Best of the Week | From Reliance’s grand plans to India’s space ambitions

Dear reader,

Welcome to this week's edition of Mint's Best of the Week. We've gathered the most crucial and engaging stories to keep you well-informed on the latest happenings around the world. 

From technological advancements to economic developments and key global events, our curated selection aims to provide you with a broad and insightful perspective on current affairs. Let’s explore the highlights of the past week.

💰 On Saturday, the Union Cabinet unveiled the Unified Pension Scheme (UPS), a new approach designed to merge the strengths of the Old Pension Scheme (OPS) and the National Pension Scheme (NPS) that started in 2004. Set to take effect from April 2025, UPS promises government employees a guaranteed monthly pension of 50% of their last drawn salary, much like OPS. It retains a contributory element from the NPS, requiring employees to contribute 10% of their salary while the government adds 18.5%. UPS also adjusts for inflation with dearness allowance updates and includes a family pension and a lump sum plus gratuity at retirement. Employees need a minimum of ten years of service to qualify for a base pension of ₹10,000 per month. Mint’s N Madhavan explains how the new Unified Pension Scheme will affect the common working-class citizen. 

💭 🧑‍🍳 Last year, Terra Food Co. aimed to double its revenue but has since scaled back its cloud kitchen operations significantly, reflecting broader industry challenges. Despite early success stories like Rebel Foods becoming India’s first cloud kitchen unicorn, the sector is not as profitable as anticipated. This is primarily due to high dependency on platforms like Swiggy and Zomato and steep competition in metropolitan areas, reports Mint's Sowmya Ramasubramanian. This has prompted Terra Food Co. to shift towards a hybrid model of dine-in and delivery, primarily in Gujarat. As the industry evolves, even established players are exploring physical outlets to complement their delivery models, suggesting a significant shift in strategy towards more traditional dining experiences.

💻 India briefly banned imports of certain IT hardware products like laptops, desktops, and tablets in August last year. This decision was quickly reversed after pressure from industry leaders such as Dell, HP, Lenovo, and the US Trade Representative. However, the government is now reassessing whether to extend deadlines for import restrictions, reports Gulveen Aulakh. This comes as local manufacturing shows signs of improvement, though not fast enough to fully replace imports. Through the Production-Linked Incentive scheme, local production has increased. About 30-35% of laptops sold in India in 2023 were made domestically. This figure is expected to rise above 40%. Global manufacturers are expanding their local production bases. Yet, most won’t start significant production until next year. With ongoing analysis of import and production data, the government has not made a final decision on extending import relief.

🛵 Ola Electric recently launched a successful IPO, which was oversubscribed 4.27 times, raising more than ₹6,000 crore. This move solidified the company's standing as India’s premier electric two-wheeler maker, a title it has held since its explosive entry into the market in 2022. The IPO not only raised substantial funds but also significantly boosted the profile of its CEO, Bhavish Aggarwal, who has been a prominent figure in India’s entrepreneurial scene, transitioning from Ola Cabs to Ola Electric, and now to AI with his new venture, Krutrim. Mint’s Sumant Benerjee and Abhishek Mukherjee examine Ola Electric’s future, answering questions about the future of the company’s CEO Bhavish Aggarwal.

🤖 The Bureau of Indian Standards (BIS) is developing new standards for AI applications in India. They are consulting with various ministries and AI industry partners to tackle ethical and trust concerns across diverse sectors like healthcare, finance, and education. The aim is to regulate AI's use and ensure it's responsibly managed throughout its lifecycle, from development to deployment, reports Mint’s Dhirendra Kumar. Concerns around the lack of standards underline the potential risks of unregulated AI, such as ethical issues and a lack of transparency. The upcoming BIS framework plans to set clear processes for all stakeholders, focusing on the creation, use, and impact of AI. This initiative seeks to prevent unintended consequences and standardize the industry.

🍞 🥦 Small local grocery stores across India are experiencing a significant decline in business due to the rising popularity of quick commerce platforms. Store owners in Delhi have noted a decrease in customer visits and sales, particularly of larger items, as younger consumers increasingly turn to online shopping for convenience, Mint’s Suneera Tandon and Sowmya Ramasubramanian write. Quick commerce, which offers quick delivery of groceries and household items, is rapidly encroaching on the market share of traditional stores. This shift is attributed to the ease of online ordering and the efficiency of home deliveries. In response, the All India Consumer Products Distributors Federation has expressed concern to the government about the threat quick commerce poses to traditional retailers.

