The week that was: When tragedy took flight

What began as an ordinary day on 12 June quickly turned into one of unimaginable tragedy. Around 2pm, news broke of a plane crash near Ahmedabad airport. My first instinctive hope—that perhaps the aircraft had been empty—was, sadly, too much to ask. Within moments, that regular day became a dark chapter in both India’s and global aviation history, as we learned of one of the deadliest air crashes in decades, claiming nearly every life on board.

The loss of 241 souls from across nationalities is a grief we, as a nation, will carry for a long time. While no words can truly suffice, the least we can do is hold the victims in our thoughts and extend strength to the families left behind. May their memories endure, and may 12/06/2025 remain etched in our hearts.

Here is a selection of Mint’s most important reporting from the week:

When the sky turned silent

What really went wrong, just seconds after takeoff? 

On what seemed like an ordinary Thursday, an Air India Dreamliner carrying 242 people crashed near Ahmedabad—just 30 seconds after takeoff—leaving behind a lone survivor. The aircraft lost contact while still at 625 ft, plunging into the B.J. Medical College’s doctors' hostel. 

It was India’s worst air tragedy in five years, shaking not just the aviation sector but the nation’s collective heart. Was it a technical glitch? Engine failure? Human error? Investigations will follow, but for now, it’s about the lives lost—169 Indians, 53 British nationals, among others—and the grieving families left behind. 

This was the Dreamliner’s first crash globally—and a dark first under Tata’s Air India ownership. A nation mourns. The sky won’t feel the same again. Read more.

Monsoon hits pause—but why?

Wasn’t it off to a flying start? After storming into Kerala and even Mumbai in record time, this year’s monsoon has suddenly stalled—leaving north and central India high and dry. What happened? 

The early momentum was powered by strong low-pressure systems over the Bay of Bengal and Arabian Sea. But as those systems weakened, so did the rains. Delhi is sizzling, Mumbai’s showers have tapered, and parts of the Deccan plateau are parched. 

The IMD says the delay isn’t alarming, yet. But can the rains catch up in time? Early showers brought both chaos and calm, from flooded cities to crop disruptions and weakened consumer demand. Read more.

Are fewer Indians poor now?

What if you were suddenly counted as poor—not because your income changed, but because the definition did? 

That’s exactly what the World Bank’s new global poverty line has done. It raised the bar to $3 a day (from $2.15), pushing 125 million more people worldwide under the poverty tag. 

But here’s the twist—India’s poverty estimate dropped. Why? The World Bank finally factored in India’s 2022-23 consumption survey after 11 years, which showed rising household spending. So, under the new line, 5.3% Indians are poor; under the older one, it was just 2.4%. Still, by a more relevant $4.20/day yardstick, nearly 24% remain poor. 

So—has poverty really fallen, or are we just measuring it better now? Read more.

FMCG blues: Will the 'defensive’ darlings finally deliver?

Remember that old Wall Street quip—“Half your portfolio is non-cyclic, but you never know which half”? Well, Indian FMCG investors might be feeling that sting now. 

Once the golden child of downturns, FMCG stocks have stayed oddly mute—underperforming in both bull and bear phases. So, here’s the real question: is a turnaround finally brewing, or are we in for another letdown? Q4 numbers hint at slow rural cheer, stubborn urban drag, and raw material pressure. Yet, premiumisation, e-commerce sales, a likely good monsoon, and softening inflation might just be the perfect recipe for revival. Read more.

$1 trillion FDI: Glory or mirage?

India hit a milestone—$1 trillion in cumulative FDI since 2000. Sounds impressive, right? But net FDI in 2024-25 dropped to just $400 million. Wait, what happened? While inflows hit $81 billion, a surge in repatriations and outward investments meant most of it flowed right back out. 

Global headwinds, Trump's comeback, US tariffs, and a broader FDI slump haven’t helped. But here’s a question: is India riding the services wave while the world moves away from manufacturing? Or are we missing out on labour-intensive investments that uplift more people? The shift to knowledge-heavy FDI could widen inequality. Read more.

Rare earths crunch: Will govt come to aid?

China’s curbs on rare earth magnet exports have sent a chill through India’s electric vehicle (EV) industry. These powerful magnets, essential for EV motors and key car systems, are almost entirely made in China, which controls 90% of the global supply. With approvals now delayed and uncertain, production risks are mounting. EVs use far more magnets than regular cars, making them especially vulnerable. 

Tata Motors and JLR have already flagged China’s grip on lithium and cobalt as a looming threat. While India eyes local production through IREL and PLI schemes, experts say the smarter move now is to diversify—think hybrids, hydrogen and biofuels. Read more.

India plans price floor on pharma imports

India plans to impose a minimum import price (MIP) on select pharmaceutical raw materials to shield its API industry from cheap Chinese imports and strengthen domestic manufacturing. Though India leads in generic drug exports, it still relies on China for 80% of bulk drugs. The MIP, tied to the expanded PLI scheme, aims to protect local firms, encourage self-reliance, and reduce strategic vulnerabilities. 

Industry voices urge a targeted, data-backed approach to avoid hurting exports. While MIP may raise short-term input costs, it’s seen as a crucial step to fortify supply chains and bolster India’s standing in the global pharmaceutical landscape. Read more.

How AI in a small-town lab caught a child’s cancer

In Parbhani, Maharashtra, a tired pathologist Dr Chaitanya Khillare caught a child's leukaemia thanks to an AI-powered blood scanner, bucking convention and investing in the tool despite local scepticism. 

His lab, once shaped by fatigue and missed diagnoses, now uses AI to reduce human error and flag anomalies invisible to tired eyes. Trained via social media platform X and driven by past failures, Chaitanya’s story reflects how technology, when adapted to India’s chaotic healthcare realities, can transform small-town medicine. Read more.

Public-private pact for India’s nuclear push

India’s plan to build small modular nuclear reactors (BSRs) for industrial use is gaining traction, with major firms like Reliance, Adani, JSW, Indian Railways, and Greenko responding to NPCIL’s call to co-develop two 220 MWe PHWR units. Aimed at helping India meet its 2070 net-zero target, these reactors will be privately funded but operated by NPCIL, which retains technical oversight. 

The selected users—large power consumers—will retain rights to the electricity generated, while NPCIL earns a fee. Read more.

US is driving a hard bargain

India-US trade negotiations have hit a delicate phase, with Washington pressing for greater access to India’s dairy, agriculture, digital, and medical services sectors—areas India sees as politically and economically sensitive.

The US wants steep duty cuts and non-tariff barrier removals, especially for agricultural goods and dairy, while India seeks reciprocity and protection for its rural economy. The talks, which began in Delhi on 4 June, will continue virtually amid a July 8 deadline to avoid US tariffs. India has offered limited tariff relaxations on nuts and fruits but resists broader concessions unless US practices—like animal feed standards—align with Indian norms. Read more.

That's all for this week, I hope you have a pleasant weekend!

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Best,

Shravani Sinha

Senior Correspondent