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India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<ul class="summary-list"><li>TikTok and its owner sought to hire hundreds of Chinese staff in 2023, Business Insider has learned.</li><li>669 of the 1,089 approved US H-1B hires for TikTok and ByteDance in that fiscal year were from China.</li></ul>TikTok didn't shy away from hiring employees from China last year, even as US officials accused the app of being a national security risk because its owner, ByteDance, is headquartered in Beijing.Of the roughly 1,000 non-US employees that TikTok and ByteDance sought to hire for its US teams via H-1B visa applications between October 2022 and September 2023, most were from China.Companies use the H-1B program to hire foreign workers who have business skills that they say they cannot otherwise obtain from the existing US workforce.Six hundred and sixty-nine of the 1,089 approved H-1B hires for TikTok and ByteDance last fiscal year were from China, a 50% increase from the previous year, according to US Citizenship and Immigration Services data obtained by Business Insider via a Freedom of Information Act request. The federal government's fiscal year runs from October through September.Fourteen of those 669 approved hires were recruited to work under TikTok's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-us-user-data-storage-project-texas-privacy-security-2023-3">US Data Security Division</a>, or USDS, a section of the company dedicated to keeping US user data out of the hands of the Chinese Communist Party and other actors that the US government has deemed a foreign adversary. Those roles included work in data science, fraud strategy, systems analysis, and software engineering.While TikTok is by far ByteDance's most popular app in the US, the company does operate other platforms such as its Pinterest-like app <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-owner-bytedance-hiring-influencers-boost-lemon8-app-2024-1">Lemon8</a>, which some H-1B hires may have been tasked with working on.TikTok and ByteDance's 50% year-over-year jump in approved H-1B applications for Chinese nationals came despite US Senator Tom Cotton raising concerns about having "foreign individuals work at ByteDance and TikTok's offices in California.""Given the security concerns with TikTok and the company's repeated statements about 'US-based' teams and data centers, having hundreds of foreign nationals working in those offices presents another potential threat," Cotton <a target="_blank" class="" href="https://www.uscis.gov/sites/default/files/document/foia/H-1B_visa_use-Senator_Cotton.pdf">wrote</a> in a November 2022 letter to Secretary of Homeland Security Alejandro Mayorkas.TikTok and ByteDance did not respond to requests for comment.Using the H-1B program to recruit talent from China isn't unusual on its own. Among applications for H-1B visas across all companies in fiscal year 2023, it was the second most common country of origin, per data published by the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.uscis.gov/sites/default/files/document/reports/OLA_Signed_H-1B_Characteristics_Congressional_Report_FY2023.pdf">USCIS</a>. But TikTok and ByteDance's H-1B recruiting efforts dramatically over-indexed toward China. Only 12% of all approved fiscal year 2023 H-1B applications were for Chinese nationals, compared to 61% of TikTok and ByteDance's approved applications.India ranked second among countries where TikTok and ByteDance earned H-1B approvals in fiscal year 2023, followed by Taiwan, Canada, and Vietnam.<h2 id="652509fc-c542-496a-8661-64a16854f5a3">Why TikTok is recruiting talent from China</h2>TikTok has been under heavy scrutiny for years due to its owner's roots in China. US officials have <a target="_blank" class="" href="https://www.businessinsider.com/fcc-tiktok-letter-experts-say-ban-unlikely-despite-political-pressure-2022-7">raised concerns</a> that ByteDance could be compelled to hand over TikTok's US user data to the Chinese government in order to comply with a National Intelligence Law. Some have worried that TikTok could be used as a propaganda tool to further the CCP's interests.In April, Congress passed a <a target="_blank" class="" href="https://www.businessinsider.com/senate-passes-tiktok-ban-2024-4">law</a> that gave ByteDance a deadline for divesting TikTok's US assets. If it fails to do so, TikTok could be removed from US app stores in January. TikTok is challenging the law in court, but legal experts previously told BI it's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-justice-department-federal-appeals-court-law-ban-expert-2024-9">not looking promising for the company</a>. President-elect Trump pledged on the campaign trail to "<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-block-tiktok-ban-legal-experts-2024-11">never ban TikTok</a>," but his paths to rescuing the app are limited.TikTok has previously said it does not share information with the Chinese government, and that its content moderation efforts are run by a US-based team that "operates independently from China."While it may not be politically advantageous for TikTok to recruit talent from China, it makes sense given the company operates closely with its parent ByteDance.Even as TikTok has taken steps to <a target="_blank" href="https://gizmodo.com/tiktok-master-messaging-pr-playbook-china-music-1849334736">downplay its association with China</a>, its owner, ByteDance, continues to operate in the US. Current and former TikTok employees <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-say-staff-in-china-make-many-product-decisions-2021-12">told BI in 2021</a> that final product decisions for TikTok were often made by ByteDance staffers in Beijing. And TikTok staffers are asked to adhere to core workplace values it calls "<a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-bytedance-bytestyles-used-to-reward-and-reprimand-2021-9">ByteStyles</a>."The company has also used TikTok's Chinese sister app, Douyin, as a testing ground for features that <a target="_blank" class="" href="https://www.businessinsider.com/whats-next-for-tiktok-look-at-china-douyin-2022-1">ultimately end up on TikTok</a>. Recently, the company has matched vendors with expertise in <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10">e-commerce in China</a> to its US partners that work with sellers and influencers on its social-shopping feature, TikTok Shop. Several of its approved 2023 H-1B applications for Chinese nationals were for roles in e-commerce, including a creator manager role focused on live shopping and software engineering roles tied to shopping ads.

