Q1 earnings trend so far does not point to big growth recovery this quarter: Ashi Anand
, Founder & CEO,
IME Capital
, says early results from
TCS
and DMart offer little clarity on growth recovery. TCS' guidance lacks indication of a rebound, while uncertainty surrounding Trump's tariffs and their impact on the US economy clouds the IT sector's outlook. DMart's struggle to restore its merchandise mix and margins, coupled with
quick commerce competition
, further suggests that
consumer growth recovery
is not yet evident.
What is your view on the limited set of earnings that we have seen so far from TCS and DMart? Given the kind of updates we have seen across the board, do you believe that this quarter could be better than the one before it?
Ashi Anand:
It is probably just too early to comment on that at this point in time because only a few results have come in. With the TCS result in the IT sector, people were looking at some kind of an indication of a growth recovery. TCS' guidance does not provide any clarity on that yet. For any longer-term growth recovery in IT, we will need some clarity around what is happening with Trump and the tariffs, and the impact that is going to have on the US economy as well as overall corporate demand, specifically on IT spends.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Top 15 Most Beautiful Women in the World
Topgentlemen.com
The other key element was DMart. It's true we are very early into the results season, but with DMart results as well, we have seen that the whole consumer growth recovery is still not very evident. DMart is still struggling to get its merchandise mix back up to levels it was historically, to be able to get back to the margins that they were delivering earlier. This whole new quick commerce competition and the implications of that on a model like DMart is something that we are trying to evaluate.
The result season is going to be extremely important and we are watching it very closely. We have had the two key results so far and trends so far are not really suggestive of a big growth recovery compared to what we saw in the previous quarter.
What is your take on the whole insurance pack because from
general insurance
and even from life insurance, the month-on-month growth data has been quite stable. Is there any particular insurance segment that you are finding attractive at this point in time?
Ashi Anand:
Insurance is a space that we like. It is there currently in our portfolios. What we do particularly like about insurance is that valuations have come up quite significantly and if you try building out longer-term growth models, you are not factoring in very robust growth in a sector which is still highly underpenetrated in the Indian economy.
Live Events
You Might Also Like:
Negatives mostly priced in for tier 1 IT companies; correction likely in midcaps: Sunny Agrawal
Just as financialization of savings continues, you are going to continue to see decent growth and penetration increase. This is a space that we like. We see it as a very attractive longer-term buy and hold kind of a play. What you are going to see, however, is month-on-month and year-on-year volatility in numbers. This happens for a couple of two or three key reasons and this is what has been impacting performance for the sector over the last few years.
The first element is around the state of the equity capital markets that does have an impact on ULIP growth and the margins that these companies make on ULIPs versus other products that are quite different. ULIP is a lower margin product and because of that, whenever you see a strong equity market environment, you see positive growth but that is very often accompanied by certain amount of margin pressure and which is where the core number that we tend to focus on is the growth in absolute VNB. That is something which we believe over the next 5 to 10 years has the potential to continue to grow in early teens as is what is you have been seeing over the past some amount of time and that for when you can buy companies at two, two-and-a-half times price to EV, it is not something which is very expensive and which is why we like the space.
The insurance space has not really performed as much over the last couple of years, and this has been because we have seen changes in underlying regulations. Some of these regulations are helping make the sector stronger from a longer-term perspective. So, we see it as a space which does have room to grow and outperform. As growth comes back, we expect the space to do well.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
10 minutes ago
- Indian Express
UPSC Key: GLP-1 drugs, Sulphur Dioxide (SO₂) Emissions and Cross-border Cyber Frauds
Important topics and their relevance in UPSC CSE exam for July 15, 2025. If you missed the July 14, 2025 UPSC CSE exam key from the Indian Express, read it here THE WORLD Trump: Very severe tariffs on Russia if Ukraine war isn't resolved in 50 days Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies II: Effect of policies and politics of developed and developing countries on India's interests What's the ongoing story: US President Donald Trump on Monday said the United States will impose 'very severe' tariffs on Russia if no agreement is reached to end the war in Ukraine within 50 days. Speaking from the Oval Office alongside NATO Secretary General Mark Rutte, Trump said he is disappointed in Russian President Vladimir Putin. Key Points to Ponder: • What exactly US President said? • What will the US and NATO do? • What is Europe's role? • What does this mean for Russia? • What is Ukraine saying? • What happens next? Key Takeaways: • Trump also described the proposed measures as 'secondary tariffs,' meaning they could apply not only to Russia but also to countries doing business with it. • Trump announced that NATO members will buy 'billions and billions' of dollars' worth of weapons from the United States. These weapons including Patriot missile defence systems will then be sent to Ukraine. • Trump said the move should show Russian President Vladimir Putin that the US is serious about ending the war. 'He knows what a fair deal is,' Trump said. 'We want peace.' • Mark Rutte supported the plan, saying that NATO's quick action was important. 'Speed is of the essence here,' he said. He confirmed that countries like Germany, Finland, Canada, Norway, Sweden, the UK, and Denmark would take part in the purchase of weapons for Ukraine. • Trump said he is pleased that European countries are increasing their defence budgets. At a recent NATO meeting, several members agreed to raise their military spending to 5% of GDP. 