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<ul><li><keyword id="122724" type="General" weightage="20" keywordseo="government-securities" source="Orion">Government securities</keyword> are considered among the safest investment options due to the sovereign guarantee attached to them. </li><li>Most brokers allow trading of existing <keyword id="6371629" type="General" weightage="20" keywordseo="g-secs" source="Orion">G-secs</keyword> on the secondary market through their platforms.</li><li>Investing in G-sec-focused mutual funds allows a diversified portfolio within Government securities and low-ticket investments. </li></ul>Government securities, commonly known as G-secs, are <keyword id="166233" type="General" weightage="20" keywordseo="debt-instruments" source="Orion">debt instruments</keyword> issued by the Government of India to raise capital. These securities serve as a way for the government to borrow money from the public or institutions. G-secs come with fixed <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> and predetermined maturity dates. They are considered among the safest investment options due to the sovereign guarantee attached to them, ensuring repayment of the principal amount and interest upon maturity. The credit risk on G-secs is thus minimal. Government bonds also boast high liquidity and can be traded easily in the secondary market. This flexibility provides an opportunity to earn improved returns on the bonds and allows for exiting at any desired time before the maturity date as well. How G-secs work Investing in g-secs involves purchasing these bonds at face value, and the interest, also known as the coupon, is paid periodically, typically semi-annually or annually, until the maturity date. The interest rates on g-secs are influenced by various factors, including market demand, inflation, and the monetary policy of the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>). Consequently, the prices of G-secs fluctuate inversely with the prevailing interest rates in the market. When interest rates rise, the value of existing G-secs falls, and vice versa. These securities are traded in the primary and secondary markets. In the primary market, they are directly issued by the government through auctions, while in the secondary market, they are bought and sold among investors. How to invest G-secs are available in various tenures, ranging from short-term (Treasury bills) to long-term (Government bonds). The Retail Direct Scheme by the Reserve Bank of India (RBI) rolled out in 2021 enables individual investors to directly invest in government securities without requiring intermediaries such as brokers or mutual funds. The NSE goBID platform allows retail investors to participate in auctions for new G-sec issuances through your broker. It offers a non-competitive bidding process, meaning you specify your desired amount, and if your bid is accepted, you'll get allotted securities at the cut-off price. Most brokers allow trading of existing G-secs on the secondary market through their platforms. This offers flexibility to choose specific securities and exit positions when needed. Steps to invest `Here are the steps to invest in G-secs. <ol><li>Log in to your brokerage account </li><li>Navigate to the bids section: Locate and click on the "Bids" tab or section within the platform.</li><li>Select government securities: Once in the Bids section, find and select the option for "Govt. securities."</li><li>Initiate the bid: Look for the option to "Place bid" and click on it.</li><li>Enter bid Amount: Input the specific amount you wish to bid for the government securities.</li><li>Finalise the bid: After entering the amount, confirm the bid by clicking on the "Place bid" button.</li></ol>Investing in G-secs through the mutual fund route One can also take the mutual funds route to invest in G-secs. “Investing in G-sec focused mutual funds allows a diversified portfolio within Government securities and low ticket investments,” says Marzban Irani, chief investment officer, fixed income, LIC Mutual Fund. This can be suitable for passive investors or those seeking exposure without actively managing individual bonds. “It is always easy for investors to buy subscription or redemption requests in a mutual fund, compared to looking out to buy or sell securities in the fixed income market. Also, one may buy and hold but in between prices can fluctuate. Many people may not understand the drivers of those price fluctuations,” says Pankaj Pathak, fund manager, fixed income, Quantum AMC. Interest rate risks G-secs do carry one particular risk, that of interest rate fluctuations in the broader market. When rates rise, existing G-Secs with lower rates lose value compared to newer securities offering higher rates. Conversely, falling rates increase demand for older G-Secs, potentially raising their value. Longer-term G-Secs are more prone to rate change risks than short-term ones. Investors holding G-Secs until maturity aren't affected by price fluctuations but can lose potential earnings if rates rise after purchase. “A sudden increase in interest rate can impact return. So one is advised to invest into G Secs only for long-term goals,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Is this a good time to invest? Government securities (G-Secs) typically attract conservative investors seeking a steady income from their investments. Moreover, investors often include G-Secs in their portfolio's debt allocation, which comprises diverse assets like equities, fixed-income instruments, and safe havens such as gold. At present, we are at the peak of the interest rate hike cycle. Developed economies like the US are expecting rate cuts going ahead in 2024. On the domestic front, the core inflation seems to be under control. “The interest rates are holding steady and might even start going down from the second half of next year,” says Kumar. So, going forward, retail investors can expect to improve their returns on G Sec investments. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

