Monsoon Woes How a Subnormal Monsoon Could Affect India's Economy

Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at capella.edu. You're listening to a Mint podcast brought to you by HD Smart Cast. Good morning listeners. Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, June 26th, 2024. My name is Nelson John. Let's get started. Top of the Morning by Mint traders book profits on Wednesday after India's benchmark indices Sensex and Nifty opened at fresh all time highs on Tuesday and climbed higher still. Sensex, which had opened at a record high, created a fresh all time high of 77,851 points but later Parson gains and closed 0.05% higher from its previous close. Similarly, Nifty touched another record at 23,664 points before coming off its high and closing 0.18% above its previous close. Saudi businessman and chairperson of energy giant Aramco, Yasir Al Rumiyan has been on the board of Reliance Industries for three years now, but he's missed about 1/4 of the meetings. This hasn't gone unnoticed. Nearly 40% of the companies public shareholders recently voted against keeping him on board. Another board member, Hagrif Kaitan, faced opposition from a third of the large investors due to his commitments on multiple boards, raising concerns about his availability for alliance. Despite opposition, both members were reappointed thanks to the backing of Reliance promoters. Mince Varun Sood reports on the event that has stirred discussions about the shareholders, rights and corporate governance, with experts pointing out potential conflicts of interest. Indian film makers are getting creative with how they are making money from big budget films. It's not just about box office sales anymore. Film makers are now branching out into merchandise and even animations that continue the story on TV or streaming platforms. Take for example the movie 83 with star Ranveer Singh and focused on India's Cricket World Cup when in 83, they didn't just stop at the movie, they launched a whole range of merchandise. We're talking clothes, home decor, even travel bags all teamed around the film. Then there are movies like Bahubali and Singham which have taken things a step further by spinning off into animated CDs that fans can watch after they leave the cinema. Even more interesting is the case of Kalki 289880. Before this film hits the theaters, its spin off CDs started streaming on Amazon Prime. This idea of turning films into ongoing intellectual properties that live on beyond the theatres is pretty new in India. Mints media and entertainment correspondent Nataja spoke to industry insiders who told her that diving into merchandise and spin offs isn't just about making extra cash. It's about keeping fans engaged and turning memorable movie moments into something they can hold onto. India Sports to power conglomerate Adani Group is gearing up for a major expansion, planning to nearly double its capital expenditure to ₹1.3 trillion in FY25. Its focus is going to be mainly on infrastructure and green energy. The Gujarat based group CFO Jagjinder Singh shared that this massive CapEx from 70,000 crore rupees in FY24 will be financed through a mix of 30% debt and 70% equity. This includes internal acurals and capital from promoters. A significant portion, about 85%, will be funneled into infrastructure and utilities. This includes 34,000 crore rupees in renewable energy, 7000 crore rupees into the ports business and 4200 crore rupees in the data center sector under the unutilized Adani Connex. The rest will be distributed among airports, roads and energy equipment manufacturing mince. Anirudh Lashkar and Nehal Chaliawala report on the development in one of Indias most aggressive expansion drive. The monsoon season, crucial for Indias agriculture, has had a shaky start this year. Spanning from June to September, The season typically accounts for 75% of Indias annual rainfall, which is vital for crops, filling reservoirs and supporting farm incomes. Despite arriving two days early on May 30th in Kerala, the rainfall has been significantly below expectations, with a 19% deficit as of June 25. This uneven distribution has led to severe drought in some States and floods in others, impacting the critical planting season for the kind of crops like rice, pulses, and cotton. Mint. Science and Beta explains how a subnormal monsoon could affect Indias economy. Mango, the king of fruits, has been cultivated in India for over 4000 years. The country boasts of over 1000 varieties of the fruit, be Chaosa, Langra, Ducheri or Alfonso. We Indians love our mangoes. Our farmers produce more than half of the world's mangoes. Despite India being the world's largest mango producer, the country struggles in the export market. Less than 0.5% of its annual mango production is exported due to the delicate nature of India's most beloved cultivars, which do not endure long distance travel well. This limitation contrasts starkly with mango varieties from Mexico and Brazil, known for their thicker skins and longer shelf lives. Moreover, the significant freight costs associated with air transport further complicates export. The strict regulatory requirements of importing countries also pose hurdles. These included radiation in the US and hot water treatment in the EU, which can alter the mangoes flavor and quality. Consequently, a large portion of Indian mangoes exports end up in the Middle East, which has less stringent standards. The broader Indian mango industry faces a pressing need for innovation and support to enhance its competitive edge on the global stage. Science and takes a deep dive into India's mango industry, which with targeted efforts and government support, can someday achieve the global acclaim its product deserves. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips, or anything that you feel we should be covering from your vantage point in the world of business and finance. That's all for today. Thank you for listening. We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day. Top of the morning by Mint. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at capella.edu.