India Financial News

NEW DELHI : The Union cabinet has approved a ₹10,372-crore India AI Mission that will provide funding for deep-tech AI startups as well as seek to develop an open-source database that can be used to train artificial intelligence models and other applications. The mission will also provide a framework for developing graphic processing units (GPUs) under public-private partnerships as well as multi-model, domain-specific large language models that power generative AI platforms.

Congress chief Mallikarjun Kharge and Congress Parliamentary Party chairperson Sonia Gandhi at the party headquarters in Delhi. Sources told news agency ANI that the states such as Chhattisgarh, Delhi, Karnataka, Telangana, Kerala, Lakshadweep, Meghalaya, Tripura, Sikkim, and Manipur will be put for discussion during the meeting. "Discussion can likely take place on a total of 60 seats among these states," they were quoted as saying.

Shehbaz Sharif on Thursday thanked his Indian counterpart Narendra Modi for felicitations on his re-election to the top political position in the country. Taking to microblogging platform X (formerly known as Twitter) the Pakistan prime minister said," "Thank you @narendramodi for felicitations on my election as the Prime Minister of Pakistan." Earlier on Tuesday, Prime Minister Modi congratulated Shehbaz on taking oath as the 24th prime minister of Pakistan. "Congratulations to @CMShehbaz on being sworn in as the Prime Minister of Pakistan," Modi posted on X.

₹528.97 crore for the next two financial years (to FY26), a senior government official said. The scheme is aimed at supporting the development of improved varieties of tea to increase production and quality. India is the largest producer of black tea and the third-largest tea exporter, but exports dipped by more than 4% to $673 million during April-January this fiscal.

MUMBAI : Mumbai: Gaming firm Nazara Technologies seeks to acquire Smaaash Entertainment Pvt. Ltd through the insolvency and bankruptcy process, two people aware of the matter said. As part of the corporate insolvency resolution process, Nazara will submit its resolution plan by 9 March to revive the bankrupt firm.

continuation of a targeted subsidy of ₹300 per 14.2 kg cylinder for up to 12 refills per year. Beneficiaries can avail of this scheme starting April 1, 2024, till March 31, 2025. "The total expenditure for this will be ₹12,000 crores," said Piyush Goyal.

USD 200 billion this year and huge opportunities exist for the two countries to expand cooperation in defence, space besides critical emerging technologies like semiconductors and artificial intelligence, said American Ambassador Eric Garcetti on Thursday. The US is proud to be India's No. 1 trading partner with two-way trade reaching nearly USD 200 billion last year, Garcetti told reporters in Indore. «I think this year we will break the (previous) record of USD 200 billion in bilateral trade (between India and the US),» he said. The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year.

Himanta Biswa Sarma on Wednesday warned All India United Democratic Front (AIUDF) chief Badruddin Ajmal that he would be arrested if found flouting the law and continuing with Magical practices. State assembly recently passed Assam Healing (Prevention of Evil) Practices Bill, 2024 in assembly that bans non-scientific healing practices in the state. Sarma said, “If he (Badruddin Ajmal) will do healing practices, he will be arrested. What I will say, will happen. I am not speaking about myself, I am speaking about the Assembly,” Sarma said.

Indian Banks' profitability will remain at healthy levels despite slight moderation on account of declines in net interest margins (NIMs) according to global ratings firm Moody’s. Also, higher risk weights for exposures to non-bank finance companies (NBFCs) and unsecured retail loans will result in a slight moderation in banks' capital ratios. But their capitalization will still remain strong, it said. NIMs will decline marginally as banks reprice maturing deposits at higher rates to fully reflect previous increases in interest rates. A slowdown of growth in higher-yielding loans after the Reserve Bank of India (RBI) increased risk weights for riskier loans to NBFCs and unsecured retail loans will also contribute to falls in NIMs, the ratings firm said.

Artificial Intelligence (AI) Mission, aimed at creating computing infrastructure in public-private partnership (PPP) mode. Union commerce minister Piyush Goyal said, at a press briefing in New Delhi, that the mission will be focussed on seven areas.

