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<ul><li><keyword id="19899640" type="General" weightage="100" keywordseo="AI" source="keywords">AI</keyword> will replace 50% of <keyword id="21771459" type="General" weightage="20" keywordseo="middle-management" source="keywords">middle management</keyword> roles in 20% of organisations by 2026.</li><li>By 2029, AI's influence is set to extend into the boardroom, with 10% of global boards predicted to use AI-generated insight.</li><li>This strategy aims to cut labour costs while boosting productivity.</li></ul>As artificial intelligence (AI) continues to evolve alongside human usage, it is reshaping organisational structures, decision-making processes, and even the boundaries of technology's impact on daily life, according to <keyword id="19955158" type="General" weightage="20" keywordseo="Gartner" source="keywords" meta.keywordsubtype="org" meta.entityname="Gartner" meta.hostid="261" meta.entityid="Gartner">Gartner</keyword>. By 2026, 20% of organisations will use AI to reduce more than half of their current middle management roles. "Through 2026, 20% of organisations will use AI to flatten their <keyword id="21339348" type="General" weightage="20" keywordseo="organisational-structure" source="keywords">organisational structure</keyword>, eliminating more than half of current middle management positions," said the report. This strategy aims to cut labor costs while boosting productivity, as AI takes over tasks like scheduling, reporting, and performance monitoring. However, the shift could disrupt traditional mentoring pathways and leave junior employees with fewer development opportunities. Concerns over <keyword id="19999151" type="General" weightage="20" keywordseo="job-security" source="keywords">job security</keyword> and increased management responsibilities for remaining staff may also pose significant challenges. By 2029, AI's influence is set to extend into the boardroom, with 10% of global boards predicted to use AI-generated insights to challenge executive decisions. This development will empower board members to rely on data-driven guidance, thereby reshaping leadership dynamics and reducing the influence of maverick executives. While AI insights may initially seem at odds with the traditional views of board members, their growing effectiveness will likely lead to broader acceptance. By 2028, <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> is expected to play a key role in corporate branding, with 30% of S&amp;P companies likely to use AI-specific labels, such as "xxGPT," to distinguish their products and create new revenue streams. As the GenAI landscape becomes more competitive, companies will need to adopt specialized models tailored to their industry to maintain a competitive edge. Security concerns surrounding AI agents will grow in the coming years, with Gartner predicting that 25% of enterprise breaches will be linked to AI agent abuse by 2028. As AI agents expand rapidly into more complex use cases, businesses will need to enhance their security measures to protect against both external threats and malicious internal actions. To address these security challenges, "Guardian Agents" will emerge as a solution. By 2028, 40% of Chief Information Officers (CIOs) are expected to demand autonomous agents that can track and oversee AI activities, ensuring compliance with security, ethics, and data management standards. Finally, the shift to microgrids is set to accelerate, with Fortune 500 companies expected to invest $500 billion by 2027 to mitigate chronic energy risks and support the growing energy demands of AI. Microgrids offer a more sustainable and cost-effective energy solution, enabling companies to reduce their reliance on traditional power grids and better manage day-to-day operations. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

By 2026, 20% of organisations will use AI to reduce 50% of middle management roles: Gartner

