Arvind's Newsletter

1.India mulls $1 billion subsidy plan to boost solar manufacturing

India is finalising a $1 billion capital subsidy plan to boost its solar manufacturing sector and cut reliance on Chinese imports, The Economic Times reported. Proposed by the Ministry of New and Renewable Energy, the plan focuses on strengthening wafer and ingot production—India’s weakest solar link. Backed by top advisers of Prime Minister Narendra Modi’s office, the plan aims to mirror the success of India’s mobile manufacturing push. Despite strong module and cell capacity, India remains dependent on China for polysilicon, the raw material for wafers and ingots. Cabinet approval is expected in the coming months.

2.India’s renewables sector falling far short of needed investment surge: Financial Times

India’s renewables sector must boost investments and access foreign financing if the world’s most populous country is to meet its target to more than double non-fossil fuel sources of power by the end of the decade, experts, officials and industry figures have warned.

India, which is the world’s third-largest emitter of greenhouse gases, according to the International Energy Agency, received total green energy investment of just over $13bn last year. That falls far short of the $68bn needed annually to achieve New Delhi’s goal of producing 500 gigawatts of power from renewable sources by 2030, according to a report released this week by energy think-tank Ember.

The report estimated that a total capital flow of $300bn by 2032 would be needed to keep India on track to meet its “ambitious” renewable energy targets. India has about 209GW of installed renewable energy capacity, which contributes less than a quarter of the country’s total power generation, according to Ember and government data.

3.Wipro commits $200 mn to VC arm Wipro Ventures

Wipro has announced a commitment of $200 million to its venture arm, Wipro Ventures, in its latest round of funding. This is the fourth round raised by Wipro Ventures since its inception 10 years ago and is aimed at accelerating the company’s investments in early to mid-stage startups.

According to the company, Wipro Ventures was founded in 2015 to identify and invest in high-potential early-stage startups at the forefront of technological innovation and that allow Wipro to deliver differentiated value to clients. The Wipro Ventures team said it connects Wipro and its clients to a global ecosystem of startups working on disruptive technologies, enabling clients to access the latest innovations while providing startups with access to a global network of enterprise customers.

4.EDF, Actis launch $200 mn smart meter JV for efficient energy usage, cutting losses, improving billing accuracy

EDF India has announced a strategic joint venture (JV) in the smart metering space with Actis, a global investor in sustainable infrastructure. The overall investment into the JV would be around $200 million, said two people in the know of the development.

The collaboration aims to operate a dedicated platform company for advanced metering infrastructure service provider (Amisp) concessions. Under this joint venture, EDF India and Actis will bring together their global expertise in energy solutions and infrastructure investments.

5.Navi Mumbai airport likely inauguration in April, operational launch in May

The Navi Mumbai International Airport (NMIA) is expected to be inaugurated in the second week of April, followed by the launch of domestic commercial operations in May. This comes nearly two months after a commercial validation test was conducted at the under-construction airport.

The Directorate General of Civil Aviation (DGCA) met  officials to examine the aerodrome’s readiness. A full day inspection of the airport was conducted by the Airports Authority of India (AAI) and DGCA teams was completed on Tuesday. 

The airport is expected to commence international operations by July next year, Arun Bansal, chief executive officer (CEO), Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, the flagship company of the Adani Group, had said in December.

6.Musk’s India Move Shows the Cracks in Trump’s Coalition: Mihir Sharma, Bloomberg

Tesla’s long-sought push into India is coming to fruition, but Musk’s move is at odds with Trump’s tariffs agenda and desire for US companies to invest at home, Mihir Sharma writes. This problem gets to the heart of whether the Big Tech and America First wings of the president’s fragile coalition can stick together for four years.

“It wasn’t obvious to anyone whether Musk met Indian Prime Minister Narendra Modi on his recent trip to Washington as a businessman or as a representative of the US government. In fact, when Trump was asked that exact question, he seemed unsure of the answer.

Perhaps the correct comeback would have been “both.” Indians certainly seem to know how to handle this apparent contradiction. A few days later, Bloomberg News reported that Tesla Inc. was hiring in India, and that plans had been drawn up to ship a few thousand of its cars to the country. The newly empowered Musk seems to have finally gotten the market access he craves.

Tesla has long wanted to sell cars in India, but Musk has balked at the high tariffs that would be applicable on imported high-end EVs. The government, meanwhile, would far prefer that Musk manufacture in locally. Any agreement would involve them meeting in the middle: Last year, New Delhi said that any company investing $500 million in domestic manufacturing would be able to access lower tariffs on imports.

But here’s the problem: Trump wants all tariffs lowered. He has often said that Indian import levies make it impossible for American cars to compete. Nor does he look kindly on US companies that want to invest abroad under such circumstances. In fact, when specifically asked if Musk should build a factory in India to get around its tariff walls, Trump said that would be “very unfair.””

