Newspaper Summary 240126

 The article "Stocks slump on FPI selling spree; rupee hits a new low," found in the sources, details a significant downturn in the Indian financial markets during the third week of January 2026.

Market Performance

Equity benchmarks closed sharply lower, with the Sensex and Nifty 50 shedding 2.4-2.5 per cent for the week. This represented the steepest weekly fall for broader markets in four months. The pain was particularly acute in the mid- and small-cap segments, with those indices falling 5.8 per cent and 4.5 per cent, respectively. On Friday alone, the Sensex closed 769.67 points lower at 81,537.70, while the Nifty 50 fell 241.25 points to 25,048.65.

Factors Driving the Sell-off

Several key factors contributed to the market slump:

• FPI Exodus: Unabated selling by foreign portfolio investors was a primary driver of the downward pressure.
• Geopolitical Tensions: Investor confidence was shaken by geopolitical tensions arising from the United States' hard stance. Additionally, fresh warnings from the US regarding an "armada" heading toward Iran intensified worries about Middle Eastern stability.
• Lacklustre Earnings: India Inc.’s Q3 performance has been underwhelming, with experts noting more earnings misses than hits so far. Analysts pointed out that earnings delivery fell short of expectations even as stocks maintained premium valuations.
• Adani Group Turbulence: Sentiment was further dragged down by a sharp slide in Adani Group stocks, which fell up to 15% following reports that the US SEC sought to serve summons to Gautam Adani and Sagar Adani via email regarding an alleged bribery case.

Rupee at Record Lows

In tandem with the stock market decline, the Indian rupee crashed to a new all-time low of 91.94 against the US dollar. During intraday trading on Friday, the currency touched a low of 91.97. This decline was attributed to continuous FPI selling, exporters delaying the repatriation of proceeds, and restraint from the RBI in intervening in the forex market. Market experts suggested the RBI is prioritizing supporting economic growth over aggressively defending the currency.

Outlook

Analysts indicate that the market remains under selling pressure, with the Nifty breaching key technical marks like the 200 DEMA. Investors are now pinning their hopes on the upcoming Budget and progress on the India-EU free trade agreement to provide much-needed positive triggers.

Based on the provided sources, the article regarding the free trade negotiations between India and the European Union is detailed below:

India-EU Free Trade Agreement: Closing in on a Deal

India and the European Union (EU) are aiming to conclude negotiations for a free trade agreement (FTA) prior to the India-EU Summit scheduled for next week. While officials indicate that both sides are "closing in on a deal," significant gaps remain in areas such as sustainability and standards.

Strategic Importance and Leadership Visit

The summit is occurring during a turbulent geopolitical environment, with EU officials emphasizing that India is a key partner in expanding and deepening their global network. To mark the occasion, the President of the European Council, Antonio Costa, and EU President Ursula von der Leyen will be in India from January 25 to 27. They will participate in the Republic Day celebrations as chief guests and hold summit talks with Prime Minister Narendra Modi.

Key Areas of Cooperation

Beyond the trade pact, several major agreements are expected to be advanced:

• Comprehensive Mobility Framework: The two sides are expected to sign an MoU to facilitate the movement of students, researchers, seasonal workers, and highly skilled professionals. While visas will be liberalized for these groups, individual EU states will retain their own specific limits.
• Security and Defence Partnership: This new partnership aims to deepen cooperation in maritime security, protection of critical infrastructure, and addressing emerging threats.
• Economic Corridors: Officials are expected to deliberate on the ambitious India-Middle East-Europe Economic Corridor (IMEC).

Remaining Friction Points

Despite the progress toward political closure, certain issues remain contentious:

• Sustainability Links: The EU wants to link trade benefits to strict environmental, labour, and sustainability compliance. India maintains that these are non-trade issues and views such requirements as a form of protectionism.
• Environmental Taxes: India is seeking exemptions or flexibility regarding the EU's Carbon Border Adjustment Mechanism (CBAM), which could subject Indian exports to additional taxes.
• Market Access: If concluded, the pact is expected to reduce tariffs on European cars and wine while expanding the market for Indian electronics, textiles, and chemicals.

