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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.
India fossil fuel consumption up 8% in 2023
The report suggests that five key stories emerge from the 2023 data, starting with record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels. "Global primary energy consumption overall was at a record absolute high, up 2 per cent on the previous year to 620 Exajoules (EJ). Global fossil fuel consumption reached a record high, up 1.5 per cent to 505 EJ (driven by coal up 1.6 per cent, oil up 2 per cent to above 100 million barrels for first time, while gas was flat)," said the report.
FMCG companies to see muted demand in June quarter, recovery likely in H2
Overall volumes, which indicate the number of products consumers bought, expanded 5.2% in the March quarter, unchanged from the three months to December. Sales volumes in rural markets climbed 5.8%, and in cities by 4.7%, from a year earlier, data from Kantar showed. Kantar monitors branded and unorganised products, including unpackaged voluminous commodities. Nielsen, on the other hand, tracks primarily branded retail sales.
India unlikely to impose export curbs on low-grade iron ore, source says
The Ministry of Steel was considering an export tax on iron ore after India's small and secondary steel producers earlier this year petitioned the government to curb rising exports.
Need to be watchful about steel imports: Tata Steel's T V Narendran
Tata Steel CEO T V Narendran has urged caution amid a surge in steel imports in India, which has risen 38% to 8.319 million tonnes in the 2023-24 financial year. He said the situation would be a "pity if the situation continues in the long run" and called for the government to address unfair imports. Steel consumption is expected to grow 8-10% in the 2024-25 fiscal year. India's crude steel production increased 14% in FY24.
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Rupee ends moderately higher as oil firms' dollar bids curb upside
The dollar index was up about 0.2% at 105.8, trimming its losses from Tuesday after data showed that U.S. business activity eased to a four-month low in April due to weaker demand.
Coal keeps powering India as booming economy crushes green hopes
India's energy dilemma at Tuticorin plant showcases the struggle to shift from coal to renewables. Despite global pressure, the country leans on coal, hindering efforts to reduce greenhouse gas emissions and ensure reliable electricity for its growing population.
Yellen faces diplomatic test in urging China to curb green energy exports
Yellen wants China to dial back its industrial policy just as the United States is ramping up its own with trillions of dollars of subsidies for domestic clean energy industries.
Kill Joy: Licensing issues disrupt digital content consumption
Eight years ago, when global streaming services like Netflix and Prime Video arrived in India, they promised access to a vast and continuously expanding content library. The “digital video-on-demand” branding created an unrealistic expectation that the content would be universally and permanently available. Over the years, snippets from popular international shows circulating on social media have only fuelled the craving for diverse content. Ironically, this very desire has now shattered the illusion of seamless access as licensing-led curbs increasingly constrain users trying to watch anything and everything in the cloud.
438 alcohol-related deaths reported in 10 months; 86 died due to consumption of drugs in 14 months in Mizoram
At least 438 alcohol-related deaths, including 77 women, have been reported in Mizoram. The Mizoram Liquor Prohibition Act, 2019 was promulgated by the previous government. Illegal manufacture and sale of unscientifically manufactured local liquor are ongoing in Aizawl. Drugs, including heroin and methamphetamine tablets, are trafficked from Myanmar to northeastern states and neighbouring Bangladesh.
Giving the economy a gold shoulder
Gold consumption last year dipped 3% from 2022, with purchases in the festival October-December quarter declining 4% over the same period a year ago. Demand during January-March ought to be slow, with fewer wedding dates. By the time summer demand sets in, interest rate movements may make bullion dearer. Subdued demand in the world's second-largest retail market for gold will have some effect on prices. Rural incomes have to revive more emphatically before rise in gold prices can be absorbed to increase consumption.
Can China maintain growth and 'transform' its economy at the same time?
China has been here before: in 2013, President Xi Jinping unveiled a slate of bold economic and social reform plans in a 60-point agenda that painted a long-term picture of free markets and consumption-driven growth.
US equities close slightly lower as focus shifts to data
"The jobs report is another week away so eyes are kind of turning Thursday to PCE price index rather than anything else. There is a lot more data this week than last week but it's still not the biggest of the data."
