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If you woke up in <keyword id="19900881" type="General" weightage="20" keywordseo="delhi" source="keywords">Delhi</keyword> recently, you might have noticed more than just the nip in the air – a thick, toxic smog has blanketed the city, turning the air almost unbreathable. On Monday, Delhi’s <keyword id="19920379" type="General" weightage="20" keywordseo="air-quality-index" source="keywords">Air Quality Index</keyword> (<keyword id="19916482" type="General" weightage="20" keywordseo="aqi" source="keywords">AQI</keyword>) hit 481, placing it in the "severe plus" category. For context, the “severe” category begins at an AQI of 401, and anything above 450 poses serious health risks even for healthy individuals. According to Swiss group IQAir’s live rankings, Delhi is currently the most polluted city in the world, with an air quality score of 1,081 – a “hazardous” level that is 130.9 times the World Health Organization’s recommended limit for PM2.5. <h3 style="line-height:1.38;margin-top:14pt;margin-bottom:4pt;">Major contributors to Delhi’s smog</h3>The root causes of Delhi’s pollution are manifold: <ul><li>Stubble Burning: On Saturday, crop residue burning contributed 25% of Delhi’s air pollution. By Sunday, this figure had climbed to 40%, according to SAFAR (System of Air Quality and Weather Forecasting and Research). Satellites recorded 1,334 stubble-burning incidents in six northern states on Sunday alone, the highest number in four days.</li><li>Vehicles: On Sunday, vehicular emissions accounted for 15.8% of the city’s pollution, according to the Centre’s Decision Support System for Air Quality Management.</li><li>Construction Dust and Industrial Emissions: PM2.5, a deadly pollutant, remains the most prominent factor, capable of penetrating deep into the lungs and leading to severe respiratory and cardiac diseases.</li></ul><h3 style="line-height:1.38;margin-top:14pt;margin-bottom:4pt;"><keyword id="24020184" type="General" weightage="20" keywordseo="GRAP-Stage-4" source="keywords">GRAP Stage 4</keyword></h3>To combat the rising pollution levels, authorities have enforced Stage 4 of the Graded Response Action Plan (GRAP). Here’s a breakdown of the restrictions: <ul><li>Vehicle Restrictions:</li><ul><li>Diesel medium and heavy goods vehicles (BS-IV and below) registered in Delhi are banned unless carrying essential goods.</li><li>Non-essential light commercial vehicles from outside Delhi can only enter if they use CNG, BS-VI diesel, or are electric.</li><li>Trucks carrying non-essential items are barred unless they use cleaner fuels like LNG, CNG, or BS-VI diesel. </li></ul><li>Workplace and School Adjustments:</li><ul><li>Classes for students in grades 6 to 9 and class 11 have moved online.</li><li>Offices in the National Capital Region (NCR) are advised to work at 50% capacity, with the rest operating remotely. </li></ul><li>Construction Ban: </li><ul><li>Construction and demolition (C&amp;D) activities have been halted, including large projects like highways, flyovers, and pipelines. </li></ul></ul>Out of Delhi’s 40 monitoring stations, 32 reported AQI levels above 400 on Monday. Visibility in parts of the city dropped to just 100 metres due to the thick smog. The health implications of these numbers are alarming. <keyword id="20118319" type="General" weightage="20" keywordseo="PM2-5-levels" source="keywords">PM2.5 levels</keyword> in Delhi were recorded at 130.9 times the safe limit set by the WHO. According to experts, long-term exposure to such air quality could lead to an 11% increase in premature mortality rates due to respiratory and cardiovascular diseases. Studies have shown that Delhi residents may lose an average of 10 years of life expectancy if pollution levels persist. Despite the restrictions, life in Delhi continues under a cloud of smog. Iconic landmarks like India Gate have become barely visible through the haze. While flights and trains are operational, some delays have been reported.

