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- Bit by Bit 23rd November || The Failing Economy of Turkey || India's First Geared Electric Bike & More
Bit by Bit 23rd November || The Failing Economy of Turkey || India's First Geared Electric Bike & More
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,244.20 (+0.46%)
BSE SENSEX : ₹61,418.96 (+0.45%)
NIFTY BANK : ₹42,457.05 (+0.26%)
USD/INR : ₹81.67 (-0.03%)
BRENTOIL : $88.45 (+1.12%)
MCXGOLD : ₹52,285 (-0.01%)
FII Net Cashflow : - ₹698 crores
DII Net Cashflow : + ₹636 crores
(Market data as of 11:00 PM on 22/11/2022)
ECONOMY
Key Facts
Isbank (largest private bank in the country) says policies piling government debt on banks are risky.
The currency (Turkish lira) has steadily fallen in value, nose diving over the last 12 months.
The Turkish Statistical Institute reported in October that inflation hit a 24-year high of 85.51%.
The Story
Turkish businesses have been hammered by the lira’s fall in value, which has caused production costs to spike, while people’s wages have been depleted because they can now buy less with their money. “The situation is even worse for skilled workers,” says Dr Cem Oyvat, an economics lecturer at the University of Greenwich, leading to a devastating “brain drain”.
According to Dr Oyvat, the strong GDP growth that Turkey experienced over the last decades was not “even sustainable” in the first place. Some of this is due to deeper structural issues, such as Turkey’s large current account deficit, interest rates.
When economies grow rapidly, interest rate rises are often used by central banks to cool down the economy. They do this by increasing the cost of borrowing money, which reduces economic activity. In the end, it is a combination of all these things.
FMCG
Union Finance Minister Nirmala Sitharaman chaired her third Pre Budget 2023 consultation with the experts of agriculture and representatives of the Agro Processing industry in New Delhi, on Tuesday. The finance minister has scheduled pre-budget meetings with leaders from various domains this week.
In today’s meeting, the Bharatiya Kisan Sangh demanded that either the farmer should get the benefit of input tax credit or the input material of the farmers should be excluded from GST.
They even requested that subsidies given to companies in the name of farmers should be sent directly to farmers in the form of Direct Benefit transfers. One of their major demands included a change in the budget allotted for agriculture and farming. The budget should be increased for irrigation and for connecting rivers, demanded the representatives of farmers.
As requested by the farmers, they want that crops like tea, coffee, spices, rubber, and coconut should be brought under the Ministry of Agriculture. Moreover, they also put up the demand to bring cow-based organic products into the budget.
The budget should be increased for the research on cows and goats that could aid in farming, they said. Requests have also been made to allow incentives for farmers who use green energy. They also demanded to increase in the limit of Kisan Credit Cards that can be used as FSSAI licenses.
AUTOMOTIVE
Key Facts:
A touch-enabled 7-inch vehicle instrument cluster, powered by a cutting-edge processor, 4G connectivity, and Android software, is part of the Matter electric bike. All of the information that the rider needs, including speed, gear position, riding mode, navigation, media, and call control, is provided by the User Interface (UI).
The bike has been made to be used on both roads and trails. It was constructed in-house from the ground up.
The Story:
Matter, a technology start-up, has unveiled India's first electric geared motorbike which bets big on technology. The company's factory in Ahmedabad will produce the electric vehicle, which will be sold in all major cities. The company announced that it would shortly begin accepting bookings.
The electric bike from Matter is powered by an integrated, high-energy density, five kWh Power Pack- the matter-energy 1.0. The integrated unit houses the battery pack along with the battery management system (BMS), drive train unit (DTU), power conversion modules, and additional protection systems. The business has made use of its numerous patented technologies, including the Integrated Intelligent Thermal Management System (IITMS). The system is continuously monitored and optimized for security, effectiveness, and dependability by the BMS on the pack.
The electric bike supports both regular and fast charging with a single socket, claims the company. Additionally, the bike has a matter Charge 1.0 onboard charger that allows for 5 Amp plug-in charging virtually anywhere. The onboard charger has an overcharge protection feature and can fully charge the car in under 5 hours.
TECH
The Story
The documentary "Good Night Oppy," which follows NASA's rovers Opportunity and Spirit before and after they land on Mars, surprised viewers by causing them to cry when it premiered at a film festival in September.
Director Ryan White told Reuters, "I promise you we weren't talking about how we would make people weep in the edit room. It's comical.
People coming up to me sheepishly and covering their mouths while saying, "I sobbed about a robot," is kind of the shocking resounding response to this movie.
The movie examines the 2003 NASA Mars Exploration Rover (MER) mission, which had its world premiere at Telluride Film Festival in Colorado.
Opportunity (also known as Oppy), one of two solar-powered rovers, outlasted expectations and lived for more than 14 years before sending its final message on June 10, 2018.
Want a BIT More?
The most important fuel in the world is in danger of running out
The Story
There is the chance of that the most important fuel diesel will be running out because of less supply, it leads to higher prices. More than 50% of the diesel traffic passes through Russian ports when sanctions take effect, which will cut off the region from Russian seaborne supply. According to Mark Finley, an energy fellow at Rice University's Baker Institute of Public Policy, the rising cost of diesel in the US alone will have a $100 billion negative impact on the country's economy.
Diesel is the most important fuel for the world economy. It drives trains, ships, buses, trucks, and more. It powers equipment used in manufacturing, agriculture, and construction. It is utilized for home heating. Additionally, due to its high cost, natural gas is sometimes used to produce electricity. Inventories are expected to reach a low this month and then decline much further by March, shortly after sanctions go into effect and cut the region off from Russian seaborne supply. Northwest Europe is also expected to have low buffer levels. Poorer nations like Pakistan are being shut out of the global export market because suppliers are unable to reserve enough cargo to satisfy the country's domestic needs.
In order to keep homes warm, the Northeast, which is the region of the US with the most people and frequent below-freezing winter temperatures, uses the most heating oil. It is true that widespread, protracted diesel shortages are unlikely given that the US is a net exporter of the fuel. Exporters like China and India now have a greater financial incentive to transport cargo to wealthy European nations due to the worldwide petroleum shortage. According to industry expert FGE, total fuel exports from China are anticipated to increase by 500,000 barrels per day to close to 1.2 million barrels by the end of the year. Amrita Sen, the head of research at Energy Aspects Ltd., claimed that the fuel shortage has been "damaging to the world economy."
