The country's <keyword id="20344433" type="General" weightage="100" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> touched a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of <keyword id="22711333" type="General" weightage="20" keywordseo="USD-675-billion" source="keywords">USD 675 billion</keyword> on August 2, <keyword id="22204269" type="General" weightage="20" keywordseo="Reserve-Bank-Governor" source="keywords">Reserve Bank Governor</keyword> <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> said on Thursday. The previous all-time high for the kitty was USD 670.857 billion on July 19 this year, and the last reported reserve was USD 667.386 billion as on July 26. Das said overall, the country's <keyword id="20811151" type="General" weightage="20" keywordseo="external-sector" source="keywords">external sector</keyword> "remains resilient" as indicated by an improvement in key indicators. "We remain confident of meeting our <keyword id="22711421" type="General" weightage="20" keywordseo="external-financing-requirements" source="keywords">external financing requirements</keyword> comfortably," he said in his statement after the review of the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>. Das said <keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword> turned net buyers in the domestic market from June 2024 with net inflows of USD 9.7 billion during June- to August 6, after witnessing outflows of USD 4.2 billion in April and May. Gross foreign direct investment (FDI) rose by more than 20 per cent in April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year, the Governor said. External commercial borrowings by Indian entities moderated, but non-resident deposits were higher in April-May, he said.

India's forex reserves at record high of USD 675 billion, external sector resilient: RBI Governor Shaktikanta Das

<ul><li>A study by <keyword id="19900426" type="General" weightage="100" keywordseo="Accenture" source="keywords" meta.keywordsubtype="org" meta.entityname="Accenture" meta.hostid="261" meta.entityid="Accenture">Accenture</keyword> says GenAI could add billions to Indian economy</li><li>The study added that 31 percent of working hours in India could be automated</li><li> Indian economy could be up by as much as USD 675 billion by 2038</li></ul> In the last two years, there have been many debates about the possibility of AI replacing human beings at their jobs. Various tech experts have expressed their opinions on this. While there is one section of people saying that AI will make it easier for human beings to do their jobs, there is another section that fears being replaced altogether. Talking about the section that thinks AI will help humans do their jobs better, various experts have said in the past that AI will focus on mundane aspects of a job so that human beings can be fully focused on more challenging and creative parts. And a new study by Accenture seems to support this argument. Moreover, the study also says that due to the use of generative AI, Indian economy could be up by as much as USD 675 billion. <h2>GenAI could add USD 675 billion to Indian economy</h2>According to the study by Accenture, adopting a people-centric approach to GenAI could potentially add USD 675 billion to India's economy by 2038. This transformative impact hinges on a bold vision for reinvention, underscored by strong data and technology foundations, and an intentional approach to workforce development. The <keyword id="22702248" type="General" weightage="20" keywordseo="Accenture-study" source="keywords">Accenture study</keyword> highlights that the deployment of GenAI could automate approximately 31 percent of working hours in India. This significant shift is expected to contribute a 0.6 percentage point increase to the annual GDP growth, showcasing GenAI's potential as a powerful economic driver. However, the journey to harnessing this potential is fraught with both opportunities and challenges. For the unversed, generative AI, a subset of artificial intelligence, involves machines generating text, images, or other media in response to prompts. This technology has far-reaching implications for industries ranging from capital markets to retail, banking, insurance, and software platforms. Globally, these sectors are expected to witness the automation or augmentation of 49% to 71% of working hours due to GenAI. <h2>31 percent automation in India</h2>The Accenture study also highlights that in the Asia-Pacific region, the impact of GenAI is anticipated to be substantial, with Australia and Japan seeing the highest impact at 45% and 44% of working hours, respectively. For India, the projection of 31% automation signifies a seismic shift in how businesses operate and how work is performed. <keyword id="22702250" type="General" weightage="20" keywordseo="saurabh-kumar-sahu" source="keywords">Saurabh Kumar Sahu</keyword>, Lead for India Business at Accenture, underscored the necessity of a bold vision for reinvention. He said that the scaled and responsible deployment of GenAI can drive revenue growth and act as a force of change, reinventing functions across industries. However, unlocking the real value of GenAI requires businesses to have robust data and technology foundations. "The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI," Sahu said in a statement according to a report in Business Standard. <h2>89 percent businesses plan to increase AI spending</h2>Despite the promising prospects, there is a critical gap in preparation that could hinder the effective integration of GenAI. The Accenture study reveals that while 89% of businesses plan to increase spending on AI, only 35% prioritise workforce development. Moreover, a mere 4% of business leaders have implemented GenAI training at scale. This disparity underscores the urgent need for comprehensive skill development programs. As organisations embrace GenAI, equipping the workforce with the necessary skills is important to ensuring that the technology's implementation is both effective and sustainable. SEE ALSO: <a href="https://www.businessinsider.in/artificial-intelligence/news/verizon-sees-early-success-using-generative-ai-to-answer-questions-from-business-customers/amp_articleshow/112145960.cms" data-type="tilCustomLink" target="_blank">Verizon sees early success using generative AI to answer questions from business customers </a><a href="https://www.businessinsider.in/tech/news/yup-ai-is-basically-just-a-homework-cheating-machine/amp_articleshow/112330231.cms" data-type="tilCustomLink" target="_blank">Yup, AI is basically just a homework-cheating machine</a>

