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<keyword id="21282723" type="General" weightage="100" keywordseo="satellite-communications" source="keywords">Satellite communications</keyword> is a "magic bullet" to cover dark unconnected areas, <keyword id="22764352" type="General" weightage="20" keywordseo="Bharti-Chairman" source="keywords">Bharti Chairman</keyword> <keyword id="20104229" type="General" weightage="20" keywordseo="Sunil-Mittal" source="keywords">Sunil Mittal</keyword> said on Monday, adding that players now have a great new opportunity to leverage satellite connectivity to cover <keyword id="20534956" type="General" weightage="20" keywordseo="remote-areas" source="keywords">remote areas</keyword> that have so far been left out. Speaking at the <keyword id="23624328" type="General" weightage="20" keywordseo="NDTV-World-Summit" source="keywords">NDTV World Summit</keyword>, Mittal said that nearly two billion people in the world are still not connected to the internet, and in the Indian context too there are areas -- large swathes of desert, forests, coastlines -- where neither mobile networks, not fibre is feasible. "For those areas you need satellite communications, and that, to my mind, offers now a great source of new opportunities for us, mobile operators, or <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, to put that in a mix and start to cover areas which are still left behind," Mittal said. About five per cent of India's population sans <keyword id="19936241" type="General" weightage="20" keywordseo="internet-connectivity" source="keywords">internet connectivity</keyword> lives in 25 per cent of the area, he said, emphasising that satellite is the only solution for them. "India provides a very high quality signal to 95 per cent of its population, but there are still five per cent of people who do not get internet in the country, and they live in 25 per cent of the area of the country. So it's a very large area with a very small population, the only way to cover that is satellite," Mittal said. Mittal said that two ground stations in Mehsana (Gujarat) and in Pondicherry are in a state of preparedness and ready to start services. "The day government gives us the permission, there will not be a single square inch of this country which will not have a radio coverage. So you just need to raise your hand and be connected," he said. Mittal said he is of the view that satellite is truly a "magic bullet" to cover the dark areas, and noted that about 2 billion people in the world are still not connected to internet, including in advanced countries like the US. The telecom stalwart's comments assume significance as billionaire Elon Musk and Indian tycoons Mukesh Ambani and Mittal are locked in a standoff over satellite spectrum, and nuances of its allocation in India. While Ambani's <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="268" meta.entityid="Reliance Jio">Reliance Jio</keyword> has been vocal about the need to allocate such spectrum through an auction to give a level-playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal during India Mobile Congress held last week articulated the need for satellite companies harbouring any urban ambitions to buy spectrum as telecom companies do. Musk-led <keyword id="20034452" type="General" weightage="20" keywordseo="Starlink" source="keywords" meta.keywordsubtype="org" meta.entityname="Starlink" meta.hostid="268" meta.entityid="Starlink">Starlink</keyword> is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. This has found some backing in Telecom Minister Jyotiraditya Scindia, who said recently that such airwaves will be given out through administrative allocation at a cost, but not auctioned.

Satellite 'magic bullet' to connect the unconnected; offers opportunity to cover areas left out: Sunil Mittal