GRAP Stage 4 restrictions take effect as air quality in Delhi deteriorates; PM2.5 levels 130 times higher than WHO limits

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

New York [US], May 21 (ANI): International tourist arrivals and the <keyword id="2173225" type="General" weightage="100" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> sector's contribution to <keyword id="572312" type="General" weightage="20" keywordseo="global-GDP" source="Orion">global GDP</keyword> are expected to return to pre-pandemic levels this year, driven by the complete lifting of COVID-19-related <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> restrictions and strong pent-up demand, as per the new <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords" meta.keywordsubtype="org" meta.entityname="World Economic Forum" meta.hostid="261" meta.entityid="World Economic Forum">World Economic Forum</keyword> travel and <keyword id="19997361" type="General" weightage="20" keywordseo="tourism" source="keywords">tourism</keyword> study, released on Tuesday. Topping the 2024 list of economies are the US, Spain, Japan, France and Australia. The Middle East had the highest recovery rates in international tourist arrivals - 20 per cent above the 2019 level, while Europe, Africa and the US all showed a strong recovery of around 90 per cent in 2023. <keyword id="21745194" type="General" weightage="20" keywordseo="Travel-and-Tourism-Development-Index-2024" source="Orion">Travel and Tourism Development Index 2024</keyword> (TTDI), a biennial report published in collaboration with the University of Surrey, analysed the travel and tourism sectors of 119 countries around a range of factors and policies. "This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation," said Francisco Betti, Head of the Global Industries team at the World Economic Forum. "The report offers a forward-looking window into the current and future state of travel and tourism for leaders to navigate the latest trends in this complex sector and sustainably unlock its potential for communities and countries across the world." The <keyword id="840423" type="General" weightage="20" keywordseo="global-tourism" source="Orion">global tourism</keyword> industry is expected to recover from the lows of the COVID-19 pandemic and surpass the levels seen before the crisis. As per the report, this is largely being driven by a significant increase in demand worldwide, which has coincided with more available flights, better international openness, and increased interest and investment in natural and cultural attractions. However, the report painted that the global recovery has been mixed. While 71 of the 119 ranked economies increased their index scores since 2019. Although the sector has moved past the shock of the global health crisis, it continues to deal with other external challenges, from growing macroeconomic, geopolitical and environmental risks, to increased scrutiny of its sustainability practices. In addition, labour shortages are ongoing, and air route capacity, capital investment, productivity and other sector supply factors have not kept up with the increase in demand. This imbalance, worsened by global inflation, has increased prices and service issues. Out of the top 30 index scorers in 2024, 26 are high-income economies, 19 are based in Europe, seven are in Asia-Pacific, three are in the Americas and one (the United Arab Emirates) is in the Middle East and North Africa region (MENA). The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland. The results highlight that high-income economies generally continue to have more favourable conditions for travel and tourism development. This is helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions. "It's essential to bridge the divide between differing economies' ability to build a strong environment for their travel and tourism sector to thrive," said Iis Tussyadiah, Professor and Head of the School of Hospitality and Tourism Management at the University of Surrey. "The sector has big potential to foster prosperity and mitigate global risks, but that potential can only be fully realized through a strategic and inclusive approach." If managed strategically, the travel and tourism sector - which has historically represented 10 per cent of global GDP and employment - has the potential to emerge as a key contributor to growth, it said. (ANI)

Worldwide tourism and its contribution to global GDP to return to pre-COVID levels this year: WEF study

<ul><li>India’s human capital has the highest score on the Innovation Index published by <keyword id="2665691" type="PERSON" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword>.</li><li>But, it also has the highest disparity of all the indicators with scores of states and UTs within India fluctuating between 8.98 to 74.96.</li><li>There’s also a paradoxical disparity between human capital and the number of people employed in ‘knowledge-intensive’ activities.</li></ul>India’s Innovation Index ranks the country and its states on five enabling pillars. Of those pillars, human capital has the highest score hitting 32. Even though this means that India has the ability to provide quality education and research capabilities to its workforce, not all states are doing equally well. In fact, the human capital pillar is also has the most disparity on the index with scores fluctuating from 8.98 to 74.96. 
 <div type="image" title="innovation2_edited" msid="71645878" hostid="261" caption="&amp;lt;p&amp;gt;Performance of states on human capital&amp;lt;/p&amp;gt;"></div>



 Innovation disparity among states Southern states like Tamil Nadu, Kerala and Karnataka topped the index while Uttar Pradesh, Jharkhand and Bihar came in last. According to NITI Aayog’s <keyword id="4131506" type="PERSON" weightage="20" keywordseo="india-innovation-index">India Innovation Index</keyword> report, this shows that the lower ranking states are in need of more investment to improve their education system. It also means that in order for innovation to improve, investment in the education system is a key factor. The smaller the better 
 <div type="image" title="innovation1_edited" msid="71645969" hostid="261" caption="&amp;lt;p&amp;gt;Over performing and under performing states on India&amp;#39;s Innovation Index&amp;lt;/p&amp;gt;"></div>



