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Mumbai: India is on track to becoming the <keyword id="20432305" type="General" weightage="20" keywordseo="third-largest-economy" source="keywords">third-largest economy</keyword> by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal, <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="153" meta.entityid="S&amp;P Global">S&amp;P Global</keyword> said in a report on Thursday. The report also said that with 8.2 per cent growth rate in FY2024, continued reforms are crucial to improving business transactions and logistics, boosting <keyword id="20423043" type="General" weightage="20" keywordseo="private-sector-investment" source="keywords">private sector investment</keyword>, and reducing reliance on public capital. It said equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation, and foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated. To maximize trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline, said the first edition of 'India Forward: Emerging Perspectives' report. Nearly 90 per cent of India's trade is seaborne, necessitating robust port infrastructure to manage increasing exports and bulk commodity imports, it added. Noting that India faces rising domestic energy demands and can look to sustainable technologies, including renewables and low-emission fuels, balancing energy security with its energy transition plans, the report stated that agriculture will rely on advanced technologies and new policies to improve infrastructure and productivity. The need is to address critical infrastructure issues such as irrigation, storage, and supply distribution to ensure food security and economic stability, it added. The <keyword id="23234467" type="General" weightage="20" keywordseo="sp-global-india-research" source="keywords">S&amp;P Global India Research</keyword> Chapter's inaugural study was launched here on Thursday.

India on track to becoming third-largest economy by FY31: S&P Global report

<ul class="summary-list"><li><a target="_blank" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced </a>it raised $6.6 billion in new funding at a $157 billion post-money valuation.</li><li>Tiger Global Management is part of this round, according to two sources familiar with the matter.</li></ul>Tiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter.<a target="_blank" class="" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced Wednesday</a> it raised $6.6 billion in new funding at a $157 billion post-money valuation. Thrive Capital is leading the round, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/openai-has-closed-new-funding-round-raising-over-6-5-billion">according to Bloomberg.</a> Other investors in this round include Cathie Wood's ARK Venture Fund, Microsoft, Nvidia, Fidelity, and Altimeter. The amount of Tiger's investment couldn't be learned but investors are required to put in a minimum of $250 million, <a target="_blank" class="" href="https://affiliate.insider.com?h=a0c21b230525bf43625dbbc3d14ea971dc3c92b4e4e7def513d06d904be22f70&amp;postID=66fd7dd8d8616474985cc10e&amp;postSlug=tiger-global-openai-latest-funding-round-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiger-global-plans-to-join-openais-funding-round">The Information previously reported.</a>Tiger Global, founded by Chase Coleman, <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-changed-venture-capital-startups-funding">invested at a furious pace</a> during the tech boom, making 335 investments in 2021, according to Crunchbase. As the market soured, the firm <a target="_blank" class="" href="https://www.businessinsider.com/crossover-funds-tiger-global-d1-deals-2024-2023-12">has been much quieter,</a> but it did purchase $125 million of OpenAI shares at the end of 2021.The closure of OpenAI's new funding round comes just a week after <a target="_blank" class="" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">three of its top leaders suddenly resigned.</a> Last week, former CTO Mira Murati, former Chief Research Officer Bob McGrew, and former VP of Research for Post Training Barret Zoph announced they were <a target="_blank" rel="" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">leaving the company</a>.<a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">Reuters reported</a> last week that OpenAI is currently working to transform its corporate structure to become a <a target="_blank" rel="" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">for-profit benefit corporation</a> no longer under the control of the company's non-profit arm.

