversies recently. Yet both have reported stellar performance driven by their ad businesses. What this indicates about the dominance of these two ad businesses is where people are consuming content, despite privacy issues. Do check for charts and Googleās significant increase is capital expenditure
Bloomberg: https://bloom.bg/2DVcJ22
š£Interesting: Five maps show why Bengaluru is becoming more congested, parched and polluted
Sometimes imagery, maps and graphs help us visualise things we already knew (or feared true): The beautiful city of Bangalore or Bengaluru is getting destroyed and with alarming pace. The maps are worth checking out.
Scroll: http://bit.ly/2DUEec5
Klips for 7th Feb
Global š | Trump appoints David Malpass as head of World Bank
– Malpass has been in the Treasury Department and is a known critic of World Bank in its current state
Hindu: http://bit.ly/2ScViD0
National š®š³ | Sabarimala temple board reverses opposition to allowing women
– The sudden reversal comes after months of opposition to the SC ruling
– āAfter the Supreme Court judgement, we discussed a lot. We realise that we should respect the judgement of the courtā, said the boardās lawyer
Reuters: https://reut.rs/2Ge4T6g
WhatsApp says Indian political parties abusing platform by spreading fake news
– Whatsappās head of communication, while not naming the parties, said warnings have been issued to them
– It is alleged that parties used automated tools to broadcast messages, which is illegal (except via WhatsApp business which has its APIs)
Reuters: https://reut.rs/2RIjvvY
Vadra appears before ED
– The matter relates to assets bought in London by arms dealer Sanjay Bhandari
– Vadra was questioned for 5 hours about his role and will be asked to appear again today
– Significantly this comes just before the elections and also Priyanka Gandhiās formal entry into politics from UP East
Hindu: http://bit.ly/2MU0uFO
Economy and Business š° | RBI board meeting deferred to 18th Feb
– The meeting will address the issue of interim dividend
– The FM will preside over the meeting and is the likely the reason for the deferment
Livemint: http://bit.ly/2TytCVH
Tech š„ š± | Meditation app Calm becomes a unicorn
– Calm now has a valuation of a $1bn after raising $88mn in its latest funding round
– The app, which helps with āSleep Storiesā as well, has 40mn users, 1mn of which are paid subscribers
Techcrunch: https://tcrn.ch/2SfmW2p
Op-Ed š | Interesting: Pension for informal workers
While the headline announcement in the interim budget was that of a new pension scheme for the unorganised sector, the details are what are important. The article highlights and raises an important difference from normal pension schemes: the fact that this is voluntary and that there is a high chance of those opting in not being regular with monthly deposits. Worth a scan
Hindu: http://bit.ly/2DdzrkB
Opinion: 4 Things India needs, to become $10 trillion economy – Narayan Murthy
Can India become a $10 trillion economy by 2030? Highly impossible feels Narayan Murthy but points to 4 steps – cultural transformation, impetus to exports, quality education and friction free business, that can help. Excerpts from his address at TiE Mumbai.
BQ: http://bit.ly/2DbsuR0
Klips for 8th Feb
National š®š³ | Only 50% PANs linked to Aadhaar
– This information comes barely 2 months from the deadline to link the two
– The govt is even considering cancelling PANs that are not Aadhaar-linked by 31st Mar
Hindu: http://bit.ly/2SiN0K1
Modi attacks Congress on Rafale, alliances in Parliament
– Modi said: āI am levelling a serious allegation here. The Congress does not want our Air Force to be strongā
– He made the remarks during the vote of thanks ādebateā that follows the Presidentās address to both houses for Budget session
Livemint: http://bit.ly/2GsKcTo
Economy and Business š° | RBI cuts interest rates for first time in 18 months
– Also changes stance to āneutralā indicating possibility of further cuts to boost lending
– Lower than expected inflation and slowing growth were seen as the factors leading to the rate cut, besides upcoming elections
Reuters: https://reut.rs/2RLqbtk
Tata Motors reports ā¹27000cr loss in Q3
– This was largely due to a one time, non-cash write off for JLR
– JLR, which contributes 72% to Tata Motorās revenues, has been struggling especially in China
BQ: http://bit.ly/2Gw7qrB
š£Cloudtail returns to Amazon with ownership changes
– Narayan Murthy increases his stake in Cloudtailās parent company to 76%
– This ensure Cloudtail is no longer an Amazon group company
ET: http://bit.ly/2Boi0NW
Tech š„ š± | Bezos takes on National Inquirer, accuses it of politically motivated blackmail
– Bezos has revealed the details in a rare public post on Medium
Techcrunch: https://tcrn.ch/2ShQ5d3
Medium post by Bezos: http://bit.ly/2Guiaaa (9min read)
Op-Ed š | Who wants to be a Billionaire?
The usage of the word billionaire or rather using it as a catchphrase for the ārich and corruptā is an association that has been driven into our minds and talking about it might not invite warm approvals, as prospective US President candidate Howard Schultz found out. The article tries to explain the nuances of the term and why using it the way we do today may not necessarily be right.