Indian economy could get USD 675 billion due to AI by 2038, study shows

Mumbai: The Indian <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> traded in a tight range appreciated 3 paise to 83.94 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Tuesday on positive domestic macroeconomic data. However, a muted trend in domestic equities and foreign fund outflows capped the gains for the local unit. At the interbank foreign exchange, the rupee opened at 83.95 against the greenback and traded in a tight range. In initial trade it touched 83.94, registering a gain of 3 paise over its previous close. On Monday, the rupee settled for the day lower by 2 paise at 83.97 against the American currency. Forex traders said market participants are treading cautiously amid a landscape fraught with geopolitical uncertainties and a consolidating US Dollar. However, the Indian rupee is trading in a narrow range and the stability is underpinned by several factors: a narrowing fiscal deficit, stable oil prices, stronger economic growth and the RBI's substantial reserves of <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 675 billion, ready to be deployed if needed, <keyword id="22767762" type="General" weightage="20" keywordseo="CR-Forex-Advisors" source="keywords" meta.keywordsubtype="org" meta.entityname="CR Forex Advisors" meta.hostid="261" meta.entityid="CR Forex Advisors">CR Forex Advisors</keyword> MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 103.11. Brent crude, the global oil benchmark, declined 0.74 per cent to USD 81.69 per barrel. Traders are awaiting data from the US including the US CPI data to gauge the FED outlook on interest rates, said Anil Kumar Bhansali, Head of <keyword id="19900042" type="General" weightage="20" keywordseo="treasury" source="keywords">Treasury</keyword> and Executive DirectorFinrex Treasury Advisors LLP. On the domestic macroeconomic front, India's direct tax mop up rose by 22.5 per cent over last year. India's IIP stood at 4.2 per cent for June-24. The retail inflation eased to 3.54 per cent with food prices falling after a good monsoon. It was the lowest in last 5 years and has dipped below RBIs targetted rate of 4 per cent. On the domestic equity market front, <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> declined 100.17 points, or 0.13 per cent, to 79,548.75 points. The Nifty fell 19.60 points, or 0.08 per cent, to 24,327.40 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 4,680.51 crore, according to exchange data.

Rupee trades in narrow range against US dollar in early trade

Japanese investor <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> has pumped in about Rs 1,675 crore in fresh <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> in Indian transportation startup <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> to give it more muscle to take American rival Uber head-on. SoftBank subsidiary SIMI Pacific Pte picked 12,97,945 shares valued at Rs 10 at a premium of Rs 12,895 in ANI Technologies -- which runs Ola -- filings with the Registrar of Companies showed. The allotment of shares was done in November last year, it added. 

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The latest funding, however, is believed to have come at a lower valuation. According to sources, the move comes at a time when Softbank is working on selling <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, an e-commerce platform it invested heavily in India, to larger rival Flipkart. The Bengaluru-based firm was aggressively looking at raising funds to compete with Uber, the world's most valuable start-up. After selling its Chinese business to Didi last year, Uber has now set sights on India making it one of its top priorities. 

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Though Indian Internet companies have seen a boom in user base, their valuations have come down as investors are now focussing on path to profitability and building a sustainable business model. Flush with private equity and venture capitalist money, many start-ups continue to have high burn rate that has been a concern for investors. Earlier this week, India's largest e-commerce firm Flipkart raised USD 1.4 billion from Tencent, eBay and Microsoft in a round that saw its valuation fall from USD 15 billion to USD 11.6 billion now.

