Arvind's Newsletter

1.India’s private sector growth cools in September as US tariffs weigh on exports: Mint

India’s private sector growth in September has cooled down from its recent high in August, signalling a modest slowdown, according to HSBC’s flash Purchasing Managers’ Index survey released Tuesday.

A softer expansion in new business intake was accompanied by slower increases in private sector output and employment, with international sales growth also slowing due to the US’s 50% tariff on Indian goods, the survey said.

The HSBC Flash India Composite Output Index, which tracks month-on-month changes in combined output across manufacturing and services, fell to 61.9 in September from 63.2 in August.

2.Rupee at New Record Low as US Visa-Fee Hike Adds to Tariff Woes: Bloomberg

The Indian rupee fell to a fresh record after President Donald Trump’s surprise hike in visa fees added to worries over punitive US tariffs.

The currency slipped as much as 0.5% to 88.79 per dollar on Tuesday, breaching its previous low of 88.4563 hit on Sept. 11, on concern the steep increase in visa fees may pressure margins of Indian software firms and weigh on remittances.

The currency has weakened about 3.5% this year in Asia’s worst performance. The weakness is aiding the Reserve Bank of India’s efforts to bolster India’s trade competitiveness and offset the drag from higher US tariffs, according to Australia and New Zealand Banking Group Ltd.

3.Accenture proposes new campus in Andhra Pradesh, eyes adding 12,000 jobs: Economic Times

India is already Accenture's largest employee base globally, with more than 300,000 of its 790,000 employees based in the country. As part of the proposal being reviewed by the state government, Accenture has requested land of about 10 acres in the port city of Visakhapatnam on similar terms, the sources said, requesting anonymity as the matter is private.

The move follows similar deals by IT firms Tata Consultancy Services and Cognizant, which are leveraging a new state policy offering leased land at Rs 0.99 ($0.0112) per acre to large firms willing to generate employment.

4.India's TATA opens armoured vehicles plant in Morocco: Reuters

India's Tata Advanced Systems Limited, part of the Tata Group, opened a plant near Casablanca on Tuesday to produce armoured combat vehicles, in a move that dovetails with Morocco’s recent efforts to stimulate a homegrown defence industry.

The facility will make 8x8 Wheeled Armoured Platform (WhAP) vehicles for the Moroccan army and for export across Africa, Morocco’s defence administration said.

The plant is expected to source 35% of its components locally, with plans to raise that to 50%, underscoring Morocco’s aim to reduce reliance on foreign suppliers.

5.Nasscom says $100K H-1B visa fee to have marginal impact on Indian IT firms: Business Standard

The information technology (IT) industry body Nasscom on Monday clarified that the impact of the United States (US) imposing a one-time $100,000 fee on H-1B visas will be marginal on Indian IT firms, noting that Indian and India-centric firms operating in Washington have significantly reduced their reliance on H-1B visas.

“Over the years, Indian and India-centric companies operating in the US have significantly reduced their dependence on H-1B visas and steadily increased their local hiring. As per available data, H-1B visas issued to leading Indian and India-centric companies have decreased from 14,792 in 2015 to 10,162 in 2024,” the industry body said.

“H-1B workers for the top 10 Indian companies account for less than 1 per cent of their entire employee base. Given this trajectory, we anticipate only a marginal impact on the sector,” it added.

Nasscom further mentioned that with the fee being applicable from 2026 onward, companies have time to further expand skilling programs in the US and enhance local hiring. The industry is spending more than $1 billion on local upskilling and recruitment in the US, and the number of local hires has increased significantly.

6.Nvidia is investing up to $100 billion in OpenAI: Reuters and others

Nvidia has committed to investing the first $10 billion of a planned $100 billion investment in OpenAI at the startup’s recent $500 billion valuation and then will make the remaining staggered investments at future valuations, according to a person with direct knowledge of the plans.

