Climate crisis is coming for your Sambar

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, August 5, 2024. My name is Nelson John. Let's get started:

Toor dal, a staple across India and a vital protein source for the nation’s millions of vegetarians, is facing a crisis. Unpredictable weather patterns—from droughts in Karnataka to heavy rains in Maharashtra—have severely impacted production. Compounding the issue, many farmers are shifting to more lucrative crops, such as rice and soybean, leading to a significant drop in toor cultivation. Considering that less than 10% of toor farms are irrigated, these crops are highly vulnerable to weather fluctuations. The surge in prices by 60% between 2022 and 2024, also underscores that while rice and wheat have managed to adapt to climate changes, toor hasn't. The situation has forced India to rely heavily on imports, with significant quantities now coming from distant countries such as Mozambique and Myanmar. This dependence has introduced risks, as was seen by recent events where traders from Mozambique held shipments hostage. Mint’s Sayantan Bera explores this pressing issue affecting Indian kitchens.

Now, onto our next topic: In response to the NEET scandal and exam paper leaks, the Union government is set to increase undergraduate medical seats by 3,000 from the next academic year, bringing the total to 115,000. This move includes approving 28 new private medical colleges, significantly boosting India’s medical education capacity, as endorsed by the National Medical Commission. To ensure transparency and address past controversies, the process for adding seats and establishing new colleges will be closely monitored. Mint’s Priyanka Sharma reports that officials have implemented rigorous checks and physical inspections for all applications to prevent bias and fraud, aiming for a more secure admissions process.

The third news highlight involves a survey of 15 economists and treasury heads conducted by Mint. It revealed that the Reserve Bank of India's Monetary Policy Committee is expected to maintain a status quo on policy rates at 6.5% at its meeting on August 8, despite speculation about rate cuts, particularly in light of recent global central bank actions. From what economists are predicting, it looks like the RBI isn’t ready to change gears just yet. All 15 experts consulted by Mint expect the MPC to maintain its current stance of "withdrawal of accommodation”.

In a job market simmering with competition, a staggering 95% of employees are eyeing a job switch post-appraisals, according to the latest Mint+Shine study. The April-June Talent Insights Report, which surveyed 3,000 job seekers and employers, revealed that a lacklustre appraisal season has intensified the job search activity, with 78% finding the environment overly competitive. Approximately 89% of employees are demanding clearer performance metrics during appraisals, while 32% consider compensation as a key factor for their decision to stay.

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Two weeks ago, the tech world watched as Google's parent company, Alphabet, proposed buying cloud security startup Wiz for $23 billion. This bid would represent Alphabet's largest acquisition to date, surpassing its previous major purchases, including the $12.5 billion Motorola deal. Yet, despite the attractive offer, which valued Wiz at nearly double its recent valuation, the startup chose to walk away, leaving the deal unresolved. This decision was not solely about the money; it also highlighted deeper trends and tensions within the tech industry. Mint’s partners at HowIndiaLives.com present the big picture behind Google’s largest failed acquisition.

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Show notes:

Brace yourself, climate crisis is coming for your sambar

Post NEET controversy, Centre plans to increase undergrad medical seats by 3,000

RBI may keep rates unchanged next week, cut likely in December: Mint Poll

Are you one of the 95%? Why most workers want a job change now

The big picture behind Google's largest acquisition failure