SoftBank pumps in Rs 1,675 crore in Ola

<img src="https://static-ssl.businessinsider.com/image/5e933f4a29d6d91bde6818f3-1500/2020-04-03t165408z1lynxmpeg321tdrtroptp4health-coronavirus-canada.jpg" alt="trudeau coronavirus canada" />Blair Gable/ReutersCanada's Prime Minister Justin Trudeau speaks during a news conference at Rideau Cottage in Ottawa on March 29, 2020.<ul class="summary-list"><li>Canadian lawmakers passed a C$73 billion relief package that aims to stem off layoffs in the country's workforce.</li><li>Businesses will be able to receive up to C$847 each week per employee for 12 weeks.</li><li>Organizations will have to show a loss of 15% or more compared to their earnings in January and February 2020 or compared to March, April, or May of last year.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Canada's House of Commons at an emergency meeting on Saturday passed legislation to use more than a fourth of the nation's emergency fiscal plan to stave off layoffs in businesses impacted by COVID-19, <a href="https://www.bloomberg.com/news/articles/2020-04-11/canada-passes-historic-wage-bill-to-stem-wave-of-job-losses">Bloomberg</a> reported.Canadian Prime Minister Justin Trudeau called the package, known as the <a href="https://www.canada.ca/en/department-finance/economic-response-plan/wage-subsidy.html">Canada Emergency Wage Subsidy</a> - the largest economic policy in the nation since WWII, according to <a href="https://biv.com/article/2020/04/house-commons-passes-covid-19-wage-subsidy-bill">Business in Vancouver</a>. According to the report, the program will cost some C$73 billion, which is about $52 billion USD.CEWS will cover up to 75% of the first $58,700 earned by an employee for up to three months. Canadian businesses will be able to receive up to C$847 each week - about $607 USD - per employee to help supplement each employee's wages. The funds would be sent to businesses within a span of two to five weeks. Businesses can receive funding for up to 12 weeks as long as they can prove they have suffered losses due to COVID-19.To be eligible to apply for the relief funding, businesses must be able to prove at least a 15% drop in revenue in either March, April, or May 2020 compared with the business' earnings in the same months in 2019 or in the first two months of 2020.Businesses that are found to have lied about or inflated losses in their earnings will be subject to a fine equal to 25% of the aid they've received as part of the relief package. In order to release the funds, an organization will have to show that it has paid its employees, Business in Vancouver reported.All sectors of business - except for the public sector - are eligible to receive the aid. In the last few weeks, more than five million people in Canada - about a quarter of the country's workforce - have applied for emergency income support, <a href="https://www.bloomberg.com/news/articles/2020-04-11/canada-passes-historic-wage-bill-to-stem-wave-of-job-losses">Bloomberg News</a> reported.According to data from <a href="https://coronavirus.jhu.edu/map.html">Johns Hopkins University</a>, at least 23,717 have been infected by the novel coronavirus in Canada and 675 people have died from the virus. President Trump last month <a href="https://www.businessinsider.com/coronavirus-trump-says-us-will-temporary-close-border-with-canada-2020-3">suspended all nonessential travel between the US and Canada.</a>While some Canadian lawmakers had expressed concerns over the relief bill, all federal parties had previously agreed to support the legislation, according to <a href="https://biv.com/article/2020/04/house-commons-passes-covid-19-wage-subsidy-bill">Business in Vancouver.</a>Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.Get the latest <a href="/coronavirus-business-impact">coronavirus business &amp; economic impact analysis</a> from Business Insider Intelligence on how COVID-19 is affecting industries. <h3>NOW WATCH: <a href="https://www.businessinsider.com/comfort-ship-coronavirus-patients-new-york-cuomo-2020-4">The USNS Comfort wasn't originally designed to handle the coronavirus - here's how the Navy redesigned the hospital ship to take and treat patients effectively</a></h3> <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/myT6FJVc-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>

Canada passed a $52 billion relief package to help businesses pay up to 75% of employees' wages

