Morning Brief: Household Food Spending Falls Below 50 Per Cent; Swachh Bharat Mission Helped Reduce Infant Mortality; September IPO Rush Poised To Break 14-Year Record

Dear reader, here’s your snapshot of today’s top headlines to stay on top of the news.

Household Food Expenditure Falls Under 50% For First Time

A working paper from the Economic Advisory Council to the Prime Minister reveals that average household spending on food has dropped to less than half of monthly expenditure for the first time in modern India, driven by free wheat and rice distribution under various schemes. This decline in food spending is seen across rural and urban areas, with a sharp reduction in cereal expenses, especially among the poorest households. Families are now able to diversify diets, increasing spending on milk, fruits, eggs, and meat.

Swachh Bharat Mission Helped Reduce Infant Mortality

A study analyzing data from 640 districts in India shows that the Swachh Bharat Abhiyan, launched by the Modi government in 2014, has significantly reduced infant and child mortality rates. Following the implementation of SBM, districts with more than 30% of households having constructed toilets saw a 5.3 decline in infant mortality rate (IMR) and a 6.8 decline in under-five mortality rate (U5MR) per 1,000 live births. The program is estimated to have prevented approximately 60,000–70,000 infant deaths annually. 

September IPO Rush Poised To Break 14-Year Record

September is poised to become the busiest month for the primary market in 14 years, with over 15 companies expected to go public. Baazar Style Retail and Gala Precision Engineering have already raised funds through successful IPOs. Companies such as Bajaj Housing, Shree Tirupati Balajee, and PN Gadgil Jewellers have announced plans to enter the market soon. Bankers also anticipate IPO launches from firms like Niva Bupa Health Insurance, Northern Arc, and Afcons Infra this month. This surge could break the record set in September 2010 when 15 companies went public.

India On Putin’s List For Ukraine Mediation

Following a discussion between Prime Minister Narendra Modi and Russian President Vladimir Putin about the Russia-Ukraine conflict, Putin proposed that China, India, and Brazil could mediate peace talks. He mentioned that an early war agreement, which was never implemented, might serve as a basis for negotiations. This proposal comes ahead of the BRICS summit in Kazan from October 22-24, where Modi, Chinese President Xi Jinping, and Brazilian President Luiz Inácio Lula da Silva will meet. India's unique position—good relations with Russia, Ukraine, Europe, and the US—makes it a key mediator, with Modi's recent visits to Moscow and Kyiv further enhancing India's negotiating role.

Other Developments

India Inches Closer To 30 Medal Mark At Paralympics

India is closing in on the 30-medal mark at the 2024 Paralympics with a strong performance. On Friday, the focus will be on athletics, with several medal opportunities in events like javelin, high jump, and shot put. Athletes such as Dipesh Kumar, Praveen Kumar, Bhavanaben Ajabaji Chaudhary, Soman Rana, and Hokato Hotozhe Sema are all in contention. Kasthuri Rajamani will also compete in the women's 67kg para-powerlifting final. With 25 medals so far, India has already achieved its best-ever Paralympics performance and aims to break into the top 12 teams with a final push.

India Tops MSCI EM Index, Surpassing China

India has surpassed China to become the top-weight nation in the MSCI Emerging Market (EM) Investable Market Index (IMI) for the first time. Indian equities now hold a 22.27% weighting in the index, while Chinese stocks have dropped to 21.58%. This shift is notable despite China’s market capitalization of $8.14 trillion being significantly larger than India’s $5.03 trillion, according to Bloomberg. The MSCI EM IMI, which is tracked by funds managing around $500 billion in assets, has seen a notable shift in its composition. US brokerage Morgan Stanley suggests that India’s new top position in the index is likely to draw more foreign investment into Indian companies.

NMC Shamed Into Withdrawing Controversial Sex Offense Guidelines

The National Medical Commission (NMC) has canceled its recent guidelines that had reclassified sodomy and lesbianism as unnatural sexual offenses. These guidelines, issued on August 31, also included outdated topics like the hymen, virginity, and defloration, which had been removed in 2022 after a court ruling. The NMC announced that these guidelines are withdrawn and will be revised and updated later.

ED Raids Ex-RG Kar Medical College Principal’s Home

The Enforcement Directorate (ED) has raided the residence of Sandip Ghosh, former principal of RG Kar Medical College and Hospital in Kolkata. This follows the rape and murder of a 31-year-old trainee doctor at the college last month, which sparked nationwide outrage. The ED also searched multiple locations linked to Ghosh and his associates, including the home of Prasun Chatterjee, the hospital’s data entry operator. Ghosh was arrested earlier this week for alleged irregularities during his tenure and has undergone two polygraph tests related to the case.

From The States

Rahul Gandhi's AAP Alliance Hits Hooda Roadblock

Rahul Gandhi's push for a seat-sharing alliance with AAP for the Haryana Assembly elections has faced strong opposition from Bhupinder Singh Hooda's faction of the Congress. Hooda, upset with the AICC leadership's proposal, even walked out of a meeting. Disagreements also arose over denying tickets to some sitting Congress MLAs close to Hooda, who are facing investigations by the Enforcement Directorate. These MLAs include Dharam Singh Chhoker, Surender Panwar, and Rao Dan Singh. The Congress central leadership has put their candidacies on hold.

Rift Between Mamata And Nephew Over Protest Handling

The rift within the ruling Trinamool Congress over the response to the rape and murder of a junior doctor in Kolkata has deepened. Nearly a month after the incident, tensions between Chief Minister Mamata Banerjee's faction and her deputy Abhishek Banerjee's faction have escalated. Mamata's recent speech at a TMC students' rally implied that FIRs could be filed against protesters, potentially harming their careers. In contrast, Abhishek Banerjee urged a more sympathetic approach, advocating for respectful treatment of the medical community and civil society in a recent post on X

BJP Faces Rebellion Over Assembly Election Ticket

After the BJP released its first list of 67 candidates for the October 5 Haryana Assembly elections, several leaders, including Jails Minister Ranjit Singh Chautala, announced their decision to quit and run as independents. The party dropped eight sitting MLAs, including two ministers, and former Sports Minister Sandeep Singh, amid allegations and local controversies. The list also excluded MLAs from key constituencies such as Gurgaon, Sohna, and Faridabad.

Fresh Scam Allegations In Karnataka 

The MUDA scam in Karnataka has been overshadowed by a new scandal involving alleged misappropriation of Covid relief funds during the BJP's tenure under then Chief Minister BS Yeddiyurappa. A preliminary report by Justice John Michael D'Cunha, discussed by the cabinet on Thursday (5 September), highlighted numerous irregularities. Chief Minister Siddaramaiah pointed out that the judge's observations were severe, indicating that hundreds of crores were misappropriated. He also noted that several files were missing from the report despite repeated requests for their inclusion.

Keep an eye out—more exciting stories are on the horizon!