Bloomberg: https://bloom.bg/2SiYb5l
Klips for 9th Feb
World š | Finlandās basic income trial: boosts incomes but not employment
– The trial, carried on 2000 people, is being keenly watched by other nations
Reuters: https://reut.rs/2GjYI0q
National š®š³ | Rahul Gandhi says Hindu report puts SC verdict on Rafale in question, calls PM a thief
– In one of the strongest attacks on Modi, Gandhi said: āthe Prime Minister has stolen ā¹30,000 crore of your money, bypassed a process, and given it to his friend Mr. Anil Ambaniā
– The Hindu on Friday published a report that highlights a Def Secretaryās notes stating that the PMOās āparallel parleysā were undermining the Rafale negotiations
Hindu: http://bit.ly/2WRvNWv
Economy š° | Jet Airways grounds 4 aircraft after failing to pay lessors
– The company did not clarify if the action was voluntary or forced by lessors
Reuters: https://reut.rs/2Gd8ykR
Reliance Group blames illegal actions for stock rout
– The Anil Ambani run group said L&T Finance and Edelweiss were to be blamed
– Reliance companies have recorded drops of 55% in stock prices in the last week
BQ: http://bit.ly/2E02jye
š£Op-Ed š | If political risk of using CBI, ED is so high, why would BJP do it?
A question that begs an answer. While the article tries to provide one, I found it more interesting for the polarising comments. Do check them out.
Indian Express: http://bit.ly/2MVmdNO
Klips for 11th Feb
Global š | Talks productive, meeting with Kim in Hanoi: Trump
– Trump said that diplomats of the two countries had a āvery productive meetingā
– Trump is set to meet Kim Jon later this month on 27th and 28th Feb
Reuters: https://reut.rs/2Gyz3Ag
National š®š³ | Govt to undertake 3rd round of Oil field auctions
– 23 blocks with an area 32000sq km will be auctioned
– The aim of the OALP is to reduce oil import bill 10% by 2022
– The auctions begin tomorrow and continue till 10th Apr
BQ: http://bit.ly/2WWsFbR
#OALP: Open Acreage Licensing Policy
Mumbai shivers at 11deg C, coldest in 10 years
– This was the coldest day since Feb 8, 2008
Hindu: http://bit.ly/2WVZYMu
Economy š°| Govt claims 3.79L new jobs in Central Departments
– The details were shared as part of the debate on Motion of Thanks to the Presidentās address
– Most of the jobs will be augmented in Railways, police forces and direct and indirect tax departments by 1st Mar 2019
BQ: http://bit.ly/2RTfzZ9
Op-Ed š | Opinion: Congress and Cow – On MP govtās use of NSA
The more things change the more they remain the same? In an apparent move to counter BJPās stand that Congress is āanti-Hinduā the new govt under Kamal Nath is showing over zealousness in prosecuting 5 people under NSA for allegedly committing offences under cattle laws. This wasnāt probably why people voted for a change, writes the Hindu.
Hindu: http://bit.ly/2RPT9bj
#NSA: National Security Act
š£Opinion: The middle class takes pole position ahead of 2019 poll
The āneo-middle classā, a term coined by Narendra Modi in 2012 has gained significance in the run up to the 2019 elections. The govt has been quick to realise this and has accordingly tapped into this segment with GST cuts, tax cuts and more.
Livemint: http://bit.ly/2WTZo1K
Klips for 12th Feb
Global š | Grammys: āThis is Americaā becomes first hip-hop song to win best song of the year award
– It also won the best video award
Winners list: https://www.grammy.com/grammys/awards/61st-annual-grammy-awards
National š®š³ | Parliamentary Committee to summon Twitter CEO
– Jack Dorsey has been summoned by the parliament panel on IT on 25th Feb
– Twitterās CEO was invited earlier by the panel to discuss matters related to citizensā rights
Reuters: https://reut.rs/2UWOfvj
Interim budget passed by Lok Sabha
– Shashi Tharoor called it a retrospective budget (in reference to farm scheme that was announced now but is applicable from Dec ā18)
– Piyush Goyal gave some weird logic to justify why fiscal deficit was 3.4% instead of 3.3%
– He said: āPrime Minister (Narendra) Modi wanted an honest budget. So 3.367% was rounded off as 3.4% (of GDP) for 2018-19ā
Livemint: http://bit.ly/2tjYGND
Economy š°| Govt to sell part of its stake in Axis to raise ā¹5316cr
– The stake sale happens today for non retail investors
– The Govt owns about 10% in Axis Bank and will sell about 3% through OFS
Reuters: https://reut.rs/2UPLkEp
#OFS: Offer for Sale
š£Airlines ājack upā fares on popular domestic routes
– On Del-Mum corridor, one of the most popular amongst travellers , fares are up 70% compared to last year
– Also no airline has announced a flash sale in March this year (lean period)
– Experts say this points to ācartelisationā amongst airlines
Hindu: http://bit.ly/2GDzw4m
Op-Ed š | š£Interesting: Itās 100 years of Jallianwala Bagh, not that you would know if you were at the memorial
A visit to Amritsar is incomplete without a look at the bullet marks at Jallianwala Bagh. But in this the centenary year of the Massacre, that united the nation against the British, there is literally āno mentionā of it at the venue. A lack of funds and apathy, the standard script at many such important historically significant venues, greets visitors.
The Print: http://bit.ly/2GDUzUC
Opinion: Democrats, Debt and Double Standards
In his simple yet clear writing style Paul Krugman explains why it would āokā to ignore what are called ādebt scoldsā if Democrats came to power. A nicely written article that also explains when one should focus on debt for an economy.