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5aa06fd7b318a9d6038b45bf-2400/willgaybrick.jpg" alt="stripe will gaybrick" data-mce-source="Stripe" data-mce-caption="Stripe CFO Will Gaybrick" />StripeStripe CFO Will Gaybrick</div></div></div><ul><li>$9 billion startup Stripe has purchased Index, a point-of-sale software developer backed by Eric Schmidt's Innovation Endeavors. </li><li>The move comes as Stripe goes after larger customers - including new customers Allianz, Booking.com, and Zillow.</li><li>The acquisition of Index will give Stripe a formal product for physical stores for the first time.</li></ul><hr />Stripe, the $9 billion payments processing startup, has purchased Index - an in-store payments startup backed by former Google CEO Eric Schmidt's venture capital firm Innovation Endeavors.Index provides software for in-store payments systems, like the PIN pads that you probably already use to pay with a debit or credit card at your local Target or pharmacy. Its biggest claim-to-fame is that its software for PIN pads can read a chip card in under a second, making for faster checkouts. Index and its software offerings will be integrated with Stripe, so that customers can manage and secure both physical and digital credit card payments from one place - and centralize all that data, too. Now, Stripe can tell its new breed of large customers that it can handle all kinds of payments. "We really believe so much in the value of integrated technology," Stripe CFO Will Gaybrick tells Business Insider.Terms of the deal were not disclosed, though Stripe confirms the majority of Index employees have been offered new roles after the deal closes. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5aa09110e8605360008b463f-1536/image-hero-emv-fairway.png" alt="stripe index emv chip card" data-mce-source="Index" data-mce-caption="Index's biggest claim-to-fame is that its software for PIN pads can read a chip card in under a second." />IndexIndex's biggest claim-to-fame is that its software for PIN pads can read a chip card in under a second.</div></div></div>Over its six-year life, Index raised $26 million from investors including Innovation Endeavors, Khosla Ventures, and General Catalyst. It was founded by Jonathan Wall and Marc Freed-Finnegan, former key executives for the Google Wallet payments processing product. It might be tempting to think of Index as a competitor to Jack Dorsey's $19.8 billion Square, which also provides point-of-sale software and hardware. But while Square itself builds card readers, cash registers, and other hardware, <a href="https://www.index.com/">Index</a> is all software, helping stores get more out of the sales systems they already own, and manage their devices. Indeed, Stripe says that the purchase of Index isn't so much about physical retail. Instead, Stripe says, it's a reflection of the company's growth. Early on in its lifespan, Stripe was best known as the payments processor of choice for small-but-growing startups. Now, it's moving towards larger, more deep-pocketed <keyword id="6356323" type="ENTERTAINMENT" weightage="60" keywordseo="Enterprise">enterprise</keyword> customers. "This is really about us working with larger and larger users," says Gaybrick.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img style="color: #000000;" src="https://static-ssl.businessinsider.com/image/558d54276bb3f76c6cdaa49b-2400/patrick-collison-john-collison-stripe-sv100-2015-1.jpg" alt="Patrick collison, john collison, stripe, sv100 2015" data-mce-source="Stripe" data-link="https://stripe.com/us/press#press" /><a href="https://stripe.com/us/press#press">Stripe</a></div></div></div>To that end, Stripe is also announcing today a trio of new, large customers: Allianz, the German insurance titan valued at about $103 billion USD; Booking.com, the flagship subsidiary of $103 billion Booking Holdings (formerly Priceline); and Zillow, the $6.75 billion real estate search engine. Those new accounts join flagship Stripe customers including Amazon, Facebook, SAP, and the NFL, all of whom use Stripe for at least some of their payments processing. Tech startups like Lyft, Slack, and Kickstarter have also been long-time Stripe customers. "Traditionally, [Stripe has] been associated with these high-growth startups," says Jordan McKee, a principal analyst with 451 Research. Now, as evidenced by the Index buy, though, "you see Stripe getting pulled upmarket." <h2>Why Index? </h2>The big idea behind the Index buy is that larger customers have some kind of physical presence, or at least want the option of opening some kind of store one day. Consider how prescription eyewear company (and Stripe customer) Warby Parker started as an online-only business and eventually opened boutiques across the United States. Meanwhile, Stripe has so far specialized only in online commerce, making it easy for an app or website to accept payments via a credit card or a digital wallet like Apple Pay or Google Pay. More recently, Stripe has invested in new technologies to then <a href="http://www.businessinsider.com/stripe-radar-helps-with-credit-card-fraud-detection-2016-10">analyze all those payments for possible fraud</a>, or <a href="http://www.businessinsider.com/stripe-launches-sigma-sql-data-analysis-2017-6">otherwise sift the data for useful insights</a>.With Index and Stripe integrated, it means customers will be have their physical and digital payments data, all in one place. Index even offers tools for the IT department to manage and maintain the PIN pads and other sales hardware. Stripe had built similar systems before, but only as one-off, non-scalable projects for certain large customers. "One of the things we've been seeing is people want a unified view of their platform," says Gaybrick. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5aa091563233f52e008b45ab-1100/image-about-us-leadership.png" alt="index cofounders Jonathan Wall Marc Freed-Finnegan" data-mce-source="Index" data-mce-caption="Index cofounders Jonathan Wall (left) and Marc Freed-Finnegan (right)" />IndexIndex cofounders Jonathan Wall (left) and Marc Freed-Finnegan (right)</div></div></div>In the bigger-picture sense, the analyst McKee believes that it's all a larger play for Stripe to break away from competitors like the $2.3 billion European startup Adyen, and PayPal subsidiary BrainTree. He believes that Stripe is looking to go beyond payments and offer new kinds of commerce services to its customers. "I almost see Stripe as taking a bigger value proposition," says McKee says. "They're trying to be about more than just payments."Indeed, Gaybrick says that the company's average account size has swung upwards, with several customers being worth $1 billion to the company, even as it broadens out its portfolio. Early in Stripe's life, Gaybrick says, most of its growth came from startups and new companies who needed a payments processor because they didn't have one."Now, we are seeing a whole lot of very large users switching over to stripe," says Gaybrick. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/preschool-accepts-bitcoin-for-tuition-2017-11">Why this New York City preschool accepts bitcoin but doesn't accept credit cards</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/oBNNOrtx-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