'Ultimately, having a very strong Europe is a good thing,' Trump said. • Rutte said the European support would help Ukraine defend itself. 'These weapons should make President Putin reconsider peace negotiations,' he said. Do You Know: • Trump's announcement to facilitate Ukraine's weapon supply comes as he has repeatedly signalled his displeasure with Putin during several instances. At a Cabinet meeting earlier this week, he said that he was 'not happy' with his Russian counterpart over a conflict that was 'killing a lot of people' on both sides. • In an earlier NBC News interview, Trump teased that he will make a major announcement on Russia next week. Russia has recently sought to overwhelm Ukraine's air defences by launching major aerial attacks. Last week, Moscow fired over 700 attack and decoy drones at Ukraine, topping previous barrages for the third time in two weeks. Russia's bigger army is pressing hard on parts of the 620-mile (1,000-kilometre) front line. Other Important Articles Covering the same topic: 📍Trump says will send Patriot air defense systems to Ukraine, lashes out at Putin — 'talks nice and then bombs everybody' FRONT PAGE DGCA orders inspection of fuel switch locking system in most Boeing planes Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies III: Disaster and disaster management. What's the ongoing story: The Federal Aviation Administration (FAA), back in 2018, had flagged the potential disengagement of the fuel control switch locking feature on certain models of Boeing aircraft, including 787s and 737s. Key Points to Ponder: • The fuel control switch in an aircraft is primarily responsible for what? • Which international body sets global aviation safety standards that member countries? • What is the role and responsibilities of the Directorate General of Civil Aviation (DGCA) in ensuring aviation safety? • What are the implications of mandatory fuel control switch inspections on operational efficiency and safety in aviation sector? • How proactive safety measures like the one ordered by DGCA contribute to public trust in civil aviation? • How does coordination between international agencies such as FAA, ICAO, and DGCA enhance global aviation safety standards? • What are the challenges faced by regulatory bodies like DGCA in balancing passenger safety, airline business interests, and international obligations? Key Takeaways: • With the investigation into the June crash of an Air India Boeing 787-8 aircraft focusing on the engine fuel control switches, India's aviation safety regulator Directorate General of Civil Aviation (DGCA) has asked for inspection of the switches' locking mechanism on most of the India-registered Boeing commercial aircraft by July 21 in line with the Special Airworthiness Information Bulletin (SAIB) issued by the US Federal Aviation Administration (FAA) in December 2018. The SAIB was regarding the potential disengagement of the fuel control switch locking feature. • The preliminary investigation report from India's Aircraft Accident Investigation Bureau (AAIB) said that the Air India plane crashed after both its engines were starved of fuel as the two fuel control switches transitioned from 'RUN' to 'CUTOFF' position within a second of each other moments after lift-off. • The DGCA order came after a few Boeing aircraft operators, mainly those overseas, initiated voluntary inspections advised in that SAIB. A few foreign carriers, including Abu Dhabi-based Etihad, have begun voluntary checks of the fuel control switches on their 787 fleets despite the FAA and Boeing notifying operators of 787 jets that the fuel switch locks on the aircraft are safe and no further action is needed. Do You Know: • Experts say accidental movement of the switches—used to allow and cut fuel supply to the aircraft's engines—is not quite possible. The spring-loaded switches have brackets on either side to protect them and the locking mechanism requires the pilots to lift the switch up before moving it between either of its two positions—RUN and CUTOFF. • In view of the Air India crash, there have been calls from various quarters in India and abroad for the checks recommended in the 2018 SAIB to be conducted to ensure that fuel control switches on Boeing aircraft are functioning as they should. • The preliminary report into the crash of the Air India 787-8 had mentioned this specific SAIB, which was issued after a few 737 operators said that some fuel control switches were installed with the locking feature disengaged. Various Boeing aircraft, including the 787s, have fuel control switches similar to those on the 737s. • At the time, the FAA had said that the concern was not an unsafe condition, but had advised operators of various Boeing models to inspect the switches. As the SAIB was only advisory and not mandatory, Air India had not carried out the inspection on the ill-fated aircraft. Moreover, the throttle control module—which houses the fuel control switches among others—was last changed in 2023 on the plane, and no defect related to the switches was reported since. Other Important Articles Covering the same topic: 📍Engine fuel switches were cut off before Air India crash, one pilot heard saying he 'didn't do it': Preliminary probe report Enjoy free speech with self-restraint, not abuse, says SC, talks of guidelines Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies II: Indian Constitution—historical underpinnings, evolution, features, amendments, significant provisions and basic structure. What's the ongoing story: Saying that citizens must know the 'value of freedom of speech and expression' and exercise 'self-restraint' on social media, failing which the state would intervene, the Supreme Court on Monday considered framing guidelines to control 'divisive tendencies' on virtual platforms. Key Points to Ponder: • The Supreme Court of India's observation regarding restraint on social media is primarily related to which Fundamental Right? • What exactly the term 'reasonable restrictions' on freedom of speech and expression means? • The regulation of social media platforms is governed under which law in India? • Know about the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021. • How does the IT Act, 2000, along with the 2021 IT Rules, address the regulation of social media intermediaries in India? • How can the concept of 'reasonable restrictions' be interpreted in a digital age where social media amplifies both speech and misinformation? Key Takeaways: • Seeking the assistance of the counsel for the petitioner and the state 'vis-a-vis the guidelines to be