A case for investing in Government securities

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

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

<keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed that registered <keyword id="21253972" type="General" weightage="100" keywordseo="investment-advisers" source="keywords">Investment Advisers</keyword> (IAs) and <keyword id="21511721" type="General" weightage="20" keywordseo="research-analysts" source="keywords">Research Analysts</keyword> (RAs) who employ artificial intelligence (AI) tools in their services must disclose the extent of their usage to clients, emphasizing the importance of strong security measures to avoid unintended data exposure. This transparency is crucial for clients to understand how <keyword id="20096338" type="General" weightage="20" keywordseo="AI-tools" source="keywords">AI tools</keyword> contribute to their investment decisions and to make informed choices about their advisory services. "The possibility of unintended data exposure highlights the need for strong security measures and clear disclosure to clients about the extent of AI tool usage", Trivesh D, COO at Tradejini, a stock trading platform, told PTI. The Securities and Exchange Board of India (SEBI), in its consultation paper earlier this month, highlighted the growing usage of AI tools in Investment Adviser (IA) and Research Analyst (RA) services. With technological innovations and advancements, many AI tools are currently available in chatbot form such as OpenAI's ChatGPT, Google's Gemini, etc. AI-based tools allow one to have human-like conversations and receive human-like responses with the chatbot. These tools assist various tasks such as summarising and analysing data and may help in improving efficiency and productivity. "These AI tools, however, may not adequately safeguard sensitive data shared during conversations, potentially leading to unintended data exposure and concerns related to <keyword id="19900735" type="General" weightage="20" keywordseo="data-security" source="keywords">data security</keyword>," SEBI said in its consultation paper issued last week. Feroze Azeez, Deputy CEO, Anand Rathi Wealth Ltd said "while embracing this innovation, we must be mindful of its implications and responsibilities". IAs provide personalised services according to client-specific requirements, based on <keyword id="22797015" type="General" weightage="20" keywordseo="risk-profiling" source="keywords">risk profiling</keyword> and suitability. Similarly, RAs provide recommendations based on certain parameters and methodology adopted and are required to keep records of the research report, research recommendations and rationale for arriving at research recommendations. While AI tools can provide significant assistance in the work of IAs and RAs, they may not always give meaningful outputs that are expected to be based on the understanding of complex security-specific or client-specific scenarios/ requirements such as personal/ financial conditions or goals, SEBI stated. Further, such tools may not always provide all the information based on which output/ recommendation has been generated. For example, AI tools may not bring out whether the requirements of risk profiling and suitability have been complied with by IA, it added. "An IA/RA who uses AI tools for servicing its clients must provide complete disclosure of the extent of use of such tools to its prospective clients, to enable them to take informed decisions of continuance or otherwise with the IA/RA," SEBI suggested in the consultation paper. Considering that the investment advice/ research services provided by IA/RA based on AI tools would affect the investment decision of clients, SEBI said, the responsibility of data security, compliance with the regulatory provisions governing investment advisory services/research services lies solely with the IA/ RA, irrespective of the scale and scenario of IA/ RA using AI tools. Trivesh believes that <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> can significantly enhance the efficiency and reach of investment advisory service, but it should be used as a complementary tool, rather than a complete replacement for human judgment and expertise. "The dynamic and culturally diverse nature of India's financial landscape demands personalized investment advice that AI alone cannot provide. Since AI will undoubtedly continue to change the <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> sector, efforts to integrate it into IA and RA services should be pursued with a balanced approach, leveraging its strengths while addressing its limitations," he added. Additionally, SEBI is also looking to create a closed ecosystem for fee collection by registered investment advisers and research analysts through a separate mechanism in order to help investors ensure that their payments are reaching only registered IAs and RAs and help them identify, isolate and avoid unregistered entities, who would be unable to access this closed ecosystem.

