Author: Bhakti Narayanan

Economists project a 6.7% growth rate for the Indian economy in the fiscal year 2023-24, indicating resilience amidst external challenges. This estimate, provided by 11 economists, demonstrates crucial support from domestic demand and increased investments. Although it represents an improvement from the prior month’s 6.3% estimate, it slightly lags behind the recent Reserve Bank of India (RBI) forecast. The RBI raised its growth projection to 7%, citing a better-than-expected 7.6% GDP increase in the September quarter. The first-half growth for the fiscal year reached 7.7%, with the government expected to release initial advance estimates on January 5. Despite the positive…

Researchers from MIT, Harvard University, and the University of Washington collaborated to enhance the training of AI agents, introducing a groundbreaking technique called Human Guided Exploration (HuGE). Spearheaded by MIT’s Assistant Professor Pulkit Agrawal, the research showcased a scalable and efficient approach to robotic learning, with the potential to revolutionize skill acquisition for robots. Unlike traditional reinforcement learning relying heavily on expertly designed reward functions, HuGE adopts a unique strategy by leveraging crowdsourced feedback from nonexpert users globally. Agrawal, leading the Improbable AI Lab in MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), highlighted the challenges in designing reward functions…

In a significant development, Reliance Industries Ltd (RIL) and Walt Disney have formally agreed, through a non-binding term sheet signed in London, to forge ahead with their joint venture to establish the largest media and entertainment conglomerate in India. Led by Mukesh Ambani’s group, the merger is structured as a 51:49 stock-and-cash deal, aiming for completion by February after necessary commercial and regulatory approvals. Kevin Mayer, a former Disney executive, and Manoj Modi, a close aide to Ambani, played key roles in the negotiations during the signing of the term sheet, which followed last week’s confirmatory due diligence. Following the…

The US Department of State has unveiled a pilot program for H-1B visa domestic renewal, accepting applications from January 29 to April 1, 2024. Initially limited to 20,000 participants, eligible applicants must hold visas issued by the US Mission in Canada (January 1, 2020, through April 1, 2023) or the US Mission in India (February 1, 2021, through September 30, 2021). The federal register outlines criteria and excludes dependent H-4 visa holders from qualifying. Emphasizing the impact on US industry partners, the program prioritizes H-1B principal applicants, addressing potential travel challenges for those with expired visas. Applicants can submit with…

In November 2023, investments in mutual funds through systematic investment plans (SIPs) achieved a record high, totaling US$ 2.1 billion (Rs. 17,073 crore). This marked the continuation of a noteworthy trend, where each of the last five months, starting from July 2023, surpassed the previous record of SIP inflows in the subsequent month. The cumulative SIP inflows in mutual funds for the first 11 months of 2023, concluding on November 30, amounted to an impressive US$ 20 billion (Rs. 1,66,131 crore). This showcases a substantial increase of 22.23% compared to the corresponding period last year. The consistent surge in SIP…

Prime Minister Narendra Modi articulated his commitment to propel India into the third-largest global economy during his consecutive third term. Inaugurating various development projects in Uttar Pradesh, valued at over $2.289 billion USD, covering railways, electricity, roads, water supply, and Ganga river ghats, Modi emphasized the integral role of Kashi’s development in India’s progress. Mr. Modi reiterated his focus on four categories: youth, farmers, the poor, and women, asserting that strengthening these pillars would fortify the nation. Purvanchal’s historical neglect was acknowledged, and Modi pledged devoted service to the region with the support of Kashi’s people and Mahadev’s blessings. Participating…

As a party to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, India initially presented its Nationally Determined Contribution (NDC) in 2015. The NDC included targets to achieve a 33 to 35% reduction in the emissions intensity of its GDP by 2030, compared to the 2005 level, and to reach around 40% cumulative electric power installed capacity from non-fossil fuel-based sources by 2030. Surpassing expectations, as of October 31, 2023, India’s cumulative electric power installed capacity from non-fossil fuel-based sources stands at 186.46 MW, constituting 43.81% of the total. Additionally, India reported a 33% reduction…

EY’s report highlights the transformative potential of Generative AI (GenAI), projecting a significant injection of $1.2 – 1.5 trillion into India’s GDP over seven years, with an additional $359-438 billion expected in the 2029-30 period. Key sectors such as business services, finance, education, retail, and healthcare are identified as pivotal drivers, collectively contributing to 69% of GenAI’s impact. Mr. Mahesh Makhija, Technology Consulting Leader at EY India, emphasizes the rapid adoption of an AI-first approach, noting its role in enhancing customer engagement and boosting productivity. Despite the optimistic outlook, the report underscores the imperative for India to intensify efforts, particularly…

As the Lok Sabha elections approach, the BJP is strategically targeting the Thrissur constituency, anticipating a breakthrough. Prime Minister Narendra Modi is set to launch the party’s election campaign on January 2 at Thekkinkadu Maidan, hosting a women empowerment conference. The BJP aims to attract over 2 lakh women, transcending party lines for support. Kerala BJP chief K Surendran expects the participation of prominent women, including ASHA workers, Anganwadi workers, MGNREGA workers, entrepreneurs, and social activists. The event doubles as a platform for women to applaud the Prime Minister for the women’s reservation Bill. Modi’s upcoming visit was previously disclosed…

The Indian residential real estate market is witnessing a substantial upswing, projecting home sales at Rs. 4.5 trillion (US$ 53.99 billion) by year-end, a significant 38% rise from 2022’s Rs. 3.27 trillion (US$ 39.23 billion). Anarock Group’s report reveals strong quarter-on-quarter growth, marking a 7% increase in total residential property sales for the first nine months of 2023, surpassing the entire sales value of the previous year. Notably, the top seven cities saw Rs. 3,48,776 crore (US$ 41.86 billion) worth of inventory sold during this period, exceeding the entire inventory sold in the preceding year. Anuj Puri, Chairman of Anarock…