The objective is to attain political closure during the summit on January 27 in Delhi, although the formal signing of the deal by individual EU member states is expected to occur at a later date.

Based on the sources provided, here is a reproduction of the details from the article "Chile trade pact: India eyes concessions in critical minerals":

India-Chile CEPA: Focus on Strategic Minerals

India is working to secure greater concessions for access to critical and strategic minerals during the final stages of negotiations for a free trade agreement with Chile. This proposed deal, known as the India-Chile Comprehensive Economic Partnership Agreement (CEPA), is intended to provide India with long-term access to mining blocks and ensure supply chain security.

Key Resources and Legal Hurdles

Chile is a major source of copper and lithium and has expressed a willingness to grant India access to certain rare earth minerals. However, both sides are still working to settle specific legal constraints that Chile is currently facing regarding these resources. Negotiators are currently conducting online meetings to iron out these remaining glitches so the pact can be signed soon.

Trade Interests and Market Access

The agreement is expected to be broad in scope, covering a substantial part of bilateral trade in goods, services, digital services, MSMEs, and investment collaboration.

• India’s Export Goals: India aims to increase its exports to Chile in sectors such as automobiles, pharmaceuticals, iron and steel, aluminium products, sugar, cereals, fertilizers, and engineering goods.
• Chile’s Market Access: Chile is seeking greater access to the Indian market for agricultural products, including blueberries, cherries, walnuts, salmon, citrus fruits, and apples, as well as various manufactured goods.

Diplomatic Outlook

Officials indicate that if the final stretch of negotiations is successful and meets India's demands, Commerce & Industry Minister Piyush Goyal may visit Chile to formally sign the deal.

Based on the provided sources, the article regarding the Reserve Bank of India’s (RBI) liquidity infusion details a significant move to support the banking sector.

RBI to Infuse ₹2.15 Lakh Crore Liquidity into Banking System

The Reserve Bank of India (RBI) announced on Friday that it will infuse durable liquidity aggregating approximately ₹2.15 lakh crore into the banking system between January 30 and February 12, 2026. This action is designed to bolster system liquidity, which is currently in a marginal surplus, ahead of the financial year-end when credit demand typically picks up. This marks the third time in roughly a month that the central bank has initiated such measures.

Three-Pronged Infusion Strategy

The liquidity boost will be executed through three primary mechanisms:

• 90-Day Variable Rate Repo (VRR) Auction: For the first time, the RBI will conduct a VRR for a 90-day duration to inject ₹25,000 crore on January 30. Previously, the longest duration for a VRR was 56 days. Experts note that VRRs are "less onerous" for banks as the pledged government securities (G-Secs) still count toward Liquidity Coverage Ratio (LCR) and Statutory Liquidity Ratio (SLR) requirements.
• Dollar/Rupee Buy/Sell Swap: On February 4, the RBI will conduct a $10-billion swap for a tenor of three years. This transaction involves banks selling dollars to the RBI now and buying them back in three years; it is expected to infuse approximately ₹90,000 to ₹92,000 crore of rupee liquidity into the system.
• Open Market Operation (OMO) Purchases: The RBI will conduct purchase auctions of G-Secs for an aggregate amount of ₹1 lakh crore. This will be handled in two tranches of ₹50,000 crore each, scheduled for February 5 and February 12.

Rationale and Market Outlook

Experts suggest these measures aim to create a durable liquidity surplus and facilitate the transmission of previous rate cuts. The push comes amid persistent tightness in liquidity conditions and a weakening rupee, which touched a record low of 91.97 against the dollar intraday on Friday.

Economists anticipate that the RBI may continue with OMOs in the coming months to further support growth, with some projecting up to ₹5 lakh crore in additional measures for the next fiscal year.

