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<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

New <keyword id="19900881" type="General" weightage="20" keywordseo="delhi" source="keywords">Delhi</keyword>: Japanese auto major <keyword id="19965528" type="General" weightage="100" keywordseo="honda" source="keywords">Honda</keyword> on Wednesday said it has started joint research on AI technologies with <keyword id="19896445" type="General" weightage="20" keywordseo="iit-delhi" source="keywords">IIT Delhi</keyword> and IIT Bombay with plans to develop driver assistance and automated driving technologies applicable in various regions of the world, including India. The joint research is aimed to further advance Honda CI (Cooperative Intelligence)-- the original Honda AI that enables mutual understanding between machines and people, the company said in a statement. Honda Cars India Ltd (HCIL), a Honda subsidiary in India, will sign a joint research contract with the two IITs. "The IITs are a home to a large number of excellent researchers and engineers, and through the joint research with those institutes, Honda will strive to advance the underlying technologies of CI, with an eye toward the future applications for technologies that reduce traffic collisions and enable automated driving," it said. With an aim to achieve further advancement of CI, Honda and IITs have set joint research themes such as recognition of the surrounding environment and cultivation of cooperative behaviour, and will conduct research and development while utilising the cutting-edge AI technologies, it added. Under the partnership, for each research theme, Honda associates and IIT professors will engage with IIT students for planning, designing, developing and testing technologies which work beyond the confines of the laboratory and thereby proceed with the research and development more flexibly and with a high degree of freedom, Honda said. "This will enable Honda and IITs to work in a more flexible environment with deeper exchange of academic and industry insights," it added. In addition, as part of this research, Honda with the help of IITs is aiming to conduct verification of driving assistance and automated driving technologies in the suburbs of Delhi and in Mumbai. Due to numerous variations in the road systems and a large number of road users, India has a complex traffic environment where situations that occur frequently are difficult for AI to predict. "By conducting technology verification in such a technically challenging environment, Honda and IITs will refine the underlying technologies of CI and strive to apply them to future driver assistance and automated driving technologies in various regions of the world, including India," the statement said. Honda said it has been actively hiring IIT graduates since 2019, and many of them are now playing key roles in the areas of mobility intelligence, including the research and development of CI.

Honda begins joint research with IIT Delhi, Bombay on AI technologies

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

An affordable <keyword id="9107118" type="General" weightage="20" keywordseo="tuberculosis-testing" source="Orion">tuberculosis testing</keyword> technology that can detect the disease using a patient's sputum for just Rs 35 has been developed by apex medical research body <keyword id="19918794" type="General" weightage="20" keywordseo="ICMR" source="keywords">ICMR</keyword>'s regional centre in Assam's Dibrugarh. The 'A <keyword id="19986036" type="General" weightage="20" keywordseo="CRISPR" source="keywords">CRISPR</keyword> case-based TB detection system' is light, portable and involves three steps of testing. Over 1,500 samples can be tested in one single run in around two-and-half hours, ICMR sources said. Conventional diagnostic techniques for TB commonly rely on culture, which requires 42 days to confirm as TB negative, microscopy, and nucleic acid-based methods. These are also time-consuming and may require sophisticated equipment. An official said, "<keyword id="19992404" type="General" weightage="100" keywordseo="Tuberculosis" source="keywords">Tuberculosis</keyword> (TB) remains a global health challenge, necessitating the development of accurate and rapid diagnostic tools for effective disease management. Current <keyword id="22921102" type="General" weightage="20" keywordseo="diagnostic-methods" source="keywords">diagnostic methods</keyword> often exhibit limitations in terms of sensitivity, specificity, speed and cost, emphasising the need for innovative approaches". Additionally, some molecular diagnostic methods, while offering improved sensitivity, may lack the desired specificity or face challenges associated with cost and ease of handling. "Considering these problems, the CRISPR-Cas12a-based molecular diagnostic system 'GlowTBPCRKit' coupled with an amplification step (using thermal cycler) and the '<keyword id="22921103" type="General" weightage="20" keywordseo="RapidGlow-device" source="keywords">RapidGlow device</keyword>' provides a promising solution," the official said. The Indian Council of Medical Research (ICMR) has now invited Expression of Interest (EoI) from eligible organisations, companies, manufacturers for undertaking 'Transfer of Technology' for commercialisation of the 'A CRISPR case-based TB detection system' for the detection of <keyword id="20115212" type="General" weightage="20" keywordseo="Mycobacterium-tuberculosis" source="keywords">Mycobacterium tuberculosis</keyword>. The ICMR-RMRCNE institute will provide expert guidance and technical support for the production of 'A CRISPR Cas based TB detection system' in all phases. Such technical oversight by the institute would accelerate the development of the product and its commercialisation. The ICMR would also provide technical support through its team of experienced scientists in study, planning, product development, development of study protocol, results or data analysis, outcome assessment, safety and efficacy assessment, product improvement, etc., if deemed fit upon the mutual understanding between ICMR and collaborative company. The apex health research body through its institutes would provide support and facilitation to conduct the research and development or clinical study of new technology or product in India through its affiliates or institutes, in collaboration with the company and institutions in a professional and mutually agreed upon manner and timelines.