<keyword id="20243474" type="General" weightage="100" keywordseo="telecom-companies" source="keywords">Telecom companies</keyword> will have to pay <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> along with the instalments paid towards <keyword id="20434667" type="General" weightage="20" keywordseo="spectrum-charges" source="keywords">spectrum charges</keyword>, a senior official said. The <keyword id="62528" type="General" weightage="20" keywordseo="Department-of-Telecom" source="Orion">Department of Telecom</keyword> (DoT) will hold the next round of <keyword id="20509941" type="General" weightage="20" keywordseo="spectrum-auction" source="keywords">spectrum auction</keyword> on June 6 for eight spectrum bands meant for <keyword id="20501236" type="General" weightage="20" keywordseo="mobile-phone-services" source="keywords">mobile phone services</keyword>. The base price for the auction has been set at Rs 96,317 crore. The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction. The official said Goods and Services Tax (GST) will have to be paid at 18 per cent by telecom companies along with each instalment. "The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> in its next meeting is likely to clarify the procedure for payment of GST by companies winning the bids during the spectrum auction," the official told PTI. The clarification will end confusion among field formations regarding the method for collection of GST in the auction process. All the available spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz bands are part of the auction. The total frequencies being put under the hammer are valued at Rs 96,317 crore on base price. Moore Singhi Executive Director Rajat Mohan said under the GST law, spectrum payment is covered under licensing services for the right to use other natural resources on which tax is levied at 18 per cent. "Spectrum charges are payable in a phased manner over a period of time, and thereby tax payment shall also be staggered. The board should issue a clarification in this respect so as to avoid any litigation in this regard," Mohan said.

GST to be paid by telecom companies, along with instalments towards spectrum charges: Official

<ul class="summary-list"><li>It feels like everyone is talking about <a target="_blank" class="" href="https://www.businessinsider.com/top-artificial-intelligence-customer-experience-business-applications-2024-5">how to use AI in their businesses</a>.</li><li>Telecommunications giants are one class of enterprises betting big on AI.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/sc/most-innovative-telecoms-and-technology-firms-uk-2022-3">Telecommunications giants</a> are one class of enterprises betting big on AI.Executives from Nvidia and Verizon discussed how the industry is leveraging AI in a keynote session Tuesday at the mobile communications trade show <a target="_blank" rel="" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">Mobile World Congress Las Vegas.</a>The execs were bullish on the technology and talked about its potential impacts."There has never been a better or exciting time to be in the telecommunications industry," said Ronnie Vasishta, senior vice president of telecom at Nvidia. "AI will revolutionize telecommunications, and telecommunications will revolutionize AI."Vasishta listed <a target="_blank" class="" href="https://www.businessinsider.com/leaders-discuss-ai-technology-transform-company-workflows-unlock-employee-potential-2024-10">some applications for AI</a> at telecommunications firms, including customer care, network operations management, and digital assistants.A handful of telecommunications companies are also looking to <a target="_blank" href="https://affiliate.insider.com?h=e08e674f54b1972e842e4f1d5b89788ecb5fd6d15978b70ee8cc179d9db0009f&amp;postID=67093629434c477c232a7875&amp;postSlug=how-ai-changing-business-telecommunications-giants-mwc-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nvidia.com%2Fen-us%2Findustries%2Ftelecommunications%2Fai-factories%2F">capitalize</a> on an opportunity with AI by turning data centers into "AI factories," which provide computing infrastructure for AI models. Verizon's facility, for example, takes in more than 70 billion data points daily from its ecosystem, from more than 30,000 different data sources, said Shankar Arumugavelu, executive vice president and president of Verizon Global Services."The telco industry because of the amount of data, because of the network, the role the network plays, has a specific advantage to be able to take advantage of these generative AI capabilities," Nvidia's Vasishta said.Verizon is using AI to "plan, build, and run our network; deliver differentiated customer and employee experiences; optimize internal processes; drive operational efficiencies," said Arumugavelu.One way it's implementing the tech is by using AI computer vision, which allows computers to analyze and identify subjects in photos and videos, for geospatial intelligent cell site planning."When you figure out where to densify our network and do it effectively and efficiently, AI also helps us achieve energy optimization and facilitate predictive maintenance," he said.Verizon is also building a fully automated supply chain digital twin, which helps with monitoring inventory levels, Arumugavelu said, and using AI in workforce planning."Based on predictive market demand, we can proactively address staffing levels within our distribution channels," he said. "This includes management of our stores, call centers, and also identifying where to start technicians in the field."Perhaps the most consumer-facing implementation of AI is the oft-maligned digital <a target="_blank" class="" href="https://www.businessinsider.com/ai-customer-service-morgan-stanley-interns-2024-8">customer service agent</a>."With AI implemented across each step before a customer even places a call, we can determine where they are likely to contact us, predict what they may need, and specify the next best action or offer for them," Arumugavelu said.If a customer needs advanced support, the system draws on "AI-enabled intelligent agent pairing" to go through more than 300 data points per call and direct the customer to the representative best positioned to help resolve their issue, he said.Arumugavelu said the company's data indicates the AI tools are working: 28,000 Verizon representatives are using them, and the company has seen an answerability rate increase to 95%, with an answer accuracy rate of 96%."The question mark over where does AI help or does AI help us in our telecom industry is kind of past us now," said Nvidia's Vasishta. "Now it's a case of how do I leverage AI?"