The article "How to achieve Viksit Bharat goal," authored by C. Rangarajan (Chairman, Madras School of Economics) and DK Srivastava (Honorary Professor, MSE), outlines a strategic roadmap for India to become a developed country by 2047.

The authors note that to reach the status of a high-income country by 2047, India would likely need a per capita income of $18,000 to $20,000. Achieving this transition requires a consistent growth rate of 7.5 per cent to 8 per cent.

To meet this objective, the article proposes a five-point agenda:

1. Raise the Investment Rate: India needs to lift its Gross Fixed Capital Formation (GFCF) rate by two percentage points. While government capital expenditure has been vital, the authors emphasize that private investment must pick up and the government should address factors holding it back.
2. Absorb New Technologies: India cannot ignore the adoption of Artificial Intelligence (AI) if it intends to remain competitive. Because AI increases the rate of capital depreciation and obsolescence, it must be compensated by increased capital formation.
3. Focus on Labour-Intensive Sectors: To offset the potential negative effects of new technology on employment, special attention must be paid to sectors such as hospitality, leather products, and wearing apparel.
4. Multi-Dimensional Development: The strategy must not be unidimensional (focused only on exports or services). Instead, India must pursue simultaneous growth in agriculture, manufactures, services, and exports.
5. Invest in Health and Education: The authors argue that spending on social infrastructure is a matter of social justice and is necessary to take advantage of India’s demographic dividend, which is expected to remain favorable until 2055.

The authors conclude that this five-fold strategy is intended to weave growth and equity together into an acceptable pattern of development.

Based on the sources provided, here is the reproduction of the article regarding Amazon's planned job cuts:

Amazon planning major corporate job cuts again

Amazon is planning a second round of job cuts next week as part of its broader goal of trimming some 30,000 corporate workers, according to sources. The company previously cut some 14,000 white-collar jobs in October, which accounted for about half of the 30,000 target.

Scope of the New Cuts The total number of cuts in this round is expected to be roughly the same as last year and could begin as early as Tuesday. Units slated to be affected include Amazon Web Services (AWS), retail, Prime Video, and the human resources division, known as People Experience and Technology. While the full scope remains unclear and plans could still change, sources noted that the move is part of a broader effort to reduce staff.

Artificial Intelligence and Bureaucracy The Seattle-based retailer initially tied the October round of cuts to the rise of artificial intelligence software. In an internal letter, the company described this generation of AI as the most transformative technology since the Internet, allowing for much faster innovation.

However, CEO Andy Jassy later clarified that the reduction was "not really financially driven and it’s not even really AI-driven". Instead, Jassy attributed the decision to company culture, stating that the organization had developed too much bureaucracy.

Based on the sources, the article titled "Trump sues JPMorgan for $5 b over alleged political de-banking" describes a legal action taken by the US President against the financial institution.

Please note that while your query mentions a $50-billion lawsuit, the sources specify the amount as $5 billion.

Lawsuit Overview

US President Donald Trump has filed a $5 billion lawsuit in Miami-Dade County, Florida, against JPMorgan Chase and its CEO Jamie Dimon. The lawsuit accuses the nation’s largest lender of "de-banking" him by terminating several accounts belonging to him and his hospitality companies for political reasons.

Key Allegations

• Political Targeting: Trump alleges that the bank violated its own policies to ride the "political tide" by singling him out and closing his accounts without warning or remedy.
• The "Blacklist": The filing accuses Jamie Dimon of ordering an intentional and malicious "blacklist" designed to warn other financial institutions against doing business with the Trump Organization, Trump family members, and the President himself.
• Reputational Harm: The plaintiffs claim to have suffered extensive reputational harm after being forced to move funds and accounts to other institutions.

JPMorgan's Defense

JPMorgan has stated that the suit has no merit. The lender maintains that it does not close accounts for political or religious reasons, but rather when they create legal or regulatory risks for the company.