ICMR's regional centre develops technology that can test for tuberculosis in just Rupees 35!

In a keynote address at the Indo-Singapore Judicial Conference, <keyword id="19941896" type="General" weightage="20" keywordseo="Chief-Justice-of-India" source="keywords">Chief Justice of India</keyword> DY Chandrachud emphasised the crucial role of <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword>, particularly Artificial Intelligence (AI), in reshaping <keyword id="21291398" type="General" weightage="20" keywordseo="legal-research" source="keywords">legal research</keyword> and the judiciary while stressing the imperative of <keyword id="20773416" type="General" weightage="20" keywordseo="ethical-considerations" source="keywords">ethical considerations</keyword> in its integration. Chandrachud commenced his address by lauding the conference's revolutionary focus on technology and its potential to catalyse crucial dialogues at the crossroads of technology and the judiciary. He acknowledged the profound impact of judicial dialogues in fostering cross-cultural exchange and mutual learning among diverse legal systems. Highlighting the deep-rooted ties between India and Singapore, Chandrachud commended both nations for their commitment to upholding the rule of law and promoting access to justice. "Judicial dialogues indeed play a vital role in fostering cross-cultural exchange and mutual learning among different legal systems. India and Singapore share not only deep social, cultural, and economic ties but also a commitment to upholding the rule of law and promoting access to justice. As two dynamic and rapidly evolving nations, both India and Singapore recognise the transformative potential of technology in modernising their respective judicial systems," said the CJI. He lauded Singapore's emergence as a global technology and innovation hub, citing its adoption of cutting-edge initiatives such as online dispute resolution platforms and electronic filing systems. "Singapore has positioned itself as a global hub for technology and innovation. With its strategic location, business-friendly environment, and robust legal framework, Singapore has attracted top talent and investment in the tech sector... Additionally, the Singapore International Commercial Court leverages technology to facilitate international dispute resolution, offering efficient and cost-effective solutions for resolving cross-border commercial disputes," he further said. The CJI praised India's strides in leveraging technology to modernise its judiciary, particularly through initiatives like the e-Courts project. "India boasts a vibrant tech ecosystem and a rich legal heritage. With a population of over a billion people and a rapidly growing economy, India presents enormous opportunities in adopting technology within the <keyword id="20199889" type="General" weightage="20" keywordseo="judicial-system" source="keywords">judicial system</keyword>. The e-Courts project, for instance, aims to computerise court processes, digitise case records, and establish online case management systems across all levels of the judiciary. By reducing administrative burdens and automating routine tasks, e- Courts enhance the speed and efficiency of legal proceedings, ultimately improving access to justice for all citizens," Chandrachud said. The Chief Justice then turned his attention to the transformative potential of AI in legal research, describing