NYT: https://nyti.ms/2tqN8bz
Klips for 13th Feb
Global š | Trump says China trade deal deadline of March 1 could āslipā
– However he told reporters that he was ānot inclined toā let that happen
– Asian markets are at a 4 month high largely expectant of a positive trade deal outcome
Reuters: https://reut.rs/2tjVjGA
National š®š³ | 17 killed in Delhi hotel fire
– The deaths were caused by suffocation and not the fire
– The incident occurred at Karol Bagh
Reuters: https://reut.rs/2tg7h3X
Indigo cancel 30 flights due to pilot shortage
– Reports suggest passengers were not compensated and were forced to buy last minute high price tickets
– The regulator, DGCA, seems silent on the matter
– The airline, however, maintained that cancellations were due to āweather conditionsā
BQ: http://bit.ly/2RZlxIf
Economy š°| Controversy hit Sun Pharma records 4 fold jump in profits
– Profits for Q3 came in at ā¹1242cr compared compared to ā¹322cr same time last year
– The Pharma majorās stock had slumped 35% in 5 months on the back of US anti-trust litigation settlement, concerns about Corporate governance
Reuters: https://reut.rs/2tjPFnO
CPI Inflation cools further by 2% due to falling food prices
– In the food segment, inflation was -13.32% for vegetables
– This is likely to prompt another rate cut from the RBI
BQ: http://bit.ly/2RYBaiX
Google backed Deliv and Walmart end logistics partnership
– Deliv offered same day delivery services
– The likely cause for termination is the lack of streamlining as drivers had to wait at stores for more than 40min to pick up orders
– Walmart, it seems, prioritised visiting customers over delivery partners
Reuters: https://reut.rs/2tjO55g
Tech š± | The $15000 Tesla (check picture)
Bloomberg: https://bloom.bg/2S12sVS
Op-Ed š | š£ Opinion: As BJP, Congress Race to Promise the Earth to the Poor, Who Will Foot the Bill?
Summary: Poll promises are not new, but one must always try to evaluate them based on where the funds come from. Neither the BJP nor Congress can justify where the money to fund their āsocial welfareā schemes will come from. Fact is our govt is broke and the money comes from our (taxpayersā) pockets. The problem then is that this money is only being used to service previous debt. Kind of like a Ponzi scheme writers PS Jha. An excellent and must read article to clear any doubts on where the money comes from and why the way it is used today in plain wrong.
The Wire: http://bit.ly/2WRYWAS
Klips for 14th Feb
National š®š³ | CAG: Rafale deal 2.86% ācheaperā than original
– The report comes as respite for PM Modi who has been targeted for having not following procedure and favouring Anil Ambani
– However, CAG did not provide a price for the planes, saying it was confidential, although that is the basis of any audit
– Also points to lack of sovereign and performance guarantees, which are missing in the new deal
Reuters: https://reut.rs/2tjYKNe
Indigo to cancel 30 flights daily till end of March
– Says in a cryptic press release that this is due to ābad weatherā and normalization of roster
Livemint: http://bit.ly/2Dw7g0c
Economy & Business š° | SC reserves judgement in Ericssonās contempt pleas against Anil Ambani
– Says Ambaniās firm is in contempt of the courtās orders to pay dues worth ā¹550cr
– Argues that āHe (Ambani) has money to invest in Rafale but does not want to honour the commitment given to the courtā
– Also asks the court to detain Ambani in civil prison till dues are paid
Livemint: http://bit.ly/2SKCQBj
Parliamentary Panel: Probe LIC, Rating Agenciesā role in IL&FS crisis
– Says the governance failure at LIC and reasons for awarding high ratings need to be probed
– Suggests mandatory rotation of rating agencies to avoid conflict of interests
BQ: http://bit.ly/2N2cchZ
Tech š± | WeWork launches skill based profiles in its app
– The feature is meant to enable conversations and collaborations amongst collaborators
– WeWork has 400000+ members and is valued at $47bn
Techcrunch: https://tcrn.ch/2SNx69W
Instagram says it is aware of ābugā that causes reduction in follower numbers
– Many noted personalities voiced their āconcernsā as their follower counts fell drastically overnight
– It is said that Instagram is removing āinactive followersā
– The follower count is crucial to get promotion deal as part of influencer marketing
Techcrunch: https://tcrn.ch/2SMHgrg
Op-Ed š | The trap of early feedback
There is a saying in Marathi: āAikawe janaache karaawe manaacheā, which means listen to the world but do what your mind tells you is right. Seth emphasises in his blog post that what matters even more is listening to the right people (or by corollary not listening to the wrong ones) and not necessarily getting swayed by āearly feedbackā. A nice read.