Industry Context

The lawsuit follows tension between the Trump administration and the banking industry regarding a proposed 10 per cent cap on credit card rates. While bankers have supported the administration’s de-regulatory policies, they have called the proposed rate cap "uneconomic," with Jamie Dimon describing it as an "economic disaster".

Based on the sources, a report by professors from the Indian Institute of Management-Ahmedabad (IIMA) titled Future of TV in India projects a sustained expansion of television audiences driven by rural and lower-income regions.

Drivers of Growth

Unlike historical trends focused on metros or high-income states, the next phase of TV penetration and viewership growth is expected to lead in states such as Uttar Pradesh, Bihar, Rajasthan, Odisha, West Bengal, and the combined markets of Andhra Pradesh–Telangana. This incremental growth is attributed to:

• Rapid Socio-Economic Change: Rising disposable incomes, improving literacy rates, and better household infrastructure are significant boosters for TV ownership.
• The "Base Effect": States that currently lag in infrastructure are closing the gap quickly, creating a strong base effect for future expansion.
• Internet Synergy: Contrary to the belief that digital media erodes TV time, the study found that an increase in internet subscribers is strongly associated with a rise in television viewership.

Future Projections

The report offers striking projections for the next few years:

• Audience Size: India’s television audience is expected to grow at a steady annual pace of 2.37 per cent, reaching nearly 1.03 billion viewers by 2029.
• Penetration Levels: By 2029, lower-income states like Rajasthan, Odisha, and West Bengal are projected to achieve TV penetration levels comparable to those seen in today’s higher-income markets, such as Gujarat and Tamil Nadu.
• Mass Medium Relevance: The study evaluates variables such as GSDP per capita, dependency ratios, and access to micro-credit to highlight television's continued relevance as a mass medium.

Professor Viswanath Pingali, one of the report's authors, noted that these factors create a "multiplier effect" that strengthens both linear and connected TV adoption across rural India.

The "New on Screens" section of the Mint Lounge (January 24, 2026) highlights several new releases across theaters and streaming platforms, ranging from space-themed fiction to period dramas and a new Game of Thrones spin-off.

Theatrical Releases

• Marty Supreme: Directed and co-written by Josh Safdie, this film stars Timothée Chalamet as Marty Mauser, who rises from being a shoe salesman to a table tennis star in 1950s America. The cast includes Gwyneth Paltrow, Odessa A’zion, Kevin O’Leary, and Fran Drescher. Chalamet is noted as a frontrunner for the Best Actor Oscar, supported by a technical team including cinematographer Darius Khondji and composer Daniel Lopatin.
• The History of Sound: This period drama stars Paul Mescal and Josh O’Connor as two men traveling through rural Maine in 1920 to record folk songs. The story is written by Ben Shattuck and based on his own short stories.

Streaming on JioHotstar

• Space Gen: Chandrayaan: This fiction series explores how Indian space scientists rebounded after the failure of Chandrayaan 2 to successfully launch another mission. It stars Nakuul Mehta and Shriya Saran and was created by Arunabh Kumar.
• A Knight of the Seven Kingdoms: This six-episode weekly series offers a new perspective on the world of Westeros. Described as being on a smaller, more comedic scale than Game of Thrones or House of the Dragon, it stars Peter Claffey as the titular knight, Ser Dunk, and Dexter Sol Ansell as his squire, Egg.

Streaming on Netflix

• I Watched the TV Glow: Recommended as the "streaming tip of the week," this psychological horror film follows two teenagers mesmerized by a 1990s children’s show who stumble upon scary discoveries about their world.

The article "The city beside the layer of concrete," written by Neha Sinha, explores the hidden ecological world existing beneath the surface of urban Delhi.

Memories of a Rich Sense-scape

The author begins by describing a sound cutting through the winter air—the "woo-woo" of jackals. This sound evokes memories of North Delhi in the early 1990s, when the environment was defined by a specific "sense-scape": the lusty calls of peacocks and the full-throated abandon of paired jackals howling at dusk. In those decades, the Delhi Ridge forest reached deeper into the city, intertwining with institutional complexes and parks. While the 1912 Gazetteer of Delhi once listed wolves and hog deer (now gone), other animals like leopards, hyenas, and jackals persist.