🍿 The rise of new Bollywood stars like Kartik Aaryan and Janhvi Kapoor faces a paradox as they struggle to draw audiences to theatres despite their strong social media presence and brand endorsements. Their films, like Chandu Champion and Ulajh, are underperforming at the box office, especially in smaller markets still recovering from the covid-19 pandemic. This issue is not isolated to them alone; other young actors are experiencing similar declines in cinema viewership despite their fame and digital following. Experts point out that Bollywood's failure to establish consistent on-screen personas for these actors, as was done in the past with stars like Amitabh Bachchan and Shah Rukh Khan, may be contributing to their struggles. Additionally, the visibility and accessibility provided by social media might be diminishing the allure and mystique previously associated with movie stars. Mint’s Lata Jha examines the reasons behind the lukewarm response received by Bollywood newbies. 

🕵️‍♀️ Pavel Durov, founder of Telegram, was recently arrested in France due to allegations of failing to moderate harmful content on his encrypted messaging app, which boasts 900 million users. This incident underscores the tensions between technology, law, and freedom of speech, particularly in Europe, where any Russian-linked technology is viewed with suspicion. The situation with Durov isn't isolated. Other tech founders like Mike Lynch and John McAfee have also faced legal challenges related to their innovations. These cases highlight the complex interplay between global politics and technology, raising concerns about how democracies balance law enforcement with freedom of speech. Shelley Singh explains the reasons for the arrest, which might have more to do with politics and diplomacy than crimes.

📊 Mukesh Ambani, Asia's richest man, announced ambitious plans for Reliance Industries during the company's 47th annual general meeting. He revealed a strategy to double the income of Reliance’s digital and retail branches under the brands Jio and Reliance Retail in the next 3-4 years. Ambani envisions RIL’s new energy venture to match the size of its oil-to-chemical business, which generated ₹5.64 trillion in FY24, in just five years. Ambani highlighted the transformative plans for Reliance Industries, detailing initiatives across five key business areas: O2C, retail, Jio, media, and green energy, Mint’s Anirudh Laskar reports. Ambani is betting big on a future where Reliance isn't just a heavyweight in traditional sectors but also leads in green energy and tech. The plan includes a massive green energy complex in Jamnagar, envisioned as a future global energy hub.

🚀 👩‍🚀 An ISRO-made space station may soon be orbiting the earth. India is gearing up to launch its own space station, the Bharatiya Antariksha Station (BAS), by 2028 with operational goals set for 2035. This development comes as the International Space Station is expected to be decommissioned by the end of 2030. The BAS, entirely engineered domestically, aims to become a new hub for global research collaborations, especially as the West seeks alternatives post-ISS. The final engineering and cost plans are awaiting cabinet approval, with ISRO confirming progress in recent statements. The BAS will stand alongside China's Tiangong Space Station as one of the only nation-operated space stations globally, reports Mint’s Shouvik Das. However, the emergence of private space stations could pose competition, potentially limiting BAS's global impact. Despite these challenges, India's space station is seen as an opportunity to leverage geopolitical advantages and foster collaborations. 

💲Getting a US visa seems to be turning more difficult by the day. But if you have some money in your bank account, the process might be easier. The US EB-5 investor visa programme allows individuals to obtain permanent residency by investing in a US project that creates at least 10 jobs, writes Mint Money’s Neil Borate. Investors typically work with "regional centres" to facilitate their investments, often in real estate. To qualify, individuals must invest $800,000, an increase from the previous $500,000. This programme is particularly appealing for parents wanting to secure a stable US future for their children studying there, especially given the uncertainties of the H1B visa system. The EB-5 program permits up to 700 visas annually for Indian nationals.

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

If you have any feedback, want to talk about food, or have anything else to say about our journalism, write to me at siddharth.sharma1@htdigital.in or reply to this mail. You can also write to feedback@livemint.com.

Best,

Siddharth Sharma

Community Editor

Subscriber Experience Team