Sethās Blog: http://bit.ly/2SLRisO
Klips for 15th Feb
World š | Airbus to stop A380 production
– The aircraft which can carry upto 555 passengers was designed to be a challenger to Boeingās 747
– However changing market dynamics (smaller aircraft, long range flights, higher fuel prices) and poor sales have hampered the superjumbo
– Airbus shares closed 5% up after the announcement
Reuters: https://reut.rs/2tntRrc
National š®š³ | 44 CRPF personnel killed in suicide bomb blast in Kashmir
– The blast occurred as a Scorpio laden with explosives rammed into their bus
– Pakistan based Jaish-e-Mohammed claimed responsibility for the attack which is one of the deadliest in Kashmir
Reuters: https://reut.rs/2GFmyTM
*The count is reported differently across sources
Two SC employees sacked for tampering orders summoning Anil Ambani
– It is said that the two added a ānotā to the order: āpersonal appearance of the alleged contemnor(s) is dispensed withā
– The CJI himself signed the order to suspend the two
– Further investigation are ongoing in the matter
Wire: http://bit.ly/2E9uUl1
Economy & Business š° | After CPI, WPI inflation cools to 10 month low
– WPI inflation was 2.76% in Jan ā19
Jet Airways proposes restructuring plan, lenders will own majority stake
– As per the plan, lenders, including SBI, will own 50.1% of the airline as the airlineās debt has been converted to equity
– Jet owed more than $1bn dollars and continues to record poor results
– There is no cash infusion from Naresh Goyal or Etihad
Livemint: http://bit.ly/2IeUOYy
After RBI āclean chitā, Yes Bank stock surges 31%
– The RBI in its annual inspection of the bankās books did not find any divergence in reporting of bad loans
– The matter also relates to RBI denying an extension to Rana Kapoor (but that was when Urjit Patel was the Governor)
Hindu: http://bit.ly/2UXWEhR
Tech š± | Amazon drops plans for New York HQ
– This follows pushback from local authorities and the fact that most of the negotiations happened ābehind closed doorsā
– Another reason is Amazonās policy of not supporting labour unions
Techcrunch: https://tcrn.ch/2Imx1Gi
Op-Ed š | Amazon Gives FedEx and UPS More Reasons to Worry
From the Everything Store to now the Everything Company, Amazon does seem to believe that, with better data, it can do better than most incumbents in any industry. And its recent investments in an electric pick-up truck point to its ambitions. Remember how Amazon AWS emerged? From a small in-house need to a service almost every app or website now uses. Logistics is next, whether UPS and FedEx like it or not.
Bloomberg: https://bloom.bg/2EdB8Ab
Klips for 16th Feb
World š | Trump says he deserves Noble Peace prize, but says he probably will never get it
– About Obamaās Peace prize he said: āHe didnāt even know what he got it for. He was there for about 15 seconds and he got the Nobel Prize. He said, āOh, what did I get it for?āā
– Trump also said that his actions in Syria and North Korea have helped save 3mn lives
Reuters: https://reut.rs/2toiIGA
Trump declares national emergency in wall quest
– This is being done to raise funds for the wall without Congressā approval
– The move will most definitely be challenged, but Trump himself has conceded that he is open to a legal battle
Reuters: https://reut.rs/2GLDHeD
Economy & Business š° | RBI reprimands Yes Bank for ānon divergenceā disclosure
– It seems that the bank misrepresented information and hid ālapsesā
– Barely 24hrs ago the bank had said that it got a āclean chitā from RBI, which surprised many, including markets
Panel: National minimum wage at ā¹9750/month
– An additional rent allowance of ā¹1430/m was also recommended
– If implemented, states canāt pay lower than this amount
Livemint: http://bit.ly/2X5KF3F
Bharat-22 ETF oversubscribed 14 times, applications worth ā¹50000cr
– This will help the govt meet its divestment target of ā¹80000cr
– The one day AOP was managed by ICICI Prudential AMC
Livemint: http://bit.ly/2X4F1yS
#AOP: Additional Offering Period
Op-Ed š |
Interesting: This Article is Fake News. But Itās Also The Work of AI
In what can only be termed as spooky (and scary), OpenAI has an engine that can generate an entire fake news article based on only 2 sentences written by a human. The result and example shared will astonish you. Do check it out.
Bloomberg: https://bloom.bg/2S7X0AK
Klips for 18th Feb
National š®š³ | 4 soldiers, civilian killed in Pulwama encounter
– The encounter took place on a hideout that is suspected to house 3 militants linked with Thursdayās attack
– 23 suspects of the Jaish e Mohammed had also been detained previously
Reuters: https://reut.rs/2tpSQtU
SC revokes Vedanta NGT clearance for TN smelter
– NGT had granted a clearance which was challenged by the State govt in SC
– TNās govt had ordered that the smelter be shut down after 13 people were killed in protests
Reuters: https://reut.rs/2tsJVYJ
Economy & Business š° | Cognizant bribed govt official via L&T
– In its filings to the SEC and DoJ in US it has emerged that Cognizant made illicit payments to seek approvals for office campuses
– These payments were made via L&Tās construction arm to govt officials in TN and Maharashtra
Livemint: http://bit.ly/2GPc9VK
Tech š± | China asks teachers to stop assigning Homework via WeChat
– Teachers used to post homework on WeChat groups having parents so as to pressurise them to help their kids with homework
– The move is interesting as a new class of Startups have emerged in China that āassistā kids with learning and homework
– Yuanfudao, one such startup, recently gained a valuation of $3bn
Techcrunch: https://tcrn.ch/2tsN8rf
Op-Ed š | Opinion: Pulwama Aftermath: Whatās Best for Modi May Not Be Whatās Best for India
In a frank op-Ed piece the author tries to understand the ground realities in Kashmir which led to the radicalisation of a 20 yr old who carried out the shocking Pulwama encounter. The author also tries to understand the possible outcomes of the anticipated reactions to the attack.
