Arvind's Newsletter

While the banking crisis in US and Europe continues to unfold, we look at few other stories

1. Vivek Kaul, who writes a newsletter, EasyNomics, via the Mint, tells the story and contrasts of the two Indias. Definitely worthwhile reading in full.

   “When it comes to the state of the economy, there are two Indias, one that is doing well and that can be seen in their consumption decisions, and one that is not, and that can also be seen in their consumption decisions. The purchasing power of one part has increased, and the purchasing power of the other part hasn’t. The data brings this out clearly.

   And that information tells us that while the well-to-do are in great financial shape in the post-pandemic world, a large section of the population isn’t.”

2.Amid mass layoffs, tech workers in the U.S. on H-1B visas are scrambling to find new roles.

“There are roughly 600,000 workers hired in the U.S. on an H-1B visa, a “non-immigrant work visa” that allows people in certain professions to stay and work in the country. The visa is linked to their employer; if their employment ends, workers have only 60 days to find a new job to retain their visa status, or leave the country. Indians form the majority of H-1B visa recipients in the U.S. In the 2021 financial year, more than 300,000 Indians had an H-1B petition approved, either for new or continued employment, accounting for almost 75% of the total number of H-1B visas approved that year.
While finding a new tech job in the U.S. is often a scramble, it is particularly difficult now. Following a Silicon Valley hiring boom during the pandemic, a surge of layoffs in recent months has devastated the tech industry. That means many people are fighting for the same positions.” Read on.

3. This opinion piece in the Wall Street Journal by James Freeman, provides a contra position on ESG investing. While I do not personally agree with it, the current turmoil in capital markets has lead to this push against ESG.

4.Volkswagen unveiled a small, affordable electric vehicle — which won’t be available in the United States. 
The ID.2all, a hatchback, was announced at an event in Germany: It is expected to cost $26,000, will have an estimated 280-mile range, and should start production in 2025. Most new EVs cost around $65,000 and are large SUVs. VW’s announcement came two weeks after Tesla was expected to — but didn’t — unveil its own affordable EV. VW plans to follow up with an even cheaper, sub-$20,000 model. But there are no plans to produce the ID.2all in the U.S. — partly, says Heatmap, because of Americans’ taste for gargantuan cars, but also partly because tax breaks for U.S.-made cars mean it would be uneconomic to import.

5.A 152-year-old bazaar in Kolkata holds the history of Bengali mishti’s evolution.The sweet shops of Natun Bazar have preserved, wittingly or unwittingly, the milestones in the development of Bengali sweets.