Tiger Global is backing OpenAI in new $6.6 billion investment round

<ul class="summary-list"><li>Saudi Arabia has invested billions of dollars into tech overseas in recent years.</li><li>The kingdom is now looking for overseas tech companies to invest in it, according to Bloomberg. </li></ul>In his ascendance to power, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> spent years investing Saudi Arabia's oil money in the global tech sector. The crown prince's kingdom appears to be ready for some of that favor to be returned.Rather than prioritizing investments in overseas tech companies, Saudi Arabia is looking to them to bring investment and resources to the Middle East as it seeks to capitalize on the AI boom and become a force of its own in the rapidly growing sector.The latest signs of this shift came on Wednesday after <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-06/saudis-plan-100-billion-ai-powerhouse-to-rival-uae-s-tech-hub">Bloomberg reported</a> that Saudi Arabia had plans for an up to $100 billion AI project that aims to not only prioritize the local tech industry but also encourage large tech companies to "put resources in the country.""Project Transcendence," as it is known, aims to make Saudi Arabia a place with all the components needed to advance AI: data centers housing the GPUs that train and run AI models, well-resourced startups at the cutting edge of innovation, and a globally sourced talent pool. According to the Bloomberg report, it also aims to build a "national champion" in AI. The crown prince, known as MBS, <a target="_blank" class="" href="https://ai.sa/">initiated a national AI strategy in 2020,</a> well before the current boom. But several factors have emerged since then for his nation to think hard about what it can do to accelerate the development of a resilient AI industry at home — and who it can get some help from.<div type="image" title="MBS" height="3043" width="4300" msid="115061833" hostid="261" sizebytes="382254"></div>One reason is that there has been an investment step-up in AI since the <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">launch of ChatGPT</a> in late 2022, raising the stakes for Saudi Arabia as it battles neighboring rivals like the UAE for regional supremacy. Emirati state Abu Dhabi, for instance, is home to G42, a domestic company with an advanced <a target="_blank" href="https://www.g42.ai/resources/news/meet-jais-worlds-most-advanced-arabic-llm-open-sourced-g42s-inception">Arabic large language model</a>. It has also attracted $1.5 billion of investment from Microsoft. Bloomberg's report said Saudi Arabia planned to build its own version of G42.Another reason is weakening oil demand, a resource that has made the kingdom the central economic force of the Middle East for the better part of a century.An <a target="_blank" href="https://www.imf.org/en/Publications/CR/Issues/2024/09/03/Saudi-Arabia-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-Informational-Annex-554530">IMF report in September</a> highlighted the ongoing decline in the country's oil revenue as the calendar speeds through to 2030; a decade-high of 857 billion riyals in 2022 ($228 billion) is projected to fall to 778 billion riyals ($207.1 billion) by 2029. Signs of weakening demand showed themselves this week, too, as state-owned oil giant <a target="_blank" href="https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/q3/saudi-aramco-q3-2024-interim-report-english.pdf">Saudi Aramco reported a 15.3% year-on-year decrease</a> in third-quarter net income from $32.6 billion to $27.6 billion.Diversification away from oil has been a front-and-center issue for the kingdom's leaders for some time. It is a central focus of the <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">grand Vision 2030 project MBS launched in 2016</a>, which includes mega-infrastructure projects like Neom. It is also a top priority for decision-makers at the Public Investment Fund, Saudi Arabia's giant sovereign wealth fund.The fund — chaired by MBS — has served as a crucial diversification tool for Saudi Arabia, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">leading an investment charge into top tech names</a> like Uber and SoftBank's first Vision Fund, a venture capital vehicle that bet on over 90 companies with $45 billion from the Saudis. The kingdom doesn't seem to want to keep up the pace of overseas spending it has previously had, however.Last month, PIF governor Yasir Al-Rumayyan told attendees of the Future Investment Initiative in Riyadh that the fund was preparing to allocate just 18 to 20% of its capital to overseas opportunities, <a target="_blank" href="https://www.ft.com/content/5004fbc6-23e2-4b9f-9885-14e1ea724ce2">the Financial Times reported</a>. That's a notable drop from the 30% allocated at the start of the decade.Overseas investment in AI looks set to continue, though. In March, The New York Times reported that the PIF was in early talks with Silicon Valley venture capital firm Andreessen Horowitz for a <a target="_blank" class="" href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">$40 billion AI fund.</a> Should that materialize, it would be a significant force in the global AI investment space. <div type="image" title="Yasir al-Rumayyan" height="852" width="1093" msid="115061832" hostid="261" sizebytes="47602"></div>It remains to be seen how Project Transcendence might play out, but it could lead to Saudi Arabia announcing new developments, companies, and projects alongside key names from beyond its borders to bolster its AI activity at home.There are already examples of the country turning to overseas tech companies. California-based AI company Groq, for instance, <a target="_blank" href="https://groq.com/unleashing-the-power-of-fast-ai-inference-groq-and-aramco-digital-partner-to-establish-world-leading-data-center/">unveiled a partnership</a> with an arm of Saudi Aramco in September that will oversee the development of an AI data center in the country. In October, Google Cloud and the PIF announced a partnership to develop an AI hub in the kingdom that, if approved, would see the two conduct joint research on Arabic language models and train "millions" of students and professionals.Saudi Arabia will want others to work with it, too, as it gets serious about becoming the Middle East's main stage for AI.

