- Arvind's Newsletter
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- Arvind's Newsletter
1.Indian aviation reports best-ever first half in 2024; IndiGo, Tata group airlines fly high; SpiceJet biggest loser
Indian aviation reported the best-ever half-year traffic this year, recording 7.93 crore passengers between January and June this year, compared to 7.60 crore passengers during the same period last year. Thus far, 2023 has been the best-ever year for domestic aviation in India, when it surpassed the pre-COVID numbers by 5.77 per cent.
The current numbers are 12.3 per cent higher than those of 2019, the last full year before the pandemic. India is one of the few countries which was fast to bounce back and record higher than pre-pandemic numbers last year. This year is only reinforcing its growth story, though the challenges continue.
IndiGo, one of the two listed airlines in India, flew in record profits last financial year. There is a severe shortage of planes in the country, which is holding back growth. While IndiGo has a fleet of over 350 aircraft, anywhere between 70 and 80 are grounded due to faulty engines. SpiceJet has not been able to resolve issues with lessors or shore up funds to repair its aircraft and make them flyworthy. The effective fleet in the country is much less than the 800 aircraft which are registered with commercial airlines in the country. This has led to an increase in fares with many complaining of having to pay double or more of what pre-COVID fares used to be.
2.Mumbai’s first underground metro to chug along from July 24: Check Aqua Line’s route, stations and other details
The Aqua Line will cover a distance of 33.5 kilometres and run from Aarey Colony to Cuffe Parade, passing through Colaba, Bandra, and SEEPZ (Santacruz Electronics Export Processing Zone). It will have 27 stops.
The new underground metro is likely to transform urban transit, ease travel across Mumbai's streets and reduce traffic congestion.
The Aqua Line will have stations at Cuffe Parade, Vidhan Bhavan, Churchgate, Hutatma Chowk, CST Metro, Kalbadevi, Girgaon, Grant Road, Mumbai Central Metro, Mahalaxmi, Science Museum, Acharya Atre Chowk, Worli, Siddhivinayak, Dadar, Shitladevi, Dharavi, BKC, Vidyanagari, Santacruz, Domestic Airport, Sahar Road, International Airport, Marol Naka, MIDC, SEEPs and Aarey Depot.
In June, the Research Designs and Standards Organisation (RDSO) successfully completed the trials of rolling stock for the underground metro line. The Metro Line 3 project is funded by Japan International Cooperation Agency (JICA).
3.Auto industry needs 2 lakh skilled people by 2030 to meet 30 pc EV adoption target: SIAM
Indian automotive industry will need up to 2 lakh skilled people by 2030 to meet the government's vision of 30 per cent electric vehicle adoption, the Society of Indian Automobile Manufacturers said on Tuesday. A total talent investment of Rs 13,552 crore is expected for hiring and training the workforce.
"As we look ahead, one of the major constraints the auto industry will face is the dearth of skilled electric vehicle capable manpower," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said while addressing a workshop on empowering EV-ready workforce in the Indian auto industry.
4.Venture capitalists in line for windfalls from Google’s $23bn Wiz deal
Silicon Valley venture capital firms are in line for one of their biggest windfalls in years should Google’s parent Alphabet seal a record $23bn acquisition of cyber security start-up Wiz. Some of Wiz’s earliest investors — Sequoia Capital, Index Ventures and Insight Partners — were each set to make billions of dollars should the deal close, according to people familiar with the matter.
The acquisition would mark a rare bright spot for venture capitalists, whose regular avenues for returning money to their investors have been largely restricted in the past few years. However, the people cautioned that a deal was not finalised and could fall apart. A deal would set a record for the largest acquisition of a venture capital-backed company, according to data provider PitchBook.
5.Trump’s Economic Vision
Donald Trump set out the economic vision for his potential second term, promising swingeing corporate tax cuts, tighter immigration restrictions, and pressure on the Federal Reserve to cut interest rates.
Speaking to Businessweek, the former US president also pledged looser regulations for the crypto industry but tighter controls on Big Tech. On the Fed in particular, he said the bank’s chief — with whom he has had public clashes — could serve out his full term but should refrain from cutting rates as analysts expect in September.
“Business leaders prize stability and certainty. They didn’t get much of either in Trump’s first presidency,” Businessweek noted. “This time around, his campaign is more professionally run.”
Tyler Cowen on “The changes in vibes - why did they happen?”
“Clearly it has happened, and it has been accelerated and publicized by the Biden failings and the attempted Trump assassination. But it was already underway. If you need a single, unambiguous sign of it, I would cite MSNBC pulling off Morning Joe for a morning, for fear they would say something nasty about Trump.
Another way to put it is that Trump was a highly vulnerable, defeated President, facing numerous legal charges and indeed an actual felony conviction. Yet he now stands as a clear favourite in the next election. In conceptual terms, how exactly did that happen?” Read on
6.Remarks by Donald Trump that Taiwan should pay the US for the island’s defence sent Taiwanese semiconductor stocks plunging.
The former president’s comments to Businessweek — “We are no difference from an insurance company,” Trump said — come amid growing tensions between Beijing and Taipei: The latter has alleged that the former is increasing military pressure on the self-ruling island.
US officials view the protection of Taiwan as a priority, given its key role in the global semiconductor supply chain, while Beijing has sought to increase its own ability to manufacture chips in the face of tightening US restrictions: The Chinese tech giant Huawei said this week it had completed a $1.4 bn chip research facility in Shanghai.
7.The Bear’ Breaks Emmy Record for Comedy Series With 23 Nominations; NYTimes
It’s serious — “The Bear” just broke the Emmy record for a comedy series.
The second season of the hit FX series, which aired in June 2023, led the tally for comedy series with 23 nominations, including outstanding comedy series. It now surpasses the 22-nomination Emmy record held by NBC’s “30 Rock” since 2009.