DMK leader's "Sanatana Dharma" remark sparks backlash; And, why Facebook and Instagram may soon offer paid ad-free plans in Europe

Market Watch

• Indian benchmark indices ended the day in the green, with the Sensex increasing 240.98 points at 65,628 and the Nifty rising 93.50 points at 19,528.80
• Sectorally, Nifty Consumer Durable (-0.22%) and FMCG (-0.13%) shed the most, while PSU Bank (+2.43%) and Metal (+2.28%) gained the most.

Five things:

• Uday Kotak, the founder of Kotak Mahindra Bank, has stepped down as CEO and MD ahead of his term for a smoother succession process.He clarified in an interview that no external pressures influenced his decision.The bank’s valuation reached an all-time low following the development.
• Alcoholic beverage stocks have experienced positive returns this financial year, with the whiskey market projected to reach $22 billion by FY25.
• Reliance Jio has secured a $2 billion loan from BNP Paribas, primarily to fund the acquisition of 5G equipment from Ericsson.

Sanatana Dharma like dengue, malaria: M K Stalins son triggers huge row

Tamil Nadu minister Udhayanidhi Stalin, son of Chief Minister MK Stalin, has sparked a furore with his remarks on “Sanatana Dharma”.

• "Sanatana is like malaria and dengue and must be eradicated, not merely opposed," the DMK leader said at a writers’ conference in Chennai.

The reactions: Stalin’s comments sparked widespread backlash, with many calling for legal action against the minister.

• BJP’s Amit Malviya and Tamil Nadu BJP chief K Annamalai criticised Stalin’s statement, with the former suggesting it was a call for genocide and the latter alleging that Stalin was echoing Christian missionary ideas.
• Union Home Minister Amit Shah criticised the INDIA bloc — to which the DMK and Congress belong — stating, “These people have talked about ‘Sanatan Dharma’ for vote bank appeasement. They have insulted [‘Sanatan Dharma’].”
• He pointed out that this is not the first time the INDIA bloc has insulted Hinduism, claiming Rahul Gandhi had previously said that “Hindu organisations are more dangerous than the Lashkar-e-Taiba.”
• A Supreme Court lawyer also filed a complaint against Stalin, alleging that his comments amounted to hate speech.

The other side: Stalin clarified that he never called for the genocide of people following Sanatana Dharma and that his words were aimed against the principle of Sanatana Dharma, which he claimed, divided people on the basis of caste and religion.

• “When PM Modi says ‘Congress Mukth Bharat’, does that mean Congressmen should be killed?” he added.
• The Congress appears to be in support, with Congress General Secretary KC Venugopal stating, “Our view is clear; ‘Sarva Dharma Samabhava’ is the Congress’ ideology. Every political party has the freedom to tell their views.”
• Congress leader Karti Chidambaram has backed the comments and called Sanatan Dharma a “Caste Hierarchical Society”?
• Karnataka Minister Priyank Kharge doubled down saying “Any religion that does not give equal rights is as good as disease”
• At the same time, Maharashtra Congress chief Nana Patole stated, “The Congress neither comments nor believes in hurting anyone’s religious sentiments.”

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Facebook, Instagram may offer paid, ad-free plans in Europe

In response to tighter EU regulations and privacy concerns, Meta is considering offering an ad-free, paid subscription option for its platforms, Facebook and Instagram, in Europe.

Why this matters: Meta’s core business model involves offering free social media services and monetising the data it collects from its users by enabling targeted ads.?

• Its response to a possible disruption of this model shows that Big Tech companies are still bending to the demands of governments — despite their threats about exiting the UK over its proposed regulations.?

The big picture: The tech giant’s proposed subscription, which is yet to have a confirmed price or release date, aims to address concerns about data privacy and the company’s ad-tracking services, which have led to conflicts with European regulators.

• It had been fined $1.3 billion by the EU for transferring European user data to the US, violating online privacy rules, among several other penalties.?
• Notably, Meta’s concession comes as the EU recently implemented its Digital Services Act to block harmful content from online platforms, and is set to implement the Digital Markets Act, which aims to improve competition among Big Tech platforms, from next year.?

Of note: Meta?has already offered an option to opt out of targeted advertising in the EU, while social media platforms like Twitter have previously introduced paid options for an ad-free experience.?

• Meta has also delayed the release of its new social platform, Threads, in Europe due to similar concerns about regulatory compliance.?

ICYMI

• The Indian government is working on a proposal to restrict imports of IT hardware to “trusted geographies” that would replace its prior import restriction policy.
• ISRO successfully launched Aditya-L1, India’s first solar mission, on Sunday, while Chandrayaan-3’s Vikram lander made a second successful soft landing after a “hop”.
• A death at the Burning Man festival is under investigation while over 70,000 attendees have been stranded due to severe weather conditions.
• The Maratha quota agitation has made a comeback as the community is demanding the reinstatement of reservations for them.
• Apple’s decision to abandon a privacy-preserving iCloud photo-scanning tool for detecting child sexual abuse material has ignited controversy.
• Saudi Aramco is potentially planning a $50 billion stock sale, which would make it the largest in history.
• Apple is set to unveil the iPhone 15 in India in mid-September, almost in tandem with its global launch.