Daily News - Friday, 30 August 2024
Govt working to ensure safe & trustworthy AI: Jitin Prasada (The Indian Express)
The Indian government is actively consulting with stakeholders to ensure artificial intelligence (AI) is implemented safely, responsibly, and without stifling innovation, as it progresses with the Rs 10,000-crore India AI mission. Minister Jitin Prasada highlighted the importance of prioritizing funding for deep-tech AI startups, especially those contributing to societal services while ensuring that commercial startups receive less financial support. As AI continues to transform sectors like healthcare, education, and agriculture, initiatives like the Bhashini project aim to make governance more accessible by expanding language support to all 22 scheduled languages of the constitution.
RIL plans 1:1 bonus issue; to invest ₹75,000 cr in new energy ecosystem (The Indian Express)
Reliance Industries Ltd (RIL) has announced a 1:1 bonus share issue, marking its first since 2017, alongside a commitment to invest up to Rs 75,000 crore in establishing a manufacturing ecosystem for new energy businesses, incorporating advanced technologies like AI and robotics. Chairman Mukesh Ambani outlined plans to double RIL's revenues and EBITDA within the next three to four years, driven by growth in connectivity and energy sectors, with Jamnagar set to become the hub of the company's new energy initiatives by 2025. RIL has also significantly invested in research and development, with over Rs 11,000 crore spent in the last four years, focusing on bio-energy, solar energy, and high-value chemicals, and plans to start producing its own solar photovoltaic modules by the end of this year.
NTPC plans a subsidiary for nuclear energy biz (Financial Express)
NTPC is planning to establish a new subsidiary focused on nuclear energy projects and is about to begin work on the 2.8 GW Mahi Banswara nuclear project in Rajasthan through its joint venture with the Nuclear Power Corporation of India. Additionally, NTPC is exploring nuclear power projects in various states, including Tamil Nadu, Karnataka, and Gujarat, while fast-tracking projects totalling 12 GW by 2029-30. The company aims to achieve a capital expenditure of ₹7 lakh crore by FY32, highlighting its aggressive expansion in the nuclear energy sector.
E-comm export hubs open to big players too (Financial Express)
The Indian government plans to establish E-commerce Export Hubs (ECEH) that will be open to all companies, including major players like Amazon, Flipkart, and DHL, allowing them to manage sourcing, warehousing, and exporting operations. These hubs will facilitate the storage and shipment of fast-moving goods like textiles, handicrafts, and wellness products, with a customs station for inspection and clearance before dispatch. The hubs, to be piloted near airports and ports, will be set up by the industry without financial involvement from the government, with feedback from industry representatives being sought to refine the framework.
Moody’s raises India’s growth estimate to 7.2% (Business Standard)
Moody's has raised India's GDP growth projection for 2023 to 7.2% from 6.8%, driven by a robust recovery and improving rural demand, while projecting 6.6% growth for 2025. The agency highlights India's favourable macroeconomic conditions, with solid growth and moderating inflation, and expects continued momentum in private consumption and infrastructure investment to support the economy. Meanwhile, Fitch affirmed India's sovereign credit rating at 'BBB-', citing a strong medium-term growth outlook and robust external finances, though it noted that coalition politics may limit the government's ability to implement major economic reforms.
