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A significant percentage of organizations see artificial intelligence as the key to <keyword id="19959627" type="General" weightage="20" keywordseo="competitive-advantage" source="keywords">competitive advantage</keyword>. According to the "Industry 5.0 and <keyword id="19899640" type="General" weightage="100" keywordseo="AI" source="keywords">AI</keyword> Report," compiled by <keyword id="22094332" type="General" weightage="20" keywordseo="BML-Munjal-University" source="keywords" meta.keywordsubtype="org" meta.entityname="BML Munjal University" meta.hostid="153" meta.entityid="BML Munjal University">BML Munjal University</keyword>, 44% of organizations have experienced a significant boost in productivity through <keyword id="20230984" type="General" weightage="20" keywordseo="AI-integration" source="keywords">AI integration</keyword>. Additionally, 21% reported that AI can play a pivotal role in driving innovation, enabling the development of new products, services, and business models, particularly in sectors like finance, healthcare, manufacturing, and marketing. "Approximately 33% of organizations focus on product development, while 29% leverage AI for customer service through chatbots and robotic process automation (RPA). Marketing teams, representing 19% of businesses, utilize AI for trend analysis, while 13% apply AI to improve supply chain management. Financial planning, though less prominent (6%), benefits from AI's efficiency-boosting capabilities," the report added. Based on responses from 1,000 professionals and in-depth interviews with 50 industry experts, the report highlighted a significant shift in how businesses are integrating AI into their strategies. While AI has delivered numerous benefits, the report also highlights some key challenges. "Around 34% of organizations face a critical shortage of AI-trained personnel, which hinders their ability to fully leverage AI's potential. This skills gap highlights the need for better AI education and continuous learning programs. In fact, 31 %of organizations have started mentorship initiatives to help develop talent," the report said. AI's impact varies by sector; in mergers and acquisitions, 28% have seen benefits in personalized campaigns, but data privacy remains a hurdle for 22%. IT and augmented reality sectors report enhanced productivity (44%), but struggle with talent shortages. "In finance, AI improves risk management, though 18% face regulatory challenges. Healthcare has seen advancements in diagnostics, yet ethical concerns remain significant for 18% of professionals. In manufacturing, 23% recognize process optimization benefits from AI, but 21% struggle with legacy system integration," it said. Qualitative interviews with industry professionals reveal that transparency in AI decision-making is crucial, with 21% expressing concerns about the "black box" problem. "There are also ethical concerns, with 20% of respondents mentioning algorithmic bias and 22% expressing worries about data privacy. These issues show the need for responsible <keyword id="20355187" type="General" weightage="20" keywordseo="AI-governance" source="keywords">AI governance</keyword>, prompting 38.3% of organizations to adopt <keyword id="21198326" type="General" weightage="20" keywordseo="ethical-AI" source="keywords">ethical AI</keyword> guidelines to ensure transparency," it said. According to Pratik Modi, Dean School of Management, BML Munjal University, AI enhances human-machine collaboration. "As organisations embrace this new era, the report's findings offer a roadmap for integrating AI while prioritizing ethical standards and fostering human creativity," it said.