The Wire: http://bit.ly/2S9kLZ1
Interesting: How the 16th Lok Sabha fared
As elections draw closer, it makes sense to see how our previously elected (and nominated) members fared in the Parliament, in hard numbers. Some interesting facts: 60% of the Rajya Sabhaās and 1/3rd of Lok Sabhaās question hour time was lost due to disruptions. Only 18% of questions got an oral reply. Also contains a brief summary of key legislations passed
Hindu: http://bit.ly/2X9eEb1
Klips for 19th Feb
World š | Saudi Prince pledges $20bn investment in Pakistan
– Mohammed bin Salman is on an Asia visit and will visit India next
– Saudi Arabia has also helped Pakistan stay āafloatā with a $6bn loan
Reuters: https://reut.rs/2trxqgk
National š®š³ | Shiv Sena, BJP announce pre-poll alliance
– The two parties have been at loggerheads on several issues
– The Shiv Sena had broken the alliance a year back
Hindu: http://bit.ly/2tsBTiw
State owned Gas company leaks Aadhaar data
– On Indane gasā website details such as customer name, address and Aadhar number can be found without authentication
– Such data is generally only accessible by providing a username and password
– In previous such leaks the UIDAI has been quick to say that there are no leaks in Aadhaar
Techcrunch: https://tcrn.ch/2V4pKw3
Economy & Business š° | RBI agrees to transfer ā¹28000 cr interim dividend to govt
– This will help the govt meet its fiscal deficit target of 3.4%
– It is also the 2nd consecutive year that the RBI has announced an interim dividend
BQ: http://bit.ly/2tBcaot
Tech š± | Fortniteās Live music festival: 10mn āvirtualā people attend
– The performance was given by Marshmellow, who wears a white marshmallow hat while performing
– Fornite is a popular shooter game available across platforms
Verge: http://bit.ly/2tqTqHZ
Op-Ed š |š£Opinion: The dangers of banks flying with airlines
What business do banks have owning airline? That seems to be the question people are asking as SBI and other banks have helped rescue Jet Airways. And while the move will help keep the airline afloat in the short term, it does very little to solve the very real problems the airline faces
Livemint: http://bit.ly/2UZVnqG
Opinion: Not without an explanation- when judges recuse themselves
A number of recent recusals by SC judges in important cases begs the question to be asked: what is the basis for recusal? Are there stated rules? Moreover the article also highlights an important point: none of these are written and hence the true reasons cannot be determined (or even recorded). An interesting read.
Hindu: http://bit.ly/2tuk1Uu
Klips for 20th Feb
World š | Iconic Designer Karl Lagerfeld passes away
– He was Chanelās artistic director and known for his striking catwalks, sporting black sunglasses
– He was 85 years old
Reuters: https://reut.rs/2GOeUGy
National š®š³ | Saudi Prince arrives in India
– Welcomed by the PM at the airport
– Saudi Arabia is expected to announce investments in infrastructure projects in India
Reuters: https://reut.rs/2GSTrfB
Govt hikes DA by 3%
– The move which will again be applied retrospectively from Jan 1, will benefit 1.1cr govt employees and pensioners
– While this is accordance with 7th Pay Commissionās āformulaā, successive govts have timed such increases prior to elections
BQ: http://bit.ly/2Va2xJ3
Economy & Business š° | No to video conference: Delhi and Goa ask for physical meeting
– The 33rd GST council meeting is set to be held today albeit via video conference
– Given that key issues of real estate and lottery are to be discussed Sisodia and Isaac Thomas have asked for a physical meeting
BQ: http://bit.ly/2S9MBVe
Tech š± | Twitter blocks Barkha Duttās account temporarily
– Dutt condemned Twitter for the block
– She had posted details of men who allegedly stalked and threatened her
Reuters: https://reut.rs/2GR6X3G
Op-Ed š | Opinion: Rahul Gandhi and real tests of leadership
Itās easy to point fingers at whatās wrong in the current state of affairs, far more challenging to find solutions and build consensus. As the author writes, quoting Martin Luther King Jr., leadership is about moulding consensus and showing the way. Thatās clearly something Gandhi needs to do.
Hindu: http://bit.ly/2Xc20Ih
Interesting: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh
A nice analysis on how the tax relief announced does not quite work as expected/announced. Normally these are handled, but it seems the govt (as well as the parliament) never bothered to. Or maybe they didnāt want to. Either way a nice analysis.
