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Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society. The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation. The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. "The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release. The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility. AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices. In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes. ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

Cricketer MS Dhoni-backed <keyword id="22760229" type="General" weightage="20" keywordseo="drone-technology-firm" source="keywords">drone technology firm</keyword> <keyword id="20401750" type="General" weightage="20" keywordseo="Garuda-Aerospace" source="keywords" meta.keywordsubtype="org" meta.entityname="Garuda Aerospace" meta.hostid="261" meta.entityid="Garuda Aerospace">Garuda Aerospace</keyword> on Monday announced its entry in the <keyword id="22760228" type="General" weightage="20" keywordseo="Sri-Lankan-market" source="keywords">Sri Lankan market</keyword> where it will primarily target <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword> to enhance farming practices, besides exploring opportunities in <keyword id="20695675" type="General" weightage="20" keywordseo="homeland-security" source="keywords">homeland security</keyword> and industrial applications. As part of the company's global expansion plans, the foray into Sri Lanka will also support Garuda in capitalising on the country's strategic location and drone-friendly regulatory environment, Garuda Aerospace said. The company said it is looking to spread its presence in at least 50 countries over the next few years, and has set aside USD 10 million, of the over Rs 100 crore revenue it delivered in FY24, to fuel the international growth. "This (expansion into Sri Lanka) isn't merely about growth, it's about unlocking the full potential of drone technology to create substantial impacts across various sectors. Sri Lanka's diverse landscape allows us to showcase how our innovative solutions can bring tangible benefits, from agriculture to infrastructure," said Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace. Garuda Aerospace, which produces small and medium category drones, had partnered with Greek manufacturer Spirit Aeronautical Systems early this year. It has also signed a pact with French aerospace giant Thales to promote growth and innovation in India's drone sector. Spirit Aeronautical specialises in rotary and fixed-wing weaponised drones. 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/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Garuda Aerospace enters Sri Lankan market

The <keyword id="21627536" type="General" weightage="100" keywordseo="gold-loan-market" source="keywords">gold loan market</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on the cusp of substantial growth, driven by rising per-gram gold rates and increasing customer demand. Currently, the market is predominantly controlled by the <keyword id="21485305" type="General" weightage="20" keywordseo="unorganized-sector" source="keywords">unorganized sector</keyword>, which holds a 63 % share, while <keyword id="22789155" type="General" weightage="20" keywordseo="organized-players" source="keywords">organized players</keyword>, including banks and Non-Banking Financial Companies (<keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword>), account for the remaining 37 %, according to a recent <keyword id="20055667" type="General" weightage="20" keywordseo="PwC" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC" meta.hostid="83" meta.entityid="PwC">PwC</keyword> report. Indian households are estimated to possess approximately 25,000 tonnes of gold, valued at around Rs 126 lakh crore. Despite this vast wealth, the existing gold loan market through organized channels is valued at just Rs 7.1 lakh crore. With the market penetration of gold loans in India currently at only 5.6%, there is considerable untapped potential within <keyword id="22902023" type="General" weightage="20" keywordseo="household-gold-holdings" source="keywords">household gold holdings</keyword>. Although not all gold is available for pledging--due to factors such as religious significance, emotional value, or lack of financial need--there remains substantial opportunity for growth in the gold loan sector. The gold loan market in India has historically been dominated by the unorganized sector. However, in recent years, organised players, particularly NBFCs, have begun to gain market share. Banks, too, have been making inroads, especially through retail gold loans and a continued focus on agricultural gold loans. This shift is expected to continue as organised players leverage their formal lending structures, transparency, and customer trust to capture a larger share of the market. Shaji Varghese, CEO, Muthoot FinCorp Limited, "Gold loan assets have been growing steadily and the potential to grow further is high since a major part of the country's gold loan market is still in the unorganized sector. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have been rising over the years. There is also a paradigm shift on how buying gold is perceived today. Traditionally gold was purchased for historical, cultural and societal reasons and while that continues, people have started buying gold as an investment and also as a convenient option to raise funds for financial requirements." India remains one of the world's largest consumers of gold, with total demand reaching 747 tonnes in 2023. However, this represented a 3% decrease compared to the previous year, primarily due to the surge in gold prices, which dampened demand for gold jewellery. The price of gold in India increased from Rs 55,375 to Rs 66,532 per 10 grams (22 carats) between November 2023 and May 2024, prompting a shift towards lightweight or lower-carat jewellery items. Globally, the demand for gold grew by 3 % in 2023, with China emerging as the largest market. The global market's expansion presents opportunities for Indian gold loan financiers to explore new avenues for growth beyond domestic borders. Gold's relationship with the US dollar is a key factor influencing gold prices in India. A weakening rupee often leads to an increase in gold prices, as gold is priced in USD internationally. This dynamic drives higher imports and increases the cost of gold in rupees, further fuelling demand as investors seek a safe haven against currency fluctuations. V.P. Nandakumar, Managing Director and Chief Executive Officer, Manappuram Finance Ltd, "Of late, the sharp increase in gold prices has imparted some stability to the gold loan book of most players and we do not expect gold prices to come down due to geo-political factors, the accumulation of gold by central banks as well as the lasting allure of the yellow metal." The securitisation of gold through various financial instruments offers new avenues for gold loan players to diversify their offerings. By using gold-based security as collateral, established players can introduce new loan products that leverage the intrinsic value of physical gold.

You Searched For "agriculture sector growth" and got 4 results

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

ANI

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

PTI

Garuda Aerospace enters Sri Lankan market

PTI

India's gold loan market set for rapid growth amid rising prices; unorganized sector holds 63% share, notes recent PwC report

ANI

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