it as a "game-changer" that empowers legal professionals with unmatched efficiency and accuracy. He elucidated specific instances where AI, notably ChatGPT, had been utilised in court adjudication, citing examples from Colombia and India. "Additionally, the Supreme Court of India introduced live transcription services, an initiative aimed at enhancing accessibility to legal information. This initiative has been particularly impactful in addressing linguistic diversity, as live transcription services translate judicial proceedings into 18 regional languages and Hindi, ensuring that legal information is accessible to citizens across India using AI termed as the Supreme Court Vidhik Anuvaad Software. This not only saves time and resources but also improves access to justice by reducing delays and backlogs in the court system," he said, "In 2023, Justice Juan Manuel Padilla, a Colombian judge, utilised the ChatGPT to deliver a judgment in a case involving insurance claims for an autistic child," Chandrachud elaborated, underscoring the complementary role of AI in augmenting judicial reasoning rather than supplanting it. Similarly, he recounted how the Punjab and Haryana High Court in India sought insights from ChatGPT in a bail petition. However, Chandrachud cautioned against overlooking the ethical, legal, and practical considerations associated with <keyword id="20230984" type="General" weightage="20" keywordseo="AI-integration" source="keywords">AI integration</keyword> into court proceedings. "These instances show that we cannot avoid the question of using AI in court adjudication. The integration of AI in modern processes including court proceedings raises complex ethical, legal, and practical considerations that demand a thorough examination. The use of AI in court adjudication presents both opportunities and challenges that warrant nuanced deliberation," he asserted. He noted the importance of transparency, accountability, and fairness in AI utilisation, highlighting concerns about potential errors and biases inherent in AI systems. "The full realisation of AI's potential hinges on global collaboration and cooperation," Chandrachud said, urging stakeholders to prioritise robust auditing mechanisms and capacity building. In his concluding remarks, the CJI noted that the advancement of technology and AI is inevitable. "It holds the potential to significantly change professions and make service delivery more accessible to people. In the field of law, this translates to the potential for AI to expedite and streamline justice delivery. The era of maintaining the status quo is behind us; it is time to embrace evolution within our profession and explore how we can harness the processing power of technology to its fullest within our institutions," he said. Aiming to explore the intersection of technology and the legal system, particularly focusing on the transformative role of Artificial Intelligence (AI) in judiciary, the Supreme Court organised a two-day conference on Technology and Dialogue between the Supreme Courts of India and Singapore on Saturday and Sunday. Alongside judges, jurists, Chief Justice of Singapore Justice Sundaresh Menon also engaged in panel discussions covering a wide array of topics. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank">Ather Rizta vs TVS iQube – Which family scooter should you buy?</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a>