TikTok and its owner ramped up their hiring of Chinese employees, even as Congress raised national security concerns

As the final five phases of polls draw closer, rift among <keyword id="20101713" type="General" weightage="20" keywordseo="INDIA-bloc-partners" source="keywords">INDIA bloc partners</keyword>, <keyword id="21533469" type="General" weightage="20" keywordseo="Congress-Left-combine" source="keywords">Congress-Left combine</keyword> and the <keyword id="19942089" type="General" weightage="20" keywordseo="TMC" source="keywords" meta.keywordsubtype="org" meta.entityname="TMC" meta.hostid="153" meta.entityid="TMC">TMC</keyword>, which are fighting separately has intensified, triggering a fierce contest across half of the remaining 36 constituencies in West Bengal driven by local issues such as <keyword id="20074422" type="General" weightage="20" keywordseo="Sandeshkhali" source="keywords">Sandeshkhali</keyword> and the SSC scam. TMC's decision to contest independently in the state, rather than as part of the bloc, has led to a three-way contest, with the other contenders being the BJP and the Congress-Left alliance. Nevertheless, both TMC and Congress have asserted that they are part of the INDIA bloc at the national level and are authentic representatives of the opposition front in Bengal. Political analysts suggest that without a dominant national narrative like national security after the 2019 Pulwama attacks, local concerns such as corruption allegations, the cancellation of School Service Commission (SSC) jobs, incidents in Sandeshkhali and implementation of the <keyword id="19965573" type="General" weightage="20" keywordseo="Citizenship-Amendment-Act" source="keywords">Citizenship Amendment Act</keyword> (CAA) are altering election dynamics. Maidul Islam, a political scientist at the Centre for Studies in Social Sciences, remarked, "Till a few months ago, it seemed the elections in Bengal will be a bipolar contest between the TMC and BJP. But with issues like corruption and Sandeshkhali gaining prominence, the Left-Congress alliance is fast gaining traction in several seats and turning the polls into a three-cornered contest in at least 18-20 LS segments." He said besides the two and three seats in Malda and Murshidabad districts, where TMC and Congress secured two each and the BJP one in 2019, there are 13 seats spread across South Bengal, where the TMC and the Left-Congress alliance are engaging in intense competition. "It's not that the Left-Congress will win many seats, but in segments where their vote share is above 10 per cent, there is a likelihood that they might influence the outcome, to the disadvantage of either the TMC or the BJP, if they manage to secure two per cent more votes," Islam added. According to sources in TMC and CPI(M), the electoral battleground extends beyond Malda and Murshidabad, encompassing Lok Sabha segments like Dum Dum, Srerampore, Arambagh, Hooghly, Howrah, Barrackpore, Bardhaman-Purba, Bardhaman-Durgapur, Bankura, Purulia, Tamluk, Kolkata North, and Jadavpur, all poised for a three-cornered fight. Notably, eight of these seats were won by TMC and the remaining by BJP in the 2019 parliamentary polls. "The shift in dynamics presents the Congress-Left alliance as a significant player, and its emergence complicates the electoral narrative, transcending the conventional