Investment Advisers, Research Analysts should disclose AI tools usage to clients, notes SEBI

<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

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

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

In a major step toward protecting students and their families, the Indian government has issued new guidelines aimed at curbing misleading advertisements by coaching centres. The Centre's crackdown addresses exaggerated claims like “100% selection” or “guaranteed job security” — promises that often lead to disappointment among students who invest time and money expecting a near-certain outcome. <h2>Protecting consumers, not shutting down coaching</h2>On Wednesday, the Central Consumer Protection Authority (CCPA) rolled out these guidelines in response to numerous complaints from the National Consumer Helpline. According to <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare, the government’s goal is not to shut down coaching centres but to ensure their ads don’t “undermine consumer rights.” “We have seen coaching centres deliberately concealing information from prospective students,” Khare said. “Therefore, we have come out with the guidelines to provide guidance to people involved in the coaching industry.” So far, the CCPA has issued 54 notices to violators and imposed penalties of around Rs 54.60 lakh. <h2>What’s prohibited?</h2>The guidelines lay out strict boundaries on what coaching centres can — and cannot — say in their ads. Here’s what the guidelines address: <ul><li>False Claims: Ads should not make unsubstantiated promises about “100% selection” or “100% job security.”</li><li>Course Details: No exaggerating or omitting information about courses, their duration, or outcomes.</li><li>Faculty Credentials: Qualifications of teachers must be presented accurately, with no fake credentials.</li><li>Fees and Refunds: All fees and refund policies must be transparent.</li><li>Selection Rates and Ranks: Coaching centres cannot claim high selection rates or exam rankings without proof.</li></ul>Additionally, they are not allowed to use successful candidates’ names, photos, or testimonials in ads without written consent from these individuals. Khare advised students to double-check the information provided by coaching centres. “Many UPSC students clear prelims and mains on their own and take only interview guidance from coaching centres,” she explained, encouraging students to verify the course details actually taken by successful candidates. The guidelines go beyond the broad term “coaching.” They define coaching as academic support, education, guidance, study programs, and tuition — but they exclude counselling, sports, and creative activities. The purpose of this definition is to keep the focus on academic and career-oriented programs, which are most prone to misleading ads. <h2>Full disclosure and consequences for violators</h2>Transparency is now mandatory, as coaching centres must display disclaimers and reveal essential course details. Facilities, infrastructure, and resources must be represented accurately, along with any required approvals or recognitions from authorities like AICTE or UGC. Khare, who also serves as the CCPA chief, stressed that coaching centres should accurately present the service, resources, and infrastructure provided. For instance, if they advertise “fully-equipped classrooms,” the guidelines require this to be an honest description. These guidelines come as a supplement to existing laws and are enforceable under the Consumer Protection Act. This means violators will face penalties, potentially similar to the Rs 54.60 lakh already imposed by the CCPA. The government hopes these new standards will push coaching centres to keep their ads honest, helping students and families make better-informed decisions. (With inputs from agencies)

No More False Promises: Government sets rules to prevent misleading and exaggerated coaching centre ads

