The week in charts: Climate maths, rising inflation, crypto price

Every Friday, Plain Facts publishes a compilation of data-based insights with easy-to-read charts to help you delve deeper into the stories reported by Mint in the week gone by. The 29th UN Climate Change Conference-COP29 began earlier this week in Azerbaijan, focusing on global warming and other critical environmental issues. Meanwhile, India's retail inflation surpassed the upper limit of the central bank’s aim in October.

Climate funding

The COP29 began this week in Azerbaijan, focusing on securing financial support for developing countries grappling with climate damage. A key agenda is updating the $100 billion annual commitment made in 2015 by developed nations. The new “collective quantified goal” (NCQG), due by 2025, will better align with the needs of developing nations, Mint reported. The UN’s Adaptation Gap Report shows international public adaptation finance grew from $22 billion in 2021 to $28 billion in 2022, but the need is 18 times higher, and even if funding hits $40 billion by 2025, it would only cover 5% of the need.

Pinching prices

At 6.21%, retail inflation in October breached the upper limit of the Reserve Bank of India’s (RBI's) target for the first time since August 2023. Food inflation spiked to 10.87%, up from 9.24% in September, with vegetable prices climbing 42.18%, the highest in nearly five years. Edible oils also saw a significant price increase, partly due to higher import duties. With October inflation surging, the RBI’s forecast of 4.8% for October-December will likely be breached unless inflation averages just 4.1% in November and December.

Energy boost

$10 billion: This is the value of investments the Adani Group plans to make in energy and infrastructure projects in the US, the company's founder and chairman, Gautam Adani, announced in a social media post. Adani emphasized the group's goal to strengthen US-India ties by investing in American energy security and infrastructure while also creating up to 15,000 jobs. The Adani Group has businesses in Indonesia, Sri Lanka, and Australia, among other nations, mainly in the mining, power, and ports sectors.

Currency strain

The Indian rupee has continuously weakened this week, mainly due to a stronger US dollar and continued outflows from the stock markets. The rupee weakened to 84.39 per dollar on 13 November from 84.08 at the beginning of the month. According to Reuters, the decline in the rupee may have been due to foreign investors selling nearly $3 billion in November so far, adding to over $10 billion in outflows seen in October. Despite this, the central bank's regular interventions have kept the rupee's decline steady and avoided sharp volatility.

Tech shake-up

Nvidia Corp., the world’s leading AI chipmaker, recently replaced Intel Corp., renowned for its computer processors, in the 30-stock Dow Jones Industrial Average. Nvidia's market value soared from $81 billion in 2018 to $3.6 trillion, surpassing Apple, Microsoft, and Google. In contrast, Intel’s market value dropped from $212 billion to $113 billion. The shift reflects the profound changes in the tech sector over the past few years, with AI taking centre stage and reshaping the fortunes of leading companies, showed an analysis by howindialives.com.

Crypto craze

$90,000: This is the level Bitcoin crossed on Wednesday amid rising expectations that US President-elect Donald Trump would fuel growth in cryptocurrencies. Before the election, it hovered around $68,000, and it has marked an over 30% rise since then. The rally is fueled by stock market optimism about Trump’s victory in the election and his campaign promises to make the US the crypto capital and create a national Bitcoin stockpile. This is contrary to the crackdown stance taken by the US Securities and Exchange Commission under former president Joe Biden.

FDI trends

Foreign portfolio investors (FPIs) were net sellers of Indian equities in October, raising concerns about the end of India’s stock market rally. While FPIs are volatile in nature, foreign direct investment (FDI), a more stable form of investment, is also facing challenges. Five of the six leading sectors saw lower FDI in FY24, an analysis by howindialives.com showed. FDI inflows into the manufacturing sector marked a decline in 2023-24 from the previous two years. Similar trends can be seen in computer services, communication services and retail and wholesale trade.

Chart of the week: Patent boom

India has secured a place among the top 10 countries globally for patent, trademark, and industrial design applications, according to the World Intellectual Property Organization (WIPO) 2024 report. With 64,480 patent filings, India now ranks sixth worldwide, and Indian filings accounted for more than half of the global total for the first time.

Follow our data stories on the “In Charts” and “Plain Facts” pages on the Mint website.