Most organizations see AI as key to competitive advantage, notes a new report

<ul><li><keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial intelligence</keyword> (AI) in healthcare will change how the industry operates in India provided it can find the talent to support this shift.</li><li>According to a survey conducted by <keyword id="1953849" type="COMPANY" weightage="20" keywordseo="BML-Munjal-University">BML Munjal University</keyword>, deep learning experts and AI experts will be one of the most in-demand skills for the <keyword id="54598" type="PERSON" weightage="20" keywordseo="Healthcare-sector">healthcare sector</keyword> as it goes through a digital transformation.</li><li>Vishal Talwar, the Dean of BML Munjal University, tells Business Insider what’s needed to make the shift in the healthcare sector a potential game-changer in the Indian context.</li></ul>Artificial intelligence (AI) is bringing about a wave of change in nearly every sector of the economy, and healthcare is no exception to that rule. A new survey conducted by BML Munjal University shows that most executives across the country already have an AI strategy in place for their organisations. Execution of these strategies remains to be seen. “Public and private sector investments, government push, health startup boom etc. could provide the necessary fillip required to make this a potential gamechanger in the Indian context,” Vishal Talwar, the Dean of School of Management, — BML Munjal University, told Business Insider. <div type="image" title="top challenges of ai in healthacre" msid="80838159" hostid="261" caption="&amp;lt;p&amp;gt;Survey participant answers to, “Which of the following do you see as key challenges to the successful implementation of your AI?&amp;quot;&amp;lt;/p&amp;gt;"></div> High capital requirement is a key challenge in the implementation of AI. Cultural considerations, such as trust in AI technologies, is also a barrier that needs to be addressed. While consumers are open to use of AI, it cannot be considered a replacement for the soft skills that healthcare staff has to offer. However, before any of this can be addressed, the primary challenge for executives is finding the right talent. As the nature of work changes and the workforce needs to be reskilled, more executives are investing heavily in upgradation to keep up with their competition. <div type="image" title="Healthcare futuristic jobs" msid="80838190" hostid="261" caption="&amp;lt;p&amp;gt;Survey participants&amp;#39; answers to where they see the most demand of skills&amp;lt;/p&amp;gt;"></div> AI-related skills and knowledge is a priority for hiring talent Using AI is more efficient in diagnosing patients and reducing the rate of error. A <a href="https://physicsworld.com/a/ai-rivals-human-radiologists-at-breast-cancer-detection/">2020 study</a> found that AI algorithms and deeping learning were able to diagnose breast cancer at a higher rate than 11 pathologists. While the demand for AI-related skills is set to boom, a whopping 96% of executives say that current healthcare education needs significant upgradation in India to keep pace with the rapid change in technology. <div type="image" title="global ai healthcare market" msid="80835008" hostid="261" caption="&amp;lt;p&amp;gt;Expected growth of the global AI healthcare market&amp;lt;/p&amp;gt;"></div> “This gap will need to be addressed aggressively and the search will not be easy. Talent will need to be sought both within and outside the sector and thus approach to hiring as well as processes will be impacted,” said Talwar. Talwar proposes that, in the long run, the healthcare education sector will have to work on this along with the industry to expand the talent base and offer a more integrated approach to learning. “With higher infrastructure development costs, there may be a possibility of higher expenses in some quarters but organisations would be better off taking a long term view,” said Talwar. Job creation will trump job losses Executives also feel that the potential impact on jobs — reduction due to automation — is a big challenge given that low-skilled jobs will likely become redundant in the coming decade. But, it will also open up a whole new set of employment opportunities for the coming generation. “As AI continues to evolve in healthcare, there would be more jobs created for new skill sets, it is being integrated in healthcare organisations to assist with care provision, not replace it. Moreover, experts believe that such technologies will be an important contributor to better decision making and not necessarily replacement,” explained Talwar. Meanwhile, there will be a greater impetus on reskilling and upskilling of the current skill base across all ages. This is already a phenomenon across many sectors and is becoming imperative. “Continuing education will become rather relevant in all sectors including healthcare,” said Talwar. <div type="image" title="Copy of Adoption and impentation of AI is spread across various functional areas" msid="80836023" hostid="261" caption="&amp;lt;p&amp;gt;Answers to, &amp;quot;Which of the following do you see as the most important for professionals in healthcare to keep pace with AI?&amp;quot;&amp;lt;/p&amp;gt;"></div> Why does India need AI in Healthcare? India’s healthcare system is one of the biggest in the world given that it caters to a population of 1.4 billion. But, it has a long way to go in terms of improving the quality of healthcare and making sure that everyone has access. And, that’s where AI comes in. Using AI, people in the most remote locations of India will be able to access medical healthcare from top professionals. Mundane tasks like scheduling or tracking medical inventory can be left up to algorithms, reducing the costs of running day to day business. <div type="image" title="Copy of Adoption and impentation of AI is spread across various functional areas(1)" msid="80836627" hostid="261" caption="&amp;lt;p&amp;gt;Health executives are investing in AI hoping to reap the benefits in these key areas&amp;lt;/p&amp;gt;"></div> In addition to operational efficiency, the use of chatbots and personalised solutions that can provide better patient experience in the healthcare space, which is highly competitive. But, these chatbots cannot be considered a replacement for actual human interaction. Soft skills will always have a role to play in patient care. More than half of the executives surveyed say that they are already seeing significant benefits from AI adoption. The recent experience in vaccine distribution in the US has thrown up challenges on inequality. Black and brown Americans are <a href="https://www.businessinsider.in/science/health/news/white-americans-are-getting-more-than-their-fair-share-of-covid-19-shots-but-there-are-ways-to-fix-the-inequity/articleshow/80771969.cms">receiving fewer coronavirus shots</a>, despite dying at higher rates. The logistical challenge is something that AI can help solve. It can forecast demand, clear out bottlenecks and give quality assurance that the right dose is administered. AI can also help monitor for any unusual side effects, especially with the new strains of COVID-19 popping up globally. <div type="image" title="Copy of Copy of top challenges of ai in healthacre" msid="80836378" hostid="261" caption="&amp;lt;p&amp;gt;Answers to, &amp;quot;Which of the following technological advances has your organisation adopted?&amp;quot;&amp;lt;/p&amp;gt;"></div> This is also an opportunity in terms of jobs and long-lasting changes to the healthcare sector that can be applied to other challenges like the distribution of the polio vaccine and ensuring that children and pregnant mothers get the right level of nutrition. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-and-china-begin-to-disengage-from-friction-areas-along-the-border/articleshow/80831679.cms">India and China begin to disengage from friction areas along the border — terms and conditions apply</a> <a href="https://www.businessinsider.in/international/news/twitter-faces-a-political-disaster-in-india-where-its-taking-heat-from-both-the-government-and-protesters-over-the-suspension-of-accounts/articleshow/80790166.cms">Twitter faces a political disaster in India, where it's taking heat from both the government and protesters over the suspension of accounts</a> <a href="https://www.businessinsider.in/tech/news/at-least-35000-gamers-were-complaining-when-ps4-and-ps5-network-went-down-for-an-hour-a-little-after-dawn/articleshow/80826872.cms">How big is Playstation in India⁠ — at least 35,000 gamers were complaining when PS4 and PS5 network went down for an hour a little after dawn</a>