CJI DY Chandrachud advocates for ethical AI integration in legal research

In its latest report, US-based investor activist firm Hindenburg, lashed out at market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, alleging her and her husband, <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> of having stakes in the same offshore funds which had previously been utilised by Gautam Adani's brother, <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword>. Earlier last year, Hindenburg had come out with a report, arguing that the research firm had identified multiple instances where they had found that Adani Group was complicit in stock manipulation, and accounting frauds. The report mentioned around 38 Mauritius based shell entities which were directly controlled by Vinod Adani, or his associates, in addition to other suspected entities under his control, which were based out of Cyprus, the UAE, Singapore and Caribbean islands. It had also alleged that SEBI's distinct lack of regulatory action against the conglomerate, despite overwhelming evidence provided by them was disappointing. Now, in its latest report, it notes that "SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani". We decode all that you need to know about the <keyword id="22758620" type="General" weightage="100" keywordseo="Adani-Hindenburg-saga" source="keywords">Adani-Hindenburg saga</keyword>. <h2>What is Buch being accused of?</h2>Three major things, really. First, quoting various whistleblower documents, Hindenburg alleged that during her tenure as a whole-time member at SEBI between 2017 and 2022, Buch maintained a 100% stake in Singapore-based Agora Partners. Two weeks post her appointment as SEBI's chairperson in March 2022, Buch privately emailed the fund, asking them to transfer all her share's to her husband's name. Second, during her tenure, Madhabi's husband, Dhawal Buch had been appointed as senior advisor at <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>, a prominent global name in real estate and private equity. To this date, he maintains this position. Blackstone has, till date, sponsored three <keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword> in India, including Embassy Office Parks REIT, Mindspace REIT, and Nexus Select Trust. As such, this results in a massive conflict of interest. The <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg research</keyword> alleges that during Buch significantly altered regulations, in order to favor investments in REITs (real estate investment trusts). As the short seller noted, "Buch touted REITs as her favorite products for the future, and urged investors to look positively upon the asset class". But, as the firm highlights, she did not explicitly ever mention that her husband is associated with Blackstone, a company which stands to gain significantly from such investments. Thirdly, as Hindenburg research explains, Madhabi currently holds a 99% stake in Agora Advisory, an India-based consulting firm where her husband also serves as a director. Per reports, at the end of FY22, the firm's revenue stood at Rs 19.8 million, which is about 5 times her disclosed salary as a whole-time SEBI member. <h2>How has Buch retorted to each of these allegations? </h2>On first, Buch notes that investment in the fund cited by Hindenburg in its research had been made in 2015, when she held no public position of note, and was 2 years away from joining SEBI as a whole-time member. Moreover, the decision to invest in this fund was largely because Anil Ahuja, who was the erstwhile chief investing officer (CEO) of the fund, was a childhood friend of Dhaval Buch, apart from having a long career in investing, having worked with Citibank and JP Morgan. During this time, the fund did not invest in any bonds or shares issued by companies of Adani Group. On second, Buch made it clear that Dhaval was hired by Blackstone on account of his deep expertise in supply chain management. Once this happened, Blackstone was immediately added to Madhabi's recusal list. Additionally, regulatory decisions are not solely taken by the chairperson, but come into existence after intense public discussion. And thirdly, both Agora Advisory in India, and Agora Partners in Singapore were made dormant after Buch was appointed as SEBI chairperson. Per the joint statement issued by the Buchs, "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." <h2>What kind of financial impact are we estimating? </h2>Stocks of Adani companies found themselves swimming in red today. Adani Ports dipped by 1.78%, while Adani Enterprises and ACC fell by over 1% each during trade today. Adani Total Gas plunged by over 3%, while Adani Wilmar also sunk by over 2%. With the shares cumulatively experiencing over 7% fall, estimates suggest that over Rs 53,000 crore worth of investor wealth was wiped off today. The news does not bode well for India's mutual fund companies, who have a total of Rs 41,814 crore on Adani companies. As for REITs, data from IRA (Indian REITs Association) suggests that there are, at present, four listed REITs on the Indian stock exchanges, collectively managing assets worth over ₹1,40,000 crores and serving more than 240,000 unitholders. "These REITs have distributed over ₹18,000 crores, with the market capitalization of this rapidly growing asset class reaching approximately ₹80,000 crores", the association notes. As the research firm disclosed, it made Rs 34 crores shorting (borrowing a stock who's value you anticipate will fall, and then sell it in markets to earn profits). According to media reports, about 111 mutual fund schemes have invested around Rs 14,000 crore in Adani Ports and SEZ. How has Hindenburg doubled down? In a fresh salvo, Hindenburg notes that this admission confirms that Madhabi and Dhaval Buch had indeed, "invested in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani, the brother of Gautam Adani". "She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director. SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Mrs. Buch was personally invested in, and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," the firm said. Another accusation that has gone the SEBI chairperson's way is that even while she was serving as SEBI chief, Buch continued to earn revenues from her active consulting firms, and also making deals under her husband's name all the while she served as SEBI's whole-time member. <h2>What's next? </h2>Taking note of Hindenburg's report, SEBI released a statement asking investors to "remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report", it said. "The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information", it continued.

