CENTRE INCREASES
ETtech In-depth: How GenAI is helping Indian GCCs become front office of the world
India's global capability centers are evolving into front offices for multinational corporations, with a focus on high-end technology and AI. The exponential growth of GCCs is reshaping the economy, generating $46 billion in revenue in FY23. The trend is expected to continue with revenue projected to reach $100 billion by 2030.
No hike in MSP causing problems for sugar industry: Federation official
The sugar industry in the country is experiencing difficulties due to the Centre not increasing the Minimum Support Price (MSP) for the past five years, according to a representative from a sugar units federation on Tuesday.
PUC centres in Delhi remain shut for second day amid strike by petrol dealers over fee hike
On July 11, the Delhi government increased the pollution under control (PUC) certificate charges for petrol, CNG and diesel vehicles after a gap of about 13 years. The hike ranges between Rs 20 and Rs 40.
AI is as foundational as discovery of fire, says Micron global CBO
Micron global chief business officer Sumit Sadana told ET in an interview that the semiconductor company hopes to kickstart its India unit by 2025. He also talked about the costs of AI products, and whether they will come down, investing in India's startup ecosystem and more.
Around 600 PUC centres shut in Delhi amid protest by petrol dealers over fee hike
On Monday, around 600 pollution under control centres (PUCCs) at 400 petrol pumps in Delhi remained closed due to a strike called by petrol dealers protesting the Delhi government's proposed hike in pollution certificate charges. Despite this, the impact was limited as other PUCCs remained operational. Delhi issues about 3.5 lakh PUC certificates monthly, with the strike affecting daily issuance rates. The government plans to raise charges by Rs 20 to Rs 40 for petrol, CNG, and diesel vehicles, citing the first increase in 13 years, which the dealers find inadequate given rising operational costs.
Assam flood situation improving
The flood situation in Assam saw significant improvement on Monday as water levels receded quickly across various regions of the state, according to officials. The India Meteorological Department's Regional Meteorological Centre in Guwahati has not issued any alerts, aside from predicting some rain in Barak Valley and a few districts in central Assam.
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Hyper-personalised compensation structures may be key to retain tech talent
Tech compensation strategies are shifting. ANSR and Talent500 survey notes 65% gender pay gap, 56% pay disparities. 83% need well-being benefits, half find them essential. Desired perks include flexible schedules, childcare, financial planning, bonuses, RSUs, on-site gyms, healthy cafeterias. 41% lack bonuses. GCCs offer flexible work, career pathing, health insurance, international work, and return-to-work programmes.
Thirst Trap: Water sustainability issues loom over India's booming data centre industry
India's data centre industry is booming, driven by significant investments from companies like Adani Enterprises. However, this growth raises concerns about the substantial water consumption needed for cooling in water-scarce cities. Operators are adopting alternative cooling technologies like air-cooled chillers to reduce water use. Despite these efforts, India lacks a national policy on data centre water usage. Experts call for sustainable practices to balance industry growth with water conservation.
We didn't anticipate winning medals in such a short time, says IIS Founder Parth Jindal
Learn about the journey of Parth Jindal, the founder of JSW Sports, and his commitment to developing Olympic champions in India. Discover the impact of the Inspire Institute of Sport in nurturing talent and the strategic partnerships with corporates. Gain insights into the challenges and successes of fostering a culture of sports excellence in the country through innovative initiatives. Witness the evolution of India's sports industry under Jindal's visionary leadership.
AI supercharges data centre energy use-straining the grid and slowing sustainability efforts
According to the Electric Power Research Institute, a nonprofit research firm, at 2.9 watt-hours per ChatGPT request, AI queries require about 10 times the electricity of traditional Google queries. Data centres have continuously grown for decades, but the growth in the still-young era of large language models has been exceptional.
Centre refutes Stalin's allegation of withholding funds for Tamil Nadu projects
The Centre refuted Tamil Nadu CM Stalin's claims of withheld funds, citing an increase in project funding over ten years. ₹13,392.89 crore (12.71% of national expenditure) was spent under MNREGA in 2023-24. The average budget for Tamil Nadu railways was ₹879 crore (2009-2014); now it's ₹6,331 crore for 2024-25, officials stated.
Artificial Intelligence helped to find a vast source of the copper that AI needs to thrive
KoBold is pumping $2.3 billion into its first mine and is negotiating tricky partnerships with contractors and governments alike. It is relying on the U.S. government to finance a new railway to export the copper.
All that SaaS; AI woes
Happy Friday! Goldman Sachs is likely to increase its stake in SaaS startup MoEngage. This and more in today’s ETtech Morning Dispatch.
How Indian data centre operators are mitigating AI power consumption woes
Indian data centre operators are racing to reduce the massive power consumption of AI infrastructure. As the country prepares to acquire 100,000 GPUs by 2024, concerns over sustainability and environmental impact are mounting.
ET Graphics: Data centre market on a roll in India
The data center industry in southern India is expanding quickly, particularly in cities like Chennai, Bengaluru, and Hyderabad. This expansion is fueled by government incentives, infrastructure investments, and increasing demand for digital services. It is anticipated that this region will significantly influence the global data center sector, with capacity expected to grow by 65% by 2030.
