India’s central bank, the Reserve Bank of India (RBI), is anticipated to keep the repo rate steady at 6.5% during its upcoming meeting on Wednesday, marking the tenth consecutive session without a change. According to a Reuters poll, over 80% of the 76 economists surveyed forecast no adjustments to the rate, which has been maintained since February 2023.

While a small group of economists predicts a 25 basis-point cut, one even expects a reduction to 6.15%. Notably, Nomura economists suggest a 55% likelihood of a rate cut in October, though they caution that the decision may be close.

Market analysts believe that the recent 50-basis-point cut by the U.S. Federal Reserve may influence the RBI to consider cutting rates sooner than anticipated, with many now expecting a cut in December rather than early 2025 as previously thought.

Aditi Nayar, Chief Economist at ICRA, noted, “Considering the Q1 GDP growth falling short of the Monetary Policy Committee’s forecast and the anticipated significant drop in Q2 CPI inflation, a shift to a neutral stance could be warranted in the October 2024 policy review.”

India’s economic growth slowed to 6.7% in the April-June quarter compared to the previous year, attributed to decreased government spending during national elections. However, India remains the fastest-growing major economy globally.

Recent high-frequency indicators show a decline in manufacturing PMI, which fell to an eight-month low in September, while services PMI dropped to a ten-month low.

Annual retail inflation has stayed below the RBI’s target of 4% for two consecutive months, registering at 3.65% in August, slightly up from July’s revised 3.60% and above the forecast of 3.5%.

Despite a recent decline, a Reuters poll predicts inflation will rise again, averaging 4.5% for this fiscal year and 4.3% next year. Bank of America expects the RBI to have room to cut rates in the upcoming months due to slowing growth and decreasing inflation, projecting a total reduction of 100 basis points in the repo rate by December 2025, with the first cut likely occurring in December 2024.

Economists at Yes Bank remarked that the forthcoming policy meeting is expected to be intriguing, especially as markets will hear from new external members. They noted that discussions in India have shifted towards concerns about a potential slowdown and limited inflation risks.

The RBI revises its monetary policy committee every four years, which could impact voting patterns. Of the two outgoing panel members who voted to cut rates in recent meetings, economists suggest that at least one of the newly appointed members may dissent and advocate for a rate cut.

On Saturday, India granted approval for the resumption of non-basmati white rice exports, as the country’s inventories swell and farmers prepare for an upcoming harvest. This move is anticipated to bolster global rice supplies and potentially lower international prices, compelling major rice exporters like Pakistan, Thailand, and Vietnam to adjust their rates, according to traders.

The Indian government has established a minimum export price of $490 per metric ton for non-basmati white rice, following a decision to eliminate the export tax on white rice entirely. This decision comes shortly after the government relaxed export restrictions on premium, aromatic basmati and parboiled rice. Additionally, the export duty on parboiled rice was reduced from 20% to 10% as of Friday.

Earlier this month, authorities removed the floor price on basmati rice exports, addressing concerns from farmers who struggled to access profitable markets in Europe, the Middle East, and the United States.

Last year, India had imposed various export restrictions due to fears of poor monsoon rains influenced by the El Nino weather pattern, extending those curbs into 2024 to stabilize local prices ahead of the national elections set for April to June. However, following the 2023 export ban, local supplies increased, resulting in a significant stockpile at government warehouses. As of September 1, rice stocks at the state-run Food Corporation of India reached 32.3 million metric tons, marking a 38.6% increase compared to the previous year, which has allowed the government to relax rice export restrictions.

With favorable monsoon conditions, farmers have planted rice across 41.35 million hectares (approximately 102.18 million acres), an increase from 40.45 million hectares (99.95 million acres) the previous year and above the five-year average of 40.1 million hectares (99.09 million acres). The decision to resume exports of non-basmati rice is expected to enhance farm incomes and help India reclaim its position in the global rice market, according to Rajesh Paharia Jain, a trader based in New Delhi.

Despite the 10% export tax on parboiled rice and the established floor price, B.V. Krishna Rao, president of the Rice Exporters’ Association, believes Indian white rice will remain competitive in the international market.

Pranav Arora, an Indian-origin serial entrepreneur, secures a spot on USA Today’s Top 10 Emerging Entrepreneurs for 2023. The list recognizes individuals making a mark with innovative approaches and notable business achievements. Arora, currently CEO of JMTD Holdings, a private equity firm, leverages his upbringing in an entrepreneurial environment to assist early-stage businesses in funding strategies and client base expansion.