How AI is changing business at telecom giants, according to Nvidia and Verizon execs

New Delhi: Prime Minister Narendra Modi will inaugurate the 8th edition of the International Telecommunication Union - World Telecommunication Standardization Assembly (<keyword id="23549707" type="General" weightage="20" keywordseo="ITU-WTSA" source="keywords">ITU-WTSA</keyword>) at <keyword id="19950568" type="General" weightage="20" keywordseo="Bharat-Mandapam" source="keywords">Bharat Mandapam</keyword> here in the national capital today. This is the first time the ITU-WTSA will be hosted in India and the Asia-Pacific. Prime Minister will also inaugurate the 8th edition of the <keyword id="21058244" type="General" weightage="100" keywordseo="India-Mobile-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="India Mobile Congress" meta.hostid="261" meta.entityid="India Mobile Congress">India Mobile Congress</keyword> (IMC), with the theme, "The future is now." Prime Minister Modi took to X to announce both events, saying, "At 10 AM tomorrow, 15th October, the International Telecommunication Union - World Telecommunication Standardisation Assembly and the India Mobile Congress 2024 will be inaugurated. These forums are important ones, bringing together leading stakeholders from across the sector." Aa per a statement by the Prime Minister's Office (PMO), the event will be facilitating interactions with various industry leaders, policy-makers and tech experts from over one ninety countries. It is a pivotal global event that will bring together more than 3,000 industry leaders, policy-makers and tech experts from over 190 countries, representing telecom, digital, and ICT sectors. The ITU-WTSA event will also facilitate discussion on the standards set for new age technologies such as 6G, AI, IoT, Big Data, cybersecurity, etc. "Hosting this event in India will provide the country an opportunity to play a key role in shaping the global telecom agenda and to set the course for future technologies. Indian startups and research institutions are set to gain critical insights into developing Intellectual Property Rights and Standard Essential Patents," the PMO said. India Mobile Congress 2024 will be showcasing the telecom ecosystem, with leading telecom companies highlighting advancements in Quantum technology and Circular Economy along with spotlight on 6G, 5G use-case showcase, cloud &amp; edge computing, IoT, semiconductors, cybersecurity, green tech, satcom and electronics manufacturing. India Mobile Congress is Asia's largest <keyword id="21099140" type="General" weightage="20" keywordseo="digital-technology" source="keywords">digital technology</keyword> forum, and has become a well-known platform across the globe for showcasing innovative solutions, services and state-of-the-art use cases for industry, government, academics, start-ups and other key stakeholders in the technology and telecom ecosystem. The IMC will feature over 400 exhibitors, 900 startups, with participation from over 120 countries. The event also aims to showcase more than 900 technology use case scenarios, host more than 100 sessions and discussion with over 600 global and Indian speakers.