AI in healthcare is set to open up a range of futuristic job profiles in healthcare

The Hero Group has announced that Sunil Kant Munjal, the joint MD of <keyword id="6357252" type="COMPANY" weightage="100" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> and Chairman of <keyword id="171917" type="ORGANIZATION" weightage="100" keywordseo="Hero-Corporate-Services">Hero Corporate Services</keyword> has quit from his roles, citing the need to focus on his independent core business. 
 It was in a filing to the <keyword id="43628" type="CITY" weightage="100" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> (BSE), that the two wheeler maker announced this, saying "Keeping with the core values of the Hero Group as established by the late Dr <keyword id="123336" type="PERSON" weightage="100" keywordseo="Brijmohan-Lall-Munjal">Brijmohan Lall Munjal</keyword>, the members of <keyword id="2732295" type="UNKNOWN" weightage="100" keywordseo="BML-Munjal">BML Munjal</keyword> family have decided to realign their businesses to achieve future growth and expansion." 
 
Sunil Kant Munjal, who is the youngest son of founder Brijmohan Lall Munjal, would not continue after his tenure comes to an end on August 16, 2016. 
 
"This realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company", the company informed. 
 
<a href="http://quintype-01.imgix.net/bloombergquint%2F2016-07%2Fea56698f-7422-4b92-80ef-9801c534d4e4%2FSunil%20Kant%20Munjal,%20chairman%20of%20Hero%20Corporate%20Services%20Ltd.%20(Photographer%20Graham%20CrouchBloomberg).jpg?auto=format&amp;q=60&amp;fm=pjpeg">Image source</a>

Sunil Munjal quits Hero MotoCorp

<a href="http://www.businessinsider.in/searchresult.cms?query=Munjal+University">Munjal University</a>, (BMU) is a new initiative of The <a href="http://www.businessinsider.in/searchresult.cms?query=Hero+Group">Hero Group</a> - the US$5 billion business conglomerate. A fully-residential university, BMU is located at Village Sidhrawali, District Gurgaon on NH-8 (50 kms from the Delhi International Airport). 
 
Named after the <a href="http://www.businessinsider.in/searchresult.cms?query=Hero+Group">Hero Group</a> Co-founder and Chairman, Brij Mohan Lall Munjal, the University aspires to nurture ethical leaders who are skilled, knowledgeable and have the life skills required for leading their organizations to success. 
 
Bi India chatted up with Akshay Munjal, President, BML Munjal University to get a sneak peek into this unique venture. 
 
How is BML University different from any other institute? 
We felt Indian academics have not evolved hand to hand with the country’s needs. There’s a strong gap between what’s being taught and what industry and society wants today. Our approach is heavily focused on research to solve these practical problems. 
 
How do you plan to implement your approach? 
We noticed the tremendous focus on rote learning in India. Our focus is to make learning fun. The idea is to introduce practical knowledge in a way the student never forgets. 
 
Ours could be an open book exam. Any way, you can always have access to a book, the internet or a calculator. The challenge is to know how to find the answer to practical problems. 
 
You’ve launched a bunch of <keyword id="6601805" type="ORGANIZATION" weightage="100" keywordseo="Professional-Courses">professional courses</keyword>. Any plans to expand? 
We’ve started with the most popular courses from the student and industry perspective. In the next phase we’re looking to start Architecture, Liberal Arts, Pure Sciences and develop into a full-fledged University. 
 
You’ve announced industry collaborations with Siemens, IBM and KPMG. You would also be mentored by Imperial College London. How would these collaborations help BML? 
High-ranking officials from these companies would be our advisors on what to teach. That way our curriculum would be the most updated and modern. 
 
We are also among the few top Indian institutes like <a href="http://www.businessinsider.in/searchresult.cms?query=IIT+Delhi">IIT Delhi</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=IISc+Bangalore">IISc Bangalore</a> to be mentored by <a href="http://www.businessinsider.in/searchresult.cms?query=Imperial+College">Imperial College</a>. It offers a great opportunity to our faculty and students to learn from the world’s best. They can also go to travel to <a href="http://www.businessinsider.in/searchresult.cms?query=Imperial+College">Imperial College</a> and do a joint degree. 
 