Leading JMTD Holdings, Arora strategically invests in over 20 startups across medical, ecommerce, and fintech sectors. He actively supports portfolio companies, aiding founders in refining business models and securing funding rounds. Many startups advised by Arora have achieved success with substantial Series B and C funding from top-tier venture capital firms.

USA Today commends Arora for his vision, passion, and leadership skills, acknowledging his extraordinary success at a young age. Apart from his roles at JMTD Holdings and Just Funky, Arora is involved in ventures like Stunned Mind, Deciph-AR, NFT Merch, ILG Property Investors, and PSSR Holdings, showcasing his diverse business engagement. Beyond entrepreneurship, Arora is a philanthropist, holding leadership roles in The Arora Foundation and The Just Funky Foundation, dedicated to advancing education in underprivileged communities.

The Stevie Awards, recognizing outstanding women entrepreneurs, executives, and employees globally, received over 1,600 nominations across 100 categories this year. Varshney, honored as one of the seven finalists for the “Most Innovative Woman of the Year – Healthcare” award, has been commended for her leadership in leveraging artificial intelligence and machine learning to enhance the value of drug candidate intellectual property in the early stages of development.

Originally hailing from India, Varshney moved to the United States in 2010 to delve into studies in comparative oncology, genomics, and bioinformatics. Her journey commenced by addressing the challenges of transitioning drug candidates from the laboratory to clinical trials. Winning a hackathon with her innovative concept, she established VeriSIM Life, a company at the forefront of AI-enabled drug development.

Expressing her gratitude, Varshney remarked, “I am honored to receive the 2023 Gold Stevie Award alongside influential women in the global healthcare field. This accolade reflects the dedication of every woman contributing to innovation in the healthcare industry.”

VeriSIM Life CEO wins Gold Stevie Award.

Jo Varshney recognized for AI in drug development.

Innovative use of AI in healthcare acknowledged.

Pioneering contributions in healthcare honored.

The tournament will commence on October 5 in Ahmedabad, with the final match scheduled for November 19 in the same city. The semi-finals will be held on November 15 and 16 in Mumbai and Kolkata, respectively.

Over a span of 46 days, the tournament will include 45 league matches and three knockout matches, played across ten venues in India, namely Ahmedabad, Bengaluru, Chennai, Delhi, Dharamsala, Hyderabad, Kolkata, Lucknow, Mumbai, and Pune.

Reserve days will be available for all matches from the semi-finals onward. Six matches will be day matches starting at 10.30 am, while the remaining fixtures will be day-night encounters commencing at 2 pm Indian time.

In case India qualifies for the semi-finals, the match will be held in Mumbai, except if they face arch-rivals Pakistan, in which case the game will take place in Kolkata.

The league phase will follow the format used in the 2019 World Cup, with ten teams playing each other once. The top four teams will then proceed to the semi-finals.

India secured their spot in the tournament as the host nation, while the other participating teams, including Afghanistan, Australia, England, Bangladesh, New Zealand, Pakistan, and South Africa, earned their places through their performances in the 2020-2023 World Cup Super League.

The remaining two teams will be determined through the ongoing World Cup qualifiers in Zimbabwe, featuring Sri Lanka, West Indies, Ireland, Nepal, Netherlands, Oman, Scotland, UAE, USA, and Zimbabwe.

Before the official start of the tournament, teams will play warm-up matches scheduled in Hyderabad, Thiruvananthapuram, and Guwahati between September 29 and October 3.

India, considered one of the favorites, will play their first match against Australia on October 8 in Chennai. Subsequent matches will be against Afghanistan in Delhi on October 11, Pakistan in Ahmedabad on October 15, Bangladesh in Pune on October 19, New Zealand in Dharamsala on October 22, England in Lucknow on October 29, a qualifier in Mumbai on November 2, South Africa in Kolkata on November 5, and another qualifier in Bengaluru on November 11, which marks the penultimate day of the league phase.

Throughout the league stage, India will play at nine of the ten venues, making them the team with the most travel in the tournament. Warm-up games are scheduled against England in Guwahati on September 30 and a qualifier in Thiruvananthapuram on October 3.

