Morning Brief: Pakistan’s Kharif Crop Sowing Hit By Water Shortage; India Inc Logs Double-Digit Profit Growth; Ukrainian Drones Hit Key Russian Airbases In Massive Strike; And More

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Pakistan’s Kharif Crop Sowing Hit By Water Shortage

Pakistan is facing a severe crisis in its ongoing kharif crop sowing season due to critically low water levels in the Mangla and Tarbela dams, compounded by India’s regulation of Chenab river flows following the Pahalgam terror attack. The Indus River System Authority (IRSA) has reported a 21 per cent overall water shortage and nearly 50 per cent reduction in live storage at both dams, which are vital for irrigation in Punjab and Sindh provinces.

India, after suspending the Indus Waters Treaty, has also stopped sharing water flow data and limited releases from the Baglihar and Salal dams on the Chenab. Pakistani Prime Minister Shehbaz Sharif raised these concerns at a recent conference in Tajikistan, warning of worsening agricultural impacts.

India Inc Reports Double-Digit Profit Growth

Corporate India reported double-digit net profit growth for the second consecutive quarter, with March quarter earnings rising 14.1 per cent year-on-year from a sample of 3,241 companies, driven by lower non-operating costs like interest and depreciation, the Economic Times has reported. Revenue growth remained modest at 6.8 per cent, continuing a trend of single-digit growth for the eighth straight quarter, while operating margins saw a slight dip of 20 basis points to 17.5 per cent.

Sectors such as metals, telecom, oil marketing, and healthcare led the gains, while banking and finance dragged overall profit due to margin pressure. Excluding this sector, net profit growth improved to 20 per cent.

Ukrainian Drones Hit Key Russian Airbases In Massive Strike

Ukraine launched a large-scale drone strike on multiple Russian airbases on Sunday (1 June), targeting key strategic assets in the rear of the country. The operation, codenamed “Web,” damaged or destroyed over 40 aircraft—including A-50 radar planes and Tu-95 and Tu-22M3 bombers—causing losses estimated at more than $2 billion.

The attack hit four major airbases, with some reports indicating that the headquarters of Russia’s Northern Fleet, home to its nuclear submarine command, was also struck. Ukraine’s Security Service described the strikes as part of a broader effort to degrade Russia’s most valuable and hard-to-replace aerial capabilities.

Other Developments

Over 2,000 Illegal Bangladeshi Immigrants Pushed Back

Over 2,000 alleged illegal Bangladeshi immigrants have been “pushed back” across the border by India since the launch of Operation Sindoor, The Indian Express has reported. An equal number have reportedly turned up voluntarily near the India-Bangladesh border, fearing detention amid the nationwide crackdown.

The operation is underway in border states like Tripura, Meghalaya, and Assam, with Gujarat accounting for nearly half of the deportations so far. Delhi, Haryana, Maharashtra, Rajasthan, and Assam have also contributed to the roundup. Many of the detained immigrants are being transported by IAF aircraft and handed over to the BSF at makeshift camps before being sent across the border.

Pakistan Seeks Taliban Sanctions Panel Chair With China’s Support

With India expanding its outreach to the Taliban, Rawalpindi finds its traditional influence in Kabul under threat. By leading the committee that governs sanctions on the Taliban, Pakistan hopes to position itself as a key interlocutor in Afghanistan’s future, potentially advocating for easing restrictions on certain Taliban figures aligned with its interests.

GST Collections Cross Rs 2 Lakh Crore For Second Straight Month

India’s Goods and Services Tax (GST) collections surpassed Rs 2 lakh crore for the second consecutive month in May, reaching Rs 2.01 lakh crore, marking only the third time this milestone has been crossed. The May collections, reflecting April’s consumption and services, showed a 16 per cent year-on-year increase compared to May last year.

Although May’s collections were about 15 per cent lower than April’s record high, they remained robust amid strong economic activity. Import-related GST drove the growth, rising over 25 per cent, while domestic GST grew around 14 per cent. Additionally, E-Way Bill generation in April hit a second all-time high of 11.93 crore, up 23 per cent year-on-year, supporting the positive GST trend.

From The States

Seat-Sharing Tussle Looms Large For NDA In Bihar

The Bihar Assembly polls seat-sharing may be complicated for the NDA as LJP (Ram Vilas), led by Chirag Paswan, plans to claim at least 38 seats where it performed strongly in 2020. In that election, the LJP, contesting alone after exiting the NDA, outpolled JD(U) in 32 of those seats and surpassed the vote margin by which JD(U) lost in 26 of them. LJP also outperformed other NDA allies, including the Vikassheel Insaan Party (VIP), in some seats.

In 2020, BJP contested 110 seats and won 74, JD(U) fought 115 and won 43, VIP contested 13 with 4 wins, and HAM(S) won 4 out of 7 seats. The LJP is now leveraging this past performance to negotiate a stronger seat share within the NDA.

NCP Leaders Hold Closed-Door Meet Amid Merger Speculation

Sharad Pawar and Maharashtra Deputy CM Ajit Pawar met again at Pune’s Sakhar Sankul for a closed-door discussion along with NCP state chief Jayant Patil. Both leaders declined to comment on talks about merging their factions, leaving speculation alive.

Sharad Pawar recently stated that his daughter, MP Supriya Sule, will consult party MLAs and MPs before any decision. However, Sule dismissed merger rumours, saying Ajit Pawar has clarified there is no proposal, and she echoed the same stance.

Controversy Erupts Over KSEA Documentary on Pinarayi Vijayan

A controversy has erupted after the Kerala Secretariat Employees Association (KSEA), backed by the CPI(M), released a documentary titled “Pinarayi the Legend” celebrating Chief Minister Pinarayi Vijayan. The film was launched in Thiruvananthapuram on 28 May by Tamil actor-politician Kamal Haasan, marking four years of the LDF government’s second term.

Opposition parties and critics have accused the CPI(M) of promoting a “personality cult” around Vijayan, contradicting the party’s traditional stance against hero worship. The release comes months after KSEA produced a ballad comparing Vijayan to a phoenix and military general, performed by 100 women.

You’re all caught up—until next time.