Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, August 29, 2024. My name is Nelson John. Let's get started.

India’s benchmark index Nifty 50 hit a new high on Wednesday, marking 10th straight day of gains. It ended the day 0.14 per cent above its previous close. BSE’s Sensex too edged into the green, surging 0.9 per cent.

The Reserve Bank of India is gearing up to launch the Unified Lending Interface (ULI) nationwide, aiming to revolutionize the lending process much like the Unified Payments Interface, or UPI, transformed payments. So, what exactly is ULI? Mint’s banking editor Gopika Gopakumar explains. It's a digital hub that helps fast-track loan approvals by pulling together digital info like land records from various sources right to the lenders' fingertips. This could seriously cut down the time it takes to get a loan, especially for sectors craving credit like agriculture and small businesses. 

The Competition Commission of India has greenlit the merger of Disney Star and Reliance's Viacom18, setting the stage for a colossal shake-up in India's media landscape, creating an $8.5-billion behemoth. This merger, bringing under one roof entities like Reliance Industries, Viacom18 Media, and Star India, is set for completion following voluntary modifications agreed by the parties, reports Gaurav Laghate. The combined entity, to be primarily owned by Reliance and its affiliates, marks a significant consolidation in the media and entertainment sector. Post-merger, the landscape will see Disney Star and Viacom18 merging their considerable media assets, ranging from television channels to OTT platforms, potentially reaching over 750 million viewers. This move is poised to streamline operations and enhance content delivery but could lead to significant job redundancies, affecting around 1,000 employees. The integration process is expected to kick off by October.

India's renewable energy scene is buzzing, but it's hitting a snag with regulatory grey areas, especially around Virtual Power Purchase Agreements. These aren't your typical energy deals; they let energy be sold at fixed prices on an exchange, not directly through the grid. This setup skirts around the traditional system and should be a game-changer, right? Well, there's a catch. The problem lies with the Securities Contracts (Regulation) Rules, which have made companies cautious of stepping into potential legal grey areas with these contracts, Nehal Chaliawal reports. Though the Supreme Court has clarified that physical electricity delivery falls under the Central Electricity Regulatory Commission, the industry is still treading carefully. 

Indians might lose over three years of life expectancy due to air pollution, reveals the University of Chicago's Air Quality Life Index report. Despite a 19.3% reduction in particulate levels from 2021 to 2022, persistent pollution levels still pose a severe health risk. Northern India is particularly affected, where residents could lose up to 5.4 years of life expectancy despite recent improvements, Mint’s Puja Das reports. Other heavily impacted areas include Maharashtra, Madhya Pradesh and Rajasthan, where residents could lose about 2.9 years on average. The report also noted a significant 18% decrease in air pollution across South Asia in 2022, influenced by factors like the La Niña-induced above-normal monsoon, which enhanced the effects of modest emission reductions from residential and transport sectors.

An ISRO-made space station may soon be orbiting the earth. India is gearing up to launch its own space station, the Bharatiya Antariksha Station (BAS), by 2028 with operational goals set for 2035. This development comes as the International Space Station is expected to be decommissioned by the end of 2030. The BAS, entirely engineered domestically, aims to become a new hub for global research collaborations, especially as the West seeks alternatives post-ISS. The final engineering and cost plans are awaiting cabinet approval, with ISRO confirming progress in recent statements. The BAS will stand alongside China's Tiangong Space Station as one of the only nation-operated space stations globally, reports Mint’s Shouvik Das. However, the emergence of private space stations could pose competition, potentially limiting BAS's global impact. Despite these challenges, India's space station is seen as an opportunity to leverage geopolitical advantages and foster collaborations. 

Show notes: 

Mint Primer | Will ULI change the lending landscape?

Competition watchdog CCI approves Disney, RIL-owned Viacom18’s $8.5-bn merger

India's renewable energy boom stunted by regulatory ambiguity over sales accords

Indians risk losing 3.4 years of life expectancy due to persistent air pollution, says report

India puts space station on priority eyeing geopolitical gains

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