<ul class="summary-list"><li>Before he was the vice president-elect or a senator, <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> was a venture capitalist.</li><li>He maintains ownership stakes in several funds, according to his disclosure forms.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-congress-historic-firsts-2024-11">JD Vance</a> is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist.For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital.Over his career, Vance has been involved in investments across a broad range of business areas. Through Narya, he continues to hold a portfolio of investments in several startups, though he gave up his role as a partner there in 2022 and doesn't actively run or advise any of the companies.<h2 id="4b0a6db6-89d6-4a96-93e8-e561475e4b10">Vance's early VC career</h2>After a brief stint at a now-defunct biotech startup, Vance got a job at his benefactor <a target="_blank" href="https://www.businessinsider.com/peter-thiel">Peter Thiel's</a> venture fund Mithril Capital.He went on to work as a managing partner at <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-the-rest-steve-case-jd-vance-2018-1">Rise of the Rest</a>, part of Steve Case's Revolution venture firm. The fund's mission is to invest in companies outside major tech hubs — New York, Silicon Valley, Boston — and Vance, whose outsider persona was cemented by his memoir <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">"Hillbilly Elegy"</a>, was <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">seen as a perfect fit for the fund</a>.Vance was active in a number of deals for the firm, including leading investments in storage-sharing startup Neighbor, agtech company AppHarvest, and AI outfit Pryon, Rise of the Rest confirmed.<h2 id="114f37cf-0035-49cd-8b40-1bd02d5bdb6c">Vance co-founded Narya Capital in 2019</h2>After two years, Vance broke out on his own, cofounding <a target="_blank" href="https://www.businessinsider.com/hillbilly-elegy-jd-vance-launches-vc-fund-backed-by-thiel-2020-1">Narya Capital</a> in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen.Vance still owns pieces of the funds that he helped advise. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund.His stake in Narya Capital Fund I is worth between $500,001 and $1 million. His holdings through Narya's Capital Fund II and the Rise of the Rest's Seed Fund are smaller, worth as much as $15,000 and $250,000, respectively, according to his disclosure forms.Through all three funds, he holds a portfolio of investments in dozens of startups. He doesn't actively run or advise any of the companies, and gave up his role as a partner in Narya in December 2022 after winning his senate seat, according to disclosure forms.It's not entirely clear which Rise of the Rest companies Vance has a stake in. The fund has two $150 million investment vehicles and did not disclose which portfolio companies are in which fund.Narya, meanwhile, has only completed one fundraise so far — its $120 million Fund I. The fund has a dozen active investments, according to its website, and because Vance has a stake in the fund, he technically owns a stake in each.The companies vary in their mission: One is a gene therapy company founded by Vivek Ramaswamy's brother, while another is a Catholic meditation and prayer app. Thiel, one of Vance's mentors, is listed as a separate investor in many of the companies, per PitchBook.Some are the type of companies that could work with the government.True Anomaly, an aerospace company for which Narya participated in two rounds of funding, <a target="_blank" class="" href="https://www.trueanomaly.space/newsroom/true-anomaly-selected-for-30m-space-systems-command-contract-in-support-of-victus-haze-tactically-responsive-space-mission">won a $30 million government contract</a> from the US Space Force in April. ValueBase, a property