<ul class="summary-list"><li>A looming port strike and the aftereffects of <a target="_blank" class="" href="https://www.businessinsider.com/florida-home-insurance-prices-premium-effect-from-hurricanes-2024-9">Hurricane Helene</a> could slow the US transport of goods.</li><li>The strike could involve 45,000 dockworkers demanding higher wages and start October 1.</li></ul>The US could be entering a hellish period for moving goods around huge swaths of the country.<a target="_blank" href="https://www.businessinsider.com/florida-home-insurance-prices-premium-effect-from-hurricanes-2024-9">Hurricane Helene</a> has <a target="_blank" href="https://apnews.com/article/hurricane-helene-north-carolina-asheville-f02869c7d01e68f2d7f0553abb82252f">killed nearly 100 people</a> and left devastation across several states, including widespread flood damage that could leave cities like Asheville, North Carolina, <a target="_blank" href="https://www.ashevillenc.gov/news/city-of-asheville-prepares-for-tropical-strom-helene-and-shares-preparedness-tips/">without running water</a> for weeks.The flooding, plus debris including fallen trees, has made many roads and highways impassable, or at least tricky to traverse, across the southeast.Now, a looming port strike could also conspire to slow the transport of critical goods and supplies into, out of, and across the US — and, as a result, deal a devastating economic blow.A <a target="_blank" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">strike among dockworkers</a> stretching from the East Coast to the Gulf Coast could start Tuesday. The International Longshoremen's Association said Sunday it was prepared to strike on October 1. The nation's largest union of maritime workers is demanding higher wages, among other conditions.Jon Davis, chief meteorologist at Everstream Analytics, which focuses on supply-chain risk, told Business Insider that the storm and the possible strike would have massive "compounding effects.""It's not one plus one equals two. One plus one equals a lot more than that," he said.JPMorgan analysts have estimated that costs from shutdowns related to the strike could climb to <a target="_blank" href="https://www.politico.com/news/2024/09/27/port-strike-harris-biden-trump-election-00181319">$5 billion a day</a>.It would be the first to span an entire US coast since 1977 and would involve ports that account for about half of the <a target="_blank" href="https://www.reuters.com/world/us/us-east-coast-port-strike-looms-tuesday-with-no-talks-scheduled-2024-09-30/">country's ocean shipping</a>. Some 45,000 workers could lay down their metaphorical tools; on top of the catastrophic damage to infrastructure in hard-hit states like Florida, Georgia, and North Carolina, it would undoubtedly slow the movement of critical goods, including food and vehicles.<h2 id="0053eb76-883a-40c9-852c-7ac96df4524a">An inflation driver</h2>Any slowdowns in the US's critical supply chains could also fan inflation at a time when the Federal Reserve has begun to lower its benchmark interest rate to avoid tipping the economy into a recession. Price increases have cooled year over year, though they remain high for certain goods like eggs, which have spiked because of <a target="_blank" href="https://www.npr.org/2024/09/27/nx-s1-5126581/egg-prices-bird-flu">bird flu</a>.Amir Mousavian, a professor of supply chain management at the University of New England's College of Business, said the impact of a strike would depend on how long it lasts but that the potential consequences are substantial.He told BI that perishable goods would be affected almost immediately and that grocery-store shortages could trigger panic buying — akin to what unfolded during the pandemic.Shipping costs could also jump as businesses seek alternate means of getting goods to customers, such as importing and exporting goods from the West Coast."The timing of the strike is especially concerning, as the US economy has seen progress in lowering inflation. A prolonged strike could reverse these gains, forcing the Federal Reserve to reconsider its economic strategy and possibly reintroduce more restrictive measures," Mousavian said.<h2 id="8e8f958b-33ca-47d6-a3cd-5f4a1572af77">A supply chain that's not resilient</h2>He said the situation is a reminder of what the pandemic starkly revealed — that the US supply chain is "efficient but not resilient." A walkout would also be a reminder of a need for stronger and more adaptable supply chains to withstand future crises, Mousavian said.Jason Greer, president of Greer Consulting Inc. and a former agent with the National Labor Relations Board, told BI the industrial action is likely to happen and the combination with the hurricane's aftereffects is "going to be devastating overall."He said he expects the union will walk out because there is a feeling among members that their concerns haven't been taken seriously for too long."The longshoremen have said, 'We continue to be pushed aside. We continue to be pushed aside. We're not going to be pushed aside any longer.' So I think the overall economic damage is huge," Greer said, also highlighting impacts like higher grocery prices.Meantime, Angela Blanchard, Houston's chief recovery and resilience officer, pointed out on X that the <a target="_blank" href="https://x.com/CajunAngela/status/1840397403658097142">response to and recovery from the</a> hurricane would be "significantly impeded" by a strike. She noted that the disruption at the ports would crimp the availability of materials and fuel — and affect prices."This will be a long and complicated recovery season," Blanchard wrote.

America is facing a nightmare scenario with a looming strike and wrecked infrastructure after Hurricane Helene