Why launch MBA in Forensic Accounting? 
Across the world, MBAs are pretty constant. However, our courses are all focused on application. They are called, ‘Bringing Ideas to the Market’, ‘Managing People’, and ‘Acquiring and Retaining Talent’. 
 
The job of <a href="http://www.businessinsider.in/searchresult.cms?query=forensic+accounting">forensic accounting</a> is important not only to detect, but also to prevent corporate fraud. In the next 10 years, <a href="http://www.businessinsider.in/searchresult.cms?query=forensic+accounting">forensic accounting</a> and business analytics would be among the top 10 upcoming jobs in the country as finance companies, banks and IT companies would all need them. 
 
What are your top areas of focus in the years to come? 
Advanced Manufacturing, Sustainability, Flexible Electronics, Energy and High-performance Computing. 
 
What would you look for in a student at BML University? 
Not just the marks, but the attitude. We try to identify students that have a desire to learn, and train them to be the best. 
 
Image credit: Hero MotoCorp

BML University-meant for industry, mentored by Imperial
College London

New Delhi, Jan 24 () The Indian technology industry is facing its biggest-ever HR challenge with the need to recruit and skill more than 2 million professionals, as growing demand for 'exponential tech professionals' puts extreme pressure on it to remain globally competitive, according to a report.
 The increasing competition has not left organisations with much of an alternative. They have to either embrace the challenge or perish, according to the report titled 'AI &amp; Future Of Work: Redefining Future Of Enterprise' by BML Munjal University.
 Employability with technology continues to be a problem despite India having a large number of higher academic institutions, it added.
 "There is an expected supply of 7 million people for the Indian technology industry that consists of graduates, PGs (postgraduates), diploma holders and PhDs (but) overall employability is 18 per cent only," the report said.
 On the other hand, it said, "Several jobs at the mid-level of indian technology companies are becoming redundant or changing dynamically. Massive re-skilling in exponential technologies required swiftly."
 "It will not be an exaggeration to call the present scenario as the largest-ever HR challenge for Indian technology professionals and it is knocking hard at the gates of the Indian technology industry," it said.
 The recruitment and skilling more than 2 million professionals, new and existing, through academic institutions, learning academies, training departments are daunting tasks, the report added.
 Commenting on the findings, Sameer Dhanrajani, chief executive officer, AIQRATE Advisory &amp; Consulting, an author of the report, said, "Today, we are witnessing an unprecedented change in the exponential technologies where legacy skills, tools and technologies have become obsolete."
 New-age digital professionals proficient in artificial intelligence (AI) and internet of things (IoT) are being called upon to enter the talent workforce -- with a new set of skills, he added.
 As per the report, addressing the challenges of re-skilling the aspiring and existing technology workforce will require change and initiatives from all stakeholders.
 "At an individual level, there will be a need to reinvest in building exponential technologies, skills, and think of learning as lifelong requirement. Enterprises will need to support and encourage such behaviour and dramatically increase investments in training," it said.
 Academic institutions will need to align tightly with industry to bring topical and dynamic conceptual and contextual learning with industry-ready caselets and simulations.
 At the same time, the government will need to provide the framework to support individuals and companies through the period of change, it added.
 Speaking at the release of the report, BML Munjal University Chancellor Sunil Kant Munjal reiterated the need for up-gradation of academic structures through global and technological exposure, driven through the support of thought leaders in the industry as well as in academia.
 He also pointed out the need to learn from China, Israel and USA which have been leaders in the development of technology and also called for integration of 3 Is -- Innovation, Inquiry and Impact -- with the new generation of technology-driven academia across various institutions globally. RKL HRS

Indian tech industry facing biggest-ever HR challenge, needs to recruit, skill 2 mn professionals: Report