PM Modi to inaugurate 8th ITU's telecom standard meet, India Mobile Congress in Delhi today

<ul class="summary-list"><li>ServiceNow reported a jump in quarterly revenue while profit soared.</li><li>The company is getting real customers to pay more for generative AI services.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/servicenow-s-strong-federal-performance-and-ai-advancements-earn-buy-rating-1033862727">ServiceNow</a> is not a household name. It sells cloud software that handles a lot of the humdrum tasks that make modern companies tick.You could even say it's boring, especially compared to flashy <a target="_blank" class="" href="https://www.businessinsider.com/ai-frontier-crowded-winners-losers-2024-8">AI</a> companies such as <a target="_blank" class="" href="https://www.businessinsider.com/openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10">OpenAI</a>.What's surprising is that this deeply unsexy business is kicking butt in <a target="_blank" class="" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">generative AI</a> by doing something that some of the more famous tech companies have struggled to do so far: ServiceNow is selling AI-powered products that customers actually find useful and are willing to pay for.On Tuesday, the company reported a 22% jump in quarterly revenue, and said profit soared 44%. New or upgraded GenAI offerings, such as Now Assist and Pro Plus, helped drive some of this growth."These results are based on the strength of generative AI customers," CEO <a target="_blank" class="" href="https://www.businessinsider.com/servicenow-ceo-bill-mcdermott-earnings-digital-transformation-successful-2020-2021-1">Bill McDermott</a> said in an interview on Tuesday. "While others are talking about generative AI, we are delivering it."<h2 id="bd83bbda-2f5c-4cfb-b70d-4b9010d09261">Now Assist growth</h2>Now Assist is a ServiceNow platform that uses generative AI to automate and streamline tasks, including IT, Human Resources, customer service, analytics, and supply chain management.McDermott said this offering is the fastest-growing product in the company's 20-year history. Companies including EY, Lloyds Bank, Cognizant, Nvidia and Zoom are Now Assist users."They all want to radically increase the clock speed of their companies," McDermott said. "We are trying to help customers automate workflows and improve the way decisions are made. Cost takeout and new sales are possible on the back of this platform."He said he's seen recent examples of companies paying roughly an extra 33% for generative AI versions of ServiceNow's products. That's because they can make a higher return than that when they use this new software, he explained."We build generative AI with customer ROI in mind. Otherwise, we don't do it," McDermott added.He cited the London Stock Exchange Group, which is using Now Assist to summarize IT incidents. Tasks like this used to take 1.5 hours and can now take just 5 seconds, he explained.BT, formerly British Telecom, is using Assist Now to help support agents with tasks such as writing case summaries and reviewing complex notes. This has reduced the time spent on this work by about 55%, according to McDermott.He described another example: An employee is taking parental leave to care for a new child. It can be daunting to fill out all the forms and follow the processes of their company's HR system. ServiceNow's generative AI offerings can immediately update this employee's status and change their healthcare and benefits plans automatically and instantaneously."The goal is to give you back some time and free employees from the soul-crushing aspects of work," McDermott said, noting that employees jump between 17 different applications on average at work."Our GenAI technology can reduce the need to switch like this, which gives people back time," he added. "This is giving them about 1.5 days in productivity back per week."Companies will pay for that, he said.

This staid software company is kicking butt in AI. The CEO explains how.