 The report’s findings show that the smaller and richer the state, the better it is at producing human capital. Income has a strong correlation because it implies that a state has more resources to devote towards building up its workforce. Size, on the other hand, means that it’s easier to manage administration and focus on smaller regions. Union territories and city states shine Chandigarh, Puducherry and Delhi lead when it comes to UTs and city states. In fact, they even outperform the Tamil Nadu — the highest performing state. According to NITI Aayog, this is because these regions have a higher availability of educational institutions and researchers. Addressing the paradox Even though India’s ranks high when it comes to human capital, it doesn’t do as well when it comes to knowledge workers — another enabling pillar of the Innovation Index. This means that even though India is producing a high number of graduates, they’re not being employed in ‘knowledge-intensive’ activities. The Innovation Index also found that India has a serious lack of research and development (R&amp;D) workers per million, The disparity indicates one of two things. Either, India’s graduates aren’t employable or the employment opportunities are scarce to begin with. “Further study is required to understand the situation better,” stated the report. But, India’s Innovation Index findings were run past a committee to figure out how to improve the country’s innovative capacity. When it comes to human capital, they highlighted two main challenges. One, the education isn’t industry oriented so low employability is an issue. More often than not, industries normally have to take it upon themselves to train new recruits. Second of all, the Indian education system focuses on quantity rather than quality. The committee recommends more coordination between industry players and education institutions to design a better syllabus. It also recommends improving the quality of education imparted by professors and giving them more time to focus on their own research. The challenges identified need to addressed a policy level. It also shows for the innovation ecosystem in India holds room for improvement.

India scores high on talent but some states vastly outperform others

India has been ranked at the 105th position globally on a worldwide Human Capital Index; this index measures a country’s ability to nurture, develop and deploy talent for economic growth. 
 The index, released today by Geneva-based World Economic Forum (<keyword id="102110" type="ORGANIZATION" weightage="100" keywordseo="WEF">WEF</keyword>), was topped by Finland, with neighbouring country China being placed 71st and Pakistan being ranked lower than India, at 118th place. 
 
A total of 130 countries were ranked in the index, and the WEF says that India has optimised just 57% of its human capital endowment, the reason it got placed at the top of the bottom quartile. 
 
Last year, India was ranked 100th, out of a total of 124 countries. 
 
"Although the country's educational attainment has improved markedly over the different age groups, its youth literacy rate is still only 90 per cent (103rd in the world), well behind the rates of other leading emerging markets," said the report. 
 
"India also ranks poorly on labour force participation, due in part to one of the world's largest employment gender gaps (121st)," it added. 
 
India also ranks the lowest amongst BRICS countries, with Russia's 28th, China's 71st, Brazil's 83rd and South Africa's 88th. 
 
Looking at the bright side, however, India has ranked better on quality of education system (39th), staff training (46th) and ease of finding skilled employees (45th). This means that "a primary avenue for improvement for the country consists of expanding access to its numerous learning and employment opportunities". 
 
<a href="http://i.huffpost.com/gen/3829588/images/o-INDIA-FLAG-facebook.jpg">Image source</a>