$9 billion Stripe just bought a payments startup backed by Eric Schmidt as it goes after even larger customers

The Indian <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 11 paise to 83.84 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, mirroring a positive momentum in domestic equities and fresh foreign fund inflows. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the weakening of the American currency in the overseas <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> and retreating crude oil prices also supported investor sentiments. At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close. On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency. Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark. "The rupee emerged as the least volatile among its peer currencies, a testament to the RBI's decisive actions, which were further reflected in the nearly USD 5 billion dip in India's forex reserves from the record high of USD 675 billion," CR Forex Advisors MD Amit Pabari said. Pabari further said that in the near term, while the RBI may cap the rupee's decline near the 84 level, significant appreciation also seems unlikely. "This outlook is influenced by India's widening trade deficit, which has ballooned to USD 23.5 billion, driven by a surge in oil imports and sluggish export growth," he said. This week, all eyes are on the Jackson Hole meeting, where global central bankers will gather for their annual conference. The spotlight will be on US Federal Reserve Chairman Jerome Powell's speech, as markets eagerly await insights into the Fed's monetary policy outlook, Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.26 per cent to 102.19. Brent crude, the global oil benchmark, declined 0.19 per cent to USD 79.53 per barrel. On the domestic equity market front, Sensex advanced 116.78 points, or 0.15 per cent, to 80,553.62 points. The Nifty rose 68.35 points, or 0.28 per cent, to 24,609.50 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 766.52 crore, according to exchange data. Meanwhile, India's forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by USD 7.533 billion to an all-time high of USD 674.919 billion. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

Rupee rises 11 paise to 83.84 against US dollar in early trade

While announcing the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> noted a positive shift in <keyword id="21574670" type="General" weightage="20" keywordseo="foreign-portfolio-investment" source="keywords">foreign portfolio investment</keyword> (FPI) flows, with USD 9.7 billion net inflows in domestic markets from June 2024. Governor Das said, "On the external financing side, foreign portfolio investors turned net buyers in the domestic market from June 2024 with net inflows of USD 9.7 billion during June-August (till August 6) after witnessing outflows of USD 4.2 billion in April and May." He added, "Foreign direct investment (FDI) flows picked up in 2024-25 as gross FDI rose by more than 20 per cent during April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year. External commercial borrowings moderated during April-June 2024-25, while non-resident deposits recorded higher net inflows during April-May compared to the previous year. India's foreign exchange reserves reached a historical high of USD 675 billion as of August 2, 2024." Das highlighted that India's Current Account Deficit (CAD) had moderated to 0.7% of GDP in 2023-24, down from 2.0% in 2022-23. Das further said "India's current account deficit (CAD) moderated to 0.7 per cent of GDP in 2023-24 from 2.0 per cent of GDP in 2022-23 due to a lower trade deficit and robust services and remittances receipts. In Q1:2024-25, the merchandise trade deficit widened as imports grew faster than exports." He added that CAD will be manageable in the current fiscal, "Buoyancy in services exports and strong remittance receipts are expected to keep CAD within sustainable level in Q1:2024-25. We expect CAD to remain eminently manageable during the current financial year." Governor Das also addressed growing concerns related to home equity loans, or top-up housing loans, which have been increasing briskly by a few entities and RBI is bilaterally checking this with them but through monetary policy speech he has given a message to banks to take proactive monitoring of such loans. Das said, "Banks and NBFCs have also been offering top-up loans on other collateralized loans like gold loans. It is noticed that the regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights, and monitoring of end use of funds are not being strictly adhered to by certain entities." RBI Governor says, "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action." Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> reported that the Purchasing Managers' Index (PMI) for manufacturing stood at a strong 58.1 in July. Services PMI was recorded at 60.3 in July 2024. The Index of Industrial Production (IIP) showed accelerated growth in May 2024, maintaining an elevated level indicative of continued growth. Das, "Manufacturing activity continues to gain ground on the back of improving domestic demand. The index of industrial production (IIP) growth accelerated in May 2024. Purchasing managers' index (PMI) for manufacturing at 58.1 in July remained elevated." He added, "Services sector maintained buoyancy as evidenced by the available high-frequency indicators. PMI services stood strong at 60.3 in July 2024, and is above 60 for seven consecutive months, indicating robust expansion." SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

RBI sees a positive shift in FPI's flows in the domestic market, $9.7 bn from June till August 6