This month is National Mental Health Awareness Month, which is dedicated to celebrating the importance of mental health and wellness of members in our society, an awareness that has been acknowledged in the United States since 1949. Mental Health Awareness Month not only focuses on commemorating those in recovery from mental illnesses, but it also raises awareness of possible traumas and the effects of them on the physical and mental well-being of the members of our community.

Mental Health Awareness in South Asians

Being one of the fastest growing ethnic groups in America, amongst the Asian American communities, our South Asian community is also one of the largest. Our community consists of a variety of different languages, religions, and cultures that make for an incredibly rich and multifaceted population.

Growing up Indian, one is able to see how we are an integrative country with deep cultural roots tying back to ancient times. Historically, India has made an immense number of contributions to society and is actively still doing so. Albert Einstein once said, “We owe a lot to the Indians, who taught us how to count, without which no worthwhile scientific discovery could have been made.” Ancient India has helped lay the foundation for modern day science and technology with many groundbreaking contributions.

South Asian communities are under-educated about mental health and mental illnessesOne would think that a country filled with such brilliant individuals would be able to recognize the significance of a variety of important topics. While this could be true, there seems to be a lack of initiative to raise awareness to one of the most essential topics, related to our health, to which our collective attention should be drawn. This is something that we must protect and something that affects us at every stage of our life. What is that? The importance of taking care of our mental health and recognizing mental health disorders.

In comparison to other groups, South Asian communities are under-educated about mental health and mental illnesses, as well as preventive care and treatments for both. Instead of being able to receive help for mental health related issues, our communities are disregarding and diminishing its importance because of the stigma. South Asians view mental health disorders as taboo and oftentimes believe that seeking help for them is a sign of weakness.

Make your Mental Health a PriorityOver the years, friends and I have seen harsh judgements being passed about things that have completely been out of an individual’s control. Members of our Indian community have said things like “Oh, that man has been so lazy his whole life,” “Why does she cry so much? She is so weak,” or “She is crazy. One minute she is excited and happy and the next she is sad? There is no explanation other than she must be pagal.” All of these comments filled with judgement have actually happened in real life and guess what? After many years that “lazy man” was diagnosed with major depressive disorder. The girl who cried so much, well, she experiences a lot of anxiety on a daily basis. The woman who was called “crazy” and “pagal,” she ends up being diagnosed with bipolar disorder. In some cases, these realizations were followed by comments like “See, therapy is for crazy people,” and “Sick people go to therapy.” Not only does calling someone “crazy” perpetuate a stigma, the statements are inaccurate, and they dissuade individuals from treatment. Since poor mental health does not always equal mental illness, these comments can discourage others, who aren’t diagnosed with a mental illness but are trying to take care of their mental health, from seeking help as well.

The thought of “Log kya kahenge?”The intolerant way in which many of us have been thinking has proved to become a major obstacle for those in need of our compassion and support. Partaking, or even seeing, these false judgements being made, strengthen the stigma we face. The thought of “Log kya kahenge?” (What will people think?) constantly runs through our minds. Many South Asian households attempt to either disregard or hide problems related to mental health for fear of judgement from family and community members.

The way in which our society labels and then shames individuals with mental illnesses is appalling to say the least. Individuals who need help regarding a mental illness or taking care of their mental health face an overwhelming amount of judgement that creates a massive roadblock for them to get the critical treatment they need. If you don’t think you need to take care of your mental health, why are you preventing others from receiving the help? Why are we being so critical? What good is it to judge someone for something they have no control over? It’s not to say that all of us agree with these negative views or fall into this way of thinking. It’s important to identify that there are some who thoroughly understand and are taking action and there are some who understand at a grassroots level. Unfortunately, this is not enough.

According to the American Psychological Association, based on national suicide rates from 2007, the second leading cause of death in Asian Americans ranging from 15-34 years of age, is suicide. A study supported by the National Asian Women’s Health Organization (NAWHO) reported that due to culture, Asian American women do not speak up even after they have seen depression amongst members in their family. From 2008 to 2018, the rate of mental illnesses nearly doubled in the Asian Americans and Pacific Islanders community (AAPI).

