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The stories of the week gone by – in charts

On the occasion of India’s 76th Independence Day, Prime Minister Narendra Modi expressed his desire to see India as a developed nation by 2047 (Photo: PTI)Premium
On the occasion of India’s 76th Independence Day, Prime Minister Narendra Modi expressed his desire to see India as a developed nation by 2047 (Photo: PTI)

On the occasion of India’s 76th Independence Day, Prime Minister Narendra Modi expressed his desire to see India as a developed nation by 2047. Following a decline in retail inflation, wholesale inflation also contracted to a five-month low

Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deep into the stories reported by Mint in the week gone by. On the occasion of India’s 76th Independence Day, Prime Minister Narendra Modi expressed his desire to see India as a developed nation by 2047. Following a decline in retail inflation, wholesale inflation also contracted to a five-month low.

Setting Targets

Modi on Monday set the target of making India a developed nation by 2047, the 100th year of India’s independence. In his Independence Day address from the Red Fort, Modi asked the citizens of the country to take panch pran (five resolutions) for the next 25 years: to make India a developed nation, to denounce the “slavery mindset", to feel proud of the country’s heritage, to be united and have solidarity with fellow citizens, and to carry out their duty towards the nation.

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Sensex Surges

Driven by a drop in inflation and relatively stronger corporate earnings, the Sensex crossed the 60,000 mark on Wednesday. The 30-share BSE benchmark index had crossed the milestone for the first time on 24 September 2021. This year until June, the index has had a rough run amid sustained outflows, undoing the October 2021 peak. However, it has staged a recovery since July as the US economy faces headwinds. The surge also came against the backdrop of easing inflation.

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Patriotic Fervour

61 million: That’s the number of tiranga selfies uploaded on the Har Ghar Tiranga website as part of the government’s initiative to celebrate India’s 76th Independence Day. The campaign was launched by Modi earlier this year with an aim to strengthen patriotism. Indian citizens were asked to upload selfies while posing with the tricolour on this website. The campaign is part of Azadi ka Amrit Mahotsav, a 75-week-long event that will continue till 15 August 2023.

Inflation relief

India’s wholesale price index (WPI)-based inflation rate eased to a five-month low of 13.93% in July, showed data released by the government on Wednesday. Though WPI inflation has cooled down from a record high of 16.63% in May, it continues to be in double digits for the last 16 months. The current inflation is primarily driven by high prices of mineral oils, food products and crude oil. Retail inflation also eased to 6.71% in July.

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Oil Fluctuates

The price of Brent crude oil dropped to $93.89 a barrel on Monday, its lowest level since February 2022. The crude oil prices have remained volatile since early this month amid concern of global economic slowdown, falling stockpile in the US and rising output from Russia. The crude oil stock in the US dropped by nearly 448,000 barrels for the week ended 12 August, Reuters reported. The prices dropped below $100 for the first time in over five months at the beginning of August.

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Long Train

3.5 km: That’s the length of Super Vasuki, a freight train the Indian Railways launched to celebrate Independence Day. The 295-wagon train ran from Korba to Rajnandgaon in Chhattisgarh and carried 27,000 tonnes. Five goods trains were combined to form Super Vasuki, named after the Hindu god of serpents. It is said to be the longest and heaviest freight train the Railways has ever operated and takes nearly four minutes to cross a station.

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China’s Problems

China’s central bank cut key lending rates on Monday against the backdrop of a slowing economy, return of covid-19 lockdowns and the government’s crackdown on excessive borrowing in the real estate sector, which set off a downfall in home sales and construction. The People’s Bank of China cut the main rate by 10 basis points to 2%. To counter a slowdown in factory output, retail and home sales, the central bank also injected 400 billion yuan into the lending market.

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Chart Of The Week: Feeling Free

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A majority of Indians (67%) reported an increase in their individual freedom in the recent past, according to the latest YouGov-Mint-CPR Millennial Survey. Just 15% said their freedoms had reduced, and the rest did not see any change.

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Elsewhere in Mint

In Opinion, Arpita Mukherjee & Eshana Mukherjee argue why telecom success is the path to Atamnirbhar Bharat. Anjani Trivedi reveals the bright side of China's economy amid grim forecasts. Sudipto Mundle charts out what all India needs to do to realise its 2047 dream. Long Story reveals the unacknowledged ageism spreading in India Inc.

 

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