Cabinet Committee on Security has cleared a proposal for 34 new Advanced Light Helicopter (ALH) Dhruv choppers, of which nine will be inducted in the Indian Coast Guard while 25 of them will go to the Indian Army. The helicopters would be manufactured by Hindustan Aeronautics Limited. The Indian Coast Guard is going to get nine of these choppers, while the Indian Army will be inducting 25 of them into their fleets, top government sources told ANI.

Previous Elections and Current Scenario: In 2014, BJP secured seven out of the 14 seats, a number that increased to nine in 2019, marking their highest tally. The upcoming 2024 elections are pivotal, with BJP aiming to further bolster its seat count, while Congress is determined to stage a significant comeback. The elections are anticipated to be hotly contested, reflecting the shifting political landscape in Assam.

Women in India are taking charge of their financial destiny by exploring investment opportunities like stock market diversification and real estate. They are also delving into alternative investments to diversify portfolios and potentially earn higher returns.

Union Cabinet on Thursday approved the 'India AI mission' with an outlay of Rs 10,371.92 crore for a period of five years, to give a further push for Artificial Intelligence in India. The announcement was made by Union Minister Piyush Goyal at a cabinet briefing, where he reiterated the need to have a robust environment for promoting the tech in the country. «The IndiaAI mission will establish a comprehensive ecosystem catalyzing AI innovation through strategic programs and partnerships across the public and private sectors. By democratizing computing access, improving data quality, developing indigenous AI capabilities, attracting top AI talent, enabling industry collaboration, providing startup risk capital, ensuring socially impactful AI projects and bolstering ethical AI, it will drive responsible, inclusive growth of India's AI ecosystem,» the government said in a release.

Union cabinet has approved a hike in the Minimum Support Price (MSP) of raw jute for the 2024-25 season to Rs 5,335 per quintal, according to Union Minister Piyush Goyal on Thursday. This is up from the current MSP of Rs 5,050 per quintal, a hike of 5.6%. This would ensure a return of 64.8% over the all India weighted average cost of production, the government said in a statement.

DRDO. Under the around Rs 15,000 crore project, Defence Research and Development Organisation's Aeronautical Development Agency would develop the stealth fighter jet and its technologies in partnership with various private and public sector agencies and build around five prototypes in around five years, government sources told ANI. The project would see the prototype manufactured by industry including the public sector unit Hindustan Aeronautics Limited, they said.

India's healthcare innovation market potential is expected to double to around $60 billion by FY28, pharma services and healthtech are anticipated to drive about 80% of this growth, according to a report by Bain & Company and HealthQuad. The report titled ‘Healthcare Innovation in India’ says the growth will be driven by rising consumerization of health, reconfigurations to the global healthcare value chain, a deepening of Indian scientific and technological expertise, and regulatory tailwinds, the report title. The report outlines the opportunity in healthcare innovation where companies increasingly leverage emerging technologies to add innovation vectors—including new business models, software-led solutions, and products—that extend beyond more longstanding value engineering considerations.

Airbus has received approval from aviation regulator DGCA for its new generation H160 helicopter in India. More than 100 helicopters of Airbus, including the single-engine H125, are being operated by various entities in the country. In a release on Thursday, Airbus said its H160 helicopter has been granted the letter of type acceptance by the Directorate General of Civil Aviation (DGCA) that will pave the way for its entry into the Indian market. A multi-role helicopter, H160 can be used for offshore transportation, emergency medical services, private and business aviation and public services, among others.

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generative artificial intelligence (AI) startup, Sarvam AI is working towards launching its first commercial 'voice-to-voice endpoint' in the next six to twelve months, cofounder Vivek Raghavan said on Thursday at a session at an annual event for Software-as-a-Service (SaaS) startups, SaaSBoomi. “You can expect these kinds of voice-to-voice endpoints in at least 10 (Indian) languages and you can expect some experiences built upon this and also there are example experiences in the sense that there are ways for people to build things on top of it,” Raghavan said.

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