<ul class="summary-list"><li>The feud between Elon Musk and the Brazilian government over content on X is escalating.</li><li>On Monday, <a target="_blank" class="" href="https://www.reuters.com/technology/brazils-supreme-court-chamber-forms-majority-uphold-x-suspension-2024-09-02/">Reuters reported</a> the Brazilian telecom regulator Anatel may slap Starlink with sanctions.</li></ul>A months-long battle between the Brazilian government and Elon Musk reached new heights this weekend when the country shut down access to the billionaire's social-media platform, X.But the conflict only grew more heated on Monday as Brazil's telecom regulator set its own sights on another of Musk's companies. Now, the Brazilian government is reportedly weighing slapping Musk's Starlink with sanctions, according to <a target="_blank" class="" href="https://www.reuters.com/technology/brazils-supreme-court-chamber-forms-majority-uphold-x-suspension-2024-09-02/">Reuters</a>.It's the latest escalation in the ongoing feud that caught global attention Saturday when Brazilian Supreme Court justice Alexandre de Moraes ordered access to X blocked nationwide, after the social-networking giant failed to comply with legal mandates about content moderation and to pay fines that currently exceed $3 million.Over the weekend, Musk posted a volley of insults on X that sought to raise questions about de Moraes' credibility and political motives, <a target="_blank" href="https://x.com/elonmusk/status/1829308905177956551">calling him</a> "an evil dictator cosplaying as a judge." In another <a target="_blank" class="" href="https://x.com/elonmusk/status/1830091917654168032?s=42">post</a>, Musk alleged without evidence that the justice had "engaged in serious, repeated &amp; deliberate interference" in Brazil's most recent presidential election, which saw far-right President Jair Bolsonaro defeated.Starlink, a satellite internet system and subsidiary of Musk's SpaceX, has become engulfed in the increasingly acrimonious clash in recent days. First, the Brazilian government froze several of Starlink's bank accounts. Then, Starlink sent a note to Anatel, Brazil's telecom regulator, indicating it would refuse to adhere to the court order to curtail access to X until its local accounts were unfrozen, <a target="_blank" class="" href="https://www.reuters.com/technology/starlink-tells-brazil-regulator-it-will-not-comply-with-x-suspension-2024-09-02/">Reuters</a> reported Monday.Now, <a target="_blank" class="" href="https://www.reuters.com/technology/brazils-supreme-court-chamber-forms-majority-uphold-x-suspension-2024-09-02/">Reuters</a> reports that Anatel is contemplating levying sanctions against Starlink, which could include stripping the company of its license to operate in Brazil. Representatives for X and SpaceX did not immediately respond to requests for comment on Monday afternoon.<h2 id="c9c8ecbc-94ed-4414-beb7-77b578d4f649">Musk escalates his attacks on Brazilian officials</h2>De Moraes triggered the shut-down of access to X after the platform refused to appoint a legal representative to respond to government requests about removing content supporting Bolsonaro, who was barred last year from running for office again until 2030.On Monday, a five-member panel consisting of fellow Brazilian Supreme Court justices upheld de Moraes' decision to cut off access to the website, underscoring the judiciary's support for the move even as Musk's attacks mounted online.