The Changing Environment

Sinha reflects on the loss of biodiversity in the city’s nighttime environment. In her childhood, Barn owls were a common sight, appearing "lunar-like" in dim lights crowded with insects. Today, these owls have declined due to rodenticides, and the massive insect populations they preyed upon have been reduced by chemical use.

Exploring Sanjay Van

Seeking to rediscover the polyphony of her childhood, the author conducted surveys and focused her attention on Sanjay Van, a part of the Ridge forest characterized by brooks, old trees, and local legends.

• Confronting Fear: Entering the forest on a monsoon night, the author describes the "wrenching alarm" and fear of the dark often associated with the city due to memories of crime and molestation.
• A Natural "Palimpsest": Despite initial hesitation, a bark from a Scop’s owl acted as a form of "time travel," encouraging her to move deeper into the woods. Inside, she encountered a symphony of insects and the "yellow wink" of abundant fireflies, making it feel as if the landscape of the past was emerging into the present.

The Beleaguered Forest

The author notes that while the forest talks to us throughout the day, it is most audible at night when human noise quietens. However, this wilderness is under constant threat:

• Pollution and Noise: Animals must endure loud noises from nearby fashionable eateries.
• Development: There are persistent plans to "develop" the forest with more buildings, despite the Aravalli's ancient rocks standing witness to these "garbled plans".

The Parallel City

Sinha concludes that there is a parallel ecological city existing just beneath the top layer of concrete-based civilization. She argues that as people sleep, the city should afford dignity and privacy to its animal citizens—from fireflies to paired jackals—offering them relief from the burdens of human life.

This piece expands on themes from the author's new book, Wild Capital: Discovering Nature in Delhi.

The article "The Buddhist monks who live by violence" discusses Sonia Faleiro’s book, The Robe and the Sword: How Buddhist Extremism is Shaping Modern Asia, which examines the rising use of violence in word and deed by Buddhist monks in Sri Lanka, Myanmar, and Thailand.

The Shift Toward Fanaticism

While Buddhism is commonly perceived as a religion of non-violence, the book explores the socio-economic shifts that have made this spiritual tradition hospitable to modern fanaticism. The inquiry focuses on the older, austere Theravada form of the religion, noting that as these groups became institutionalized, they struggled to maintain the ennobling practices of their origins.

Regional Extremism

The sources provide details on how this extremism manifests in specific countries:

• Sri Lanka: Monks directed nationalist energies against Muslims and Christians following the civil war, leading hate-filled speech and calls to kill and loot. They promoted a narrative of victimhood for the Sinhala people, claiming that minorities were "marauding outsiders" with undeserved privileges.
• Myanmar: Monks encouraged and joined nationalist movements calling for ethnic and religious cleansing, focused primarily on the Muslim Rohingya population.
• Thailand: While an absolute monarchy has kept monks out of the political realm, they flourish as gatekeepers of an opulent religion while frequently violating basic monastic rules.

Aggressive Masculinity and Faith

The book touches on how religious identities have become entangled with muscular narratives and aggressive masculinities. It notes that while some monks have historically acted as "conscience keepers" through self-sacrifice to draw attention to injustice, the current trend involves radical right-wing political groups. Ultimately, the text argues that non-violence is not a virtue exclusive to Buddhism, nor is the propensity for violence exclusive to any other faith; every religion possesses its own fanatics, quietists, and mystics.

The article "Tasting the terroir of ‘nolen gur’," written by Rituparna Roy, details an experimental approach to the production of Bengal’s beloved date palm jaggery.

