Arvind's Newsletter

1. Russia is India's largest source of oil imports after overtaking Saudi Arabia and Iraq, a few months back.The world’s third-biggest crude importer purchased an average of 1.2 million barrels a day from Russia in December, according to data from Vortexa Ltd. That’s 29% more than in November. Indian refiners have been lapping up cheap Russian crude since the invasion of Ukraine caused many buyers to shun the shipments. The sharp increase in December is possibly the result of deepening discounts due to additional sanctions from the G-7 and European Union including a $60-a-barrel price cap.  “Russia has likely offered its crude at an attractive discount to Indian refiners, which have surpassed China as the largest importer of Russian crude," said Serena Huang, lead Asia analyst at Vortexa.

2. India’s agricultural sector has usually not kept pace with new technology, relying largely on traditional methods. But start-ups specialising in drone technology are trying to change that - one farm at a time.These companies are encouraging farmers to use drones to monitor the health of crops and spray them with fertiliser and pesticides.  The trend comes amid the federal government's ambitious plan to make India a hub for drones by 2030. Its still early days, but this report and video are worth watching.Credit to the Ministry of Civil Aviation for speeding up the drone policy, which has provide fillip to the mushrooming of drone start-ups.

3. The Edelman Trust Barometer which was released to coincide with the opening of Davos, shows that economic fear is creating record levels of polarization around the globe, particularly in developed nations with slow-growth economies.The survey, conducted by the Edelman Trust Institute, used online interviews with 32,000+ adults in more than two dozen countries to gauge the credibility of various institutions.The big picture based on survey: For the third year in a row, business is the only institution globally that is seen as both ethical and competent. Media and government are seen as particularly unethical and incompetent in addressing societal problems, while NGOs are perceived as ethical, but less competent.Around the world, economic optimism has cratered thanks to rising inflation in the wake of the pandemic.

• In 24 of the 28 countries surveyed, confidence in the economy has plummeted to all-time lows, per the study. Only respondents in China believe that they and their families will be better off in five years.

• None of the 14 developed nations surveyed had more than 35% of its respondents saying they were confident that their family will be better off in five years.

Those interested in digging deeper into the full report can read it here

4. Animal Testing has long been necessary for a drug to gain approval by the US Food and Drug Administration—but it may be on its way out. A new law seeks to replace some lab animal use with high-tech alternatives. While the law doesn’t ban animal testing, it allows drugmakers to use other methods, such as microfluidic chips and miniature tissue models, which use human cells to mimic certain organ functions and structures.

5. Morgan Housel is one of my favourite writers on the topic of money and investment. He is the author of "The Psychology of Money" which is one the most original books on the topic. His recent article on the Art and Science of Spending Money is worth reading. He is a natural story teller and is very effective in communicating is message. Long Read.