Adani Hindenburg case: All your questions answered

The <keyword id="1370377" type="General" weightage="20" keywordseo="BPM-industry" source="Orion">BPM industry</keyword> in India is at the cusp of a transformation and the demand for AI-enabled talent is set to surge, redefining workforce needs across the sector. “My spectrum tells me, in the next 3-5 years, there’s going to be an uptick in AI-enabled workers till the time that models stabilise,” said Nitasha Atreya, the Head of Transformation, Digital Operations and Platforms at Wipro, during a panel discussion on “AI-Ready <keyword id="20041791" type="General" weightage="20" keywordseo="bpm" source="keywords">BPM</keyword> Industry in India,” hosted by Business Insider India. While AI has the potential to streamline many business processes, industry experts caution against relying solely on AI. Human intervention is still required, which means skilling new talent and upskilling existing talent is vital to leveraging AI effectively. Investing in these areas allows organisations to better meet evolving demands with a workforce that complements AI-driven solutions. <div type="Youtube" id="3ewvUSYfG1M" title="Al-Ready BPM Industry In India" thumbUrl="https://i.ytimg.com/vi/3ewvUSYfG1M/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=3ewvUSYfG1M]]></url></div> <h2>Why human intervention is critical</h2>As the demand for AI and generative AI models is rising among BPM clients, particularly for model-building capabilities, so is the demand for AI-skilled workers. “For us to have the right intervention for human-in-the-loop processes, it’s essential that we develop an AI-enabled workforce,” Mythily Ramesh, Co-Founder and Director of NextWealth told Business Insider. Ramesh shared industry projections that estimate AI could create up to 100 million jobs globally. AI models generate predictions based on historical data and probabilities, but human oversight is essential to ensure accuracy and minimise errors. “AI as an enabler or augmenting the human workforce is probably the way this industry is going to progress. With the risks that are associated with completely leaving AI to replace humans – it’s just not going to work,” explained <keyword id="23987938" type="General" weightage="20" keywordseo="sundar-hariharan" source="keywords">Sundar Hariharan</keyword>, Vice President of Digital Business Experience Centre at Alorica IQ. <h2>Shaping the future of AI And BPMs with collaborative intelligence</h2>The panellists emphasised a significant challenge in AI model development: only 1 in every 100 models actually makes it to deployment. For all of these models, a rigorous process of training and fine-tuning is required, using either synthetic or human-generated data. This process is not just about feeding the model data but also validating the output to ensure it functions as intended. “There’s a lot of requirements for data training and validation,” said Ramesh, highlighting the substantial demand for data annotators, labelers, and specialists in areas like image and video annotation. These roles are crucial for ensuring that the data used to train models is of high quality and accurately reflects the task at hand. However, the skills required for these roles go beyond traditional data labelling. The workforce must move away from rigid Standard Operating Procedures (SOPs) and understand the context in which data is being used. This requires employees to make judgement calls that help refine the model’s performance, adapting to continuously evolving instruction sets. "It’s collaborative