Luxury room rates hit the roof ahead of Anant Ambani's wedding
Anant Ambani’s wedding at Jio World Convention Centre spikes Mumbai luxury hotels' demand from July 11-17. Rates hit Rs 5 lakh at Four Seasons. Trident BKC, Sofitel BKC, Holiday Inn, ITC Grand Central, The Oberoi, Taj, JW Marriott, and Leela see price hikes and dynamic pricing. Traffic restrictions from Mumbai Traffic Police. Rate stabilization expected post-July 20.
South India's data centre market to witness 65% capacity growth by 2030
South India's data center market is experiencing significant growth, particularly in key cities like Chennai, Bangalore, and Hyderabad. The region is expected to significantly impact the global data centre landscape with an anticipated 65% increase in capacity by 2030. The combined installed data center capacity in these cities is around 200 MW, with 190 MW currently under construction and 170 MW in the planning stages.
Private equity deals in Indian real estate increased marginally
Private equity deals in Indian real estate surged in Q1 FY25, mainly due to a significant investment in Reliance Retail's warehousing assets. The $1.5 billion Reliance-ADIA-KKR deal represented 71% of total PE deals. Despite an overall weak macroeconomic environment, deal sizes increased by 23% year-on-year. Other notable transactions occurred in Hyderabad, Bengaluru, Pune, and MMR.
NEET Exam: Top 11,000 ranks evenly spread across 800 centres, says NTA
Addressing concerns about a "systemic leak," NTA officials emphasised that top-ranking students ranging from the top 1000 to 10,000 were evenly distributed across the 800-plus examination centres. They clarified that the candidate whose test booklet was investigated had scored 103 marks out of 720.
Maruti Suzuki extends warranty programmes for all its vehicles
From July 9th, 2024, Maruti Suzuki, India’s largest carmaker, will enhance its standard warranty to 3 years or 1,00,000 km, from 2 years or 40,000 km. Consumables are excluded. Extended warranty will cover up to 6 years or 1,60,000 km, including 11 high value parts. Partho Banerjee, Senior Executive Officer, Marketing & Sales, noted the benefit of free repairs at authorized centers. The coverage includes engine, transmission, mechanical, electrical, and air conditioning systems. These changes significantly enhance customers’ overall ownership experience.
Budget focus? AIM for 3 sectors; Adani Enterprises good proxy for airport & data centre plays: Deven Choksey
Deven Choksey forecasts significant growth in shipbuilding industry over the next five years, highlighting the potential entry of major players like Adanis. Budget expected to support FMCG sector with focus on rural development. Overall positive outlook for various sectors. Budget is going to focus on three areas-- A for agriculture, I for infrastructure, and M for manufacturing. We should look at each of these three areas.
HCLTech launches global delivery centre in Patna
This first centre of the company in Bihar will focus on the delivery of IT and engineering services for hi-tech and semiconductor companies.
"Khata-khat...": BJP slams Congress over fuel hike in Karnataka, says our government brought down prices
Puri emphasised that the Centre has taken steps to lower the prices of petrol and diesel. He noted that in states governed by parties opposed to the BJP, the prices of petroleum products remained higher. Puri highlighted that BJP-led states responded to the Modi government's reduction in excise duty by also reducing VAT, which contributed to lowering the prices of petrol and diesel in those states.
Increase minimum selling price of sugar to Rs 42/kg, says industry body NFCSF
The National Federation of Cooperative Sugar Factories (NFCSF), representing co-operative sugar mills in India, has requested the central government to increase the minimum selling price (MSP) of sugar by 35% to Rs 42/kg. The MSP was introduced in 2018 and last revised in February 2019. However, sugar prices have been consistently higher than the MSP, with ex-mill prices in Maharashtra being Rs 36/kg, and retail prices in the range of Rs 42-44/kg. The NFCSF has already submitted its proposal to the Union Government.
View: GOI has the solution of India's economic puzzle but it needs to let go fiscal hesitations
India's economy is thriving with 8.2% GDP growth, strong public investment, and tax revenues. However, weak consumer demand and private capex remain issues. To boost growth, the government should create more public sector jobs, increasing incomes and consumption, funded by local savings.
Chhattisgarh hikes power tariff by 8.35 per cent
Talking to PTI, CSERC secretary Sp Shukla said an average hike of 8.35 per cent in power tariff was applicable across all consumer categories. Power services are managed by three state-run companies for generation, transmission and distribution in the state.
RBI's balance sheet size is now 2.5x the size of Pakistan's GDP
The Reserve Bank of India's balance sheet grew by 11.08% to Rs 70.48 lakh crore as of March 31, 2024. The RBI's income rose by 17.04%, while expenditure decreased by 56.30%. Consequently, the RBI's surplus increased by 141.23% to Rs 2.11 lakh crore, transferred to the Centre.
Global capability centres seek to increase female representation in tech roles
Data from Quess Corp indicates that the presence of women in global capability centres (GCCs) has slightly increased to 30% in FY24 from 26.6% in FY20. However, there remains a significant gap in women's representation in mid and senior-level roles, leading to talent shortages. A report by Pure Storage and Zinnov reveals that only 6.7% of women hold executive positions in GCCs, with even lower representation at the senior level (15.7%).
Nestle India shares jump 3% as shareholders reject royalty hike
The jump in stock price happened after the MNC's shareholders turned down a proposal to increase royalty payments to Swiss parent Nestle. Results of a remote e-voting by shareholders show that 57.18% of the votes were cast against the proposal for increasing royalty from 4.5% to 5.25%.
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