An Artisanal Experiment

Two winters ago, Senjuti Mahato, co-founder of the artisanal food brand Earth Story Farms (ESF), began an experiment to understand how soil science and weather patterns influence the flavor of jaggery. While nolen gur is a staple in Bengal from late November to early February, social media and brands like Kwidi and Amar Khamar have amplified its popularity outside the region by honoring the craft of the shiulis (traditional toddy tappers). Mahato aims for nolen gur to be held in the same reverence as premier Cru champagne or Manuka honey, noting that the geological influence on the product follows a similar template to that of the French wine region.

The Role of Soil and "Terroir"

Research conducted on a farm in Segunsara, 200 km from Kolkata, involved classifying three specific soil types:

• Laal maati (red soil).
• Bele maati (sandy soil).
• Moram maati (gravel soil).

The study found that the best sap came from trees that were more than 40 years old, grew in gravelly soil, and were rested for a week to 10 days between tappings. Mahato explains that gravelly soil holds the ideal amount of moisture, forcing roots into mineral-rich strata that shape the sap's flavor, a principle similar to how great wine grapes are produced.

The "Nolen Noir" Limited Edition

Working with chef Auroni Mookerjee, the team tasted saps from 50 different trees to shortlist 80 for production. The process involved:

• Cooking the sap for 4.5 hours over sonajhuri (Acacia) wood.
• Stopping the reduction at 85 degrees Celsius to preserve a specific aroma and dark color.
• The resulting limited edition of 300 bottles, named "Nolen Noir," features distinct notes of coconut, caramel, dried nuts, and smoke.

Climate Challenges and Preservation

The production of nolen gur currently faces significant hurdles, including unseasonal rain, high moisture levels, and shortened winters. Sailen Tudu, co-founder of Kwidi, notes that an average temperature of 7 degrees Celsius with no cloud cover provides the ideal conditions for sap collection. Amidst rising demand that often leads to adulteration and over-tapping, some artisanal producers are choosing restraint to preserve the integrity of this unique winter delicacy.

Based on the sources, here is a reproduction of the details regarding the allegations made by the Securities and Exchange Board of India (SEBI) against executives at PwC and EY:

SEBI Accuses EY, PwC Executives of Insider Trading

SEBI has accused current and former executives at the Indian units of PwC and EY of breaching insider trading rules. The allegations involve a 2022 share sale by Yes Bank, according to a regulatory notice reviewed by Reuters.

Details of the Accusations

• Entities Involved: Alongside the accounting firms, SEBI has accused executives at US private equity firms Carlyle Group and Advent International of sharing unpublished price-sensitive information (UPSI).
• Unlawful Gains: The notice, issued in November and not previously public, alleges that two executives at PwC and EY, along with five family members and friends, made unlawful gains by trading Yes Bank shares ahead of the offering.
• Scope of the Investigation: The investigation tracked movements in Yes Bank shares prior to the July 2022 offering where Carlyle and Advent bought a combined 10 per cent stake for $1.1 billion. The bank's shares opened 6 per cent higher the day after the deal was announced on July 29, 2022.
• Number of Individuals: A total of 19 individuals are accused of breaching insider trading rules. Among these, seven allegedly traded based on privileged information, while four shared that information.
• Compliance Failures: SEBI named eight PwC and EY executives for weak compliance processes. Most of the accused individuals are reportedly still serving at their respective firms.

Roles of the Firms in the Deal

The firms were deeply involved in the advisory and valuation aspects of the 2022 transaction:

• Advent hired EY for tax advisory services and management feedback.
• EY Merchant Banking Services was engaged by Yes Bank to conduct valuation work.
• PwC was hired by both Carlyle and Advent for tax planning and due diligence.

Next Steps and Potential Actions

The "show cause notice" is the first step following the completion of a SEBI probe and is intended to seek responses from the accused parties. If the allegations are upheld, the individuals and entities could face monetary penalties or restrictions under Indian securities regulations. As of the time of reporting, Advent, Carlyle, EY, PwC, Yes Bank, and SEBI had not responded to requests for comment.