issued to citizens', the court said it was not 'speaking about censorship' but would look beyond the petition in the 'interest of fraternity, secularism and dignity of individuals'. • The court was hearing a plea filed by a Kolkata resident, Wazahat Khan, seeking consolidation of FIRs registered against him in different states over his social media posts. • 'If they (citizens) want to enjoy the fundamental right of speech and expression, it should be with the reasonable restrictions also. Apart from that, there must be self-restraint and regulation also, to enjoy the valuable freedom, not like this abuse,' said Justice B V Nagarathna. • 'One of the fundamental duties is to uphold the unity and integrity of the country. That is being violated. …all these divisive tendencies, at least on social media, must be curbed,' she said. • It was on Khan's complaint that the Kolkata police arrested a law student, Sharmishta Panoli, from Haryana over her social media posts in May. She was later granted bail by the Calcutta High Court. Do You Know: • In a 2023 verdict, the Supreme Court recognised a horizontal approach to the right to freedom of speech and expression, which means a citizen can invoke the right not just against the state but also against other citizens. Essentially, a citizen can sue another citizen for violating free speech. • Later, FIRs were filed against Khan in Assam, Maharashtra, Delhi and Haryana for allegedly posting divisive content on social media. The West Bengal police registered two FIRs against him and arrested him. Khan then approached the SC which, on June 23, directed that no coercive action be taken against him in the FIRs filed against him in other states. • Justice Nagarathna said abuse of the freedom of speech can clog the legal system. 'This is happening in the country. There is no restraint. Freedom of speech and expression is a very, very important freedom and a fundamental right. If there is abuse of that freedom leading to litigation and clogging of courts… There are other criminal cases the police can attend to instead of chasing these kinds of cases. What is the solution to this… we are not (asking) from the point of view of the state, we are asking from the point of view of citizens,' she said. • Justice Nagarathna backed Justice Viswanathan's remarks that fraternity among citizens would help bring down the hate. 'My learned brother rightly said that there should be fraternity between the citizens, then all this hate will come down,' she remarked. Other Important Articles Covering the same topic: 📍Court grants extended custody of Wajahat Khan to Kolkata police till June 23 📍Sharmistha Panoli's arrest and a question: Whose free speech? Previous year UPSC Main Question Covering similar theme: 📍Discuss Section 66A of IT Act, with reference to its alleged violation of Article 19 of the Constitution. (2013) Life sentence, Rs 10-lakh fine: Anti-sacrilege Bill across faiths in Punjab Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation. What's the ongoing story: THE AAP government in Punjab on Monday introduced a Bill in the Assembly which proposes punishment of up to life imprisonment and fine of up to Rs 10 lakh for acts of sacrilege against religious scriptures. Key Points to Ponder: • The Punjab Prevention of Offences Against Holy Scripture(s) Bill 2025-what are the key features? • Know the background for stricter punishment for sacrilegious acts in Punjab. • What is the meaning of sacrilegious? • What are the constitutional dimensions of Punjab's Anti-Sacrilege Bill 2025? • How does the Punjab Anti-Sacrilege Bill fit within the broader framework of India's federal structure? • What are the criticisms of anti-sacrilege laws with respect to potential misuse and impact on minority rights in India? Key Takeaways: • Chief Minister Bhagwant Mann introduced the Punjab Prevention of Offences Against Holy Scripture(s) Bill 2025 on the third day of the ongoing special session. Speaker Kultar Singh Sandhwan deferred the discussion on the Bill for Tuesday after Leader of Opposition Partap Singh Bajwa, citing seriousness of the matter, sought time to study the proposed legislation. • Earlier in the day, a Cabinet meeting chaired by Mann cleared the Bill which proposes strict punishment for desecration of holy scriptures, including the Sri Guru Granth Sahib, Bhagavad Gita, Bible and Quran. • The Punjab government had called the special session of the Assembly after Mann met representatives of Sarb Dharam Beadbi Rokko Kanoon Morcha, an organisation whose activist Gurjeet Singh Khalsa has been protesting atop a 400-foot telecom tower for the last 275 days demanding an anti-sacrilege law. • This is not the first time that a Bill has been brought in for stricter punishment for sacrilegious acts. Sacrilege has remained an emotive issue in Punjab, especially after the incidents of desecration of the Guru Granth Sahib in 2015 in Faridkot and subsequent death of two protesters in police firing. • In 2018, the then Congress government led by Captain Amarinder Singh too had passed two Bills — the Indian Penal Code (Punjab Amendment) Bill, 2018, and the Code of Criminal Procedure (Punjab Amendment) Bill 2018, which posposed punishment of up to life imprisonment for injury, damage or sacrilege to Guru Granth Sahib, Bhagavad Gita, Quran and the Bible. The President did not give assent to these two Bills. Do You Know: • According to the Bill, any person found guilty of sacrilege may face minimum imprisonment of 10 years and minimum fine of Rs 5 lakh. Those attempting to commit the offence may face a jail term of three to five years, and shall also be liable to pay a fine which may extend up to Rs 3 lakh. • The offences under this law shall be cognizable, non-bailable, and non-compoundable, and such cases will be tried in a sessions court. • According to the Bill, the investigation shall be conducted by an officer not below the rank of Deputy Superintendent of Police. • The Bill defines offence as any sacrilege, damage, destruction, defacing, disfiguring, de-colouring, de-filling, decomposing, burning, breaking or tearing of any holy scripture or part thereof. The words and expressions used, but not defined in this Bill shall have the same meanings as, respectively, assigned to them in the Bharatiya Nyaya Sanhita, 2023. • Following the Cabinet meeting earlier in the day, an official spokesperson said there have been numerous incidents in the past involving the sacrilege of Guru Granth Sahib and other revered granths, deeply hurting public sentiments and causing unrest in society. 