TMC versus BJP dichotomy," political analyst Subhomoy Moitra said. While the Left Front is contesting 30 seats, the Congress has fielded candidates in 12 out of 42 seats. "We wanted an alliance with the Congress, but they were delaying the seat-sharing arrangements, so we decided to go alone. Now the Left-Congress alliance is helping the BJP by trying to eat into our votes," remarked TMC leader Santanu Sen. According to TMC leaders, the breakup of INDIA alliance in Bengal has both electoral advantages and disadvantages. "After the Left and Congress alliance fell apart in West Bengal in 2019, it had led to a four-cornered contest with BJP bagging the entire chunk of the anti-TMC votes in the state," they said. In the 2019 Lok Sabha elections, the BJP bagged 18 seats and its vote share rose from 17 to 40 per cent. Meanwhile, despite a 3 per cent rise in vote share, the TMC lost 12 seats, dropping from 34 to 22. The Left drew a blank with a vote share decline from 24 per cent to 6 per cent, and the Congress lost two seats, shrinking its vote share from 9.5 per cent to 5 per cent and bagging just two seats. "Local issues such as corruption and SSC scam are helping the Left-Congress in the state as there is anger among a section of people against the TMC and also against the BJP over the perception of a tacit understanding," a TMC leader said. Analysts observe that <keyword id="43868" type="General" weightage="100" keywordseo="mamata-banerjee" source="Orion">Mamata Banerjee</keyword>'s intensified criticism of Left and Congress, accusing them of aiding BJP, and the ensuing sharp responses from CPI(M) and Congress, alleging a secret pact between TMC and BJP, as indicative of the growing significance of Left-Congress alliance. Data from various local elections and by-polls conducted after 2021 assembly elections indicate a shift in anti-TMC votes as there has been a resurgence of Left-Congress combine. Incidentally, the BJP had witnessed a decline in its vote share as compared to the 2019 Lok Sabha and 38 per cent in 2021 assembly polls. In 2023, violence scarred panchayat polls which covered nearly 70 per cent of the state's electorate, the TMC had bagged 51 per cent of votes whereas the BJP had bagged 22 per cent. The Left-Congress-ISF alliance had, however, bagged 23 per cent votes. The ISF this time, however, has decided to contest alone in 17 seats. Congress leader Suvankar Sarkar emphasized, "People are disenchanted with the TMC and the BJP, as they are both sides of the same coin. People are coming out in large numbers to support the Left-Congress candidates." CPI(M) leader Sujan Chakraborty expressed confidence in the Left-Congress alliance's potential to deliver surprising results in the elections, claiming initial success in breaking bipolar politics in Bengal. BJP state president Sukanta Majumdar downplayed the significance of the rift in opposition alliance and the three-cornered fight in various seats. "People know that BJP is only fighting TMC's misrule in Bengal. Those who want to vote against TMC, will vote for us only just like in the 2019 and 2021 polls," he said. Political scientist Biswanath Chakraborty suggested that TMC stands to gain the most from the three-cornered contest. In minority pockets, the Left-Congress alliance could dent TMC's vote base, potentially aiding BJP's prospects, he noted.