intelligence—human intelligence combined with artificial intelligence," Ramesh noted. To address this evolving demand for skills, companies like Wipro have implemented comprehensive upskilling programs. These programs are tailored to different business segments, from basic AI awareness (AI 101) to advanced training for developers, engineers, and architects—those working directly on the models. Atreya shared that over 10,000 developers and engineers at Wipro are currently receiving training across these programs. <h2>AI’s role in transforming BPM operations</h2>According to Suhrid Brahma, the Chief Technology Officer at WNS Global Systems, the core model of the BPM industry is changing. “There is a shift from focus on people, to outcomes and value-add as an industry,” he said. He outlines a three-part strategy for the upgrades needed in AI-driven BPM, beginning with AI in operations. By building an AI-skilled workforce and maintaining a ‘human in the loop’ approach, organisations can maximise the value of AI while keeping essential human oversight. The second area is AI for applications and platforms. Each BPM deal has a technological component, which varies from client to client, but AI should be woven directly into these enterprise systems to ensure seamless functionality. Lastly, he highlights AI’s evolving role in analytics, shifting from retrospective analysis to providing predictive insights that drive proactive decision-making across the organisation. “This whole industry will grow for sure. But the nature of work we do, the kind of value-add we do for clients and the kind of outcomes we deliver as an industry, will definitely change,” Brahma noted. <h2>Navigating an evolving AI landscape in BPM</h2>As AI continues to reshape BPM, the nature of customer needs is also changing. With AI, businesses now have the potential to drive end-to-end process automation, where one part of the process is handled by the BPM organisation and the other by the client, fostering a more collaborative approach to AI adoption. Hariharan noted that BPM providers are transitioning into more tech-driven organisations, as AI increasingly becomes a key enabler of business processes. However, the road to AI integration is not without challenges. Atreya pointed out several challenges like siloed technology limiting the potential of AI to drive meaningful results. Atreya highlighted that siloed technology often limits the ability of AI to drive results. Organisations must assess whether they are AI-ready, with a mature data infrastructure and robust data availability. According to her, the most pressing concern remains ensuring ethical and responsible AI deployment, as new regulations continue to evolve. For sectors like BFSI, tech integration is already advanced, but industries like logistics have an opportunity to leapfrog by integrating systems and running processes end-to-end with AI, according to Brahma. He emphasised the importance of data integration to fully benefit from AI. Looking ahead, the panellists see huge opportunities in sectors like e-commerce and automotive, where AI-driven services are changing the landscape. The key to success will be collaboration, integration, and a well-trained workforce prepared to drive this AI-enabled transformation. This article is part of a four-part webinar series in partnership with nasscom. These monthly webinars aim to delve deep and offer insights into the evolving BPM landscape. You can watch the full video of the third session <a href="https://youtu.be/3ewvUSYfG1M">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