The <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> has made the <keyword id="20572901" type="General" weightage="20" keywordseo="loan-sanctioning" source="keywords">loan sanctioning</keyword> system adopt an online mode, but the <keyword id="21614839" type="General" weightage="20" keywordseo="loan-recovery" source="keywords">loan recovery</keyword> still requires a 'feet on the street' approach, says <keyword id="20506781" type="General" weightage="20" keywordseo="swaminathan-j" source="keywords">Swaminathan J</keyword>, Deputy Governor of Reserve Bank of India (RBI). Speaking at a media event in Mumbai, the deputy Governor of RBI noted that with the digital infrastructure at place, many <keyword id="22721545" type="General" weightage="20" keywordseo="fintech-players" source="keywords">fintech players</keyword> are giving loans to customers with poor credit profiles, and up on default, use aggressive recovery tactics. "While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending <keyword id="22791879" type="General" weightage="20" keywordseo="small-value-loans" source="keywords">small-value loans</keyword> to customers who often have a poor credit profiles" said the deputy governor. He emphasized that the business model of many fintech platforms involves offering small-value loans to customers who often have poor credit profiles. This has led to the adoption of aggressive recovery strategies, which on many occasions also crosses ethical boundaries. He also highlighted one particularly concerning practice that involves the invasion of customers' privacy, where recovery agents access the personal data and contacts of borrowers and use that as a threat practice. Swaminathan cautioned that such tactics not only infringe on individuals right to privacy, but also risk damaging the reputation of regulated lenders associated with these fintech platforms. He also highlighted RBI's regulations on outsourcing, that even though regulated financial entities delegate certain activities to third parties, they remain ultimately accountable for the actions of their outsourced agents. The deputy governor also noted that the digitisation allows banks and NBFCs to leverage data for greater insights into their customers' requirements and behaviour, which can be used for developing bespoke products apart from facilitating better risk management and compliance. He stated that the role of RBI as a regulator is to establish guardrails or a balanced framework that encourages innovation while ensuring that risks are managed prudently. The deputy governor also indicated the primary goal of RBI is to ensure the stability and integrity of the financial system and not to hinder business operations.

Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

If you've ever found yourself sheepishly glancing around after cutting a red light or using your phone while driving, only to relax because "no cops in sight," think again! In <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword>, the traffic police have gone tech-savvy, and they're now leveraging AI to keep an eye on you – whether or not there’s an officer standing by. <h2>Bengaluru’s AI revolution in <keyword id="22205047" type="General" weightage="20" keywordseo="traffic-enforcement" source="keywords">traffic enforcement</keyword></h2>Bengaluru, the tech hub of India, has pioneered the use of AI-based enforcement in its bustling streets. "At present, we use AI-based cameras to enforce seven violations," said MN Anucheth, Joint Commissioner of Police (Bengaluru City Traffic) in an interview with Moneycontrol. These violations include overspeeding, using mobile phones while driving, not wearing seat belts, riding without helmets, triple riding on two-wheelers, red-light jumping, and stop-line violations. But it doesn't stop there! The city is expanding this AI-driven system to detect 13 different <keyword id="19948114" type="General" weightage="20" keywordseo="traffic-violations" source="keywords">traffic violations</keyword> — up from the existing seven. Among the new additions are wrong-side driving, illegal number plates, overloaded goods vehicles, broken or folded door mirrors, and illegal parking. Bengaluru’s streets are about to get even more monitored, and the number of fines is expected to rise. <div type="Article" hostid="261" msid="113150608" title="Nothing to wear? Bengaluru-based startup promises to deliver clothes in just 60 minutes. Here’s my experience!" mstype="2" mssubtype="0"></div>Already, 97% of traffic violations in Bengaluru in 2023 were caught through this contactless mode. With 330 AI-powered cameras watching over 50 junctions, the city's roads are becoming some of the most tech-supervised in India. "We will soon expand to cover 13 types of violations," Anucheth added, hinting at an even more stringent road regime. <h2>Eyes in the sky</h2>With a road network stretching over 14,000 km, more than 12 million registered vehicles, and around 40,000 traffic intersections, Bengaluru’s streets can get chaotic. To tackle this, Bengaluru’s AI system is leaving nothing to chance. The AI can do more than just catch rule-breakers; it can even detect waterlogged areas, cattle on the road, potholes, and unattended objects, ensuring smoother traffic flow. What’s more, these AI-based systems are equipped with <keyword id="22598445" type="General" weightage="20" keywordseo="Automatic-Number-Plate-Recognition" source="keywords">Automatic Number Plate Recognition</keyword> (ANPR) and can process video feeds from multiple sources, including surveillance cameras, body-worn cameras, and even social media feeds. So, even if you're accidentally caught on a neighbour’s camera violating a traffic rule, you could still be fined. “Instead of procuring additional cameras, we decided to obtain AI-based automatic violation detection licences to utilise our existing infrastructure for traffic enforcement and management," Anucheth explained. That means the city is becoming smarter without splurging on extra gadgets. <h2>Expect more fines</h2>In 2023 alone, <keyword id="21352185" type="General" weightage="20" keywordseo="Bengaluru-traffic" source="keywords">Bengaluru Traffic</keyword> Police booked nearly 90 lakh cases and collected a record Rs 185.1 crore in fines. With the expanded AI system, these numbers are expected to soar even higher. Commuters along major arterial roads such as the Electronics City Elevated Expressway, Mysuru Road to Goraguntepalya, and Bellary Road should be particularly mindful. Cameras on these routes have been instrumental in spotting violations like speeding and improper lane usage. <div type="Article" hostid="261" msid="113459399" title="Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities" mstype="2" mssubtype="0"></div>The introduction of AI is already having a significant impact on the Bengaluru-Mysuru Expressway, where 60 cameras caught more than 12,000 violations within just two weeks of installation. And the fines? They’re sent directly to your phone. "No violation can escape the hawk eyes of our powerful cameras," said Karnataka’s Additional Director General of Police, Alok Kumar, after catching a bus driver talking on his phone while driving. <h2>Management, not just enforcement</h2>But Bengaluru’s AI isn’t just catching violators — it’s also helping ease the flow of traffic in a majorly congested city. AI is playing a crucial role in optimising <keyword id="21296378" type="General" weightage="20" keywordseo="traffic-signals" source="keywords">traffic signals</keyword> to reduce congestion and manage traffic patterns. With its Automatic Traffic Counting and Classification (ATCC) feature, these <keyword id="21635811" type="General" weightage="100" keywordseo="AI-cameras" source="keywords">AI cameras</keyword> will help monitor the types of vehicles clogging up different junctions, offering better insights for road management. To that end, Bengaluru has also introduced AI-powered traffic signals, which automatically adjust the timing of traffic lights based on real-time traffic conditions. This system, deployed across many important junctions in the city, monitors vehicle flow and helps reduce bottlenecks by adjusting traffic lights dynamically. In an ideal world, this will mean that there would be no more sitting at a red light when the road ahead is empty. With over 9,000 cameras being installed across the city under the Safe City project and access to 4,600 body-worn cameras, Bengaluru’s traffic police are bringing in a new era of high-tech enforcement. Hopefully, this will help with better <keyword id="20413755" type="General" weightage="20" keywordseo="traffic-management" source="keywords">traffic management</keyword> in the city — a problem that needs to be solved at the earliest.