West Bengal Elections: Rift among INDIA bloc partners triggers three-cornered intense contests

Over the past few months, there’s been a lot of brouhaha about the lagging pace of bank deposits in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialization of household savings in the country, or the rising preference of Indians towards mutual funds and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian equity markets through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by <keyword id="20250971" type="General" weightage="20" keywordseo="franklin-templeton" source="keywords">Franklin Templeton</keyword>, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are <keyword id="4000333" type="General" weightage="100" keywordseo="household-deposits" source="Orion">household deposits</keyword> really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. Also, we can’t forego the fact that the share of Indian <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">households</keyword> in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and savings account deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (<keyword id="19942037" type="General" weightage="20" keywordseo="central-board-of-direct-taxes" source="keywords">Central Board of Direct Taxes</keyword>) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of <keyword id="20930760" type="General" weightage="20" keywordseo="securities-transaction-tax" source="keywords">Securities Transaction Tax</keyword> (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell equity mutual funds, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by equities can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in deposit growth we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next <keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword> (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day.

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

PRNewswire—Bengaluru (Karnataka) [India], July 19: <keyword id="1606194" type="General" weightage="100" keywordseo="Aereo" source="Orion">Aereo</keyword>, India's leading <keyword id="22468617" type="General" weightage="20" keywordseo="drone-based-business-intelligence" source="Orion">drone-based business intelligence</keyword> provider, has successfully closed a <keyword id="22468616" type="General" weightage="20" keywordseo="USD-15-million" source="Orion">USD 15 million</keyword> <keyword id="1095983" type="General" weightage="20" keywordseo="Series-B-funding" source="Orion">Series B funding</keyword> round led by 360 ONE Asset. The round saw participation from long-standing investors StartupXseed Ventures and Navam Capital. Aereo delivers <keyword id="20829411" type="General" weightage="20" keywordseo="business-intelligence" source="keywords">business intelligence</keyword> solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform. Their sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries translating into a 400% revenue growth in the last two years and market dominance. Vipul Singh, co-founder and CEO of Aereo, stated, "This funding milestone enables us to expand our <keyword id="22468614" type="General" weightage="20" keywordseo="aerial-intelligence" source="keywords">aerial intelligence</keyword> solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionise this $10 billion industry and create a global footprint." <keyword id="22468618" type="General" weightage="20" keywordseo="Suhas-Banshiwala" source="Orion">Suhas Banshiwala</keyword>, co-founder and CTO of Aereo, stated, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift." Aereo has been recognised by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organisations. As a technology partner for Coal India Limited's Digicoal initiative, Aereo provides critical business intelligence for some of the world's largest coal mines for improving productivity, efficiency, safety, and environmental compliance. It has also been empanelled with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards. Over the past three years, Aereo has achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 sq. km of land area for the Digital India Land Record Modernisation Program (DILRMP). The Series B investment serves as a powerful catalyst for Aereo's growth, with a key focus on automation. Their AI-powered drone data analytics platform is set to revolutionise automation and digitisation. With strategic partnerships, R&amp;D, and new product development, Aereo is ready to lead the global <keyword id="22468613" type="General" weightage="20" keywordseo="drone-solutions" source="keywords">drone solutions</keyword> sector. Karan Ahuja, Fund Manager at 360 ONE, remarked, "We're thrilled with the momentum in the <keyword id="22468615" type="General" weightage="20" keywordseo="commercial-drone" source="keywords">commercial drone</keyword> tech sector in India. Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global." Ravi Thakur, Co-Founding Partner at StartupXseed, added, "Aereo has been a trailblazer from the start, delivering exceptional solutions and building the drone ecosystem. We're excited to support them in their next major growth phase."

Aereo, India's leading commercial drone solutions startup, secures USD 15 million in Series B funding round

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 Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

<keyword id="19897758" type="General" weightage="20" keywordseo="samsung" source="keywords">Samsung</keyword> on Thursday announced a tie-up with quick-commerce platform Blinkit to deliver its newly launched Galaxy S24 series in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. Customers living in Delhi-NCR, Bengaluru and Mumbai can order Galaxy S24 Ultra, Galaxy S24+ and Galaxy S24 smartphones on Blinkit and get the phone delivered in less than 10 minutes, the company said. According to the company, the collaboration with Blinkit will help Samsung cater to the huge demand for its flagship S24 series in the country. People purchasing the Galaxy S24 series on Blinkit can avail an instant cashback of Rs 5,000 if the purchase is done through HDFC Bank credit card. Samsung has secured record pre-bookings for the Galaxy S24 series, making it the most successful S series ever. More than 250,000 customers pre-booked a Galaxy S24 smartphone in just three days since January 18, the company stated. The sale of the Galaxy S24 devices will begin from January 31. The 'Made in India' Galaxy S24 series comes with Live Translate, Interpreter, Chat Assist, Note Assist and Transcript Assist features. AI built into Samsung Keyboard can also translate messages in real-time in 13 languages, including Hindi. <keyword id="19900516" type="General" weightage="20" keywordseo="samsung-galaxy" source="keywords">Samsung Galaxy</keyword> S24 Ultra in Titanium Gray, Titanium Violet and Titanium Black colours starts from Rs 129,999 (12GB+256GB variant). The 12GB+512GB variant costs Rs 139,999 and the 12GB+1TB model of Galaxy S24 Ultra will come at Rs 159,999. The Galaxy S24+ in Cobalt Violet and <keyword id="20333014" type="General" weightage="20" keywordseo="onyx-black" source="keywords">Onyx Black</keyword> colours starts from Rs 99,999 for the 12GB+256GB variant and the 12GB+512GB variant will come for Rs 109,999. The Galaxy S24 in Amber Yellow, Cobalt Violet and Onyx Black colours begins from Rs 79,999 for the 8GB+256GB variant and Rs 89,999 for the 8GB+512GB model. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Samsung India partners Blinkit to deliver Galaxy S24 series in 10 min

<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul> When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages. He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet. With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation. <div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div> The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort. If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.

Nvidia eyes partnership with India to develop a new AI chip, all you need to know

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. 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