'While sections 298, 299 and 300 of the Bharatiya Nyaya Sanhita, 2023, address such issues, they do not prescribe sufficiently stringent penalties to serve as an effective deterrent,' said the spokesperson. Other Important Articles Covering the same topic: 📍Punjab Vidhan Sabha sends anti-sacrilege Bill draft to select committee for consultation with public and all stakeholders THE EDITORIAL PAGE Two unequals Syllabus: Preliminary Examination: Economic and Social Development Main Examination: General Studies III: Inclusive growth and issues arising from it. What's the ongoing story: Surjit Bhalla writes: The World Bank states that India has the lowest consumption inequality in the world and in the same breath that India has the highest income inequality. Such a paradoxical result has heretofore not been documented by any organisation in the world Key Points to Ponder: • Which data sources are the main source of information for the World Bank's reports on global inequality? • What is the Gini Index? • What made government to say that inequality in India is declining? • What is the role of fiscal policy in addressing income and wealth inequality in India? • According to Surjit Bhalla, the World Bank's inequality estimates are considered 'warped' due to what? • What is 'Palma Ratio'? • As per the article, what is one of the key flaws in global inequality estimates? • What are the methodological challenges in measuring global income inequality with special reference to Surjit Bhalla's observations on the World Bank's reports? • How inequality is measured globally? • Compare the strengths and weaknesses of Gini coefficient, Palma Ratio, and other related metrics. Key Takeaways: Surjit Bhalla writes: • The facts are clear and unambiguous — consumption inequality in India, as measured by the Gini index, was the lowest (most equal) in the world in 2022-23. However, the debate on this is messy and bordering on sordid. What is interesting is that all the important participants in the discussion/debate (Government of India, World Bank, and Indian media) have got it wrong in one way or another. • It all started with an essay published on the ORF website which says that, 'contrary to popular narratives, India is not merely the world's fourth-largest economy; it is also the world's fourth most equal society'. • Inequality has always been discussed in terms of either the distribution of consumption or of income. Everyone recognises — from survey organisations to policy makers to academicians — that the measurement of distributions is flawed, imperfect, imprecise. All recognise that household surveys are the best instrument for gauging inequality in a society. • Towards this end, the World Bank has laboured to construct the popular and respected Poverty Inequality Platform (PIP), which provides data for all the official consumption and income surveys in the world. PIP reports data on 167 countries, 2,258 distributions for years 1963 to 2024. These data are the only 'official' source of comparable income and consumption distributions. 'Official' because governments provide unit-level data to the World Bank for analysis by its army of researchers and analysts. • The PIP data does not contain any information on income distribution for India or South Africa — for good reason, because no official income survey exists for either of these countries. • According to PIP, the most unequal (consumption) country in the world, at least for the last 25 years, is South Africa with a Gini of 63.0. The most equal is India with a Gini of 25.5 in 2022. Do You Know: Surjit Bhalla writes: • The Gini Index, a report by the World Bank, has placed India in the fourth position with a score of 25.5, much lower than countries like China (35.7), the USA (41.8), and the United Kingdom (34.4). It is also more equal than every G7 and G20 country, many of which are considered advanced economies. • The term 'most equal country' describes a nation where income and consumption are distributed more evenly among its population. • The Gini Index measures the extent to which the distribution of income or consumption among individuals or households within an economy deviates from a perfectly equal distribution. In simpler terms, it provides a clear picture of how evenly income is distributed within a country. • The index ranges from 0 to 100 — a Gini Index of 0 represents perfect equality, while an index of 100 implies perfect inequality. The higher the Gini Index the more unequal the country. • The World Bank has been a pioneer in the collection and verification of consumption and income distribution data since its creation. The PIP database is testimony to its intellectual honesty and expertise. However, the World Bank states that India has the lowest consumption inequality in the world; in the same breath (or paragraph) it states (via its endorsement of the WID synthetic results) that India has the highest income inequality. • The memory banks of the World Bank will reveal that its own research (some 25 years ago) had documented that income Ginis were, on average, six Gini points higher than consumption Ginis. Other Important Articles Covering the same topic: 📍Measuring inequality Previous year UPSC Main Question Covering similar theme: 📍COVID-19 pandemic accelerated class inequalities and poverty in India. Comment. (2020) EXPRESS NETWORK Indians lost `7,000 crore to cyber frauds from Jan to May: MHA data Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies III: Challenges to internal security through communication networks, role of media and social networking sites in internal security challenges, basics of cyber security. What's the ongoing story: The Ministry of Home Affairs (MHA) has estimated that a significant portion of the cyber scams targeting Indians come from Southeast Asia. It attributes over half of the approximately Rs 7,000 crore lost to online scams in the first five months of this year, January to May, to networks operating out of Myanmar, Cambodia, Vietnam, Laos, and Thailand. Key Points to Ponder: • What exactly data compiled by the Indian Cyber Crime Coordination Centre (I4C), a unit under MHA said? • What are the challenges posed by cross-border cyber frauds to India's internal security and financial stability, with reference to recent trends highlighted in MHA analysis? • Know the role of international cooperation in combating cyber frauds originating from foreign jurisdictions such as Cambodia and other Southeast Asian countries. • What are the legal and institutional framework available in India to tackle cyber frauds? • How do cross-border cyber frauds impact digital trust in India's financial and