Hopping signals or using phones when cops aren’t there? You’re still going to get instant-fined, thanks to Bengaluru’s new AI cameras

<ul class="summary-list"><li>Businesses should enhance 5G with complementary tech, like WiFi, and other infrastructure.</li><li>The full value of 5G may lie in its integration with established tech, not just speed and bandwidth.</li></ul>Businesses typically adopt 5G for its speed, expanded bandwidth, and reliability. But to get the most value out of it, organizations should focus on how it interacts with the complementary technologies surrounding it, Dan Crawford, a strategy manager at Cisco, said."It's time to rethink our definition of connectivity," Crawford said. "Rather than viewing it merely through the lens of speed and bandwidth, let's start considering connectivity as a holistic experience."He said companies should focus on enhancing 5G's capabilities with other technologies, such as WiFi, and combine them with hardware and other infrastructure rather than relying solely on 5G to solve every business problem. "This approach makes the network more accessible for innovative applications to shape user experiences," he added.Crawford told Business Insider that this could be complex for some businesses. They often need to decide whether the cost and time needed to upgrade infrastructure and equipment to make it 5G-compatible is worth it.BI spoke with Crawford about these challenges, the types of complementary technologies that can help companies boost connectivity, and how they could unlock 5G's full potential.The following has been edited for length and clarity.What types of complementary technologies should companies focus on to enhance 5G's capabilities?WiFi is the most universal technology. We have computers, laptops, and other devices connected to WiFi, or if you're not relying on WiFi, they use some protocol that's cellularly connected. All these things will need to work together, but the one common factor is their touchpoints to the network.There's an entire ecosystem of devices and tool sets and general employee knowledge that is necessary to be built up to support something that is centered on a single technology like 5G.While the complexity of 5G might seem daunting for companies, especially with the added challenges of existing technologies, we have a responsibility to simplify connectivity for service providers, enterprises, and, ultimately, the end users.We're also trying to remove siloes that have existed. A mobile network has always been siloed from the physical broadband network. There are reasons behind it, but now, how do we integrate them to be sure the experience is seamless and flawless?How does breaking down siloes and focusing on complementary technology benefit businesses?If we can shift our mindset, 5G could very well usher in a new age focused on multiaccess user experiences. There is a likely future where consumers will never need to know whether they are connected to WiFi, 4G, 5G, 6G, or whatever next-generation connectivity technology comes next. If experience expectations are being fulfilled, how users are connected won't matter.The network elements for 5G are designed to distribute roles to empower companies with control, access, and insight. It gives a business the tools to operate similarly to how it is today without feeling like they're handing off the communicative arm of its IT to an entity. If the power goes out or the networks go down, how much will it impact your business? No business wants to forecast that risk in their planning.With 5G, that control can be migrated into the business instead of businesses having to hire experts to understand what mobile networks look like and negotiate the handoffs between a public network and a private network. It simplifies all of that.It's a simplification tool that extends and expands the reach of what a business can do today across the globe.What advice do you have for companies to derive the most value out of 5G?The first thing is understanding your use cases and having a good grasp of your existing technology stack. Looking at the big picture is important for understanding your needs today but also making sure that tomorrow isn't forgotten. It's very important that your ecosystem is front and center in your decision-making process.The goal should be simplifying and expanding what you're already capable of. It's a democratization of connectivity and access.Investing in 5G isn't a one-time thing. It's a long-term decision — an ongoing commitment to innovation, development, and opportunity. It's important that you're not buying technology for technology's sake. Be comfortable not knowing everything and trusting your partners.

