by Editor | Sep 2, 2024 | Business, News, Technology
New Delhi: Developers are driving GDP growth and in the era of artificial intelligence (AI), India is set to surpass the US to become the largest software developer community globally by 2027, according to Thomas Dohmke, CEO of Microsoft-owned software development collaboration platform GitHub.
India is creating the digital public infrastructure (DPI) of the future with the help of millions of talented developers, fuelling economic growth.
At the ‘ET World Leaders Forum’ event in the national capital, he said that software developers are adopting AI faster than any other sector of the global workforce and for India, AI is the opening chapter of a “new book of opportunity”.
According to him, each company must embrace AI and become early adapters to unlock productivity entirely as AI is a solution to the problem.
AI developer productivity benefits could boost global GDP by over $1.5 trillion by 2030. A latest GitHub study revealed that users accept nearly 30 per cent of code suggestions from GitHub Copilot and report increased productivity from these acceptances within the first year in the market.
Using the 30 per cent productivity enhancement, with a projected number of 45 million professional developers in 2030, generative AI developer tools could add productivity gains of an additional 15 million “effective developers” to worldwide capacity by 2030.
by Editor | Sep 2, 2024 | Business, Economy, News
New Delhi: At least 31 homegrown startups raised more than $466 million in 22 deals this week, a significant 75 per cent rise from last week.
Quick e-commerce platform Zepto raised $340 million in a follow-on financing round, taking the company’s valuation to $5 billion. General Catalyst led the round, with Dragon Fund, and Epiq Capital joining as new investors.
Among other key fundraises, specialty coffee retailer Blue Tokai Coffee secured $35 million followed by lending firm Yubi ($30 million), agri-inputs platform AGRIM ($17.3 million) and post-sales service firm Servify ($10 million), among others. Swiggy also raised undisclosed funding this week from Amitabh Bachchan’s Family Office.
Bengaluru-based startups led with eight deals, followed by Mumbai and Delhi-NCR.
According to a latest report by Boston Consulting Group (BCG) and Z47 (fka Matrix Partners India), having generated over $100 billion in value over the last decade, the Indian fintech ecosystem is in its “middle journey”. The ecosystem is poised for further exponential growth, as seen with incumbents that have created over $600 billion in value over the past 3-5 decades.
by Editor | Sep 2, 2024 | Business, Economy, News
Ahmedabad: Retail investors are leading the Indian stock market and at least 2.2 crore of over 10 crore investors on the National Stock Exchange (NSE) are now women.
There are approximately 10 crore registered investors on the NSE and out of that, around 22 per cent are female investors, said Tirthankar Patnaik, chief economist at the NSE.
“Since 2015, the number of female investors in the Indian stock market has increased by 6.8 times. About 69 per cent of investors are below the age of 40 years, so more young people have started investing, he said during an event here organised by the NSE and the Association of National Exchanges Members of India (ANMI).
“Indian households have a share of 35 per cent in total trading. Monthly SIP inflow has crossed the Rs 23,000-crore level, which is significant for markets,” said Patnaik.
The NSE now has more than 10 core unique registered investor base. The total number of client codes (accounts) registered with the leading exchange stands at 19 crore.
According to Sriram Krishnan, Chief Business Development Officer, NSE, following the achievement of the nine-crore mark in late February, it is commendable that the number of investors on-boarded on the exchange has increased by an additional crore within just over five months.
This growth can be attributed to several key factors, including the streamlined Know Your Customer (KYC) process, enhanced financial literacy facilitated by stakeholder-led investor awareness programmes, and enduring positive market sentiment.
The registered investor base hit the one crore mark 14 years after commencement of operations. The investor base has seen more than a three-time jump in the last five years, facilitated by rapid growth in digitisation, rising investor awareness, financial inclusion, and sustained market performance.
by Editor | Sep 2, 2024 | News
Gwalior: The BJP-ruled Madhya Pradesh Government’s regional industry conclave at Gwalior has attracted investments from large industries totalling Rs. 8,000 crores; including Rs 3,500 crore by Adani Group across various sectors, with expected employment generation of 35,000 and over 2,500 MSMEs expressed intent to invest Rs. 5,000 crores.
Madhya Pradesh Chief Minister Dr. Mohan Yadav inaugurated and laid the foundation for 47 new industrial units in the state involving a cost of Rs. 1586 crore at the conclave. This conclave is focused on the theme of heritage, history, and industry. Land allocation letters were handed over to 5 industrial units.
It was announced to open 8 district-level industry facilitation centres in the Gwalior-Chambal region. These centres have started functioning from today in Gwalior, Morena, Bhind, Sheopur, Shivpuri, Datia, Guna, and Ashoknagar. Representatives from Mexico and Zambia also attended the conclave.
Dr. Yadav said that a huge private hospital will be established in Gwalior. He encouraged industrialists to see for themselves state’s unique features and make decisions regarding industrial establishment.
Dr. Yadav emphasized that entrepreneurship development is possible in a favourable environment. He said that Gwalior belongs to land of sages and musicians and has been a major industrial centre. He said that the state government has ensured the payment of dues to the workers of the Hukamchand Mill in Indore. He highlighted that issues related to sick industrial units saying that they should be resolved, and decisions will be taken for similar cases.
CM Dr. Yadav inaugurates 47 new industrial units
Chief Minister Dr. Yadav inaugurated 47 new industrial units, laid their foundations, and completed their inaugurations. These units will create 4,752 jobs, with a total investment of Rs. 1,586 crore. Dr. Yadav discussed the inauguration of these units with local representatives at six locations in the Gwalior-Chambal region and congratulated them.