governance systems? • How is India's preparedness to handle cybercrimes involving international actors? Key Takeaways: • According to data compiled by the Indian Cyber Crime Coordination Centre (I4C), a unit under MHA, these scams are often run from high-security locations, reportedly controlled by Chinese operators, where trafficked people, including Indians, are forced to work. • An analysis of cyber frauds this year revealed that they are targeting the Indian economy, and the country faces a loss of around Rs 1,000 crore every month to such crimes. • 'In January, Rs 1,192 crore was lost to Southeast Asia-based countries, Rs 951 crore in February, Rs 1,000 crore in March, Rs 731 crore in April and Rs 999 crore in May,' an official said, citing the data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), I4C's facilty to help citizens report and manage financial cyber fraud incidents. • A senior government official told The Indian Express that senior officials of Cambodia recently met with the Indian government in Delhi and discussed an action plan. In the meeting, which was organised by the Ministry of External Affairs (MEA) and attended by the officials of Central investigation agencies, Cambodian officials requested to share the exact geographical coordinates of these scam centres in the country so that they can take action. Do You Know: • A probe has revealed three types of major cybercrime frauds operating from Southeast Asia: stock trading/investment scams, digital arrest, and task-based and investment-based scams. • The Indian government has also tracked several agents recruiting Indians for these operations, with the most operating out of Maharashtra (59), followed by Tamil Nadu (51), Jammu and Kashmir (46), Uttar Pradesh (41) and Delhi (38). 'Agents' data shows that they are hiring people the most for Laos, Myanmar and Cambodia,' the official said. • According to government estimates, Indians had been duped of at least Rs 500 crore in the six months before March this year. The Centre then set up an inter-ministerial panel to look into the issue and identify the loopholes. The panel identified gaps in the banking, immigration, and telecom sectors. The Central Bureau of Investigation (CBI) then registered an FIR against point of sale (PoS) agents based in various states for allegedly issuing ghost SIM cards. • After recording the statements of rescued and returned people, the government has tracked down their route of travel to Cambodia. 'It has been found that agents are sending people to Dubai to China and Cambodia, Tamil Nadu to Cambodia, Maharashtra to Thailand and Cambodia, Jaipur to Thailand and Cambodia, Jaipur to Vietnam to Bangkok and Cambodia, Delhi to Bangkok and Cambodia, Lucknow to Bangkok and Cambodia, Kerala to Vietnam and Cambodia, Kerala to Singapore and Cambodia, and Kolkata to Vietnam and Cambodia by road,' the official added. Other Important Articles Covering the same topic: 📍5000 Indians forced into cyber-slavery in Cambodia, MHA discusses rescue strategy Environment Ministry defends revised framework for thermal plants to meet SO2 emission norms Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment What's the ongoing story: The Union Environment Ministry Monday defended its July 11 order which introduced a revised framework for thermal power plants to meet sulphur dioxide (SO2) emission norms and said that contrary to 'claims of regulatory dilution', the decision was based on evidence, sectoral emission trends and sustainability imperatives. Key Points to Ponder: • Sulphur Dioxide (SO₂) emissions are primarily associated with which industries? • According to India's environmental regulations, SO₂ emission limits are set under which frameworks? • The revised framework for SO₂ emission norms in India, as defended by the government, primarily affects what? • Know the rationale behind the government's revision of SO₂ emission norms for thermal power plants? • What are the environmental and health impacts of sulphur dioxide emissions in India, with particular reference to coal-based thermal power generation? • How does Flue Gas Desulphurization (FGD) technology help in reducing SO₂ emissions? Key Takeaways: • The ministry's revised compliance framework exempted a large number of coal- and lignite-based plants from the mandate of retro-fitting plants with flue gas desulphurization devices. The ministry said that there was no notable difference in ambient SO2 concentrations between cities where plants had fitted the technology versus those that had not. • SO2 is a harmful gas and is emitted when coal is burned in energy production. It also aids formation of secondary pollutants. • 'The norms of Sulphur Dioxide emissions from Thermal Power Plants notified on 11th July is based on extensive consultations with stakeholders and research institutions regarding the effectiveness and rationale behind stack emission standards for SO2 on 537 TPPs throughout the country, and its role in overall ambient air pollution of the region,' a ministry statement said. • The ministry said: 'Current exposure levels provide no credible evidence to suggest that SO2, under prevailing ambient conditions, is a major public health concern. Moreover, sulfate (sic) aerosols formed from SO2 constitute a relatively small fraction of PM (particulate matter) 2.5.' • The SO2 emission norms for coal and lignite power plants were first introduced in 2015. Later, the compliance timelines for plants were divided into three categories, based on the location of the plants. Do You Know: • The July 11 order said that plants in Category A, which are located within 10 kms of the Delhi-National Capital Region (NCR) or cities with a million plus population have to continue complying with the norms by the end of 2027. • For category B plants, located within 10-km of critically polluted areas or cities not in compliance with national ambient air quality standards will apply on a case to case basis, based on recommendations of an expert appraisal committee. For Category C plants, located outside of these two areas, will be completely exempted from meeting the SO2 norms. However, they will have to comply with stack height criteria. • The ministry notification said that thermal power plants due to retire before December 2030 shall not be required to meet the SO2 emission norms, provided they submit an undertaking for exemption. A compensation at the rate of Rs 0.40 per unit of electricity generated would be levied if they continue to operate beyond the 2030 timeline. • In a report, the National Institute of Advanced Studies submitted to the high-powered