Cisco strategy manager says combining 5G with established tech can help companies get ahead

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

<ul class="summary-list"><li>Organizations are shifting to hybrid cloud and on-prem IT infrastructure for more control over data.</li><li>This trend is driven by data privacy, security concerns, and AI's growing influence.</li></ul>There's a change in the winds of IT infrastructure. After a decadeslong rush to the cloud, many organizations are exploring ways to exercise more control over their data and IT infrastructure.Rather than depending solely on third-party cloud services, they're looking to operate their IT data networks on-site. This strategy, often referred to as on-premises or on-prem, is gaining renewed interest thanks to factors such as data privacy and security concerns, regulations designed to hold organizations accountable for the data they collect, and the rise of artificial intelligence.The interest in on-prem doesn't represent a wholesale rejection of the cloud; many organizations are looking for more control from the cloud services they choose and seek to blend them with on-prem hardware."We're seeing more demand for on-prem," Hang Tan, the hybrid cloud chief operating officer of Hewlett Packard Enterprise, told Business Insider. "I don't think customers are thinking about it like it's a zero-sum game where either something goes to the public cloud or entirely on-prem. There's a recognition that customers need to have a more hybrid environment."<div type="image" title="Hang Tan wearing a suit jacket over a dress shirt in a portrait" height="2674" width="2526" msid="112500772" hostid="261" sizebytes="546952"></div><h2 id="729c5a6d-1380-4364-adfa-d63ff00eb555">A push for on-prem</h2>This trend is a response to concerns about the reliability, security, and cost-effectiveness of cloud services. But it's not a binary choice between hosting IT networks on the cloud and hosting them on-prem. Often the most important decision isn't about the physical location of an organization's infrastructure but about the level of security and control the organization is given over it."It's more about the governance of infrastructure, including data, networking, and servers," said Peter Wang, the cofounder and chief innovation officer of the software developer Anaconda. "Who manages it? Who gets to say, 'No, absolutely, you can't do that.'" His company, founded in 2012 to help organizations use <a target="_blank" class="" href="https://www.businessinsider.com/snowflake-announces-partnership-with-anaconda-python-data-science-2021-9">Python for business analytics</a>, found itself at the leading edge of this discussion as Python became a popular <a target="_blank" href="https://www.techzine.eu/blogs/devops/117952/popularity-of-python-continues-to-rise-against-backdrop-of-ai-race/">programming language for AI workloads</a>.<div type="image" title="Peter Wang wears a button-up dress shirt and smiles in a portrait shot" height="5111" width="5111" msid="112500766" hostid="261" sizebytes="379940"></div>Anaconda works with organizations that pursue a spectrum of solutions. Those seeking the most extreme security may operate "a box in a building somewhere, oftentimes guarded by people with machine guns, where you go in with a flash drive," Wang said. But that's applicable to only the most security-conscious industries and some public-sector customers.Rather than placing infrastructure under lock and key behind a barbed-wire fence, Wang said, many organizations prefer to see cloud services include more detailed data-governance controls and low-level access to system resources. This can give organizations a level of control over cloud infrastructure that's more like what they'd have if the hardware were on-prem.Dennis Duckworth, the head of product and end-user experience at Kindo, an AI-driven workforce-software developer, offered a similar perspective. Kindo provides a secure management platform for AI systems that lets organizations control which users have access to internal AI resources.Duckworth said that some Kindo customers used an air-gapped on-prem strategy but that most were using, or looking to use, a secure and controllable solution that could be deployed within a cloud service such as Amazon Web Services. "They're not hosting it themselves, but we can deploy within that infrastructure," he said.