2019 in Snapshots!

Presenting to you, 2019 wrapped up with the 10 most important and hyped news of the year. These incidents affected the world majorly and we just can leave these past in 2019, these incidents will be remembered for a long time, for better or for worse. These shaped 2019 and it's imperative that we look back at them as the year comes to an end. 

By Rattandeep Singh, Hardik Goel, Kashish Singla and Sahil Desai | 10 min Read 

1. Saudi Aramco: The world’s Most profitable Company goes Public

Saudi Arabia’s giant state-owned oil company, Saudi Aramco, last year set the price of its initial public offering at a level raising record $25.6 billion in exchange for only 1.5% of its stock. This happened at a valuation of $1.7 trillion.

Saudi government has claimed that Aramco IPO will help the kingdom break its dependency on oil exports and diversify its economy. Post that, the shares of the company shot up 10% since it's remarkable entry. As per available data, 0.18% of Aramco's shares are held by foreign investors. 

2. Downtrend of Indian Economy

Indian economy has been facing a severe economic slowdown and now the aim to acquire $5 trillion economy seems like a far-fetched dream. The GDP growth rate of the economy in Q2 of 2019-20 was down to 4.5% from 5% in Q1, the lowest in over six years. This is an indication of tougher times ahead. Be it the recent collapse of the automobile sector or the rising number of non-performing assets, sluggish consumer demand or failing manufacturing sector; all have a hand in this deceleration of growth rate.

3. The Kashmir Crisis

Last year the centre scrapped Article 370 of the constitution that grants special status to Jammu and Kashmir. The government also decided to bifurcate the state into two Union Territories – Jammu and Kashmir which will have a legislature, and Ladakh which will be without a legislature. The government had cut off telecommunication, driven out tourists and journalists, stationed approximately 35000 additional troops there and revoked the section of the constitution pertaining to the region’s sovereignty.

4. BJP pushes CAB and NRC

The re-elected BJP government led by PM Narendra Modi pushed the Citizenship amendment bill (CAB) through the parliament . The act aims to provide citizenship to people of from Bangladesh Pakistan and Afghanistan who migrated to India having faced persecution in Their own countries . The  act states that only people from Hindu, Sikh, Parsi, Buddhist, and Christian religion can avail the benefits of the act. Thus it has proposed a nationwide National Register of Citizens which will help differentiate between natural citizens and illegal immigrants and to identify people who will be protected under the act. This move has sparked protests throughout the country with the opposition terming the bill as a violation of the Indian Constitution, guided by Anti Muslim and a Hindu nationalistic rhetoric. Even International organisations like the UN have expressed concerns over the bill affecting India’s secular principles, leading to the marginalisation of the Muslim community. 

5. Six Months of Hong Kong Protests. How Did We Get Here?

HK protests that started in June against plans to allow extradition to mainland China.Critic fears that  this could undermine judicial independence and will will put dissidents in danger .Until 1997, Hong Kong was ruled by Britain but afterwards  returned to China. Under the arrangement "one country, two systems", it has some freedom , and its people have more rights.The bill was withdrawn in September but now demonstrations continue and demand full democracy and an inquiry into police actions.Clashes between police and activists, with police firing bullets and protesters attacking officers.

6. British Lawmakers Approve Boris Johnson's Brexit Bill

Brexit is the UK’s exit from the European Union. It follows a referendum result on 23 June 2016, in which a majority of those who voted opted to leave the European Union.Brexit is the UK’s biggest peacetime government project. It means possible domestic economic reconfiguration, risks creating further social divisions as well as requiring political readjustments on relationships between the executive and parliament. There are also implications on the devolved settlement between the UK as a whole and at least two of the four constituent UK nations.

7. Trump Impeachment enquiry

The Democratic  House of Representatives voted along party lines to impeach US President Donald Trump for obstruction of Congress and abuse of power over his dealings with Ukraine. Donald Trump is only the third US  president to be impeached. No president has ever been removed from office with the impeachment process. The landmark votes on Wednesday set up a likely January trial in the Republican-controlled Senate, where Trump is expected to be acquitted. 

8. Babri Masjid Verdict

The Supreme Court on 9 November 2019 gave judgement on the highly anticipated Babri Masjid verdict which was the outcome was the demolition of the mosque in 1992 which triggered communal riots that engulfed several parts of India, killing more than 2,000 people and changing the country's politics forever. The five judge constitution bench headed by Chief Justice Ranjan Gogoi pronounced that a temple be constructed for Hindus on the 2.8 acre site in Ayodha while Muslims should get an alternative land to build a potential mosque in the city. This decision was received well by both the communities and there were no reports of unrest.

9. TRADE WAR TRUCE

The dispute, that has simmered for nearly eighteen months, has seen the US and China impose tariffs on many billions of dollars worth of each another's product. In China, there's a perception that the US is making an attempt to curb its rise as a global economic power.

What tariffs are imposed? Mr Trump's tariffs policy aims to encourage customers to shop for American products by making foreign product costlier. The US has obligated tariffs on more than $360bn of Chinese product, and China has retaliated with tariffs on more than $110bn of American merchandise. Beijing has hit back with tariffs starting from 5% to 25% on US merchandise. However, inspite of all the differences, both countries have agreed for trade negotiations and a deal is yet to be signed for tariff reduction

10. LOK SABHA ELECTIONS 2019

2019 Lok Sabha Elections saw Narendra Modi getting re-elected for a second term for the post of Prime Minister securing a majority of 300 seats. The main opposition Congress party secured less than 60 seats. The general election was widely viewed as a referendum on the prime minister's Hindu nationalist politics, and therefore the triumph was achieved  despite growing unemployment, fears of a recession and a slump in industrial production. However, the stock market reacted positively to this news and reached new highs

2019 has definitely been very eventful with lots of shocking events that have shaped the conditions of the world economy today. It remains to see what surprises and changes the new year brings for us.