?????D.O.G.E |??????Hold the bulldozer, says SC

Market Watch

??At the close, the Sensex had shed 984 points, or 1.3 percent, settling at 77,690, while the Nifty declined 324 points, or 1.4 percent, to 23,559. About 628 shares advanced, 3,180 shares declined, and 92 shares remained unchanged.

??Among the Nifty 50's biggest laggards were Tata Steel, Eicher Motors, M&M, Hindalco, and Hero MotoCorp, each down 3-4 percent.

??All 13 major sectoral indices closed in the red, led by sharp declines in the auto, banking, metal, PSU bank, media, and realty sectors, which were down 2-3 percent.

ICYMI

• ????Chennai doctor stabbed by assailants posing as patients.
• ????What is Centre's newly approved 'Menstrual Hygiene Policy for School Girls?
• ????Splinter groups of the Bangladeshi terror outfit JMB are reportedly active in India, raising security concerns.
• ??♀???Ministry of Home Affairs has approved the establishment of the first all-women battalion in the CISF.
• ???Phase 1 of Assembly elections in Jharkhand and Wayanad by-elections in which Priyanka Gandhi made her electoral debut took place today.
• ????Unlike previous generations, millennials face a midlife crisis characterized by purpose rather than material indulgence.
• ????Swiggy IPO has made 70 of its employees millionaires after ESOP payouts,
• ??Apple targets 32% of iPhone’s global production from India.
• ????Russia bans "western liberal propaganda" of choosing not to have children.
• ????Update on yesterday's newsletter story: The Karnataka Government has issued a clarification on the circular which claimed that it was aiming for 4% Muslim reservation in public works tenders.

???What is D.O.G.E?

The Department of Government Efficiency (DOGE) is a newly established initiative announced by President-elect Donald Trump, aimed at reforming the federal government. Elon Musk, CEO of Tesla and SpaceX, and Vivek Ramaswamy, a biotech entrepreneur and former Republican presidential candidate, have been appointed to lead this department.

• While DOGE is not a formal government agency requiring congressional approval, it will operate in collaboration with the White House and the Office of Management and Budget. The initiative is designed to bring an entrepreneurial approach to governance, leveraging private-sector practices for public service improvement.
• Musk has suggested that significant savings—potentially exceeding $2 trillion—could be identified through a comprehensive review of federal operations.
• "There are around 428 federal agencies. There's so many that people have never even heard of. I think we should be able to get away with 99 agencies," Musk said in his interview with Tucker Carlson.
• Trump linked this initiative to “The Manhattan Project,” and he plant to conclude the work by July 4, 2026.

The primary goals of DOGE: Streamlining government processes to reduce inefficiencies.

• Eliminating excessive regulations that hinder operational efficiency.
• Identifying wasteful expenditures within the federal budget, which totals approximately $6.5 trillion annually.
• Overhauling various federal departments to enhance their effectiveness.
• Both Musk and Ramaswamy have expressed enthusiasm for reducing government inefficiency and waste.

The criticism: Critics have raised concerns about potential conflicts of interest due to Elon Musk's extensive business dealings with the federal government. Musk's companies, including Tesla and SpaceX, hold billions in federal contracts, leading to fears that his role in DOGE could result in preferential treatment for his businesses.

• Senator Elizabeth Warren sarcastically noted that having Musk and Ramaswamy lead a government efficiency department seemed inefficient, suggesting that their dual leadership might be counterproductive.

• Critics have pointed out that DOGE is not the first attempt at government efficiency reform; past initiatives, such as President Ronald Reagan's Grace Commission, have had mixed results.
• The historical precedent raises doubts about whether DOGE will be able to deliver meaningful change or if it will become another failed effort at bureaucratic reform

Similar move was adopted in Argentina and Javier Milei's administration achieved a budget surplus for the first time since 2008, primarily by slashing public spending. This included eliminating 70,000 public sector jobs and slashed 24 government ministries including ministry of health, women and several others.

• Monthly inflation rates have reportedly decreased from around 25% in December 2023 to approximately 3.5% by September 2024 in the country. Below is the video of him literally slashing the ‘useless‘ ministries

Pic du jour

The Indian stock markets, represented by Sensex and Nifty 50, have witnessed a decline for the fifth consecutive session due to multiple global and domestic factors.

????Hold the bulldozer, says Supreme Court

The Supreme Court of India has recently issued significant guidelines regarding the demolition of unauthorized constructions, commonly referred to as "bulldozer actions."

• This decision comes in response to rising concerns about arbitrary demolitions, often conducted without due process, particularly targeting properties associated with individuals accused of crimes.

The guidelines: The court mandates that a show cause notice must be issued at least 15 days prior to any demolition action. This notice must detail the nature of the unauthorized construction, specific violations, grounds for demolition, and set a date for a personal hearing.

• During the hearing, property owners have the right to present their case, and the authority is responsible for documenting the proceedings. Following the hearing, a final order must be issued, explaining the findings and rationale behind any demolition decision.
• To maintain transparency, the entire demolition process must be recorded on video, capturing the participation of both police and civil personnel involved.
• Additionally, notices must be displayed publicly on the property, and a digital tracking portal should be set up for all demolition-related actions and outcomes.
• A comprehensive report, accessible to the public, is also required to document each demolition’s context and compliance.

For those who bypass the guidelines: Any official bypassing these protocols risks legal consequences, including potential personal liability for restitution if due process is not followed.

• This ruling is seen as a response to curb "bulldozer justice"—a term describing punitive demolitions that occur as retribution against alleged criminals, often without legal procedures or considerations for those impacted, including vulnerable groups like women, children, and the elderly.
• The guidelines aim to ensure due process and protect citizens' rights by providing a clear process for legal recourse.
• Although the ruling may increase administrative responsibilities for local authorities, it establishes a system of accountability that civil rights advocates celebrate as a safeguard against the misuse of power.

What’s happening | Coldplay Ahmedabad time!

• Coldplay has announced a new concert date in Ahmedabad as part of their tour, generating excitement among Indian fans.
• Coldplay will perform at the Narendra Modi Stadium in Ahmedabad on January 25, 2025.
• Tickets will be available for purchase starting November 16, 2024, at 12 PM IST via BookMyShow.

Hi, I’m Aniket Mishra, the editor of this newsletter. I’d love to hear some feedback on the newsletter. WhatsApp me directly and tell me what you think.