<div type="image" title="Dennis Duckworth smiles while wearing a dress shirt and jeans" height="1000" width="750" msid="112500768" hostid="261" sizebytes="50674"></div>Perspectives on the trend differ depending on an organization's size and industry. Chris Stegh, the chief technology officer at the IT consulting company eGroup Enabling Technologies, said some sectors, like education and healthcare, pursued on-prem solutions for cost reasons."The commonalities of those organizations are they've got brick and mortar," Stegh said. "They've got sunk costs in their data center because they own some real estate."<h2 id="1e22b520-3eb5-417e-9814-5cca0937b265">AI is igniting changes in IT strategy</h2>Tan said AI was "pouring rocket fuel" into the on-prem trend by driving a desire for greater control and better governance of data and IT infrastructure. While many organizations hope AI will improve efficiency, they've discovered it can require a rethink of how their infrastructure operates.The particulars of IT infrastructure are often guided by the relationship between the applications people want to use and the data those applications require to function, Tan told BI. "With AI, because the data is dominating the equation, you have to move the application to the data, not the other way around," he explained.Tan said that an HPE customer that runs a large retail business originally put infrastructure on-prem to allow operations to continue if internet connectivity was interrupted. Over time, the retailer expanded its capabilities with theft detection and inventory control powered by AI video analytics handled on hardware in stores.These edge servers were "becoming AI-enabled cloudlets," or small-scale data centers that use <a target="_blank" href="https://www.businessinsider.com/guides/tech/what-is-a-graphics-card">graphics processing units</a> to operate "a whole private cloud stack," Tan added.In other cases, a company may need to take multiple approaches. Tan used self-driving vehicles as an example: Autonomous vehicles make decisions on local hardware, but the data is also sent to a data center, where it may be used to train new AI models. Because of that, many organizations interested in AI need a hybrid cloud infrastructure that includes cloud and on-prem elements — and that can connect them when needed.<h2 id="d0eb7c75-c19f-416a-8f59-5dec5d0980a6">The role of regulation</h2>Regulatory concerns are further strengthening interest in on-prem and hybrid cloud strategies. The landscape of data protection and AI regulation is evolving rapidly as different nations and states or jurisdictions within nations implement varying rules and requirements. Duckworth said this would lead to a complex regulatory future."We're going to see a patchwork of different regulations across the globe," he said. "It might be that in Germany you can't use ChatGPT, but you can use Mistral," he said. He also referenced recent <a target="_blank" class="" href="https://www.tomshardware.com/software/switzerland-mandates-government-agencies-use-open-source-software">legislation in Switzerland</a> mandating that government agencies use open-source software.Even cities may implement specific regulations. In 2021, Portland, Oregon, <a target="_blank" href="https://www.opb.org/article/2020/09/09/portland-passes-nations-toughest-restriction-on-facial-recognition-technology/">passed restrictions on facial recognition</a> that applied to both public and private services. Other cities, such as San Francisco, have experimented with bans that apply to specific public services, such as police departments.Duckworth argued that organizations were struggling to keep up with existing regulations, never mind those that might be implemented in the future. As more regulations arrive and are enforced, organizations could find themselves scrambling to adapt. "It will, in my personal opinion, be a madhouse for three to five years," he added.<h2 id="2775415b-3109-40e7-8e21-e8ce8fef1ab8">Moving ahead with caution</h2>AI might be the catalyst for a broader reexamination of how organizations manage their IT infrastructure. Cloud services aren't going away but may be approached with more skepticism and a greater focus on the long-term implications of adopting a particular service. The winners will be those that can bridge cloud and on-prem to provide the level of control organizations are demanding."My view is that customers that made the cloud journey learned some lessons. They know, 'Oh, if I move my data to the cloud, I'm kind of stuck,'" Tan told BI. He said he expects that organizations burned by that experience will be more skeptical of going all in on the cloud moving forward, adding momentum to interest in on-prem and hybrid cloud alternatives.