<ul><li><keyword id="366712" type="General" weightage="20" keywordseo="tarun-katial" source="Orion">Tarun Katial</keyword> is currently working on the first-of-its-kind women-only social media platform Eve World.</li><li>There is an additional layer of blockchain technology added to the platform, which will allow the users to get rewarded for each action.</li><li>The platform will be launched in India, Middle East and Indonesia first, and then in other countries.</li></ul>Indian media executive and business professional Tarun Katial — who has previously led <keyword id="6245082" type="General" weightage="20" keywordseo="zee5" source="Orion">Zee5</keyword> and <keyword id="82551" type="General" weightage="20" keywordseo="big-fm" source="Orion">Big FM</keyword> as founder chief executive — is now on a journey to make social media safer for women with his latest offering Eve World. Katial has been working on the concept of Eve World, with Aparna Acharekar and Rajneel Kumar, since 2020 after he had an up-close experience of the harassment women face on the internet and traditional social media networks. “My wife [media veteran Monisha Singh Katial] is a really accomplished media person and she started getting trolled on WhatsApp, somebody got her number from somewhere. Me and another friend of mine recommended that we should go to the police station. Now the reason she gave me was that ‘even if I report, what real action would be taken even if they find the person?” he added. Forty six-year-old Tarun Katial has been in the media and entertainment industry for over two decades. He has retained top executive positions in brands like <keyword id="17943" type="General" weightage="20" keywordseo="star-india" source="Orion">Star India</keyword>, Sony Entertainment and Reliance Broadcast Network. Eve World became a reality in June 2021 as a first-of-its-kind women-only platform that aims to empower women to express their opinion, create content and form communities without worrying about the consequences. According to the National Commission for Women (NCW) chairperson Rekha Sharma, cases of online harassment grew nearly five fold in 2020. “While earlier, we would record 300 complaints of online harassment, this shot up to 1,500 post the COVID-19 pandmeic,” she<a href="https://indianexpress.com/article/cities/ahmedabad/after-covid-cases-of-online-harassment-spiked-by-5-times-7137386/"> said</a> in January 2021. In the USA, four in ten women admitted to have faced online harassment, according to a <a href="https://www.pewresearch.org/internet/2021/01/13/the-state-of-online-harassment/">report </a>published by Pew Research Center in January this year. However, it does raise questions whether creating a separate space for women would further isolate them from the general public. Commenting on the same, Katial highlighted that this is why they went with the tagline “We can’t change the world for you, but we can create a better one for you.” Pritam Baruah, Dean of School of Law at BML Munjal University, told Business Insider, “In the larger context, however, isolation will not be the lens through which they will be viewed. There is the freedom to form exclusive groups in the marketplace of platforms and each will serve its purpose and constituency." Eve World is trying to build more than just social media Eve World will use this capital to launch the platform in the January-March quarter of 2022. The company aims to launch worldwide, including countries like the US and UK, where female participation in the digital arena is higher. But it will start off with countries like India, Middle East and Indonesia, where the population is larger and the company believes that it can add some value by giving women their space. On the face of it, Eve World has been built on a creator partnership, something like Facebook, Instagram and Twitter, where the people on the platform are running the show. But there is an additional layer of blockchain technology added to the platform, which will allow Eve World’s users to get rewarded for each action on the platform. The reward can either be virtual tokens or points and can be used for a range of use cases — including consulting doctors and mental health professionals on the platform, shopping or even to buy non-fungible tokens (NFTs) at a discount on the platform. It will generate revenue by charging micro-entrepreneurs to promote their businesses. Eve World will set up a two-way authentication to ensure only women are using the platform. Katial claimed that 70% of its workforce at Eve World are going to be women as they understand these issues much better. The company has already raised capital from Singapore-based Jungle Ventures, one of the largest independent early and growth stage venture capital firms in Southeast Asia. The details of these transactions are undisclosed. “What used to happen on the street till a decade ago, in urban India, has now moved to the internet, under the garb of anonymity… Women were losing their freedom to express themselves because of the kinds of gender bias, the kind of trolling, the kind of abuse that they are facing...Women on the internet face much more [consequences] than any man would on the same comment that gets posted,” Katial said. SEE ALSO <a href="https://www.businessinsider.in/business/news/zoho-freshworks-and-top-indian-saas-companies-have-given-500-entrepreneurs-to-the-indian-startup-ecosystem/articleshow/88145310.cms" data-type="tilCustomLink">Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian startup ecosystem</a> <a href="https://www.businessinsider.in/investment/news/humanoid-robot-sophia-is-entering-the-metaverse-with-intelligent-nfts/articleshow/88156738.cms" data-type="tilCustomLink">Humanoid robot Sophia is entering the metaverse with ‘intelligent’ NFTs</a> <a href="https://www.businessinsider.in/policy/news/here-is-what-to-expect-from-the-rbi-monetary-policy-today/slidelist/88150941.cms" data-type="tilCustomLink">Six charts explain what the market expects from the RBI’s monetary policy review</a>

An Indian media veteran is building a social media platform just for women after his wife got trolled on Whatsapp

New Delhi, Apr 14 () Leading two-wheeler maker Hero MotoCorp on Tuesday said it is donating 60 first-responder mobile ambulances to authorities across the country as part of its Covid-19 relief efforts. The mobile ambulances will be useful for reaching out to patients in rural and remote areas and comfortably moving them to the nearest hospitals, the company said in a statement. The ambulances have been custom-built as an accessory to be fitted on Hero MotoCorp motorcycles, with an engine capacity of 150cc and above, it added. The ambulance accessories include sleeping arrangement with essential medical equipment such as a first-aid kit, oxygen cylinder, fire extinguisher and siren, Hero MotoCorp said. These mobile ambulances will be handed over to authorities in multiple regions across the country, it added. The Hero Group has already committed a corpus of Rs 100 crore as aid for the ongoing Covid-19 relief-efforts in India. Half of this sum, or Rs 50 crore, is being contributed to the PM CARES Fund and the remaining Rs 50 crore is being spent in other relief efforts. The BML Munjal University - run by the Hero Group at Dharuhera in Haryana - has offered its 2,000-bed hostel for use as isolation and treatment ward by the local health department. Hero MotoCorp said it is also distributing more than 15,000 meals to daily wage-workers, stranded laborers and homeless families in several areas of Delhi-NCR, Rajasthan, Haryana, Uttarakhand, Andhra Pradesh and Gujarat every day. MSS ANSANS