valuation software, lists local governments among its customer base on its website.Nayra has had two exits: <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rumble-conservative-video-youtube-competitor-joe-rogan-2022-2">Rumble</a>, the conservative-leaning social video platform that went public in 2022, and AppHarvest, which went public in 2021.Criminal conflict of interest laws do not apply to the president and vice president.Luke Schroeder, a spokesperson for the vice president-elect, said that Vance has complied with all required disclosures and is not directly involved in the funds.<h2 id="883278a9-d442-4e81-aeb4-b282861515b7">Here are Narya's current portfolio companies</h2>Deal details, unless noted with a comment from the company, come from PitchBook.<table style="width: 652px"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td><td>Deal Description</td></tr><tr><td colspan="1" rowspan="1">AcreTrader</td><td colspan="1" rowspan="1">Farmland investment</td><td colspan="1" rowspan="1">Narya contributed to AcreTrader's $12 million Series B round in 2021. "Senator Vance has no involvement in AcreTrader's operations or strategic direction," the company said.</td></tr><tr><td colspan="1" rowspan="1">AmplifyBio</td><td colspan="1" rowspan="1">Biotech</td><td colspan="1" rowspan="1">Narya took part in the company's $200 million, early-stage investment round in 2021.</td></tr><tr><td colspan="1" rowspan="1">Atomic Industries</td><td colspan="1" rowspan="1">Manufacturing</td><td colspan="1" rowspan="1">In 2023, Narya contributed to a $16.5 million early-stage round.</td></tr><tr><td colspan="1" rowspan="1">Branch</td><td colspan="1" rowspan="1">Insurance</td><td colspan="1" rowspan="1">Narya took part in Branch's 2022 $147 million Series C. During his time at Rise of the Rest, Vance led an investment in Branch.</td></tr><tr><td colspan="1" rowspan="1">Chapter</td><td colspan="1" rowspan="1">Medicare advisory</td><td colspan="1" rowspan="1">Narya contributed to three of Chapter's fundraising rounds: A 2021 $17 million Series A round, 2022 $42 million Series B round, and 2024 $50 million Series C round. Peter Thiel is also an investor in Chapter.</td></tr><tr><td colspan="1" rowspan="1">Hallow</td><td colspan="1" rowspan="1">Religion</td><td colspan="1" rowspan="1">Narya invested in Hallow's 2021 $40 million Series B round."We worked with another partner at the fund on the investment - not with JD at all," Alex Jones, Hallow's CEO, told BI. Thiel is also an investor in Hallow.</td></tr><tr><td colspan="1" rowspan="1">Kriya Therapeutics</td><td colspan="1" rowspan="1">Gene therapy</td><td colspan="1" rowspan="1">Narya contributed to three of Kriya's funding rounds, including a $87.6 million Series A in 2020, $100 million Series B in 2021, and $430 million Series C in 2023. Kriya Therapeutics is founded by Shankar Ramaswamy, the brother of Vivek Ramaswamy.</td></tr><tr><td colspan="1" rowspan="1">Realm Alliance</td><td colspan="1" rowspan="1">Security services</td><td colspan="1" rowspan="1">Earlier this year, Narya took part in Realm Alliance's seed round.</td></tr><tr><td colspan="1" rowspan="1">Strive</td><td colspan="1" rowspan="1">Asset Management</td><td colspan="1" rowspan="1">Narya invested in Strive's $20 million seed round in 2022 and $30 million Series B earlier this year. Thiel is also an investor in Strive.</td></tr><tr><td colspan="1" rowspan="1">True Anomaly</td><td colspan="1" rowspan="1">Space</td><td colspan="1" rowspan="1">Narya contributed to True Anomaly's $100 million Series B in 2023 and $17 million Series A in 2022. The company won a contract from the US government earlier this year.</td></tr><tr><td colspan="1" rowspan="1">ValueBase</td><td colspan="1" rowspan="1">Property valuation</td><td colspan="1" rowspan="1">Narya took part in ValueBase's $6.3 million seed round earlier this year.</td></tr></tbody></table>

Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.

<ul class="summary-list"><li>Americans are increasingly relying on government aid thanks to aging populations and rising costs.</li><li>Money from programs like Social Security accounted for 18% of total personal income in 2022.</li></ul>Americans are increasingly relying on government assistance — and it reflects a shifting economic landscape.A growing share of income in most US counties is coming from social safety net programs like <a target="_blank" href="https://www.businessinsider.com/snap-alice-food-stamps-hunger-government-assitance-free-meals-2024-5">SNAP</a>, <a target="_blank" href="https://www.businessinsider.com/trump-tax-cuts-social-security-boomers-benefit-fund-depletion-2024-11">Social Security</a>, and Medicaid, per a <a target="_blank" href="https://eig.org/great-transfermation/">report</a> published in September by the research firm Economic Innovation Group. Government transfers of funds from these programs accounted for about 18% of total personal income in the US in 2022, a nine percentage-point increase from 1970, and the equivalent of $3.8 trillion. The spike is in both urban and rural counties.The report said that Americans' increasing dependence on government assistance is in part due to an aging population. One in six people in 2022 were over the age of 65 — compared to one in 10 in 1970 — and just over half of the national transfer income flows from Medicare and Social Security.What's more, <a target="_blank" href="https://www.businessinsider.com/healthcare-childcare-expensive-costs-wage-growth-employment-ai-risks-2024-8">healthcare</a> is straining people's finances. The report said Medicare and Medicaid prices are becoming more expensive as costs for care rise.The report's findings come as Business Insider has spoken with many <a target="_blank" href="https://www.businessinsider.com/boomers-living-social-security-government-aid-snap-loneliness-crisis-isolation-2024-8">retirees</a> — who are living solely on Social Security income because they don't have savings or retirement investments — who say they are struggling to afford basic necessities."I don't want to be rich, I just need to be comfortable," a baby boomer living on <a target="_blank" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">$1,104 monthly in Social Security</a> previously told BI. "I just want to know that I can have food when I need it and a nice roof over my head."The EIG's analysis of county and county-equivalent data (such as parishes in <a target="_blank" href="https://www.census.gov/geographies/reference-files/2010/geo/state-local-geo-guides-2010/louisiana.html">Louisiana</a> that are considered similar to a county) shows how much government aid transfers as a share of total income varied across the US. Just a handful of places with data had shares above 40% in 2000, as seen in the map below.Most counties from EIG's analysis saw government transfers as a share of total income rise between 2000 and 2022, with many increasing by at least 10 percentage points."Today, most US counties depend on a level of government transfer income that was once reserved only for the most distressed places," the report said.Paychecks and investments are Americans' main sources of income outside government assistance. Still, many don't make enough to get by: 13% of individuals live below the federal poverty line, <a target="_blank" class="" href="https://www.businessinsider.com/middle-class-americans-earning-above-poverty-live-paycheck-to-paycheck-2024-4">per a report</a> from the nonprofit United Way's United for ALICE program. That's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines">$15,060 annually</a> for one person.The EIG report suggests that reliance on government transfers will continue to be a norm in many US counties. EIG said enacting policies that boost wages and encourage workforce participation would be possible solutions to help reduce reliance on government assistance.Are you living on a limited income or relying on government assistance? Are you open to sharing how you budget and afford basic necessities? If so, reach out to these reporters at <a target="_blank" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a> and <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

2 maps show how Americans rely on income like Social Security more than they used to

