OpenAI, Justice Varma, Artificial Rain

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It’s March 24. Today: OpenAI’s potential partnership with Reliance, Justice Varma’s cash fiasco, and plans to induce artificial rain to tackle smog. Plus, job openings at BCG, IBM, Newton School, and more in Who’s Hiring at the end.

Policy & Governance

> SC Confirms Cash Found at Delhi HC Judge’s Residence
The Supreme Court has confirmed, with photos and videos, that cash was found at the residence of Delhi High Court judge Justice Yashwant Varma during a fire on March 14. Justice Varma has denied the allegations and alleged that the incident “clearly appeared to be a conspiracy to frame and malign” him. Chief Justice of India Sanjiv Khanna set up a three-member committee to probe the matter. The SC Collegium had earlier proposed Justice Varma’s transfer to the Allahabad High Court. (Indian Express)

> Action Against Illegal Gaming Platforms
The Finance Ministry's tax enforcement agency has blocked 357 illegal offshore gaming platforms and frozen ₹126 crore, citing financial and national security concerns. Authorities have also blocked 2,400 bank accounts linked to these platforms, which were promoted by celebrities and influencers. With the IPL season approaching, stricter enforcement is expected. (Hindustan Times)

> Preparations for the Next Kumbh Mela Underway
Maharashtra CM Devendra Fadnavis announced a ₹1,100 crore development plan for Trimbakeshwar Temple and a Kumbh Mela Authority Law, modeled after Uttar Pradesh, to provide a legal framework for Kumbh Mela projects and crowd management. The plan includes improving public transport, integrating electric vehicles, enhancing sanitation and waste management, launching sewage treatment projects for the Godavari River, and upgrading temple infrastructure to accommodate devotees for the 2027 Nashik Kumbh Mela. (The Hindu)

Environment

> Artificial Rain to Tackle Pollution
The Delhi government plans to conduct artificial rain trials as part of a broader effort to combat smog, depending on the success of water sample tests. The government is also investigating potential health risks of the chemicals used in the process, alongside launching large-scale anti-pollution projects targeting multiple hotspots in Delhi-NCR. (NDTV)

Business

> $23 Billion Manufacturing Incentive Scheme to Lapse
The Indian government has decided to let its $23 billion Production-Linked Incentive (PLI) scheme lapse, four years after its launch aimed at boosting domestic manufacturing and reducing reliance on China. The scheme attracted 750 companies, including Foxconn and Reliance Industries, offering cash incentives for meeting production targets. However, many firms struggled to start production, while others faced delays in receiving subsidies. As of October 2024, only 37% of the targeted $400 billion in production had been achieved, with just $1.73 billion of the allocated funds disbursed. (Reuters)

> Remittance Surge Strengthens India’s Global Influence
India's remittances have grown from $55.6 billion in 2010-11 to $118.7 billion in 2023-24. The US now contributes 27.7% of total remittances, the largest for a country, while the Gulf countries together account for 38%. The Indian diaspora in the US, totaling 5.1 million, boasts a median income of $136,000, nearly double the US average, and contributes 5-6% of US taxes despite making up just 1.5% of the population. (Economic Times)

> Allianz Looks to Partner with Jio
Jio Financial Services has reached a preliminary agreement with Allianz SE to form an insurance joint venture in India, sources say. The deal, which is being finalized, could see Allianz take a majority stake. This follows Allianz’s recent exit from its insurance JVs with Bajaj, selling its 26% stake in Bajaj Allianz General and Bajaj Allianz Life to Bajaj Finserv for $2.8 billion. (Bloomberg)

Tech, Media & Telecom

> OpenAI, Meta in Talks with Reliance for AI Expansion
OpenAI and Meta have separately discussed potential partnerships with Reliance Industries to expand their AI presence in India, sources say. Talks include a possible deal between Reliance Jio and OpenAI to distribute ChatGPT, as well as running AI models in a massive three-gigawatt data center Reliance is building in Gujarat. OpenAI has also explored lowering its ChatGPT subscription price to just a few dollars from the current $20 per month. (The Information)

> Smartphone Shipments Grow 6% in 2024
‘Made in India’ smartphone shipments rose 6% year-on-year (YoY) in 2024, driven by record exports from Apple and Samsung, which together accounted for 94% of India’s smartphone exports. Samsung remained India’s top smartphone manufacturer, with a 7% YoY increase in production, fueled by a 13% YoY rise in exports. (Counterpoint)

> Dunzo’s Post Mortem
Dunzo's downfall stemmed from mismanagement, operational challenges, and intense competition, according to former employees, investors, and experts. Originally launched in 2014 as a WhatsApp-based concierge service, Dunzo shifted its focus in 2020 to quick-commerce, expanding through dark stores. This pivot led to price wars with competitors, poor app user retention, and difficulties balancing expansion costs with profitability, ultimately contributing to the company's decline. (Rest of World)

Quick Hits

> Chennai-born founder of Rippling ($10 billion+ valuation) Prasanna S shares his harrowing experience of going through a divorce.

> India has imposed anti-dumping duties on five Chinese products, including vacuum flasks and aluminum foil, along with imports from South Korea, Malaysia, Norway, Taiwan, and Thailand, to protect local industries

> The CBI has closed its investigation into Sushant Singh Rajput’s death and cleared Rhea Chakraborty of any wrongdoing.

> Reliance Industries’ step-down wholly-owned subsidiary Nauyaan Tradings has completed the acquisition of a 74% stake in Nauyaan Shipyard from Welspun Corp. The deal was valued at ₹382.73 crore.

> Amazon will charge a ₹49 non-refundable processing fee for customers using Instant Bank Discounts of ₹500 or more, including Prime members.

> IIT Madras and IIT Kanpur have introduced alternative admission routes bypassing JEE, offering seats to students excelling in International Olympiads and training camps.

> Zoho's web browser, Ulaa, has won a ₹1 crore prize from the government, in a push for a made-in-India browser.

> Delhi's traffic enforcement upgrades with AI-powered 4D radar interceptors on police vehicles, automatically detecting violations like overspeeding and mobile phone use, and issuing e-challans without human intervention.

> The government has spent nearly ₹258 crore on 38 foreign visits by Prime Minister Modi between May 2022 and December 2024.

Worth a Look

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Who’s Hiring

> BCG is hiring an Assistant Legal Counsel to work on contracting policies, risk identification, and more. A great role for lawyers curious about consulting.

> Blinkit is hiring for its Growth Team—a fast-paced opportunity for those who thrive in high-growth environments.

> Newton School is looking for a Senior Product Manager to help build a global bachelor’s degree in Computer Science & AI.

> IBM is hiring an Attorney with experience in dispute advisory and litigation.

> Loop is hiring a Product Marketing Manager to work on customer journey optimization, engagement programs, and more.

Shoutout to Lohit, Ananya, Shubham, and Samridhi for sharing their feedback on last week’s issues!

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