committee that Indian coal, used to generate 92% electricity produced by thermal plants, has a low average sulphur content. In fact, it said that FGD installation in all coal plants by 2030 will increase auxiliary power consumption and add more long-lived carbon dioxide emissions, while removing short-lived sulphur dioxide emissions. Other Important Articles Covering the same topic: 📍Centre again relaxes SO2 emission norms for coal plants around Delhi-NCR EXPLAINED 'After obesity, GLP-1 research focused on Alzheimer's…hypothesis centres on its ability to reduce inflammation in brain… this is different from current approaches' Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources. What's the ongoing story: Lotte Bjerre Knudsen, Chief Scientific Adviser for Research at Danish pharma giant Novo Nordisk, speaks about GLP-1-based drugs that have changed how the world sees obesity. Research is on to explore treatment for other conditions, such as Alzheimer's. Key Points to Ponder: • What is GLP-1? • What does GLP-1 do in the body? • How GLP-1 drugs work? • Why GLP-1 has become such a powerful tool in treating diabetes and obesity? • When did the idea first come up that GLP-1 could actually be turned into a drug? • Why is this a landmark? • Where does the GLP-1 research go from here? Especially with respect to Alzheimer's? • What is the scientific hypothesis behind GLP-1's role in brain diseases? How might it actually be working in the brain? Key Takeaways: • GLP-1 is both an incretin hormone and a neurotransmitter. In physiology, it is secreted from the small intestine and from the hindbrain after we eat a meal. It travels to the pancreas, where it helps to regulate our blood sugar by increasing insulin and decreasing glucagon. This is what we call the incretin effect. This effect is blood glucose-dependent, meaning it is only if the blood glucose is elevated that it has an effect here. • GLP-1 also impacts centres in the brain associated with control of hunger and satiety, to effectively tell us that we have had enough to eat and need to stop eating. • There are receptors that GLP-1 binds to in many organs in the body, and GLP-1 also has beneficial effects in many of these organs, such as the kidney, liver, and cardiovascular system. GLP-1's effects in the pancreas and brain are the important ones to help control blood glucose and body weight. • The reason natural GLP-1 is so short-lived is that it is chopped up by metabolic enzymes known as DPP-4 and cleared by the kidneys. The technique we use is called fatty acid acylation. We have pioneered that, but nowadays it is much more widely used. Do You Know: • The basic concept is that you attach a fatty acid to your drug molecule, in this case, GLP-1. That will allow the drug to bind to a natural protein called albumin via the fatty acid. Albumin is a protein that plays a crucial role in transporting various substances throughout the body, including fatty acids. • By attaching to albumin, you protect the drug from degradation, from being cleared by the kidneys, and ensure that it reaches the GLP-1 receptors that are present in various organs throughout the body. We already had some experience with exploring this fatty-acid acylation technology, and I felt confident that we could also leverage the technology to solve the druggability problem of GLP-1. • It is a landmark because it was completely novel. It's also a landmark because it has changed the way we view the treatment of obesity. It's not just about weight loss — it's about cardiovascular benefits. The fact that fewer people are actually dying, fewer people are having heart attacks, and fewer people are experiencing strokes makes a profound difference. Other Important Articles Covering the same topic: 📍How GLP-1 drugs like semaglutide have revolutionised obesity treatment How Denmark plans to use copyright law to protect against deepfakes Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies III: Awareness in the fields of IT What's the ongoing story: In what is a pioneering effort to tackle the rise of deepfake content, now ubiquitous across the Internet, Denmark has proposed extending copyright protections to individuals' facial features, appearance, and voice. Key Points to Ponder: • What is a deepfake? • What are they for? • How Denmark's use of copyright law to regulate deepfakes represents a new legal approach to tackling AI-generated content globally? • What are the challenges of applying traditional copyright frameworks to emerging technologies like deepfakes? • How effective are the India's existing laws such as the Copyright Act and IT Act in addressing deepfake-related issues? • How does copyright law intersect with freedom of expression when it comes to regulating deepfakes? Key Takeaways: • The proposed amendment to Denmark's copyright law will effectively make it illegal to share deepfake content of another person without their consent, empowering individuals to get such forgeries taken down from online platforms, and seek compensation for their publication — similar to how copyright laws traditionally protect creative works. • Deepfakes are a form of synthetic media which depict believable and realistic videos, pictures, or audio of events that never happened — they show real people doing or saying things that they never did or said. • While media has long been manipulated for nefarious purposes, artificial intelligence has made such manipulation easier and more sophisticated than ever before. The volume of deepfake content online has risen dramatically in recent years, and deepfakes have become increasingly difficult to spot. • Authorities around the world have struggled to catch up with the technology which has been used to create pornographic content, spread misinformation, and pull off sophisticated con jobs. • Most existing laws dealing with deepfakes criminalise specific harms arising out of the technology, such as deepfake porn or the publication of manipulated media during elections. The Danish Bill, introduced last month and currently in the consultation stage, is harm-agnostic in that it directly addresses the publication of deepfakes and not specific harms they may cause. • Danish culture minister Jakob Engel-Schmid said the Bill gives people 'the right to your own voice, your own facial features, and no one can copy that without your consent'. Do You Know: •The Bill introduces three new forms of protection against deepfakes: —Imitation protection, which bars others from publicly sharing realistic digital recreations of a person's physical traits, like facial features and voice; —Performance