Best of the week: Battle to shed the ‘chokers’ tag

Dear reader, 

That fateful day in Edgbaston, South Africa was on the brink of making history, needing just nine runs to secure a victory against Australia and marching into the finals of the 1999 Cricket World Cup. South Africa’s Lance Klusener, batting at 31 off 16 balls, was at the crease. Former Protean captain Allan Donald was at the other end. Fourth ball of the over, Klusener called for a single and ran. However, Donald, seemingly frozen, failed to respond in time and was caught off guard, leading to a disastrous run-out. This pivotal moment not only cost South Africa the match but also cemented their unfortunate reputation as "chokers" in crucial matches. Australia went on to claim the World Cup, leaving South Africa to reflect on a missed opportunity that became one of the most talked-about incidents in cricket history.

This wasn't the last time South Africa would go about ‘choking’ in an important match. Since 1999, South Africa has reached plenty of semi finals in major ICC events—eventually losing all of them. Until this year when they beat Afghanistan at the Brian Lara Cricket Academy stadium in Trinidad and Tobago. Finally, the curse was lifted. 

The Proteas will be meeting India in the final—a team that even though has been dominating world cricket in every format, seems to be doing the exact same thing as South Africa when it comes to crucial tournament matches: choking. Since the team’s 2011 World Cup victory, India made the semis in the 2015 and 2019 World Cups while reaching the finals in the 2014 World T20. We all know what happened on 19 November 2023 so let's not even go there. 

India, on the other hand, has faced similar criticism post their 2011 World Cup triumph. Despite dominating in various formats, the team has struggled to secure titles in recent ICC events, including semi-final exits in the 2015 and 2019 World Cups and a final loss in the 2014 World T20. Their recent disappointments have shifted the narrative, suggesting they might be the new 'chokers' in international cricket.

As both teams prepare to clash tonight, the match promises more than just a trophy; it's a chance for either South Africa or India to finally shed their unwelcome reputation for faltering at the final hurdle.

On to the best of Mint’s journalism from this week:

💲💲 The Adani Group has decided to jump onto the clean energy bandwagon. The ports-to-power conglomerate plans to invest between ₹25,000 crore and ₹27,000 crore in its first pumped-storage hydropower (PSH) facility. Mint’s Anirudh Laskar, reports on the development where Adani Green will set up 5 gigawatts of PSH capacity over the next five years. This process involves moving water between two reservoirs at different elevations to generate electricity, essentially functioning like a giant battery that stores power during periods of low demand and releasing it when needed. This technology is particularly essential for ensuring a stable, round-the-clock power supply, unlike the intermittent nature of solar and wind energy. The planned facilities will be located across Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana. 

👛 In another crucial development at the Adani Group,  the company is gearing up for a significant 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’s CFO, Jugeshinder Singh, shared that this massive capex, up from ₹70,000 crore in FY24, will be financed through a mix of 30% debt and 70% equity. This includes internal accruals and capital from promoters. A significant portion, about 85%, will be funnelled into infrastructure and utilities. This includes ₹34,000 crore in renewable energy, ₹7,000 crore into the ports business, and ₹4,200 crore in the data centres sector under the unlisted AdaniConneX. The rest will be distributed among airports, roads, and energy equipment manufacturing. Mint’s Anirudh Laskar and Nehal Chaliawala report on the development in one of India's most aggressive expansion drive. 

👨‍💼 Saudi businessman and chairperson of energy giant Aramco Yasir Al-Rumayyan has been on the board of Reliance Industries for three years now, but he’s missed about a quarter of the meetings. This hasn't gone unnoticed—nearly 40% of the company's public shareholders recently voted against keeping him on board. Another board member, Haigreve Khaitan, faced opposition from a third of the large investors due to his commitments on multiple boards, raising concerns about his availability for Reliance. Despite opposition, both members were reappointed, thanks to the backing of Reliance’s promoters.  Mint’s Varun Sood reports on the event that has stirred discussions about shareholder rights and corporate governance, with experts pointing out potential conflicts of interest. 

🔍 Indian authorities are looking to expand their scrutiny beyond LinkedIn and Samsung to include more local branches of multinational corporations. In fact, six unlisted Indian units of MNCs are now under the lens of the Registrars of Companies. Officials are reviewing disclosures and shareholding information of these companies, as reported by Mint’s Gireesh Chandra Prasad. Earlier this month, the RoC in Uttar Pradesh found that two Samsung subsidiaries had failed to adequately disclose Samsung Electronics' executive chairman Lee Jae-Yong as a “significant beneficial owner." Last month, LinkedIn's Indian subsidiary was penalised ₹27 lakh for failing to comply with SBO reporting standards, involving several top executives, including Microsoft's CEO. 

🇮🇳 📈 In a rapidly growing economy like India, the challenge of generating sufficient jobs to meet demand is formidable. Despite significant economic growth, many educated young Indians find themselves underemployed, leading to widespread frustration and discontent among the youth. This employment crisis has also had political implications, as evidenced in the recent election outcomes, which saw the ruling BJP lose its absolute majority, resulting in a coalition government. Compounding these challenges is the widening economic disparity with the wealthiest 1% of Indians controlling 40% of the nation's wealth, and the bottom 50% owning just 6.4%. Despite these challenges, experts said the government’s significant investments in capital expenditure has been pivotal in driving India's rapid economic growth. As Prime Minister Narendra Modi begins his third term, there is increasing focus on recalibrating economic policies to ensure inclusive growth across all segments of society. Mint’s senior editor N Madhavan examines the need for Modi 3.0 to craft a new economic blueprint.