India ranks below 100 countries on human capital index

<ul><li>On 11 October, the <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword> released its first ever <keyword id="318873" type="ORGANIZATION" weightage="20" keywordseo="Human-Capital">Human Capital</keyword> Index (HCI), which measures how well countries enable the development of their human resources. </li><li>Singapore topped the list while <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> came in at 115th, below Bangladesh, Nepal, Sri Lanka and Myanmar. </li><li>India’s Ministry of the Finance criticised the report, saying that its metrics were simplistic and that it hadn’t taken a number of government programmes into consideration. </li></ul>On 11 October, the World Bank released its first ever <a href="http://www.worldbank.org/en/publication/human-capital">Human Capital Index</a> (HCI), which measures how well countries enable the development of their human resources and how much they stand to lose in terms of GDP by foregoing investment in <keyword id="6354750" type="UNKNOWN" weightage="20" keywordseo="health">health</keyword> and <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">education</keyword>. The goal of the report is to get finance ministers to think beyond short-term election cycles and focus more on children by allocating higher funds to healthcare and skill development. The World Bank hopes the index will become as popular as its Ease of Doing Business index. The HCI report assessed 157 countries on a number of indicators, ranging from child mortality, nutrition and stunting, average years of schooling and harmonised test scores. Each country was assigned a score from 0 to 1, with 1 denoting the best health and education outcomes possible. The list was led by Asian countries. Singapore came first, owing to the strength of its universal healthcare system, followed by South Korea, Japan and Hong Kong. Finland came fifth while the US came 24th. The bottom of the list was predominantly rounded out by African countries - Chad, South Sudan and Niger. Critics of the report said that it was an exercise in <a href="https://www.wsj.com/articles/world-bank-aims-to-shame-with-human-capital-ranking-1539267790">shaming developing countries</a> for not investing enough in people. India came in at a lowly 115th, even below the likes of its smaller neighbours Myanmar, Bangladesh, Sri Lanka and Nepal. The report predicted that children in India would only be <a href="http://databank.worldbank.org/data/download/hci/HCI_2pager_IND.pdf">44%</a> as productive in adulthood compared to a scenario where all their education and health requirements were met. As expected, the Indian government wasn’t happy with the results of the report. In <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1549460">a press release</a>, the Ministry of Finance said that it had “serious reservations” about the way the index had been compiled. The finance ministry explained that the World Bank had failed to take into account the government’s various development initiatives like the Samagra Shiksha Abhiyan, which focuses on all 13 years of schooling and merges three separate public education schemes, and the recently-launched Ayushman Bharat health insurance programme. It also said that schemes like the Aadhar programme, the largest biometric identification scheme in the world, and the Pradhan Mantri Jan Dhan Yojana, which aims to give every unbanked citizen a formal bank account, had gone a long in way in enabling financial inclusion and social protection. The government also said that metrics of the HCI were “simplistic” and “ignorant of development realities” and that the data used to gauge the quality of education was outdated. The statement concluded on a defiant note with the government saying that it planned to ignore the index.

India has “serious reservations” about the World Bank’s new Human Capital Index, which ranked it 115 out of 157 countries

<ul><li>India slipped ten places in the <keyword id="2040615" type="PERSON" weightage="20" keywordseo="Global-Competitiveness-Index">Global Competitiveness Index</keyword>, ranking at 68.</li><li>The country’s ICT technology innovation capacity is growing but isn’t backed by investment in human capital.</li><li>India’s overall score is relatively stable but countries ranked near India demonstrated more growth.</li></ul>Getting more people online has been the goal of the current Indian government since its rise to power. Fall in the price of 3G and 4G data has also made it more affordable for people to connect to the internet. Despite these strides, India fell 10 places in the World Economic Forum’s (WEF) <a href="http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf">Global Competitiveness Index</a>, ranking at 68. India’s slip in the rankings is only partially because of the fall in its score — a drop of 0.7 points. The report notes that a greater factor may have been because other countries — which were previously ranked lower on the Global Competitiveness Index — have shown faster improvement, especially when it comes to the adoption of information and technology. India has improved significantly since 2017, but information and communication technology (ICT) continues to remain a challenge due to underlying factors like women participation in the workforce and weak workers’ policies. India and other emerging economies are also showing signs of stagnation and slowdown since their growth has largely been ‘anaemic’ — or unequal. India’s mixed results More ICT means more innovation, according to the WEF. In order to deal with the growth of their innovation capacity, emerging economies — like China, India and Brazil — need to strengthen their skills and labour market. Technological integration is good on paper. But, without human capital investment, it remains largely inadequate. India performed well in terms of innovation, ranking 35th in the world. But, it falls short when it comes to other foundational enablers of competitiveness on the Global Competitiveness Index. The one thing that does work in India’s favour is its market size. Even its financial sector ranks better than most other countries despite the high delinquency rate — that’s not to say that the banking system has not weakened. On the other hand, India ranks as low as 107th when it comes to skills, and is at 101th in terms of product market efficiency. The country’s labour market needs transformation in order to protect its workers and also encourage female participation in the world place — which is abysmally low at a rank of 128 — according to the WEF. This is also reflected the level of inequality in India. Income share of the top 10% in the country is higher than levels seen in the US, China and even Russia. India’s progress was good — Others were better The East Asia and Pacific region is the most competitive in the world. Countries like Singapore, Japan and Taiwan lead the charge on the rest of the world. In fact, Singapore holds the highest rank on the Global Competitive Index. But India lags woefully behind, according to the WEF. Countries ranked near India all show small, but significant improvements in their score. Vietnam, for instance, is ranked 67 and moved up 10 places in the index showing 3.5 points of improvement. Azerbaijan made an even greater jump of 11 places even though its competitive score only increased by 2.7 points to rank at 58. Turkey was able to maintain its rank at 61 but only because its performance improved by 0.5 points. One of the reasons for its improved competitiveness is the diffusion of the Internet across the country. Turkey’s also has more women participating in the workforce and has strengthened workers’ rights. Colombia, 57th on the Global Competitive Index, moved up three places brushing up its score by 1.1 points. India vs BRICS Among the BRICS nations, China is the best performer, maintaining its 28th position and outranking the Russian Federation at 43. That’s 40 places and 14 points ahead of India on the Global Competitive Index. China’s performance is almost at par with OECD standards. In fact, its ICT adoption outperforms all 25 of the OECD countries. South Africa, also moved up 7 places in the Global Competitive Index with a score improvement of 1.7 points ranking at 60. The only BRICS nation to rank lower than India is Brazil at 71. See also: <a href="https://www.businessinsider.in/tech/news/india-is-as-prepared-as-us-or-australia-to-welcome-the-5g-era/articleshow/71499916.cms" style="">India is as prepared as US or Australia to welcome the 5G era</a> <a href="https://www.businessinsider.in/digital-india-mckinsey-report-analysis-of-indias-digital-economy/articleshow/68686474.cms" style="">India is digitising fast but the pace is leaving many behind</a> <a href="https://www.businessinsider.in/indias-schools-to-get-digital-boards/articleshow/68099142.cms" style="">From blackboards to digital boards: India infuses ₹90 billion to modernise classrooms</a>