<ul class="summary-list"><li>Spy mania in Russia has created an environment that's stifling innovation, sources told BI.</li><li>Arrests for treason in Russia have soared, human rights experts said.</li></ul>Ivan Pavlov, a Russian-born lawyer who now lives in Europe, was 51 was he was forced to leave his home country. After years of representing Russians who had been accused of treason, he was put on the nation's wanted list and labeled as a "foreign agent" in 2021 — a term that, in Russia, is equated with spy, according to the <a target="_blank" href="https://www.hrw.org/news/2022/12/01/russia-new-restrictions-foreign-agents">Human Rights Watch</a>.Eventually, he knew he had to flee, he told Business Insider in an interview."All my professional life was in Russia," he said. "My family was inside Russia and it was a huge [suffering]."The arrest of accused "spies" has risen dramatically since Moscow began its invasion of Ukraine, Pavlov and other human rights experts told BI.That could end up having a big knock-on effect on Russia's already-weakened economy. Possible impacts include decreased investment, decreased consumption, and slower growth as Russia shifts away from a capitalistic society, Richard Portes, an economist from the London Business School, says."You do have an inhibition on risk-taking, innovation," Portes told BI on the intensifying pursuit of foreign agents in Russia. "For those who remain, you're not going to get any dynamic economic activity. Aside from the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">brain drain</a>, aside from the drain of young people, you're not going to get any innovation. And I think that's the medium-term consequence of all this: disastrous."Sergei Guriev, another economist who was deemed a "foreign agent" by the Russian government, agrees the crackdown on perceived security threats could hurt the country economically.He used the example of Russia recently <a target="_blank" class="" href="https://www.businessinsider.com/russia-arrests-3-hypersonic-missile-scientists-for-treason-2023-5">arresting some of its missile scientists</a>, which has made others in the scientific community fearful of publishing new research, he said."We can expect that it should impact economic growth," he added, though he noted the effect may not be immediately felt.Russia's economy is showing some signs that the kind of risk-taking associated with innovation and entrepreneurship is on the decline. Innovation in Russia has fallen behind the nation's level of development, according to a <a target="_blank" href="https://www.wipo.int/web-publications/global-innovation-index-2024/assets/67729/2000%20Global%20Innovation%20Index%202024_WEB2.pdf">2024 ranking</a> from the World Intellectual Property Organization. Patent filings fell 13% in Russia in 2022, while patent filings from foreign applicants dropped 30%, according to data from the <a target="_blank" href="https://rospatent.gov.ru/content/uploadfiles/otchet-2023.pdf">Russian Patent Office</a>.Russia minted just 240,458 new LLCs in 2022, about half of the number of new companies that registered in 2015, according to the <a target="_blank" href="https://www.worldbank.org/en/programs/entrepreneurship">World Bank entrepreneurship</a> database.Private investment in Russia is also down. Private equity and venture capital-backed M&amp;A deals and funding rounds in Russia dropped around 39% from 2022 to 2023, with the nation seeing just <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/2-years-on-private-capital-flees-russia-builds-slowly-in-ukraine-80421379">$1.4 billion</a> of those types deals last year, according to S&amp;P Global data. Merger and acquisition deal value as a whole also dropped 71% to $6.41 billion, down from $22.48 billion the prior year.<a target="_blank" href="https://rosstat.gov.ru/storage/mediabank/132_28-08-2024.html">Corporate profits</a> in Russia also dropped around 6% in the first half of the year in 2024. Meanwhile, profits from Russia's professional, scientific, and technical activities dropped around 19% over the first half of this year compared to the same period a year ago, Rosstat data shows.These outcomes are partly influenced by a more restrictive environment in Russia, Portes said, in addition to some of Moscow's other challenges, like <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">high inflation</a> and the <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">flight of some of its most educated</a> workers."The longer-term consequences, the medium-term consequences, are hollowing out [the economy]," he said. "It's very sad, but that's what it is."<h3 id="c673f304-1ae4-43f5-81a2-d4145eb78dc1">Moscow's spy mania</h3>The number of Russians being accused of treason has skyrocketed in recent years, Guriev says. He estimates that over 100 people each year are now being arrested for treason. That's likely because Russia's government is focused on creating an "atmosphere of fear," and "paralyzing resistance" amid the war in Ukraine, Pavlov said.Constant fear of persecution doesn't mix with a capitalistic society, Portes says."The thing about capitalism — capitalism has its defects for sure — but it works because it gives incentives to people to take risks," he said. "The circumstances of a country that's like what Russia is right now, the incentive to take risks, there is a strong disincentive".Other experts have noted that Russia looks to be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-ukraine-war-tech-reverse-industrialization-central-bank-finland-2023-3">drifting away</a> from a capitalist structure, particularly as it boosts public spending to fund its war efforts in Ukraine.Previously, Portes predicted that Russia was on its way to being reduced to a "<a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">natural resource economy</a>." That could lead to a lower quality of life for Russians, he predicted, hitting the nation with sluggish economic growth and a decline in everything from education to medical care.Moscow's economy isn't necessarily at risk of collapse, thanks to <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2">hefty government spending on the war</a>, Portes says, though he still sees a dark economic future ahead of the nation."It's a disaster. We have plenty of examples in history where a war economy can keep on going, even though everything is crumbling around it. And I think that's what you have now," he added.