ET: http://bit.ly/2tvXPJE
Klips for 21st Feb
National š®š³ | SC finds Anil Ambani guilty of contempt of court
– The matter relates to dues worth ā¹550cr that RCom has to pay Ericsson
– The court has given him 4 weeks to make good the payments or face jail
– In a previous hearing, Ambani was able to stay away from the hearing personally due to the work of 2 SC employees who were later suspended
Reuters: https://reut.rs/2tvtI5i
Economy & Business š° | š£Saudi Prince visit: Aramco in talks with RIL for projects in India
– Aramco already has a stake in the $44bn Ratnagiri refinery, which has to be shifted due to protests from locals
– Interestingly the Prince said that Saudis are looking at āinvestingā $100bn in coming years in India
Livemint: http://bit.ly/2V8eDlJ
Govt to infuse ā¹48000cr in 12 state run banks
– The capital infusion will help 4 banks stay away from PCA and also help a couple come out of it
– The intent of PCA was to ensure that NPA come down before banks can begin lending
– This move however is not likely to help with that
BQ: http://bit.ly/2EmxaFu
PCA: Prompt Corrective Action
GST council differs decision on tax cut for real estate, lottery
– Jaitley said: āI have always had an approach of moving as per consensusā and so the meeting has been delayed to Sunday
BQ: http://bit.ly/2VafO42
Martin Sorrelās S4 Capital to open operations in India
– India is the 17th country in which S4 is opening offices
– S4, Sorrellās advertising venture, was started after he was ousted from WPP
Livemint: http://bit.ly/2XcywtL
Tech š± | Samsung introduces $1980 foldable phone
– The phone, called the Galaxy Fold, launches for sale in April
– The screen size is 4.3in when folded but when opened it becomes a 7.3in tablet
Techcrunch: https://tcrn.ch/2VbQDyl
Op-Ed š | š£Opinion: How Anil Ambaniās RCom Will Pay Ericsson in Four Weeks
The SC has asked junior Ambani to pay his dues to Ericsson in 4 weeks or face jail term. While delay and such tactics have enabled him to push the ball around for more than a year now, Ericsson seems hell bent on seeing him behind bars, as is obvious from their recommendations to the court. Looking at possible options that Ambani has, time is one thing he needs, something which now he does not have. There is more to this story, soon, surely.
Wire: http://bit.ly/2SgHD9g
š£Report: Murders of Religious Minorities in India Go Unpunished, Report Finds
While we hear a lot about mob lynching and gau rakshaks and related violence very little credible data points exist in terms of such incidents. This is largely because many go unreported or are falsely reported. In a report by Human Rights Watch some rather āuglyā details of what we suspect to be true have emerged. Worth taking a look.
NYT: https://nyti.ms/2Sh7oGm
Klips for 22nd Feb
National š®š³ | š£Centre to stop sharing Indiaās water flowing into Pakistan after Pulwama attack: Nitin Gadkari
– The move is likely to see a sizeable impact only 6 years from now writes the Print, as dams need to be built accordingly
The Print: http://bit.ly/2E1fKwN
Aero India off to muted start
– At 403 exhibitors, the numbers are down 26% from the last event
– A possible reason is the confusion over venue, with Lucknow touted as a likely venue
– The event which kicked off at Yelahankaās Air Force station in Bangalore, takes place once every 2 years
Hindu: http://bit.ly/2E0Aq8a
Economy & Business š° | EPF rate hiked to 8.65%
– This will reduce the surplus to ā¹151cr, lowest in 3 years
Livemint: http://bit.ly/2SSn8VD
Bank chiefs say to RBI Governor will not be able to pass on benefit of repo cut, but can discuss
– With low inflation indicators and an eye on spurring growth the RBI cut the repo rate earlier this month to 6.26%
– The move is also seen as an election sop, so as to reduce borrowing costs for individuals
– However, banks seem saddled with āother issuesā and are making good on the rate cut that directly impacts their bottom line
Livemint: http://bit.ly/2E1r6B1
Tech š± | Apple, Goldman Sachs to jointly test credit card: WSJ
– The card will be linked to Appleās Wallet app
– Goldman is looking to tap into consumer loans business āto offset dips in trading businessā, as per WSJ
– The card will first be issued to employees
Reuters: https://reut.rs/2U1eYGI
Op-Ed š | Opinion: Healing touch: providing safety to Kashmiri students
The SC has stepped in to address the issue of Kashmiri students having to flee education institutes fearing or after being attacked. While this is welcome, writes the Hindu, what needs to be questioned is why does the SC have to intervene? HRD minister, Javdekar, himself is in denial mode that such attacks have happened. This isnāt the first time this has happened (pushing the ball into the otherās court: State subject), and relying on SC for such āprotectionā does not auger well for a democracy.
Hindu: http://bit.ly/2SQ1alS
Interesting: How Many Push-Ups Can You Do? It May Be a Good Predictor of Heart Health
A study says that if you can do 40 you are at a lesser risk than those who can do 10 (eyeroll). While such ātestsā are looking for a problem to solve, one must understand that they need to be taken with a pinch of salt. For example, this one, was conducted on firefighters so not sure how itās relevant to the average Joe (you and me). Still worth a scan, as it probably will become a trend for its simplicity.
