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<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

<ul class="summary-list"><li>The Labour Party has triumphed in the UK general election.</li><li>Prime Minister Rishi Sunak conceded defeat to the Labour Party chief, Keir Starmer.</li></ul>The Tories are out, and the <a target="_blank" href="https://www.businessinsider.com/europe-teeters-far-right-uk-opposite-keir-starmer-labour-tories-2024-7">Labour Party is back in power in</a> the UK.<a target="_blank" href="https://www.businessinsider.com/keir-starmer-mentored-barack-obama-uk-election-new-prime-minister-2024-7">Keir Starmer</a> officially became Britain's new prime minister on Friday after a meeting with King Charles at Buckingham Palace.It came hours after <a target="_blank" href="https://www.businessinsider.com/john-oliver-right-conservative-party-got-wiped-out-polls-2024-7">Rishi Sunak</a>, the Conservative Party leader, conceded defeat in Thursday's general election."The Labour Party has won this general election, and I have called Keir Starmer to congratulate him on his victory," Sunak <a target="_blank" href="https://www.bloomberg.com/news/live-blog/2024-07-04/general-election-2024-uk-live-labour-tories-starmer-sunak-results-exit-poll?cursorId=66876F7D688C0000">told</a> reporters early Friday morning in the UK.<div type="image" title="King Charles speaks with Keir Starmer during an audience at Buckingham Palace." height="3472" width="4900" msid="111516343" hostid="261"></div>"The British people have delivered a sobering verdict tonight," he added. "There is much to learn and reflect on, and I take responsibility for the loss."Starmer's party obtained a landslide victory against Sunak's, winning at least 412 seats as of press time, per Bloomberg. A party needs to obtain only 326 out of the 650 seats to form a simple majority.The watershed election marks the Labour Party's stunning return to power, as it has been out of government since 2010."A mandate like this comes with a great responsibility," Starmer said in his victory speech. "The fight for trust is the battle that defines our age."Starmer also said in his victory speech that his party planned to govern as a "changed Labour Party.""I don't promise you it will be easy," he said. "Changing a country's not like flicking a switch. It's hard work. Patient work. Determined work. And we will have to get moving immediately."The rise of Reform UK split the rightwing vote, helping Labour to victory. On Truth Social, Former US President Donald Trump congratulated Reform leader Nigel Farage for his "big WIN."<h2 id="39e3481a-44db-441e-8ce5-bb39f0dfe0f9">Starmer spent more than a decade rebuilding Labour and sought advice from Obama</h2>Labour's landslide victory bucks the trend of <a target="_blank" href="https://www.businessinsider.com/europe-teeters-far-right-uk-opposite-keir-starmer-labour-tories-2024-7">far-right parties sweeping Europe</a>.Starmer, a former lawyer, joined Labour in 2015 and became the party's leader in 2020.He spent more than a decade reshaping the party and seeking guidance from world leaders on how to bring it back to power.One person who had a strong influence on Starmer was <a target="_blank" href="https://www.businessinsider.com/keir-starmer-mentored-barack-obama-uk-election-new-prime-minister-2024-7">Barack Obama</a>, who served as US president from 2009 until 2017. <a target="_blank" rel=" nofollow" href="https://www.theguardian.com/politics/2021/dec/12/barack-obama-gives-tips-to-keir-starmer-and-david-lammy-on-how-labour-can-regain-winning-ways">The Guardian</a> reported in 2021 that the pair were involved in two hours' worth of private talks where they discussed how to bring center-left parties back to power.Speaking on the "<a target="_blank" rel=" nofollow" href="https://podcasts.apple.com/nz/podcast/keir-starmer-international-uk-labour-leader-puts-the/id1202281739?i=1000628653155">Power Play</a>" podcast in September, Starmer said he speaks to Obama frequently and sometimes seeks his political advice."It is always useful to test my ideas on people who won elections, people who've taken difficult decisions in power because that helps me think about how we might approach some of the decisions we might have to take if we do win that election," he said.Starmer also sought Obama's advice during the election campaign. Labour's David Lammy — who is said to have first introduced Obama and Starmer — told Politico's "Power Play" podcast that Obama encouraged Starmer to be more authentic and open up about his family and personal life."In terms of his leadership style, it's had an impact," political journalist Kitty Donaldson told Business Insider."Obama is quite laid back. This campaign has been more laid back than we have seen, and he seemed to enjoy going up and down the country speaking to people."

The Labour Party is back in power in the UK after 14 years

Three <keyword id="19909452" type="General" weightage="20" keywordseo="labourers" source="keywords">labourers</keyword> died of <keyword id="20100581" type="General" weightage="20" keywordseo="asphyxiation" source="keywords">asphyxiation</keyword> at an <keyword id="454970" type="General" weightage="100" keywordseo="illegal-coal-mine" source="Orion">illegal coal mine</keyword> in Gujarat's Surendranagar district, police said on Sunday. A case has been registered against four persons for <keyword id="20497088" type="General" weightage="20" keywordseo="culpable-homicide" source="keywords">culpable homicide</keyword> not amounting to murder, and efforts are on to apprehend them, an official said. The victims, Lakshman Dabhi (35), Khodabhai Makwana (32) and Viram Keraliya (35), were digging at a mine near Bhet village in Thangadh taluka of the district when they died of asphyxiation on Saturday, the official from Muli Muli police station said. The trio did not have helmets, masks or other <keyword id="20754876" type="General" weightage="20" keywordseo="safety-equipment" source="keywords">safety equipment</keyword> when they were working for the accused, he said. As per the first information report (FIR), the accused did not provide helmets or other safety equipment to the deceased while employing them to dig a well. They died after inhaling gas from the well, it stated. A case was registered against Jashabhai Keraliya, Janak Aniyaria, Khimjibhai Saradia, and Kalpesh Parmar, the official said. Bodies of the deceased labourers have been sent for post-mortem, he added. Earlier in February, three workers died after inhaling toxic gas that emanated after a blast triggered by gelatin sticks for an <keyword id="19932636" type="General" weightage="20" keywordseo="illegal" source="keywords">illegal</keyword> mining operation in the district.

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AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

ANI

The Labour Party is back in power in the UK after 14 years

Kwan Wei Kevin Tan

Three die of asphyxiation at illegal coal mine in Gujarat

PTI

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