Mumbai: <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">Rupee</keyword> appreciated 8 paise to 83.89 against <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India's trade data all scheduled to be released next week. The Jackson Holes Symposium to be held after next week will also remain in focus, traders said. At the interbank foreign exchange, the rupee opened at 83.95 against the greenback, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar. Rupee was protected by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) at 83.96 for this week and the local unit is likely to trade in a narrow range of 83.90/84.00 for the day after the RBI kept key benchmark rates on hold, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 103.17. Brent crude, the global oil benchmark, advanced 0.15 per cent to USD 79.28 per barrel. "Brent oil prices rose to USD 79.22, a 3 per cent weekly gain, on rising Middle East tensions and better than expected US jobless claims data giving a better outlook on the US economy," Bhansali added. Market analysts said while the rupee seems to be tilting towards a negative bias, but sharp fluctuations are not anticipated. Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said Indian rupee remained largely range-bound so far this financial year. Das further noted that the country's forex reserves touched a record high of USD 675 billion as on August 2. On the domestic equity market front, Sensex surged 958.63 points, or 1.22 per cent, to 79,844.85 points. The Nifty advanced 280.70 points, or 1.16 per cent, to 24,397.70 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,626.73 crore, according to exchange data.

Rupee rises 8 paise to 83.89 against US dollar in early trade

<ul><li>90 percent women think <keyword id="19949719" type="General" weightage="20" keywordseo="GenAI" source="keywords">GenAI</keyword> can help them grow in their careers</li><li>However, most don't know how to use GenAI to their advantage</li><li>Women are also willing to put in more efforts to be successful</li></ul> When <keyword id="15777223" type="General" weightage="20" keywordseo="generative-AI" source="Orion">generative AI</keyword> chatbot <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> was introduced to the world on a large scale by Open<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> in November 2022, it was taking the internet by storm. People were using it to write code, compose poetry, write content and whatnot. Soon, tools like ChatGPT became a part of many working professionals' lives. Over the last few months, there have been many reports highlighting how AI is turning out to be a part of workplaces. Now, a recent report says that women in the tech industry see generative AI as a crucial step towards their career growth. However, there is a major challenge being encountered- they aren't trained enough to use GenAI tools. <h2>90 percent women feel GenAI is a step towards career growth</h2>A new report by <keyword id="19955786" type="General" weightage="20" keywordseo="nasscom" source="keywords" meta.keywordsubtype="org" meta.entityname="nasscom" meta.hostid="261" meta.entityid="nasscom">Nasscom</keyword> and Boston Consulting Group (<keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords">BCG</keyword>) has revealed that while 90% of women in India's tech industry view Generative AI (GenAI) as crucial for career growth, only one-third feel adequately prepared to use these technologies. Hence, even though women view GenAI as a crucial step in their professional journey, most of them still aren't confident using it. The report, titled "GenAI: The Diversity Game Changer We Can't Ignore," was unveiled at the nasscom Global Inclusion Summit in Bengaluru on August 8, 2024. The report highlights that women in both tech and non-tech roles exhibit high levels of professional ambition and are willing to put in extra effort to achieve success. This ambition is particularly pronounced in the AI/GenAI field, where women see mentorship as a key factor in their success. Currently, women make up 36% of India’s tech workforce but remain underrepresented in executive roles. GenAI, which involves advanced AI tools that can create new content, designs, and solutions, is seen as a game-changer for the tech industry. As GenAI is expected to dominate 33% of the global AI landscape by 2027, the market is projected to reach $320-380 billion. This rapid growth presents a unique opportunity for fostering gender diversity by helping women overcome traditional barriers and excel in their careers. The report reveals that women are ready to invest more time to achieve professional success in GenAI. According to the survey findings, 95% of junior, 96% of mid-management, and 100% of senior management women are prepared to put in extra effort. Women also view GenAI tools as a significant boost to their perceived competence, with 45% of <keyword id="20599228" type="General" weightage="100" keywordseo="women-in-tech" source="keywords">women in tech</keyword> roles feeling more confident compared to their non-tech peers. <h2>Challenges in GenAI adoption</h2>Despite the enthusiasm, many women at senior management levels face challenges in adopting GenAI tools. These challenges include limited knowledge, lack of trust, restricted access to these tools, and fear of competence scrutiny. Knowledge gaps are the primary barrier, cited by women across all levels from entry roles to the C-suite. Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at nasscom, talked about the importance of addressing these challenges: “Despite significant progress in diversity and AI/GenAI adoption, substantial gaps still limit women's full potential in the tech industry. With GenAI set to dominate the tech industry, it is critical to address key challenges such as knowledge gaps and lack of support, to empower women, particularly in these roles.” Meanwhile, Sreyssha George, Managing Director and Partner, Boston Consulting Group said, "Globally, senior women lead in GenAI adoption, yet India lags with a 64% gender disparity in AI leadership. To capture the USD 320 billion AI market, India’s tech sector needs diversity. This will ensure effective systems by eliminating biases and incorporating varying ethical perspectives. Let's seize this significant opportunity to rectify the gender imbalance in the tech industry." SEE ALSO: <a href="https://www.businessinsider.in/tech/ai/news/when-ai-hallucinates-heres-why-googles-ai-overview-is-generating-nonsensical-and-inaccurate-results/articleshow/110435437.cms" data-type="tilCustomLink" target="_blank">When AI ‘hallucinates’: Here’s why Google’s AI Overview appears to be generating inaccurate results</a> <a href="https://www.businessinsider.in/tech/news/indian-economy-could-get-usd-675-billion-due-to-ai-by-2038-study-shows/articleshow/112343290.cms" data-type="tilCustomLink" target="_blank">Indian economy could get USD 675 billion due to AI by 2038, study shows</a> <a href="https://www.businessinsider.in/author_articles_all.cms?query=479266566&amp;author=divyanshi%20sharma=&amp;page=1" class="artishow_author"></a> <a href="https://www.businessinsider.in/author_articles_all.cms?query=479265001&amp;author=kunal%20kambli=&amp;page=1" class="artishow_author"></a>