AI and security concerns fuel a shift to on-premises IT infrastructure as companies seek more control of data

<ul class="summary-list"><li>The Fed has started cutting rates, but it's not likely to boost the economy much, Lisa Shalett says.</li><li>The economy is less rate-sensitive than it was during previous rate cuts, Shalett argues.</li></ul>Rate cuts have long been seen as an integral part of the Federal Reserve's monetary policy toolbox to juice up the economy.However, don't expect rate cuts to save the economy this time around, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.Investors may have reacted positively after the initial 50-basis-point cut, but Shalett believes rate cuts have already been largely priced in from here on out. Beyond the stock market, several parts of the economy aren't very sensitive to interest rate cuts and won't see much upside either.Today's economy is facing different challenges than it has in past cutting cycles. In an interview with Business Insider, Shalett shared what to expect — and not expect — from this cutting cycle.<h2 id="f23ffa4b-b498-4d31-84b2-6a9dff847e03">3 reasons rate cuts won't work</h2>First, companies today are carrying more cash, resulting in stronger balance sheets.Many also locked in low borrowing rates after the Global Financial Crisis. The average cost of capital for the biggest companies in the index is only 4.2%, according to Shalett. With less debt, and subsequently fewer interest payments, many S&amp;P 500 constituents aren't that exposed to interest rate risk.Household consumption also points to reduced rate-cut relief. Wealth is disproportionately concentrated across American households, Shalett said, with the top 40% of households driving two-thirds of total consumption."For those households with net savings, high interest rates were actually stimulative," Shalett said. High-income households with extra cash on hand benefited from increased interest income in a higher-rate environment.One example is baby boomers, many of whom live off of fixed incomes in retirement. "For them, lower interest rates are not stimulative. It's actually net reductive to their incomes," Shalett said.While lower interest rates could potentially spur consumption for lower-income households, this group makes up only a small portion of overall spending, so don't count on that to materially stimulate the economy, she said.Lastly, the housing market poses a large challenge for the economy, and Shallett doesn't believe rate cuts will be able to improve the situation.Lower mortgage rates can help housing affordability, but they won't solve the underlying issue of housing inventory undersupply. According to Shalett, the US is about 4 million housing units short, thanks to a lack of construction after the housing crisis.In addition to a dearth of supply, how homes are financed also poses an issue."Forty percent of the entire housing stock of the US is now owned outright with zero mortgage," Shalett said. That means homeowners are disincentivized to sell into a housing market where mortgage rates — while down from earlier highs — are still hovering around 6%. Many of these homes are owned by retired baby boomers, Shalett added.Another 36% of the housing market has a mortgage locked below 4%, thanks to record-low pandemic interest rates."So the fact that mortgage rates are at 6% today doesn't really create an incentive for those people to transact in the mortgage market," Shallett said. "Seventy-six percent of your entire housing market is frozen and is not moved by the rate cuts."<h2 id="002388a3-cc3f-44ad-bf7c-dd5d6ca2a259">Keep an eye out for corporate earnings</h2>If rate cuts won't significantly kickstart the economy, then what will?In Shalett's view, the economy's success hinges on increasing corporate productivity. Shalett recommends that investors closely monitor corporate earnings for the upcoming quarters.Earnings expectations are already quite ambitious for the next year — Wall Street is forecasting 13-14% profit growth in 2025, a tall order in a slowing economy.However, a productivity-driven rebound isn't out of the question. Companies are still reporting above-average capital expenditures, and government stimulus will boost areas of the economy such as infrastructure and energy. And the promise of AI could also drive productivity gains. All of these factors could lead the economy to a soft landing.

3 reasons rate cuts won't stimulate the economy like they have in the past: Morgan Stanley Wealth Management CIO 

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

You Searched For "infrastructure management" and got 9 results

By 2026, 20% of organisations will use AI to reduce 50% of middle management roles: Gartner

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AI and security concerns fuel a shift to on-premises IT infrastructure as companies seek more control of data

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3 reasons rate cuts won't stimulate the economy like they have in the past: Morgan Stanley Wealth Management CIO

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Exposure to India's infra sector helps LIC, SBI outshine peers

PTI

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