The chip giant is making the investment in cash and will receive equity in OpenAI as part of the deal. Based on OpenAI’s recent valuation in an employee share, Nvidia would get about 2% of the company from the first $10 billion invested.

Both companies said Nvidia would make a $100 billion investment to support 10 gigawatts of data center capacity for OpenAI. Nvidia will make the investment as each gigawatt comes online. This structure should limit the amount of dilution other OpenAI investors experience, assuming the valuation of OpenAI continues to rise.

7.Autism Guidance Released by Trump’s government: Scientific American and others

Federal officials yesterday announced a possible association between the development of autism and a pregnant individual's use of acetaminophen, the active ingredient in the common over-the-counter pain reliever Tylenol. They recommended pregnant individuals limit use of the drug to cases such as high fever or severe pain. 

The Food and Drug Administration said it will update safety labels with the risks of acetaminophen. However, the agency added that while there may be an association between autism and the drug, current scientific evidence has not established a causal relationship. Scientists have researched a potential link between autism and acetaminophen for years, but studies have delivered mixed results. The FDA also approved leucovorin as a possible treatment for autism symptoms.

8.An $800 Billion Revenue Shortfall Threatens AI Future, Bain Says: Bloomberg and others

AI companies will need $2 trillion in combined annual revenue to fund computing power by 2030, but their revenue is likely to fall $800 billion short, according to Bain. The consulting firm estimates that global incremental AI computing requirements could soar to 200 gigawatts by 2030, with the US accounting for half that, and warns that supply chain constraints or insufficient power supply could thwart progress.The report is set to raise further questions about the AI industry’s valuations and business model.

Meanwhile the Financial Times opined that the biggest US-listed companies keep talking about artificial intelligence. But other than the “fear of missing out,” few appear to be able to describe how the technology is changing their businesses for the better.

That is the conclusion of a Financial Times analysis of hundreds of corporate filings and executive transcripts at S&P 500 companies last year, providing one of the most comprehensive insights yet into how the AI wave is rippling through American industry.

Big Tech giants such as Microsoft, Alphabet, Amazon and Meta have regularly extolled AI’s benefits, pledging to invest $300bn this year alone to develop the infrastructure around large language models.

Large companies far from Silicon Valley, from beverages giant Coca-Cola to sportswear maker Lululemon, are also discussing AI at ever-greater length in their regulatory filings. But they also largely paint a more sober picture of the technology’s usefulness, expressing concern over cyber security, legal risks and the potential for it to fail.

9.How to deal with terrible coworkers | Amy Gallo in Big Think

80% of people say they work with at least one terrible coworker. This video explains how to better manage your interactions with them.

“There’s a lot you can choose in life. You can choose your outfit and which snack to pull from the cupboard. You can choose your friends. But you generally can’t pick your coworkers. If you’re lucky, they’re all wonderful people with whom you get along swimmingly. But it’s likely that at some point in your career, you’ll struggle to get along with someone at work. And while there’s no way to prevent having crappy cubicle mates, there are strategies you can use to deal with them more effectively and make everyone’s lives easier.

Positive work relationships, as Harvard Business Review editor Amy Gallo emphasizes, are not only nice to have but also crucial for performance, creativity, and well-being. By prioritizing empathy and upfront communication, Gallo’s principles for managing tough conversations and engaging with difficult colleagues can help everyone create more generative, amiable professional communities.”

10.Cutting down on coffee? Here's why you might get more vivid dreams: BBC

Some people report experiencing more vivid dreams within days of reducing their caffeine intake. What's going on?

Have you recently cut down on caffeine and feel like you're having the most vivid dreams of your life?

While there are a number of potential benefits of reducing our caffeine intake – such as whiter teeth and fewer trips to the toilet – we often hear one downside of cutting back on caffeine is the emergence of vivid (and sometimes scary) dreams.

It's a strange and specific effect that many people say kicks in within days of reducing caffeine intake.

But is there actually any science behind this? Let's look at what the research can tell us.