Meanwhile, Union Minister for Communications and Northeast Region Development, Jyotiraditya Scindia, said that Chief Minister Dr. Yadav has awakened Gwalior to industrial growth. Infrastructure and investment initiatives in the Gwalior region began years ago. The Chief Minister has worked hard to bring the state’s potential onto the national stage. He is the first Chief Minister to initiate a Regional Industry Conclave. Scindia remarked that an investment of Rs. 1.84 lakh crore in just six months is a big achievement.
Scindia also demanded to establish a world-class hospital in Gwalior on vacant land in the city and also for developing it as a “Counter-Magnet City” of the National Capital Region (NCR) as envisioned by his late father and former Union Minister Madhavrao Scindia.
Madhya Pradesh State Assembly Speaker Narendra Singh Tomar said that under the leadership of Prime Minister Narendra Modi, India’s stature has increased over the past decade. A holistic approach to development has been adopted. India is currently the fifth-largest economy in the world, and efforts are underway to become the third-largest.
Minister for Micro, Small, and Medium Enterprises, Chaitanya Kashyap, observed that the conclave would help achieve the goal of industrialization. The youth are being made entrepreneurs in every district. Madhya Pradesh is the state that provides the highest grants to industries.
What Industrialists Said
Karan Adani of the Adani Group said that the conclave in Gwalior will boost economic progress. Under the leadership of Chief Minister Dr. Mohan Yadav, new industries are emerging in various sectors. The Adani Group will start two new industrial units: one in Shivpuri, costing Rs. 2500 crore, focused on the defence sector; and another in Guna, costing Rs. 500 crore, which will be a cement grinding unit. Additionally, a jacket manufacturing unit will be established in Badarwas, which will provide employment opportunities for women. These jackets will be distributed globally.
Vivek Taneja, Vice President of Reliance Group, said that the group is considering investments in the biogas and energy generation sectors. Puneet Dower, MD of Tropo Light, provided details on a proposed investment in the food processing sector. He also noted the prompt resolution of industrialists’ issues and shared insights. Dower announced a planned investment of Rs. 100 crore, which will create around 500 jobs for women.
Principal Secretary for Industrial Policy and Investment Promotion, Raghvendra Kumar Singh informed that Chief Minister Dr. Yadav has conducted 121 meetings across the state. Preparations are underway for the Global Investors Summit to be held in Bhopal on February 7-8, 2025. Investments are coming into the state. The Chief Minister has recently launched 51 industrial units virtually, which will create approximately 8300 jobs.
Principal Secretary for Tourism, Sheoshekhar Shukla informed that the state has 14 UNESCO sites, 3 are in permanent list. Spiritual tourism, water structures like the Narmada River, wildlife sanctuaries, and national parks are major attractions. The state government is committed to developing these sites, with approximately 20 major religious sites also being developed. The tourism sector in Madhya Pradesh saw growth in 2023, positively impacting the economy. Shri Shukla also provided information on concessions and provisions for the tourism industry, including a 30% subsidy for ultra-mega projects over Rs. 100 crore.
Principal Secretary of Mining Sanjay Shukla provided an update on the state of coal, limestone, copper, and other minerals. He noted that annual coal production has increased from 119 million tons to 159 million tons. Madhya Pradesh ranks first in diamond, copper, and manganese production. The Gwalior region also holds potential in the minerals sector. The state produces one-sixth of the total cement production in India and ranks fourth in the country for coal production.
Principal Secretary of Information Technology, Sanjay Dubey said that progress in the IT sector has been 43%. Out of 15 IT parks in the state, 7 are operated by the government. The IT sector supports the development of other sectors as well.
Land Allocation for Industrial Units
Letters of intent were issued for 120 industrial units, with 268 acres of land allocated. This will involve an investment of over Rs. 1,680 crore and provide 6,600 jobs. Under the MSME department, the inauguration and foundation laying of 19 units were completed, involving an investment of over ₹265 crore and creating approximately 1,000 jobs. Dr. Yadav symbolically provided land allocation intent letters to 5 units and also inaugurated the Jai Vilas entrance gate.
by Editor | Sep 2, 2024 | News
paid heartfelt tribute to Late PA Sangma, former Lok Sabha Speaker and Chief Minister of
Meghalaya, during a solemn ceremony marking his 77th birth anniversary today. Late Sangma was
remembered as an exemplary statesman and a beacon of inspiration and was honored with floral
tributes by the entire USTM family.
In this context, Shri Mahbubul Hoque reflected on the enduring influence of Late PA Sangma and
said that he has been an all-time inspiration and great support to USTM since its inception. “His
memory is our guiding light,” Hoque stated, highlighting the upcoming PA Sangma International
Medical College and Hospital, a cutting-edge multi-specialty facility approved by the Meghalaya
Cabinet, as a tribute to Late PA Sangma’s legacy.
Prof GD Sharma, Vice Chancellor of USTM, emphasized the university’s dedication to preserving Late
PA Sangma’s memory, noting, “At USTM, we honor his legacy through the establishment of a Chair
for Tribal Research and by naming a university block after him. These efforts ensure that future
generations will continue to draw inspiration from his life and ideals.”
Dr. Rashna Dass Hazarika, Medical Superintendent of PIMC, echoed these sentiments, praising Late
PA Sangma as a visionary leader and founder of the National People’s Party (NPP), the first national
political party from the North East. “His legacy continues to inspire us, and we remain forever
grateful to him,” she remarked.
