Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, November 22, 2024. This is Nelson John, let's get started.
Billionaire Gautam Adani has been indicted by US prosecutors on charges of bribery and corruption. Varun Sood writes that the US Department of Justice's allegations followed a two-year probe into the conglomerate based on revelations from two whistleblowers. Adani group stocks lost about ₹2.24 trillion in market cap on Thursday after the US charges surfaced, just as the conglomerate seemed to have moved past the impact of allegations made by shorter seller Hindenburg Research last year.
Cotton farmers have begun to shift to rice plantation following recurring crop failures. As rice needs around five times as much water as cotton, this has led to a rapid decline in soil quality. Sayantan Bera writes that India produced cotton in excess and exported more than $10 billion of it last year. However, the change in production patterns could threaten the livelihood of around 45 million people. Despite being the world's second-largest producer of cotton, India is projected to be a net importer of the textile this year. India's cotton yields remain significantly low compared to global averages, leading to this crunch. Sayantan explains how we got here.
As the air quality in Delhi and the National Capital Region gets worse, most schools and many offices have remained shut. Soumya Gupta writes that respiratory issues are on the rise and OPDs are reporting three times the usual number of admissions. People have stopped outdoor activities, and air purifiers, masks and respiratory drugs are selling in record numbers. Many are travelling to hill stations to escape the toxic fumes in the capital. Soumya calls this the "smog economy”.
One category of goods that doesn’t seem to be part of the "smog economy" is electric vehicles. Sales of EVs in Delhi declined 79% in September. Alisha Sachdev reports that the withdrawal of incentives led to a sharp increase in the price of EVs, causing sales to plummet. Alisha writes that as the pollution gets even worse, policymakers may look to bring back these subsidies to incentivise EVs.
If you're an aspiring CEO, prepare for some long and rigorous interviews. Devina Sengupta writes about candidates who have had to endure as many as 11 rounds to bag the top job. These interviews cover a wide variety of topics such as financial strategy, climate change, and even geopolitics. Devina writes this is because companies are extremely wary of big-ticket hires not working out. The hiring process can take more than eight months to complete, underscoring the reduced risk appetite for hiring across India Inc.