<a target="_blank" class="" href="https://www.businessinsider.com/vpn-demand-surges-brazil-x-banned-legal-threats-fines-2024-9">Demand for VPNs</a> in Brazil — one of X's biggest markets — has surged since Saturday when X was blocked, despite threats from de Moraes to fine those using workarounds to circumvent the ruling some 50,000 reais ($8,900)."Bravo Brazilians!" Musk wrote in a <a target="_blank" class="" href="https://x.com/elonmusk/status/1830630202508017701?s=46">post</a> on X in response to reports that people in the country were refusing to comply.The X owner had other sharp words for the Brazilian government, including one post that suggested the company would seek to strip officials of some of their assets."Unless the Brazilian government returns the illegally seized property of X and SpaceX, we will seek reciprocal seizure of government assets too," Musk <a target="_blank" class="" href="https://x.com/elonmusk/status/1830651223722119223?s=46">wrote Monday</a>, including a link to a CNN report about the US seizure of Venezuelan President Nicolás Maduro's airplane."Hope Lula enjoys flying commercial," Musk added, an apparent threat to Brazilian president Luiz Inácio Lula da Silva.<h2 id="7ef95fd2-c233-4de2-abf4-5d8ff0cd1687">What the controversy could mean for Starlink</h2>The government's crackdown on Musk's businesses could mark a significant blow for Starlink, which hhas tripled its operations in the country over the last two years, according to Brazilian outlet <a target="_blank" class="" href="https://www1.folha.uol.com.br/internacional/en/business/2024/04/elon-musks-company-almost-tripled-in-brazil-in-less-than-two-years.shtml">Folha de São Paulo</a>.The company, which launched in 2019, uses a constellation of satellites to provide internet access in some of the world's most remote regions. In Brazil, it provides connectivity for more than a quarter million customers from the Amazon to Rio de Janeiro, according to its website. But Starlink has also drawn scrutiny for its role in international conflicts, including the war between <a target="_blank" class="" href="https://www.businessinsider.com/russia-disrupting-elon-musk-starlink-satellite-service-ukraine-jamming-report-2024-5">Russia and Ukraine</a>.The standoff is the culmination of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-fight-brazilian-supreme-court-justice-x-2024-4">months of feuding</a> between Musk and de Moraes, mainly over X's refusal to remove far-right accounts and content that the Brazilian government deems extremist.De Moraes has sought the removal of X accounts affiliated with groups he calls "<a target="_blank" href="https://www.businessinsider.com/elon-musk-defies-brazil-order-to-block-x-accounts-2024-4">digital militias,</a>" which, he says, have spread disinformation to support Bolsonaro. The former president's loyalists tried and failed to initiate a <a target="_blank" href="https://www.businessinsider.com/brazil-bolsonaro-backing-capitol-riot-inspired-coup-former-leaders-warn-2021-9">military coup</a> following his 2022 election defeat, and stormed some government buildings in the capital.But Musk has objected to removing the content, calling the orders censorship. He closed <a target="_blank" class="" href="https://www.businessinsider.com/x-closes-brazil-office-elon-musk-alexandre-de-moraes-2024-8">X's Brazilian office</a> in mid-August after de Moraes threatened to issue an arrest decree against Rachel Nova Conceicao, a legal representative for the company.