Hero MotoCorp to provide 60 custom-built mobile ambulances for Covid-19 patients

<ul><li>The former governor of the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>), <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword>, believes that only a handful of <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword>currencies will survive the crypto hype.</li><li>Over 400 coins have hit the dust since April, translating to a 20% increase in six months.</li><li>Aritra Sarkhel, the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider that it is a point of concern that there no laws on how and who can mint a new coin.</li></ul>The former governor of India’s central bank, Raghuram Rajan, believes that only a handful of cryptocurrencies will survive in the long run. In an interview with CNBC, he compared cryptocurrencies to chit funds — in the sense that they take money from people before going bust, leaving a line of disappointed investors in their wake. <div type="ExtQuote" text="Crypto may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved." auname="Former RBI governor, Raghuram Rajan, said in an interview with CNBC"></div> According to <a href="https://www.coinopsy.com/dead-coins/#other">Coinospy</a>, a website that tracks <keyword id="12608232" type="General" weightage="20" keywordseo="dead-coins" source="Orion">dead coins</keyword>, over 2,000 coins have come and gone since the very first cryptocurrency, Bitcoin, was created in 2009. OneCoin and BitConnect, for instance, used money from new investors to pay returns to existing holders — much like the Sahara Group Chit Fund Scam, which is one of the biggest corporate scams in India’s history. A more recent example is Squid Game token. In a ‘<a href="https://www.businessinsider.in/cryptocurrency/news/squid-game-cryptocurrency-trading-at-to-0-scammers-make-2-1-million/articleshow/87479063.cms">rug pull</a>’ scam, the developers took the project offline once it hit a price of $2,861, making off with over $2.1 million. In April, Coinospy reported that the number of coins to hit the dust had grown by over 35% as compared to the previous year with the tally at 1,949. Since then, that number has grown to 2,345 — a 20% increase in six months. <cmsannotation type="cmsannotation" annotationid="The lack of regulation leaves space for fraud" comment="subhead" text="The lack of regulation leaves space for fraud">The lack of regulation leaves space for fraud</cmsannotation> Experts have often talked about the need of balancing innovation versus regulation when it comes to crypto space. And, one of the main concerns is how to foster good use cases and filter out those that are fraudulent. “There are no laws to keep anyone from making a new coin. In a way, that’s good because that’s how innovation spreads, but there has to be some law. All of this has investors money [at stake] — whether it’s a 20 year old investor putting in ₹1,000 or a massive hedge fund putting in millions,” Aritra Sarkhel the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider during a discussion on regulation in India. <div type="Youtube" id="f-xWw1y6G24" title="The Framework: Crypto Regulation And India" thumbUrl="https://i.ytimg.com/vi/f-xWw1y6G24/mqdefault.jpg"></div> According to Rajan, blockchain technology itself is not the enemy. Despite the regulatory challenges, he believes that the Indian government should allow blockchain to flourish because it makes transactions cheaper, especially when it comes to cross border payments like remittances. But, that doesn’t mean the government should turn a blind eye either. “What governments can insist on is getting information from crypto entities, when crypto entities get too big, the government can examine them more closely to ensure there isn’t fraud,” he told CNBC. <cmsannotation type="cmsannotation" annotationid="Indian amid forming its own laws to regulate cryptocurrencies" comment="subhead" text="Indian amid forming its own laws to regulate cryptocurrencies">Indian amid forming its own laws to regulate cryptocurrencies</cmsannotation> The Indian government is <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">expected</a> to discuss its own crypto regulations during the Winter Session of Parliament, which will kick off next week on November 29. No official draft of the proposed crypto bill has been shared with the public yet, however the agenda lists the crypto bill as one that will provide a framework for a central bank digital currency (CBDC) and ‘prohibit’ the use of ‘private’ cryptocurrencies subject to certain ‘exceptions’. <div type="image" title="crypto bill agenda" msid="87913982" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill is listed to come up for discussion during the Winter Session of Parliament in the lower house, the Lok Sabha, which kicks off on November 29&amp;lt;/p&amp;gt;"></div> The vague wording of the bill’s introduction led to panic selling on Indian crypto exchanges leading to a <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">cryptocurrencies trading at a discount</a> in INR as compared to the US dollar. “While there are speculations that the government would impose a blanket ban on all private cryptocurrency, it doesn’t seem practical on account of various considerations,” explained L. Badri Narayanan, an executive partner at law firm Lakshmikumaran and Sridharan Attorneys. According to him, a ban would not be technologically enforceable since blockchains need cryptocurrency to function. Moreover, those who want to trade or invest in cryptocurrencies would just find another way to do so and inevitably create a grey market. “Bans only send folks underground. All technologies have pros and cons. We should work towards creating policies for managing the ills while reaping the benefits,” Dr.Sarabjot Singh Anand, the director of computer science and engineering at the BML Munjal University’s School of Engineering &amp; Technology, told Business Insider. The crypto bill had earlier been listed for discussion during the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">Budget Session of Parliament</a> in February, however, it did not come to fore due to lack of time and the second wave of COVID-19. This time around those within the crypto community are hoping that won’t be the case with multiple closed-door discussions between stakeholders and the Ministry of Finance in the last 10 months. “Parliamentarians are a lot more informed than they were in February or last year. You will likely see a debate, and a healthy one. Also, there are other bills and business listed in Parliament — and it all depends on how much time the government spends on other items, which are also important,” the CEO of the advocacy group IndiaTech — which has been advising the Indian government on crypto regulation — Rameesh Kailasam, told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">India’s crypto regulations have been caught in limbo — here’s how the past few years have played out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a>