protection, that covers artistic performances such as non-verbal or improvised acts that may not meet the usual copyright thresholds; and —Protection for performing artists, specifically targeting digital mimicry of musicians, actors, performers, etc. • The most notable here is the protection extended to ordinary individuals. The proposed Section 73(a) makes it illegal to share realistic deepfakes mimicking a person's appearance, voice, or characteristics for up to 50 years after their death. • The operative word here is 'realistic'. The Bill does not bother about intent— any deepfake can be taken down as long as it looks real and creates confusion. At the same time, content that is clearly stylised is not protected. • Protections offered by the Bill only extended to content in the public sphere: the Bill does not make it illegal to generate deepfakes but simply bars their publication. Other Important Articles Covering the same topic: 📍UN report urges stronger measures to detect AI-driven deepfakes Previous year UPSC Main Question Covering similar theme: 📍'The emergence of the Fourth Industrial Revolution (Digital Revolution) has initiated e-Governance as an integral part of government'. Discuss. (2020) For any queries and feedback, contact Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. Priya Kumari Shukla is a Senior Copy Editor in the Indian Express (digital). She contributes to the UPSC Section of Indian Express (digital) and started niche initiatives such as UPSC Key, UPSC Ethics Simplified, and The 360° UPSC Debate. The UPSC Key aims to assist students and aspirants in their preparation for the Civil Services and other competitive examinations. It provides valuable guidance on effective strategies for reading and comprehending newspaper content. The 360° UPSC Debate tackles a topic from all perspectives after sorting through various publications. The chosen framework for the discussion is structured in a manner that encompasses both the arguments in favour and against the topic, ensuring comprehensive coverage of many perspectives. Prior to her involvement with the Indian Express, she had affiliations with a non-governmental organisation (NGO) as well as several coaching and edutech enterprises. In her prior professional experience, she was responsible for creating and refining material in various domains, including article composition and voiceover video production. She has written in-house books on many subjects, including modern India, ancient Indian history, internal security, international relations, and the Indian economy. She has more than eight years of expertise in the field of content writing. Priya holds a Master's degree in Electronic Science from the University of Pune as well as an Executive Programme in Public Policy and Management (EPPPM) from the esteemed Indian Institute of Management Calcutta, widely recognised as one of the most prestigious business schools in India. She is also an alumni of Jamia Milia Islamia University Residential Coaching Academy (RCA). Priya has made diligent efforts to engage in research endeavours, acquiring the necessary skills to effectively examine and synthesise facts and empirical evidence prior to presenting their perspective. Priya demonstrates a strong passion for reading, particularly in the genres of classical Hindi, English, Maithili, and Marathi novels and novellas. Additionally, she possessed the distinction of being a cricket player at the national level. Qualification, Degrees / other achievements: Master's degree in Electronic Science from University of Pune and Executive Programme in Public Policy and Management (EPPPM) from Indian Institute of Management Calcutta ... Read More
India.com
16 minutes ago
- India.com
Centre Unveils Rs 1,000 Cr Scheme To Help MSMEs Upgrade To Energy-Efficient Tech
New Delhi: The Centre on Tuesday launched a new Rs 1,000 crore scheme to enable micro, small and medium enterprises (MSMEs) upgrade to energy-efficient technologies through comprehensive financial and technical support. The Assistance in Deploying Energy Efficient Technologies in Industries and Establishments (ADEETIE) was officially launched by Power Minister Manohar Lal in Panipat, Haryana, according to a ministry statement. 'ADEETIE is a transformative movement to empower Indian industries, especially MSMEs, to become globally competitive through sustainability. With the right mix of incentives and support mechanisms, we are catalysing investments in cleaner, more efficient technologies,' said the minister. The ADEETIE scheme is being implemented by the Bureau of Energy Efficiency (BEE). The scheme covers 14 energy-intensive sectors. It will follow a phased roll-out, beginning with 60 industrial clusters in the first phase, followed by an additional 100 clusters in the second phase. The scheme will be implemented over three years, spanning FY 2025-26 to FY 2027-28, allowing for progressive deployment, course correction, and scaling based on early outcomes. The total outlay of Rs 1,000 crore comprises Rs 875 crore for interest subvention, Rs 50 crore for Investment Grade Energy Audit support and Rs 75 crore for handholding support through BEE. The scheme is expected to catalyse Rs 9,000 crore in investments, including Rs 6,750 crore of MSME lending. The scheme envisages to provide interest subvention of 5 per cent for micro and small enterprises, and 3 per cent for medium enterprises on loans, ensuring accessibility and affordability for MSMEs seeking financial aid for energy efficiency (EE) projects. In his address, Manohar Lal emphasised the importance of power in driving economic growth, aligned with the vision of Viksit Bharat, highlighting the role of renewables, energy efficiency, and environmental conservation, especially in the MSME sector. The minister noted various technologies featured in the ADEETIE scheme can help MSMEs reduce energy consumption by 30–50 per cent, improve the power-to-product ratio, and support the creation of green energy corridors. He also underscored the significance of industrial energy efficiency in reducing India's carbon footprint and achieving its international climate commitments. Pankaj Agarwal, Secretary, Ministry of Power, highlighted the pivotal role of BEE in scaling up energy efficiency projects and mainstreaming them across India's industrial ecosystem. He highlighted the scheme's focus on widespread adoption across 14 energy-intensive sectors and 60 identified clusters in the initial phase. Agarwal also stressed the need for a supportive policy and financing framework to empower MSMEs as key drivers of climate action.