India's BPM industry to see sharp demand for AI-skilled talent over the next 3-5 years

<ul><li>The idea of K-shaped recovery post-pandemic in India is flawed and prejudiced, says a report by <keyword id="20112035" type="General" weightage="20" keywordseo="sbi-research" source="keywords">SBI Research</keyword>.</li><li>Economist <keyword id="20112034" type="General" weightage="20" keywordseo="peter-atwatera" source="keywords">Peter Atwatera</keyword> defines K-shaped recovery as - stacked inequity on one side and stacked privilege on the other.</li><li>India’s lower income groups are migrating to higher income groups, and their consumption patterns are changing.</li><li>The number of ultra rich has gone up but their combined income has not increased greatly between FY14-FY21. </li></ul>India’s income inequality has been debated since times immemorial. After the pandemic, the term K-shaped recovery, which essentially means an uneven recovery riding on certain sectors, has come to the fore. However, SBI Research doesn't agree with the theory and says that the current economic ‘shift’ has more to do with India’s remarkable ascendance with changing consumer preferences in purchases, savings and more. “The oft repeated conundrum debating a K-shaped recovery post-pandemic seems at best flawed, prejudiced, ill-concocted and fanning interests of select quarters to whom India’s remarkable ascendance, signaling more the renaissance of the new global south, is quite unpalatable,” the report said. Economist Peter Atwatera popularised the term K-shaped recovery. He describes it as "stacked inequity on one side and stacked privilege on the other”. But that’s not what’s happening in India, instead there has been a swelling of the middle class and gradual shifting of income groups. Rise of the middle classes There has been a gradual shift in people from the lowest income group, SBI Research says. It cites the income tax return filing data which shows that 36.3% of people who were earning less than ₹3.5 lakh in FY14 have left the income group to migrate upwards as of FY21. “A comparison of disparity in income during FY14 and FY21 shows that there is a clear rightward shift in the income distribution curve signifying people in lower income brackets are increasing their income to converge towards their share in population,” the report says. Shifting incomes of 36.3% people earning &gt;₹3.5 lakh from FY14 to FY21 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of people </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shift to income group </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹3.5-5 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5-10 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10-20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh and upwards </td></tr></tbody></table>Source: SBI Research On the top end, the number of rich individuals increased substantially — but their combined income hasn’t gone up substantially. In fact, even at the top-end, wealth has been distributed fairly well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of individuals earning over ₹100 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Combined wealth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,290 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34,301 crore </td></tr></tbody></table> In fact the percentage contribution of the ultra-rich in the total wealth has come down. In FY14, combined income of over ₹100 crore contributed to 1.64% of total income. As their number swelled to 136 in FY21, their share in total income fell to 0.77%. “Therefore, growth is seen in all income classes but it’s skewedness has been decreasing with convergence of income towards the middle from both top as well as bottom,” said SBI Research. <keyword id="19934037" type="General" weightage="20" keywordseo="iphones" source="keywords">iPhones</keyword> and India’s consumption story India has always been known as a price sensitive market, but that’s changing thanks to its ‘young’ demographics. The rise in income is shifting the goalpost for affordability, combined with change in lifestyle preferences. This is also fuelled by online marketplaces which evolved into ‘a wish fulfilling wand’, offering brands (and their alternatives) at hefty discounts, the report says. A very good case study to this theory is Apple’s keen interest in the market. Its CEO <keyword id="19954680" type="General" weightage="20" keywordseo="tim-cook" source="keywords">Tim Cook</keyword> labels it an ‘extraordinary market’. “An interesting case affirming India’s rising middle class in flux could be iPhone sales. The company has more than 50% share in the smartphone price category above ₹50,000, aiming to sell around 9 million iPhones this year, riding the premiumization wave enveloping the consumer psyche, a harbinger of good times on the roll,” the report says. Do duni chaar: Middle class adds more wheels The report believes that <keyword id="19907310" type="General" weightage="20" keywordseo="digital-india" source="keywords">Digital India</keyword> with its direct benefits transferred to beneficiaries’ accounts and ‘the multiverse of welfare schemes’ have changed the way Indians spend and consume. A new India’s rural economic growth cannot be measured by ‘old proxies’ like two-wheeler sales and more. The fall in 2-wheelers has long been associated with rural distress but that’s no more the case. It quotes FY19 data wherein two-wheeler sales hit a high of around 2.12 crore units – when agri GDP slouched to 2.1% and rainfall deficiency spiked. Like in the case of devices, here too, there is a premiumization trend – that’s making people buy more wheels as they buy their vehicles. That indicates a transition, the report says. “People are buying more expensive motorcycles and cars than what they’ve bought earlier. And, two wheelers are being considered as giffen goods with the rise of income, and people are substituting two wheelers for the four wheelers,” SBI Research says.

India’s post-pandemic rise not uneven but shows the rise of the middle class, says SBI report