👨‍💻 India's expansive education sector, filled with students vying for spots in prestigious programs, faces significant cybersecurity threats. The urgency is underscored by recent events where 67 students scored full marks in the National Eligibility-cum-Entrance Test (NEET), leading to arrests and a CBI inquiry into leaked papers and grace marks manipulations. These issues spotlight the sector's susceptibility to cyber threats. The ongoing digitisation of educational processes, from paper management to exam distribution, opens up multiple attack vectors for cybercriminals, who can exploit data-rich student databases for phishing, scams, and more severe attacks. Mint’s careers correspondent Devina Sengupta along with Krishna Yadav take a look at the vulnerabilities of India’s competitive exam space. 

💰🌾 In response to swelling granaries and the issue of rising rural distress, the Indian government is considering a proposal to use rice as part-payment for workers under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). This initiative, discussed between the food department and the rural development ministry, aims to utilise the excess stock of rice, Mint’s Puja Das reports. The stock has been growing due to previous measures aimed at curbing rice price inflation and boosting domestic availability. These measures include an export ban and setting minimum prices for certain rice types, leading to a significant surplus in storage. The plan would involve compensating MGNREGS workers with rice for a portion of their wages, a proposal that is still under discussion. This approach could potentially help alleviate the financial burden of wage payments while also addressing the issue of excess rice.

☔ The monsoon season, crucial for India's agriculture, has had a shaky start this year. Spanning from June to September, the season typically accounts for 75% of India’s annual rainfall, which is vital for crops, filling reservoirs, and supporting farm incomes. Despite arriving two days early on May 30 in Kerala, the rainfall has been significantly below expectations, with a 19% deficit as of June 25. This uneven distribution has led to severe droughts in some states and floods in others, impacting the critical planting season for kharif crops like rice, pulses, and cotton. Mint’s Sayantan Bera explains how a subnormal monsoon could affect India’s economy. 

🥭 Mango—the “king of fruits”—has been cultivated in India for over 4,000 years. The country boasts over a thousand varieties of the fruit. Be it chausa, langra, dushehri or alphonso, 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 complicate exports. The strict regulatory requirements of importing countries also pose hurdles. These include irradiation in the U.S. and hot water treatments in the EU, which can alter the mango's flavor and quality. Consequently, a large portion of Indian mango exports ends 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. Sayantan 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. 

💵 Ensuring the financial security and independence of a specially-abled child involves meticulous planning and often the establishment of a special needs trust. Some parents have set up such trusts, which are governed by the Indian Trusts Act of 1882, to manage wealth for their children's future. These trusts allow for the appointment of trustees—family members, friends, or professionals—who manage the assets and ensure the child's well-being after the parents' demise. The process involves critical decisions about who manages the trust, with challenges like finding trustworthy trustees and defining their roles and powers within the trust's structure. Read this piece by Mint Money’s Aparajita Sharma to have a better understanding of how to plan for the future of your specially abled child. 

🧾 India's approach to measuring poverty has been under scrutiny due to its reliance on an outdated poverty line and methodologies that may not accurately reflect the current socio-economic conditions. The nation predominantly uses the Tendulkar Committee’s poverty line from 2011-12, updated for inflation, to determine who falls below the threshold based on household consumption surveys. According to a recent State Bank of India (SBI) study, India's headline poverty rate in 2022-23 was between 4.5% and 5%, with rural areas at 7.2% and urban areas at 4.6%. However, these figures are contentious. Critics argue that the methodology gives disproportionate representation to affluent segments and fails to capture the true extent of poverty. Furthermore, India also assesses multidimensional poverty, which includes factors like health, education, and living standards. Mint’s senior editor N Madhavan explains why experts like Bibek Debroy and former chief statistician T.C.A. Anant advocate for a comprehensive reassessment of how poverty is measured in India. 

💸 July marks the seven-year anniversary of the introduction of the Goods and Services Tax (GST) in India, a major reform aimed at consolidating numerous state and central taxes into a single system to streamline the market. However, the initial goal of a unified tax rate was replaced by a multi-slab structure, leading to complexities and disparities in taxation, such as lower rates for luxury items and initially higher rates for essentials like sanitary pads (though these were later exempted). Despite recording the highest-ever monthly GST revenue of ₹2.1 trillion in April and an increase in GST's share of GDP to 6.62% in the fourth quarter of 2023-24, the implementation has not been without challenges, particularly for state economies. The division of GST into central and state components was meant to ensure equitable revenue distribution, but the reality has been different. States have lost a significant degree of financial autonomy, and the promised compensation for revenue losses, which ended in June 2022, has left many struggling. Mint’s partners at howindialives.com take a detailed look at the GST regime, as it turns seven.

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

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Best, 

Siddharth Sharma 

Community Editor

Subscriber Experience Team