Most women in tech feel GenAI can help them grow in their careers but don't know how to use it, Nasscom-BCG reports

<keyword id="64243" type="DOMAIN" weightage="20" keywordseo="oil-and-natural-gas-corporation" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="oil and natural gas corporation" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">Oil and Natural Gas Corporation</keyword> (<keyword id="6354737" type="DOMAIN" weightage="20" keywordseo="ongc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ongc" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">ONGC</keyword>) reported 30 per cent fall in net profit for September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices. Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year back, the company said in a statement. Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit. The company's gross billing for crude oil it produced soared 37.7 per cent to USD 95.49 per barrel in the quarter from USD 69.36 a barrel last year. State-owned ONGC sells crude oil, which is refined at refineries to produce petrol, diesel and other petroleum products, at international benchmark rates which soared following Russian invasion of Ukraine. However, the government beginning July 1 brought a new tax to take away gains accruing from global energy price surge. The tax, which is moderated every 15 days in step with changes in global oil prices, was as high as USD 40 per barrel when the tax was introduced. The firm also realised a higher USD 6.10 per million British thermal unit price for natural gas it produced in July-September as compared to USD 1.79 a year back. Revenue was up 57.4 per cent to Rs 38,321 crore. ONGC had in July-September 2021 posted highest ever quarterly net profit by any Indian corporate after it opted for lower income tax in lieu of giving up exemptions. As a result, its corporate income tax rate came to 22 per cent plus applicable surcharge and cess as against the earlier rate of 30 per cent plus applicable surcharge and cess. The firm said its board has approved an interim dividend of 135 per cent, or Rs 6.75 on each equity share of Rs 5. The total payout will be Rs 8,492 crore, majority of it going to the government. ONGC's oil and gas production dropped 2 per cent in second quarter of current fiscal year. Oil production of 5.36 million tonne in July-September is compared with 5.47 million tonne output a year back. Similarly, gas production of 5.35 billion cubic meters in Q2 is compared with 5.46 bcm output in July-September 2021. The firm said it made six discoveries during current fiscal year in the KG basin acreage it holds. "Out of six discoveries notified till date during FY 2022-23, two discoveries viz. Mandapeta-60 and Kesanapalli West Deep-7 have already been monetized by ONGC," the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-lists-at-a-2-discount-amid-volatile-market-conditions/articleshow/95523776.cms">Fusion Micro Finance lists at a 2% discount amid volatile market conditions</a>

ONGC Q2 Results: Profit drops 30% to ₹12,826 crore as govt levies windfall tax

New Delhi, Dec 11 () Shares of Vodafone Idea on Wednesday rose by over 3 per cent amid reports that the company is planning to sell some of its assets to raise over USD 2.5 billion (around Rs 17,500 crore).
 On the BSE, the stock settled 1.98 per cent up at Rs 6.69. Intra-day, it had hit a high of Rs 7.08, increasing as much as 7.92 per cent over its previous close.
 On the NSE, the stock appreciated by 3.05 per cent to end at Rs 6.75. It gained 8.39 per cent to a high of Rs 7.10 during the day.
 In terms of equity volume, 3.03 crore shares of the company were traded on the BSE, and over 24 crore units changed hands on the NSE.
 According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.
 Vodafone Idea, reeling under massive debt of around Rs 1.17 lakh crore, had earlier cited acute financial stress on the company behind the decision to raise mobile call and data charges.
 The company has an estimated liability of Rs 44,150 crore post the apex court order, and has made provisioning of Rs 25,680 crore in the second quarter this fiscal. SHW MR
MR

Voda Idea shares gain over 3 pc amid asset sale plan

<img class="gwt-Image" src="/photo/53541759.cms" /> <keyword id="6373044" type="CITY" weightage="100" keywordseo="Forbes">Forbes</keyword> list of America's top wealth advisors is out, featuring 200 members who collectively manage USD 675 billion, and four Indian-origin persons are a part of the list. 
 