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Equity mutual funds experienced a net inflow of Rs 21,780 crore in January, making it the highest monthly infusion in nearly two years, propelled by investors' continued preference for small-cap funds. In comparison, an inflow of around Rs 17,000 crore was seen in the category in December, according to the data released by the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> (<keyword id="6359050" type="General" weightage="20" keywordseo="amfi" source="Orion">AMFI</keyword>) on Thursday. The flow in January was the highest since March 2022, when equity-oriented mutual funds witnessed an inflow of Rs 28,463 crore. Also, the latest flow marks the 35th consecutive month of net inflows in equity funds. Barring value fund, all categories experienced inflow in equity segments. The category was aided by fund collection to the tune of Rs 4,805 crore in thematic funds, followed by Rs 3,257 crore in small-cap funds and Rs 3,039 crore in multi-cap funds. The highlight of this month was the fund flows into the large-cap category at Rs 1,287 crore, which was at the highest-level in more than 13 months. "With midcaps at 15 per cent and small caps at 20 per cent premiums, investors are realising the considerable valuation gap with the large-cap segment, and accordingly making adjustments to their investments. "Though small-cap funds garnered greater than Rs 3,000 crore of net flows for the fourth consecutive month, the quantum was lower by Rs 600 crore on a month-on-month basis," <keyword id="20504519" type="General" weightage="20" keywordseo="gopal-kavalireddi" source="keywords">Gopal Kavalireddi</keyword>, Vice President of Research at FYERS, said. Apart from equities, debt-oriented schemes witnessed a net inflow of Rs 76,469 crore in January after withdrawing funds in the preceding two months. The segment had witnessed a net outflow of Rs 75,560 crore in December and Rs 4,707 crore in November. Additionally, hybrid schemes saw an inflow of Rs 20,637 crore. Overall, the mutual fund industry has witnessed an inflow of Rs 1.23 lakh crore in the month under review as compared to an outflow of Rs 40,685 crore in December. The strong inflow pushed the mutual fund industry's assets under management to Rs 52.74 lakh crore in January-end as compared to Rs 50.78 lakh crore at the end of December.

Equity mutual fund inflow hits almost 2-yr high of ₹21,780-cr in January

A <keyword id="19925751" type="General" weightage="20" keywordseo="mobile-app" source="keywords">mobile app</keyword> could help predict if a pregnant woman will develop depression in the latter stages of pregnancy, according to new <keyword id="19913261" type="General" weightage="20" keywordseo="research" source="keywords">research</keyword>. By asking women to respond to surveys during their first trimester, researchers identified various risk factors, including <keyword id="20015710" type="General" weightage="20" keywordseo="sleep-quality" source="keywords">sleep quality</keyword> and <keyword id="20406931" type="General" weightage="20" keywordseo="food-insecurity" source="keywords">food insecurity</keyword>, for developing depression. "We can ask people a small set of questions and get a good sense of whether they'll become depressed," said lead author Tamar Krishnamurti, an associate professor of general internal medicine at the University of Pittsburgh, US. "Strikingly, a lot of risk factors for future depression are things that are modifiable -- such as sleep quality, concerns about labour and delivery and, importantly, access to food -- meaning that we can and should do something about them," said Krishnamurti. Identifying women vulnerable to developing depression in the earlier stages of pregnancy could help tailor preventive care and offer support to address underlying causes, the researchers said. For the study, the researchers analysed the survey responses of 944 <keyword id="19905236" type="General" weightage="20" keywordseo="pregnant-women" source="keywords">pregnant women</keyword> who used the app as part of a larger study and did not have a history of depression. In their first trimester of pregnancy, the women responded to questions about demographics and their medical history, along with those on stress and feelings of sadness. Some of the 944 women also responded to optional questions on social factors related to their health, such as food insecurity. All women were screened for depression once every trimester. The researchers developed six machine-learning models using all the data. The best one was found to be 89 per cent accurate in predicting depression in a pregnant woman. A machine learning algorithm is a form of artificial intelligence that learns from past data to make predictions. The accuracy of the model rose to 93 per cent when the researchers included the responses to optional questions on health-related social factors. They found that food insecurity, or access to food, emerged as an important risk factor for pregnant women to develop depression in the latter stages of pregnancy. The researchers are now developing methods to integrate these survey questions into clinical settings and identifying how clinicians could have these conversations with patients about the risk of depression. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank">Tata Altroz Racer hatchback launched in India starting at ₹9.49 lakh</a><a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank">Nvidia beats Apple, becomes second most valuable company: Top 10 companies by market cap</a><a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, annual shipments expected to end in a decline</a>

Mobile app may predict depression in pregnant women

India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

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