How national security panics in Russia could stifle innovation and hurt its economy

<ul class="summary-list"><li>Security and privacy is a growing concern as companies adopt AI.</li><li>Companies strive to protect against malicious attacks and follow strict data compliance standards.</li></ul>As more companies <a target="_blank" class="" href="https://www.businessinsider.com/how-ai-changing-business-telecommunications-giants-mwc-2024-10">adopt using AI</a>, it has brought to light issues regarding security and privacy.AI models get trained on massive datasets that can include <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">personal or sensitive information</a>, making it critical for companies — particularly those in highly regulated industries like finance and healthcare with strict data compliance rules — to ensure that AI systems are safe from <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/data-breach">potential threats</a> like leaked or poisoned data.The hazards against AI models and the data that train them are growing in the age of large language models. "It's so easy for an employee to take something that's confidential and share it with an LLM," said Ashish Kakran of Thomvest Ventures. "LLMs do not have, as of right now, a forget it kind of button…You need safeguards and controls around all of this in the way these LLMs are deployed in production."What's emerged is a growing group of startups aimed at tackling security threats related to AI. "This is actually a gap," Kakran added. "But that's also an opportunity for startups."Thomvest-backed Opaque Systems, for instance, enables companies to share private data through a confidential computing platform to accelerate AI adoption. Credo AI, which has raised $41.3 million in total funding, is an AI governance platform that helps companies adopt AI responsibly by measuring and monitoring its risks.Another startup, Zendata, has raised over $3.5 million and focuses on preventing leakage of sensitive data when integrating AI into enterprise systems and workflows. Companies can be vulnerable to attacks through a compromised third-party AI vendor if attackers gain unauthorized access to confidential data. Companies "don't really know if some shadow AI applications are in place and a bunch of user information is being sent to that," said Zendata CEO Narayana Pappu.Pappu added that customers may not be aware that the shared information may also be used to train broader AI models. "There's a cross-use of information. There's information leakage, all of that. And that's a huge concern with the foundation models or even copilots."Startups like Glean, an enterprise AI startup valued at $4.6 billion, are incorporating security principles, such as strict permissioning control, into their core products. "Glean's AI assistant is fully permissions-aware and personalized, only sourcing information the user has explicit access to," said CEO Arvind Jain. This ensures that users only access the information they are authorized to see, preventing any unintended access or misuse of the data.Adversarial attacks are also a growing concern when it comes to deploying AI. Attackers can exploit vulnerabilities in a system for malicious purposes, leading to harmful or flawed results.Bessemer Venture Partners' Lauri Moore noted that when evaluating AI tools, many security leaders often ask whether it will introduce a critical vulnerability or trap door that a bad actor could use.A nightmare scenario could be a coding agent introducing code with security vulnerabilities, Moore said. She highlighted an instance when a developer took control of an open-source project after gaining increasing credibility, only to hijack it.Another threat known as prompt injections has become increasingly popular with the rise of prompt-based language models. These attacks trick a model into producing a harmful output based on harmful instructions. Haize Labs, which raised a <a target="_blank" href="https://www.businessinsider.com/vc-clamor-invest-ai-safety-startup-haize-labs-2024-6">hot investment round</a> this summer, tackles this problem through AI red-teaming, which involves stress-testing large language models for any vulnerabilities based on system guardrails.To address the growing number of security concerns in AI, startups are now applying continuous monitoring to the space. Continuous monitoring systems assess model behavior, monitor for security breaches, and score models based on their performance and safety, said Arvind Ayyala, partner at Geodesic Capital.Protect AI, which raised a $60 million Series B from Evolution Equity in August, focuses on continuously monitoring and managing security across the AI supply chain to minimize the risk of attacks. Hidden Layer, which automatically detects and responds to threats, raised a $50 million Series A from M12 and Moore Strategic Ventures last year."This shift towards automated, continuous evaluation represents a significant evolution in AI safety practices, moving beyond periodic manual assessments to a more proactive and comprehensive approach," Ayyala said.

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