Saudi Arabia spent years investing in global tech firms. Its domestic AI push hopes they'll return the favor.

Global <keyword id="19978688" type="General" weightage="100" keywordseo="gold-demand" source="keywords">gold demand</keyword> in Q2 2024, excluding over-the-counter (OTC) transactions declined by 6% year-on-year to 929 tonnes, primarily due to a sharp fall in jewelry consumption, according to the latest report of the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. However, when including <keyword id="22654356" type="General" weightage="20" keywordseo="OTC-investment" source="keywords">OTC investment</keyword>, total gold demand increased by 4% YoY to 1,258 tonnes, marking the highest Q2 figure since data collection began in 2000. The record-high <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> took a significant toll on jewelry consumption. Volumes fell 19% YoY to 391 tonnes, the lowest in four years. The report reveals a mixed picture for the Indian market in the second quarter of 2024. While overall gold demand showed a modest increase due to investment in OTC markets and central bank purchases, India witnessed trends that reflect broader market shifts. This decline reflects the impact of elevated gold prices on consumer purchasing behaviour, particularly in markets sensitive to price fluctuations, including India. <keyword id="19946830" type="General" weightage="20" keywordseo="central-banks" source="keywords">Central banks</keyword> continued to be significant players in the gold market, with net gold buying increasing by 6% YoY to 184 tonnes. This rise is attributed to the need for portfolio protection and diversification in a volatile economic environment. In June alone, central banks reported net purchases of 12 tonnes, with key contributors including the Central Bank of Uzbekistan and the Reserve Bank of India, both adding 9 tonnes to their reserves. The Monetary Authority of Singapore was noted as the largest seller, offloading 12 tonnes in the same month. The LBMA (PM) gold price averaged a record $ 2,338 per ounce in Q2 2024, up 18% YoY and 13% QoQ. Gold prices peaked at a new high of $2,427 per ounce in May. This environment drove significant investment and production trends, with total gold supply growing by 4% YoY to 1,258 tonnes. Mine production reached a record 929 tonnes for a second quarter, while recycling supply was the highest since 2012, reflecting the response to rising prices. OTC investment was a major component of the Q2 total gold demand, amounting to 329 tonnes. This, along with continued central bank buying, contributed to pushing gold prices to record highs during the quarter. Despite a minor 7-tonne decline in global gold <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> holdings in Q2, this was an improvement compared to the 21-tonne drop in Q2 2023. The decline in ETF holdings was followed by early outflows and nascent inflows later in the quarter. Retail bar and coin investment experienced a 5% decline to 261 tonnes, mainly due to weakened demand from Western markets. Conversely, gold used in technology saw an 11% YoY increase, driven by the continued growth in <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) applications. <keyword id="21088407" type="General" weightage="20" keywordseo="investment-trends" source="keywords">Investment trends</keyword> continued to diverge regionally. Eastern markets exhibited robust demand for bars, coins, and ETFs, while Western markets saw marked declines. However, Western ETF investment flows have shown signs of recovery in early Q3 2024. Looking ahead to the full year of 2024, it is expected that revived Western investment flows will help balance out weaker consumer demand, and potentially slower central bank buying, compared to 2023.

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

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India on track to becoming third-largest economy by FY31: S&P Global report

PTI

Tiger Global is backing OpenAI in new $6.6 billion investment round

Ben Bergman,Sri Muppidi

Saudi Arabia spent years investing in global tech firms. Its domestic AI push hopes they'll return the favor.

Hasan Chowdhury

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

ANI

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

PTI

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