Raghuram Rajan believes only a handful of cryptocurrencies will survive the hype — over 400 tokens have hit the dust in the last six months

<ul><li>DRDO developed a counter-drone technology system in 2020, however it did not get any order from the Indian armed forces. </li><li>Experts believe that the drone as well as counter-drone technology are fairly young and still need improvements. </li><li>Indian government rolled out guidelines against rogue <keyword id="94769" type="PERSON" weightage="20" keywordseo="drones">drones</keyword> in 2013, yet the country doesn’t have enough anti-drone devices.</li></ul>As the government of India has just started recognising the potential use cases of drones in the Indian healthcare system, it was hit with a harsh reality that the enemies of the state have taken leaps to incorporate this technology to harm the South Asian nation. Two bombs were<a href="https://www.indiatoday.in/india/story/jammu-iaf-base-drone-attack-jawans-saw-heard-bombs-drop-1821316-2021-06-30"> dropped</a> at the Indian Air Force station in Jammu, in the early hours of June 27 this year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 27, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two bombs dropped on IAF base in Jammu between 1:43 a.m.-1:50 a.m. </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 27, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two more drones were spotted over IAF military stations at 11:45 p.m. and 2:40 a.m. </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 28, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two similar devices were noticed in Ratnuchak-Kaluchak military area in Jammu. This prompted soldiers to open fire. </td></tr><tr><td colspan="2" style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Source: Media reports </td></tr></tbody></table> This compelled the Indian government and security forces to go on a shopping spree to buy expensive counter-drone systems. While there are not many counter-drone technology makers in India, few of these players include state-owned Defence Research &amp; Development Organisation (DRDO), Bharat Electronics Limited (BEL), ideaForge and Big Bang Boom Solutions. According to media <a href="https://indianexpress.com/article/india/bsf-it-ministry-companies-border-security-drone-attack-7386310/">reports</a>, there are over 500 companies that can help the country find a solution to its drone problem. All these companies may not make devices to harm or kill drones, but can certainly help in tracking them. There are also several military tech private companies in the country, including Adani Defence &amp; Aerospace and Kadet Defence Systems that make drones for surveillance and technology for other combat purposes; Atindriya Systems provides electronic systems and software solutions for defense, and Trijatta that develops radars and encryption devices for the military. The government of India has been aware of the potential threat that rogue drones could pose in the security of the nation and issued a <a href="https://www.civilaviation.gov.in/sites/default/files/Counter_rogue_drone_guidelnes_NSCS.pdf">National Counter Rogue Drone Guidelines </a>two years ago. The policy highlights that the drone factor should be taken seriously as unmanned aircrafts, consumer drones and do-it-yourself (DIY) drones are readily available over the internet. The policy, referring to the Israel-Lebanon war of 2006, highlights "In certain incidents, the small drones were also armed with explosive ordnance, to convert them into potentially lethal guided missiles, thus demonstrating the growing sophistication with which these potent warriors have found relevance in combat zones." Yet it has found itself short of any large scale counter-drone system. The Jammu attack in itself did not cost much, but it did highlight the urgency to invest in a counter-drone system that could prevent bigger attacks in the long run. In the coming months, the government of India wants to sign multi-million dollar [who’s saying this?] contracts with both domestic and foreign firms to procure these technologies. <div type="image" title="India has limited options for weapons that can take down enemy drones" msid="84836842" hostid="261"></div> The anti-drone technology has a massive headroom to cover Kruthi Aramanamada, head of marketing at ideaForge, explained to Business Insider that counter-drone technology is expensive and fairly new as it came into existence only a decade ago. The technology is not fully matured and there is still a lot of scope of research and development (R&amp;D) in this segment, she added. Meanwhile, Anshuman Tripathi, a drone technology expert who is also a member of the National Security Advisory Board, <a href="https://www.indiatoday.in/india/story/combating-the-drone-menace-india-needs-to-pick-up-pace-with-anti-drone-measures-1823517-2021-07-03">said</a>, "Drones are still evolving and solutions to handle them are incomplete. It's a matter of a few years when the technology matures and you can standardise equipment as you go forward." Even developed