India falls 10 places in Global Competitive Index as others race ahead in technology

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s AI market, growing at a compounded annual growth rate (CAGR) of 25-35 per cent is projected to reach <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 17-billion by 2027, according to a report. This growth is fueled by multiple factors including increasing enterprise tech spending, India's growing AI talent base and a significant increase in AI investments, the report titled "AI Powered Tech Services: A Roadmap for Future Ready Firms; AI &amp; GenAI's Role in Turbocharging the Industry." The <keyword id="19955786" type="General" weightage="20" keywordseo="nasscom" source="keywords">Nasscom</keyword> report in partnership with <keyword id="20058186" type="General" weightage="20" keywordseo="bcg" source="keywords">BCG</keyword> was released on Tuesday at the sidelines of the Nasscom Technology &amp; Leadership Forum 2024 here. Globally, investments in AI have seen 24 per cent CAGR since 2019, with 2023 seeing close to USD 83-billion investment, it said. Majority of investments were made in data analytics, GenAI, and ML algos and platforms, as per the report. Notably, around 93 per cent of the investments made by Indian tech services and made-in-India product players focus on digital content, data analytics and supply chain, according to the report. With increasing enterprise tech spending, technology service providers are developing a wide array of innovative AI-based services and solutions, expanding their offerings beyond traditional IT services, it stated. This includes the development of proprietary AI &amp; GenAI platforms, tools for automation, data analytics solutions, and bespoke AI applications for specific industry verticals such as healthcare, banking &amp; finance, and retail, the report said. According to the report, India has the second highest installed talent base with 420,000 employees working in AI job functions. India also has the highest skills penetration with three times more AI skilled talent than other countries. The country ranks among the top five nations with a 14 times growth in individuals skilled with AI in the last seven years, it said. As the investments in AI continues to increase, the demand for AI talent in India is also expected to grow at 15 per cent CAGR till 2027, the Nasscom-BCG report said, adding the tech industry in India is already seeing more than 15 per cent growth in AI/ML jobs over the past 12 months with positions such as AI engineers growing at 67 per cent year-on-year. Recognizing the importance of human capital in the AI journey, leading firms have invested heavily in upskilling and reskilling their workforce in AI and related technologies, with some organizations allocating USD 1-billion over the next three years dedicated to upskilling. "Indian tech companies, with the advent of Generative AI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalized customer interactions," said <keyword id="19956660" type="General" weightage="20" keywordseo="debjani-ghosh" source="keywords">Debjani Ghosh</keyword>, President at Nasscom. These companies are not just adopting AI; they are redefining their service offerings, creating more value for their clients, and setting new industry standards, she noted. Accelerating this journey will require massive scale investment on AI skilling, investments in ethical and secure AI development practices and governance frameworks and a fundamental shift towards a human-centered approach, prioritizing transparency and human oversight, according to Ghosh.

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