NYT: https://nyti.ms/2E2ctxd
Klips for 23rd Feb
National š®š³ | Pakistan army warns India
– Major General Asif Ghafoor sounded the warning at a press conference
– Said will respond with āfull forceā if attacked by India, but Pak has no intention of āinitiating warā
– Jaitley responded by saying āIndia will use all instruments at its commandsā
Reuters: https://reut.rs/2NmSGgb
Twitterās Jack Dorsey to give Parliamentary Panel a miss
– Twitter will instead send SVP Privacy Policy to meet the members
– The panel had summoned Dorsey after Twitter sent ājunior officialsā to a previous hearing
– The panel wants to ensure social media is not āmisusedā prior to elections
BQ: http://bit.ly/2TdoLMI
Economy & Business š° | š£Wilful defaults on rise despite new Bankruptcy law
– IDBI has seen almost 100% increase in wilful defaults from ā¹3660cr to ā¹7381cr in one year
Livemint: http://bit.ly/2IuaEP2
Tech š± | Oyo launches operations in Japan
– The hotel/hospitality startup is in aggressive expansion mode, after recently closing a $1bn funding round
– The SoftBank backed startup now has a valuation $5bn
Livemint: http://bit.ly/2TdojOw
Cloud Kitchens: Chinaās āPanda Selectedā gets $50mn from Tiger Global
– The shared kitchen concept is fast catching up, with even former Uber Founder Travis Kalanick indicating his entry
– āPanda Selectedā already has 120 locations and works with 800 Chinese food brands
Techcrunch: https://tcrn.ch/2TXGrJs
Original article (SCMP): http://bit.ly/2BQ8P9w
#SCMP or South China Morning Post is an excellent source for news (especially HK and China focused stories)
Sport ā½ļø | IOC to isolate India over Pak visa denial
– India has denied visas to two Pak athletes for an event that has 2 Olympic positions up for grabs
– In a response, the IOC has suspended āall Indian applications to host future eventsā
Reuters: https://reut.rs/2Njqrip
Op-Ed š | Opinion: Warren Buffett Owes Investors More Than a Memo This Year
Few memos are looked forward to and analysed as Warren Buffettās annual letter to Berkshire shareholders. Buffet could do well to explain recent (creative?) investments in tech, the $104bn cash pile and succession. All matters that the world would love to hear Buffet write about as he nears 90.
Bloomberg: https://bloom.bg/2TcRz8b
Opinion: Indus Treaty: Why India Cannot Afford to Fight Fire With Water
The tweet by Nitin Gadkari didnāt seem like news because it felt like it wanted to be news. The article tries to understand why the manner in which the Indus Treaty is being set aside is a bad precedent.
The Wire: http://bit.ly/2BRoAgh
š£Interesting: 36 yrs on, Naseeruddin Shah to reprise his role in ‘Jaane Bhi Do Yaaro’ sequel
ET Panache: http://bit.ly/2IvM14H
#If you havenāt watched the original, now would be a good time.
Klips for 25th Feb
National š®š³ | Modi launches PM-Kisan scheme in Gorakhpur, transfers money to farmers
– In the first round, money has been deposited into the accounts of 1.01 cr farmers
– Under the scheme, ā¹6000 will be given to farmers a year in 3 instalments
BQ: http://bit.ly/2tBWeCg
Economy & Business š° | GST rates cut on real estate
– The GST rate for under construction property was cut to 5% from an earlier effective 12%
– Also for affordable housing (upto ā¹45L) the rate was cut to 1% from 8%
Livemint: http://bit.ly/2GXMHNA
š£GVK exercises first right of refusal, picks up additional stake in Mumbai Airport
– GVK increased its stake to 64% by buying out Bidvestās 13% stake
– The purchase comes amid reports that Adani Group was interested in picking up stake in the airport
Livemint: http://bit.ly/2H3ar2X
š£Draft e-comm policy: data localization, local registration and more
– As per the draft foreign e-comm players will have to set up local entities if they want to operate in India, which will likely impact Aliexpress, Shein
– The policy also says that anonymised data generated out of sales in India must reside in India and cannot be share with 3rd parties
BQ: http://bit.ly/2tz29bh
Tech š± | Microsoft launches HoloLens 2 at $3500
– The AR glasses, focused on enterprises for now, offer twice the field of view to previous generation glasses
Techcrunch: https://tcrn.ch/2H0IKrr
Op-Ed š | Opinion: De-odourising sewage
The problem of urban sewage management is a very real one in India. Sample this: of all the new toilets built under Swacch Bharat Mission only 28% are connected to a sewage system. Where will the rest go? Go figure. As the author says, while elections can be fought over āroti, kapda, makaanā everyone is ignoring the ānaaliā
Hindu: http://bit.ly/2H3czYv
Interesting: Whatās in a name? Karachi Bakery finds itās not Patriotic enough
The famous Karachi Bakery is having to deal with āpatriotsā who question why the bakery should have such a name. And we all thought that ours was āsecularā, ātolerantā, ādemocracyā.
Livemint: http://bit.ly/2tFt30V
Klips for 26th Feb
World š | āGreen Bookā wins Best Picture award at Oscars, āBohemian Rhapsodyā bags most wins
– āRomaā, the movie expected to win the best picture award, won in the best film in foreign language category as also the best director award for Cuarón
All the winners: https://oscar.go.com/winners
Reuters: https://reut.rs/2EuijbY
National š®š³ | Adani wins bids for 5 airports
– He has won bids for Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram and Mangaluru
– This makes Adani the biggest pvt player in airports in India but he has limited experience running one
– The winning criteria was revenue per passenger
Livemint: http://bit.ly/2tEHYIZ
Economy & Business š° | RBI extends KYC compliance deadline for e-wallets, again
– The deadline was originally on 1st of March but e-wallet companies have faced challenges ensuring compliance
– The biggest challenge is cost as a physical verification is expensive compared to the earlier accepted Aadhaar based e-KYC
– The deadline has been extended by another 6 months
BQ: http://bit.ly/2H39Aza
š£Jio to soon become largest operator by revenue market share
– The operatorās RMS jumped 15% in December taking it to 29.2%
– Most of the gains have come at the expense of operators other than Airtel, which has been able to largely maintain its RMS
BQ: http://bit.ly/2H1rO4k
Op-Ed š | Opinion: The Correct Prescription
For all likes and purposes selling medicines online is ābannedā by a rather random court order. Yet, several e-pharmacists exist and people continue to buy from these. This only represents a part of the murky pharmacy industry from the retail side. Whatās murkier is the operation of trade associations that almost encourage cartelization and in effect higher prices for consumers. Worth a read to understand how things work and why the e-pharmacist is always able to give you a 20% discount (minimum)
Hindu: http://bit.ly/2H1v67G
š£Interesting: Indiaās War Memorial at Delhi
A War Memorial was inaugurated yesterday by the PM near India Gate in Delhi. A look at the memorial in pictures.