countries like the US, Russia and Israel are <a href="https://theprint.in/opinion/brahmastra/india-needs-to-shop-for-anti-drone-systems-we-are-already-late/688517/">pumping billions</a> of dollars into research and development of both drones and counter-drone systems. However, they have not found a foolproof system for both hard and soft kill as yet. Indian armed forces on a look out for counter-drone systems In June 2020, IAF floated a Request for Information (RFI) for Indian vendors for Counter Unarmed Aircraft System (CUAS), which can be used to bring down the rogue drone. Apart from that, other ministries and departments are also looking to sign such contracts. However, there have not been many insights on who may end up getting such contracts. One of the possible beneficiaries of this spree is likely to be Israel-based company Smart Shooter, a company that has been developing systems to help militaries track and engage moving targets. Indian Navy had placed an order to <a href="https://theprint.in/defence/navy-orders-israeli-smash-2000-plus-systems-to-tackle-drones-more-contracts-in-offing/562955/">procure </a>an unspecified number of Smart Shooter’s SMASH 2000 Rifle Sights in December 2020. However, the Indian Army wasn’t quite impressed with it after their trials in January 2021. They found that the system may work well for the Navy as they work in open terrain, but it is not feasible for other terrains. This highlighted another major challenge among the counter-drone technology — use cases. The counter-drone system is not a ‘one size fits all’ type of solution and has to be customised based on the criticality of the situation, Aramanamada added. The debate between indigenous or foreign technology remains Prof. P B Sujit, adjunct faculty at School of Engineering and Technology at BML Munjal University, said that the current counter-drone tech is limited and mostly sourced or licensed from other countries. He also noted that there are few Indian startups in the segment as well, but the quality of those solutions is undetermined at the moment. “The trust in Indian developed tech is low. With the history of India importing from Israel, it's natural to import this. Moreover Israel has good tech which has been field tested with Palestine stuff... So the confidence levels are right with the Israel tech,” he added. Apart from the Israeli plan, the government is also on a look out for the technology developed by domestic players and foreign public as well as private sector units, drone original equipment manufacturers, defence tech firms and Defence Research &amp; Development Organisation (DRDO). Indian stand on the counter-drone infrastructure includes only a few players at the moment: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DRDO anti-drone system was<a href="https://www.drdo.gov.in/sites/default/files/drdo-news-documents/NPC_15-16_Aug_2020.pdf"> first </a>deployed in India in 2020, during various national events including Prime Minister Narendra Modi’s Independence Day speech. However, it is not being used. The device had the capability to detect, intercept and destroy small drones. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DRDO also carried out an urgent demonstration of its anti-drone system to armed forces at Kolar, a city in Karnataka, earlier in July 2021. The system has a detection capability of up to four kilometres with ‘soft kill’ option by radio frequency jamming. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Security Guards had <a href="https://www.firstpost.com/india/why-india-needs-israel-as-drone-attacks-become-real-and-threatens-to-be-cataclysmic-9763551.html">awarded </a>a contract worth ₹1.49 crore to Bengaluru-based Accord Software &amp; System for procurement of indigenous Counter Drone Technology System. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ideaForge has partnered with German tech firm Aaronia AG to develop anti-drone tech devices. However, the solutions have not been deployed on the ground yet. </td></tr></tbody></table> Even though the army and security forces are yet to deploy DRDO’s anti-drone system, Bharat Electronics Limited and three<a href="https://www.hindustantimes.com/india-news/bsf-to-test-drdo-anti-drone-system-on-border-ied-laden-uav-shot-down-in-jammu-101627010670994.html"> undisclosed </a>private companies have signed a technology transfer agreement with the government. The agreement would enable these players to mass-produce the system. SEE ALSO <a href="https://www.businessinsider.in/politics/political-media/news/there-are-at-least-four-hot-issues-in-india-that-the-government-has-no-data-for/articleshow/84820788.cms">There are at least four hot issues in India that the government has no data for</a> <a href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a> <a href="https://www.businessinsider.in/business/news/ola-expands-esop-pool-to-3000-crore-issues-stock-worth-400-crore-to-employees/articleshow/84820171.cms">Ola expands ESOP pool to ₹3,000 crore, issues stock worth ₹400 crore to employees</a>

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