As Elon Musk's battle with the Brazilian government intensifies, another of his companies is facing trouble

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<ul class="summary-list"><li>Chinese firms are expanding overseas due to slowing domestic growth and market saturation.</li><li>The growth was fuelled by mergers and acquisitions in <a target="_blank" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">Belt and Road</a> partner countries that surged 32%.</li></ul>As China's economy struggles to recover from the pandemic, Chinese companies are looking for new growth opportunities — and many are finding them overseas.Chinese companies like social media giant TikTok and IT giant Lenovo are already<a target="_blank" href="https://www.businessinsider.com/chinese-brands-crept-into-life-tiktok-lenovo-tencent-xiaomi-dji-2023-8"> globally competitive</a> behemoths with compelling products.Others are now following in their footsteps. They include <a target="_blank" href="https://www.reuters.com/business/autos-transportation/how-chinas-ev-makers-aim-beat-tesla-legacy-automakers-europe-2024-05-30/">electric vehicle-makers</a> BYD and Chery, as well as consumer brands like <a target="_blank" href="https://www.businessinsider.com/luckin-coffee-chinese-chain-making-starbucks-nervous-singapore-2023-11">Luckin Coffee.</a> Even behemoths like <a target="_blank" href="https://www.reuters.com/business/retail-consumer/alibabas-aliexpress-recruits-beckham-score-more-global-sales-2024-05-27/">Alibaba</a> are looking outside China for opportunities as growth slows at home."The current economic climate, characterized by increasing competition and market saturation within China, incentivizes companies to explore and establish a presence in international markets," Chris Pereira, the founder and CEO of New York-based business consulting group iMpact — which helps Chinese companies go international — told Business Insider.<h2 id="51d0695a-5640-4c27-a6c6-4f849139f6d3">China's outward investment surged in Belt and Road partner countries</h2>China's outward-bound investment increased nearly 1% from 2022 to 2023, hitting nearly $150 billion in 2023, according to a report <a target="_blank" href="https://www.ey.com/en_cn/news/2024/02/ey-releases-overview-of-china-outbound-investment-of-2023">professional services giant EY</a> published in February.While the 1% total increase is not a big jump, the increase in investment was pronounced in <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">Belt and Road</a> partner countries, where China's non-financial outbound direct investments rose 22.6%. Asia remained the top destination for mergers and acquisitions by Chinese enterprises for the fifth straight year, per EY.The top three sectors Chinese companies invested in were technology, media, and telecom; advanced manufacturing and mobility, which includes electric vehicles; and healthcare and life sciences. These three sectors account for 53% of total investments by Chinese companies, per EY.Admittedly, it's not a new move for Chinese companies to invest outside of China. But what is new is their strategy. In the 2010s, Chinese companies were known for buying up high-profile assets. That includes the storied <a target="_blank" href="https://www.reuters.com/article/idUSL3N0S12Q8/">Waldorf Astoria hotel in New York City</a>, which was sold to a Chinese insurer in 2014, and ChemChina's takeover of <a target="_blank" href="https://www.reuters.com/article/idUSKBN1810CM/">Swiss agrochemical giant Syngenta</a> in 2016.That's not the case anymore.<h2 id="2a16f1f5-3b1b-4eee-9258-745f494acef4">Splurging on greenfield deals</h2>Instead of M&amp;A deals, Chinese companies now prefer to do greenfield deals — where they set up subsidiaries in foreign markets and operate the business from the ground up, according to <a target="_blank" href="https://www.fdiintelligence.com/content/data-trends/chinese-outbound-fdi-boom-signals-new-phase-83013">fDi Intelligence,</a> an investment publication.This means Chinese companies will set up facilities overseas under their own brand or subsidiaries. This strategy works particularly well in industries in China that already have an edge, such as electric vehicles and EV batteries, per fDi Intelligence.It's also in line with Beijing's <a target="_blank" href="https://www.cfr.org/backgrounder/made-china-2025-threat-global-trade">"Made in China 2025"</a> industrial policy that aims to make China's manufacturing capabilities competitive internationally.The strategy shift is partly due to heightened geopolitical tensions following the tightening of foreign direct investment screening criteria by the <a target="_blank" href="https://www.fdiintelligence.com/content/locations/asia-pacific/china/europe-and-us-ramp-up-restrictions-on-chinese-fdi-70107">US, UK, and EU governments</a> to safeguard critical and strategic industries.In 2022, the German government <a target="_blank" href="https://www.fdiintelligence.com/content/locations/global/asia-pacific/china/germany-changes-tack-on-chinese-investors-81816">blocked Chinese companies from taking stakes in two German chip companies, </a>citing national security concerns and concerns over technology transfer.So, even as outbound investments rise, Chinese cross-border M&amp;A transactions slumped to $17.3 billion in 2022. That was after years of expansion, which saw investment more than triple from $54.4 billion in 2010 to nearly $201 billion in 2016, per fDi Intelligence's analysis.<h2 id="ead4b63e-5bb1-4090-93b3-c53b9f1a5970">The US is not getting much love</h2>Another difference in China's overseas investment strategy lies in geography.Less than a decade ago, China was one of the top five investors in the US.Today, Chinese firms are skipping the US in favor of markets in Southeast Asia, Europe, and Africa, said Pereira."These regions offer high growth potential, favorable trade agreements, and often, a more welcoming regulatory environment," he said.China's annual investment in America dropped from $46 billion in 2016 to less than $5 billion in 2022, the <a target="_blank" href="https://rhg.com/research/vanishing-act-the-shrinking-footprint-of-chinese-companies-in-the-us/">Rhodium Group</a> wrote in a report in September.China has become a "second-tier player" in the US investment landscape, having been surpassed by countries such as Qatar, Spain, and Norway, the research firm added.Pereira said interest has fallen due to increased trade tensions, stricter regulatory scrutiny, and geopolitical factors.But even in today's complex geopolitical environment, Chinese companies are expected to continue venturing away from home, per EY."Fueled by the strong drive for development among enterprises, it is anticipated that 'going global' will continue to be a key growth strategy for many Chinese companies," Loletta Chow, the global leader of EY China Overseas Investment Network, said in the February report.

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