In spite of these startling facts, many of us still focus on what others may think and, therefore, shame mental illnesses and the idea of seeking help from a professional. One would go to a cardiologist for a heart problem, a dentist for teeth related issues, and a physical therapist to help reduce pain and improve mobility after an injury. We even go to a mechanic for maintenance and preventive care for our cars. Why not preventive care for ourselves? Why not a mental health professional for mental health related issues? Our mental health has an impact on how we think, behave, feel, handle stress, and connect with others. If one consistently neglects it, this could lead to other health complications such as high blood pressure, obesity, heart disease, and an overall weakened immune system. For this reason, it is vital for us to protect our mental health as it has the potential to negatively influence major areas in our lives if not properly cared for. Our mental and physical health are both instrumental parts of our wellbeing and should be treated with equal importance.

BalanceIt is remarkable and alarming to see the silence surrounding such an imperative topic in our Indian community. There are also numerous studies regarding mental health issues in South Asian immigrants that have found that we experience higher rates of mental health related issues than other demographics. It is likely that immigrants may be predisposed to experiencing psychological distress due to various factors related to immigration and their need to assimilate into a drastically different culture while combating the stress of providing for their families. According to the National Alliance on Mental Illness (NAMI), children born in the United States to immigrant parents have even higher rates of mental illness than their parents. The generational gap and integration of two disparate cultures may pose as a barrier for communication between immigrants and their children.

Indians, along with most other South Asian groups, are typically known to prioritize the needs of their family over their own. We pride ourselves on having close-knit familial relationships, which is unarguably admirable and extremely important. At the same time, we need to make sure that we are open to understanding and communicating how each individual feels. Emotions must be discussed. What if your child has been experiencing stress? What if they are suffering?

South Asian children who are born and raised in America are raised in a conservative, collectivist culture at home while they are simultaneously exposed to an individualistic culture in other areas of life. The integration of two cultures, the generational gap and a lack of communication with parents creates a lot of opportunity for confusion and can lead to struggles with developmental issues. This is a pressing, yet an all too common, issue for American-born South Asian children. These children may be experiencing guilt or stress due to wanting to move towards a more western way of life while still upholding the traditional aspects that are expected from their families.

Resources

A common misconception is that individuals think that they have to have a mental illness in order to get help. We should not view seeing a professional as shameful, but rather as an admirable act as it is about taking care of yourself and being healthy. These processes are not about admitting defeat, but about learning and growing. We just need to focus on opening our minds to seeing the idea of therapy and counseling as something for our growth and development.

When finding a mental health professional, it is imperative to understand that it is normal to see multiple professionals until you have found the one that you are most comfortable with. Please, don’t be discouraged if it does not work out with the first professional you see. There are different types of professionals (psychiatrists, counselors, therapists) and correspondingly, there are also different types of therapy (cognitive behavioral therapy, emotionally focused therapy, etc). It is strongly encouraged that you conduct some research to find the professional who is an expert for your particular issue. As South Asians, we may benefit from seeing a South Asian therapist or counselor or we can see someone who has experience working with multicultural backgrounds so that they are better equipped to understand our needs.

Our world is rapidly evolving and is accompanied by the substantial growth in the number of technological advances we have made. If you are struggling with a mental health illness and cannot afford or don’t have access to receiving psychotherapy or psychological counseling-although strongly recommended – please don’t lose hope. In this case, it is evident that the technological advances in our society have reaped many benefits. There is a plethora of resources that we have access to anytime, anywhere, and in most cases, at no cost to you. The internet is filled with different advantageous tools of which we just need to be aware.

How to find these? Honestly, it’s as simple as searching “online emotional support” or “online mental health support.” The good news is there are a wide range of websites, many of which have substantial resources and information that are available to users for FREE.

There are confidential and informative helplines such as the National Suicide Prevention Lifeline, Crisis Text Line, and Substance Abuse and Mental Health Services Administration’s (SAMHSA’s) National Helpline that offer resources regarding mental health and substance use disorder, in addition to a referral service.

There are non-profit organizations that have recently been created in order to advocate for mental health awareness or provide additional resources catering to our South Asian community. SASMHA (South Asian Sexual and Mental Health Alliance), SAMHIN (South Asian Mental Health Initiative and Network) and Dil to Dil are a couple that have been brought to attention. Again, all of these organizations are just a few search words away making them easily accessible.

What should we do?

As South Asians, we are proud to be a part of a close-knit community. Let’s continue to uphold that unity and use it to uplift one another in matters related to mental health. Let us move forward with a will to be open minded. Let us be willing to change, educate one another, and fight to break the barrier for South Asians and the stigma associated with mental health.