Raj Sharma and Ash Chopra, both of whom work in Merrill Lynch’s Private Banking &amp; Investment Group, have been ranked 17th and 129 respectively, while Sonny Kothari of Merrill Lynch Wealth Management has been ranked 176. Raju Pathak of Morgan Stanley Wealth Management, on the other hand, is placed at 184th rank. 
 
As per Forbes, the 200 members serve clients ranging from Silicon Valley billionaires to Wall Street titans, along with small business owners and family fortunes. 
 
"Most great fortunes have their roots in hard work, brilliant business decisions or savvy investing somewhere along the way (more often than not all three), But once the money is made, growing, preserving and passing it on to the next generation becomes paramount," Forbes said. 
 
"That's where a wealth advisor can come in handy," it added. 
 
The top spots have been grabbed by advisors affiliated with big wirehouses, including Morgan Stanley, Merrill Lynch and UBS Regarding services. 
 
<a href="http://blogs-images.forbes.com/rjshook/files/2016/08/Top-Wealth-Advisors-Logo.jpg">Image source</a>

Forbes list of US' top wealth advisors has four Indian-origin names in it

<img class="gwt-Image" src="/photo/49618515.cms" style="width: 800px; height: 600px;" />Buoyed by <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">RBI's</a> rate cut and positive macroeconomic numbers, foreign investors pumped in over Rs 22,350 crore (USD 3.44 billion) in the Indian capital markets in October, the highest in seven months. 
 
Most of the fresh capital has been infused in the <a href="http://www.businessinsider.in/searchresult.cms?query=debt+market">debt market</a>. 
 The net inflow in <keyword id="45369" type="CITY" weightage="100" keywordseo="equities">equities</keyword> stood at Rs 6,650 crore last month, while it was Rs 15,700 crore for debt, translating into a total of Rs 22,350 crore (USD 3.44 billion), as per data compiled by the depositories. This is the highest investment by FPIs since March when they had poured in Rs 20,723 crore into Indian markets. 
 
The huge inflows during October also reverses the outflows seen during the past two months. FPIs pulled out over Rs 23,000 crore from the capital market (equities and debt) in the past two months on fears of an economic slowdown in China, which triggered a global sell-off. 
 
They withdrew Rs 5,784 crore in September and Rs 17,524 crore in August, the highest net outflow by FPIs in a single month since 1997. The segregated data prior to 1997 are not available. 
 
Investor appetite turned positive after Reserve Bank Governor <a href="http://www.businessinsider.in/searchresult.cms?query=Raghuram+Rajan+">Raghuram Rajan</a> last month pulled off a surprise by announcing a bigger-than-expected policy rate cut of 50 bps to 6.75 per cent -- the lowest in four and a half years -- to spur growth, said Gaurav Jain, Director, Hem Securities. 
 Furthermore, <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>'s move of increasing the <a href="http://www.businessinsider.in/searchresult.cms?query=FPI+">FPI</a> limit in government securities has helped overseas investors park more money in the <keyword id="144818" type="UNKNOWN" weightage="100" keywordseo="debt-market">debt market</keyword>. 
 
Besides, positive macro parameters also helped improve the sentiments. 
 
Since the beginning of the year, overseas investors have made a net investment of Rs 27,697 crore in equities and Rs 55,096 crore in debt market. 
 
(Image credit: Economic Times)

You Searched For "USD 675 billion" and got 14 results

India's forex reserves at record high of USD 675 billion, external sector resilient: RBI Governor Shaktikanta Das

PTI

Indian economy could get USD 675 billion due to AI by 2038, study shows

Divyanshi Sharma

Rupee trades in narrow range against US dollar in early trade

PTI

SoftBank pumps in Rs 1,675 crore in Ola

BI India Bureau

Canada passed a $52 billion relief package to help businesses pay up to 75% of employees' wages

Connor Perrett,Connor Perrett

$9 billion Stripe just bought a payments startup backed by Eric Schmidt as it goes after even larger customers

Matt Weinberger

Rupee rises 11 paise to 83.84 against US dollar in early trade

PTI

RBI sees a positive shift in FPI's flows in the domestic market, $9.7 bn from June till August 6

ANI

Rupee rises 8 paise to 83.89 against US dollar in early trade

PTI

Most women in tech feel GenAI can help them grow in their careers but don't know how to use it, Nasscom-BCG reports

Divyanshi Sharma

ONGC Q2 Results: Profit drops 30% to ₹12,826 crore as govt levies windfall tax

PTI

Voda Idea shares gain over 3 pc amid asset sale plan

PTI

Forbes list of US' top wealth advisors has four Indian-origin names in it

BI India Bureau

FPIs net inflow hits 7-month high of Rs 22,350 crore in October

BI India Bureau