7.The US is now the enemy of the west: Martin Wolf, Financial Times

The US has shifted from being a defender of liberty to the “enemy of the West,” a Martin Wolf, a leading commentator argued.

Where Franklin Delano Roosevelt had argued in 1941 that if “the forces of conquest” were not defeated then no nation would have freedom, the last two weeks have shown that autocracies are confident and “the US is moving to their side,” Martin Wolf, the Financial Times’ chief economics commentator, said.

The defense secretary and vice president both making isolationist noises, Washington backing Russia’s position on a postwar settlement, and President Donald Trump calling Ukraine’s president a “dictator” all suggest the US is abandoning its global role and that Europe must either “rise to the occasion or disintegrate.”

8.Trump proposes $5 million ‘Gold Card’ that would grant US residency: Wall Street Journal

Donald Trump has said the US will sell “gold cards” costing $5mn each in exchange for permanent residency to attract wealthy foreigners to America. The US president made the announcement while speaking to reporters in the White House, saying the scheme would grant “green card privileges plus” and a “route to citizenship” for those who bought the card.

“Wealthy people will be coming into our country by buying this card. They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people,” Trump said. Howard Lutnick, the US commerce secretary, who flanked Trump in the Oval Office as he spoke, said the “gold card” programme would replace the EB-5 scheme, which offers visas to foreign investors.

The proposal is in keeping with the Trump administration’s efforts to crack down on undocumented migrants while courting educated or wealthy foreigners, but contrasts with other countries’ moves to restrict or shut down such programs: Cyprus recently revoked several golden passports, and Greece is grappling with alleged fraud in its program. A 2023 OECD paper warned that golden visas were “attractive to criminals and corrupt officials.”

9.Ozempic Maker Says AI Is Finally Reliable Enough to Produce Sensitive Documents

The Danish pharmaceutical company, which makes blockbuster weight loss drug Ozempic, said it had tested AIs such as ChatGPT for years to see if they could write applications to regulators for drug approvals, but that they made too many errors. Since last fall, though, it has used an Anthropic model to greatly speed the process: A document which used to take 15 weeks to compile now takes around 10 minutes,The Information reported, and the number of human writers involved has fallen from 50 to three.

10.Why Mars is Red

A new NASA-funded study revealed yesterday the iron mineral ferrihydrite is likely responsible for Mars' distinctive red colour, suggesting the planet once had a cool, wet, and possibly habitable environment. Researchers in the study analyzed data from Mars missions and replicated Martian dust in a lab.

The findings challenge previous theories that Mars’ red hue was due to hematite, a dry iron oxide that forms in warm conditions. However, the study indicates ferrihydrite, which forms in cool water, is widespread in Martian dust and rock formations. The presence of ferrihydrite—commonly found on Earth in environments such as freshwater systems, hot springs, and volcanic settings—suggests water may have been present on Mars for a longer period than previously thought, potentially supporting the existence of life, and possibly even forming ancient beaches.

The red planet has captivated astronomers for millennia. Ancient Romans named Mars after their god of war due to its blood-like color, and ancient Egyptians called it "Her Desher," which means "the red one." 

11.Decline of Christianity in the U.S. Has Slowed, May Have Leveled Off

Churches were approaching “their twilight hour” as attendance fell, The Brookings Institution wrote in 2011. In his 2023 book, “Losing Our Religion,” the evangelical preacher Russell Moore asked: “Can American Christianity survive?”

The answer appears to be yes. People have stopped leaving churches en masse, according to a new study released by Pew Research. America’s secularisation is on pause for now, likely because of the pandemic and the country’s stubborn spirituality. Most Americans — 92 percent of adults — say they hold one or more spiritual beliefs that Pew asked about:

“Spirituality is not declining. And in fact, it’s high; it’s stable,” said Penny Edgell, a sociologist at the University of Minnesota.

The United States is an outlier compared with most other Western countries, which are far less religious. America’s persistent religious and spiritual curiosity is visible in its centers of power.  In Washington, President Trump and JD Vance talk a lot about God in their quest to remake America. In Silicon Valley, tech billionaires — long obsessed with religion-adjacent projects like artificial intelligence, trans-humanism and immortality.

12. Apple shareholders just rejected a proposal to end DEI efforts

Apple shareholders rejected a proposal against its diversity, equity and inclusion policies at an investor meeting, handing a major victory to the tech giant as opposition against such efforts gains traction in the U.S.

The technology giant had defended its diversity, equity, and inclusion (DEI) practices ahead of its annual meeting. In a prepared statement, Apple cited its established compliance program and a desire to create a “culture of belonging where everyone can do their best work.”

Apple said its practices have been instrumental to its success over the years. The tech giant’s market capitalization is $3.7 trillion, making it the most valuable company in the world.