CNN Traveller: http://bit.ly/2tGcwd6
Klips for 27th Feb
National š®š³ | Pulwama aftermath: India launches air strike inside Pak; Islamabad, expectedly, denies terrorist camp hit
– The Foreign Secretary told the media that āa very large numberā of militants killed in the attacks, and this is the only official statement
– Pakistan, expectedly, while confirming IAF planesā entry into Pak airspace, denied that damage had been done
– This is Indiaās deepest cross-border raid since the 1971 and comes 12 days after the Pulwama attacks
– 5 Indian metros are on high alert
Reuters: https://reut.rs/2ExEvC1
Given sensitivity of the matter, exact details of the exercise are not available officially.
However, here is Reutersā version, which summaries the entire exercise:
https://reut.rs/2ExChme
Ayodhya case: SC suggests mediation as a possible solution
– The court said that even if there was a ā1% chance of amicablyā resolving the matter, it should be explored
– The court will pass an order on March 5 to appoint a mediator
– Interestingly, March 5 is the expected date for announcement of Lok Sabha election (1st week of March)
Livemint: http://bit.ly/2SrOjBy
World š | Kim, Trump meet in Vietnam today
– The meeting is likely to be another step towards ādenuclearisationā of North Korea in return for an end to US sanctions
– The first meeting ended in Singapore last year but little progress has been made since then
Reuters: https://reut.rs/2NtJDKB
Australiaās Cardinal Pell convicted of sexual abuse
– The Cardinal who was the Popeās adviser and considered Vaticanās no 3 was found guilty in Dec of sexually abusing 13 yr old boys
– However, his conviction was made public yesterday, following lifting of a court suppression order
– Heās guilty of 5 charges, each of which carry a 10yr jail term
Reuters: https://reut.rs/2EytTTD
Economy & Business š° | 3 more banks out of RBIās PCA
– This follows another round of capital infusion (ābank recapitalisationā) by the government
Livemint: http://bit.ly/2XjuC2i
#PCA: Prompt Corrective Action
Op-Ed š | š£Opinion: India has called Pakistanās nuclear bluff again, but Modi cannot become complacent
The air strikes by India have set a few things straight, chief among which is that India will respond if Pak continues to tug the same line of ānon-state participantsā for its low-cost proxy attacks. However, what happens now is important and Shekhar Gupta does a nice job of listing the points out, as plainly as possible. A good, balanced article.
The Print: http://bit.ly/2Xql9GI
Opinion: An Intruder Undermines Indiaās Central Bank
The NCLATās recent ruling denying lenders the right to declare IL&FS exposure has once again undermined the RBIās position. This isnāt the first time in recent history that RBIās position as the true regulator been questioned, writes Andy Mukherjee
Bloomberg: https://bloom.bg/2SuQrbw
Klips for 28th Feb
National š®š³ | IAF pilot in Pak custody as both countries trade blows along border
– India shot down a Pak F-16 that was headed with payload towards Indiaās military bases
– In the exchange an Indian MIG-21 was lost and the pilot is now in Pakās custody
– Countries across the world have urged restraint and a de-escalation, however the situation remains tense
Reuters: https://reut.rs/2NzAss6
World š | Speed not the key in North Korea denuclearisation, says Trump
– Trump met Kim at Hanoi in Vietnam
– Trump also said he āvery much appreciated that no (nuclear) tests have been conductedā
Reuters: https://reut.rs/2EC7uoz
US, UK, France ask UN to ban JeM Chief Masood Azhar
– The fresh proposal was made to the Security Council on Wednesday
– China is likely to block the move
Hindu: http://bit.ly/2NBTJco
Economy & Business š° | 7 more Jet Airways planes grounded
– Jet has been unable to pay dues to lessers and the count of grounded planes is now 13
Tech š± | Spotify launches in India
– The music streaming service faces stiff competition in an already crowded music streaming market
Techcrunch: https://tcrn.ch/2NzvlYL
Op-Ed š | š£ Opinion: A patchwork approach to GST problems
The appeal of GST was its simplicity and transparency that it was to bring in, maybe even gradually. However, constant tinkering for āa sectorās benefitā and then some more are making it more complicated and opaque. Some very pertinent observation put down by the author. Worth a read.
Hindu: http://bit.ly/2GQx6jT
Interesting: In Beijing, You Have to Win a License Lottery to Buy a New Car
China has some rather interesting rules for limiting cars that come onto the road. Hereās one: you need to win a lottery for getting a number plate. An interesting read, especially given the Indian context.
Bloomberg: https://bloom.bg/2GQTNEl