Time of India
18 minutes ago
- Time of India
US stock market today: S&P 500 and Nasdaq soar on Nvidia boost, CPI inflation eases, while Dow dips on bank earnings and tariff worries
How are the major indexes performing today? S&P 500 : Up 0.3% , hovering near record highs : Up , hovering near record highs Nasdaq Composite : Gained about 0.8% , powered by chip stocks : Gained about , powered by chip stocks Dow Jones Industrial Average: Down 0.2%, lagging behind due to bank stock weakness Why did Nvidia stock surge and what does it mean for AI chipmakers? Live Events AMD : +8% : +8% Super Micro Computer : +6% : +6% Micron & Broadcom: Posted solid gains, lifting the Philly Semiconductor Index by over 2% Which stocks are making the biggest moves today? Winners Nvidia (NVDA) : +4.8% : +4.8% AMD (AMD) : +7.9% : +7.9% Super Micro (SMCI) : +6% : +6% MP Materials : +19% after Apple signed a rare-earth magnet deal : +19% after Apple signed a rare-earth magnet deal Trade Desk (TTD): +11% after being added to the S&P 500 Losers Wells Fargo (WFC) : −4.7% : −4.7% BlackRock (BLK): −6.2% What did the June CPI inflation data reveal? Headline CPI : +0.3% month-over-month, +2.7% year-over-year : +0.3% month-over-month, +2.7% year-over-year Core CPI (excluding food and energy): +0.2% m/m, +2.9% y/y How are big banks performing as earnings season begins? JPMorgan Chase (JPM) : Beat estimates but fell slightly : Beat estimates but fell slightly Citigroup (C) : Reported a 25% profit surge, stock up nearly 1% : Reported a 25% profit surge, stock up nearly 1% Wells Fargo (WFC) : Beat expectations, but dropped ~5% on weaker net interest income : Beat expectations, but dropped ~5% on weaker net interest income BlackRock (BLK): Hit a record $12.5 trillion in assets under management, but slid over 6% on revenue concerns How are Trump's new tariff threats impacting market sentiment? What does this mean for the Fed's next move on interest rates? What else are investors watching? Fed outlook : With inflation cooling but not collapsing, investors are dialing back July rate cut bets. : With inflation cooling but not collapsing, investors are dialing back July rate cut bets. Bond yields : The 10-year Treasury yield is hovering around 4.46% : The 10-year Treasury yield is hovering around Oil prices : WTI crude trading between $66–$67 , slightly down : WTI crude trading between , slightly down Global economy: China posted 5.2% Q2 GDP growth, boosting global sentiment What should investors watch next? FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The stock market today moved higher on Tuesday, lifted by gains in tech stocks and optimism around Nvidia's AI chip sales to China, following green-light signals from President Donald Trump's administration. The S&P 500 climbed 0.4% and the Nasdaq Composite rose 0.8%, thanks to strong momentum in semiconductors. However, the Dow Jones hovered just below flat, holding back broader market also had their eyes on the latest Consumer Price Index (CPI) data, which showed inflation heating up again, and on early bank earnings reports that painted a mixed but market-moving picture. As inflation ticks up and Trump's tariffs raise concerns about price pressures and trade frictions, traders are weighing what comes next for interest rates, AI chip exports, and the global dominated the session while financials saw mixed moves after key earnings (NVDA) shares soared on Tuesday after the company revealed it expects to resume AI chip sales to China, one of its top markets. This comes after the Trump administration gave signs that it will approve such exports — a sharp shift from earlier restrictions amid tensions with policy reversal helped Nvidia approach a fresh record close, driving strength in the tech sector and especially in chip stocks. The move is seen as a big win not just for Nvidia, but for the broader AI ecosystem, which had feared a prolonged block on Chinese nearlyafter the U.S. cleared it to, easing trade tension fears and reviving bullish sentiment in the semiconductor big tech gainers:Here are some of today's standout gainers and losers:Inflation is showing signs of picking up again. The Consumer Price Index rose 0.3% month-over-month in June and 2.7% year-over-year, up from May's pace. According to analysts, these numbers reflect early impacts of new tariffs and trade-related cost pressures, tied directly to President Trump's tariff latest trade actions — including planned duties on Canada, the EU, and Mexico from August 1 — are starting to ripple through pricing data. Some analysts believe these tariff-driven price hikes could influence future Fed decisions, especially as Trump continues to push hard for interest rate in right on target, calming market nerves:While inflation remains sticky, the report didn't come in hotter than expected, reducing fears of a surprise Fed hike—but it's also not cool enough to guarantee a July rate earnings kicked off with mixed results on Tuesday. JPMorgan Chase (JPM) and Citigroup (C) both beat expectations, helping their stocks edge higher. JPMorgan, in particular, saw strength in deal-making, a sign Wall Street is rebounding from earlier shocks linked to Trump's aggressive tariff the flip side, Wells Fargo (WFC) fell after it lowered its full-year net interest income forecast, a key indicator of bank profitability. While some banks are adapting well to higher rates and trade volatility, others remain under pressure.Q2 results from major U.S. banks were a mixed bag:Bank investors were cautious, especially with interest rate headwinds still Trump's escalating tariff plans are becoming a growing concern for investors. Over the past week, he's issued strong warnings to key trade partners, calling for increased tariffs on a wide range of imports. This aggressive stance — set to intensify by August 1 — is sparking fears of global trade disruption, supply chain issues, and inflation moves also put additional weight on companies with international exposure, particularly manufacturers, automakers, and tech exporters. Wall Street is closely watching for any signs of retaliation from global both inflation rising and global trade risk growing, all eyes are now on the Federal Reserve. The Fed's next meeting is just over two weeks away, and most market bets point to a rate hold this month, followed by a possible rate cut in President Trump and his allies continue to pressure Fed Chair Jerome Powell for deeper and faster rate cuts. They've also started criticizing the Fed on other issues, including a controversial renovation of its headquarters, reflecting broader tensions between the White House and the central stock market today reflects a tug-of-war between tech optimism, inflation fears, and tariff uncertainty. With Nvidia's China win boosting confidence in AI growth and bank earnings delivering mixed signals, markets remain sensitive to Trump's trade moves and any shift in Fed dates to watch include the Fed meeting in two weeks, the August 1 tariff deadline, and continued corporate earnings over the next few days. For now, markets are cautiously optimistic — but volatility could return fast if inflation accelerates further or trade tensions boil stock rose after Trump's team backed AI chip sales to CPI showed inflation jumped 2.7% year-over-year due to tariffs.