India on course to become main driver of incremental oil use by 2030
Urbanisation, industrialisation and the growth of the middle class are driving a rapid increase in consumption of petroleum products for heating, lighting, cooking, transportation and petrochemicals.
What a little pushback can do to curb ban parties
Netflix's and Zee Studios' decision to pull down the Tamil film, Annapoorani: The Goddess of Food, is a good case study. At the time of its theatrical release, Annapoorani was not widely marketed across the country. Which is why critiques emanated almost entirely from south Indian reviewers and viewers who, as it happens, are accustomed to filmmakers continuing to question conservative values despite the rightwing backlash they face. The southern ecosystem, therefore, dissected Annapoorani's politics and cinematic worth, and that was that.
Govt to build 6,000 km of electric vehicle-ready highways on Golden Quadrilateral
The new e-highways are expected to catalyse the development of charging infrastructure, spurring more people to buy electric cars for everyday commutes. Sales of electric cars last year stood at 83,000 units, shy of the targeted 100,000 mark, as first-time buyers kept away from electric as the only option for their choice of vehicle.
Govt working on PLI 2.0 for steel sector in 2024; industry players await steps to curb steel imports
Union Minister Faggan Singh Kulaste said the government is working towards PLI scheme 2.0 and securing raw material supply for the steel sector in 2024. Despite a resilient steel industry recovery, concerns linger over escalating imports and raw material costs amid global uncertainties.
RBI Deputy Governor Swaminathan wants lenders to 'curtail' consumption loans
Swaminathan J, a deputy governor at the Reserve Bank of India, today said the central bank wants lenders to cut down on consumption loans or unsecured loans with undefined end use. Deputy Governor M Rajeshwar Rao also supported and said the move to increase risk weights for unsecured loans is a prudential measure to curb growth or moderate credit growth to certain sectors.
COP28 pledge to curb cooling emissions backed by 63 countries
The Global Cooling Pledge marks the world's first collective focus on climate-warming emissions from cooling, which includes refrigeration for food and medicine and air conditioning.
Countries urged to curb factory farming to meet climate goals
According to experts, food systems as a whole contribute nearly a third of global greenhouse gas, with animal agriculture responsible for a fifth.
Oil's resilience: Defying decline amidst electric vehicle surge, global demand hits record highs
According to a report by Morgan Stanley, the dichotomy between the rise in electric vehicle purchases and increased oil demand challenges conventional expectations. Norway, boasting the highest EV penetration globally, serves as a compelling case study. Despite EVs constituting 80 per cent of new auto sales, the country's oil usage has not collapsed.
GTRI for stringent measures to curb India's rising consumption of harmful processed foods
GTRI has recommended that the Indian government implement stringent policy measures to curb the rising consumption of harmful processed foods. The Global Trade Research Initiative (GTRI) recommends increasing taxes on unhealthy food items and conducting public health campaigns to help consumers make informed choices about their food.
Concerns about productivity prompt India to restrict export of organic sugar
India is planning to restrict the export of organic sugar for the 2023-24 season due to record-high outward shipments. Currently, raw, white, and refined sugar are already on the restricted list until October 31, and the timeline is expected to be extended. The government is concerned about productivity and wants to add organic sugar to the restricted list. There have also been concerns about the impact of a weak monsoon on sugarcane crops.
Oil prices fall again; demand worries outweigh tight supply
Brent crude oil futures fell 68 cents, or 0.8%, to $85.19 a barrel by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude futures were 67 cents, or 0.8%, lower at $83.55. At their session lows, both benchmarks were down more than $1.
Go tough on junk food, consumer front urges government
A coalition of consumer groups, along with public health advocates, lawyers, and doctors, has urged the Indian government to take action against the consumption of junk food high in sugar, salt, and fat. The coalition is calling for legislation to define junk food and restrictions on marketing similar to those for infant foods. They also recommend setting up guidelines to prevent the serving of unhealthy foods in schools, hospitals, prisons, and other public places. The coalition believes that existing regulatory policies on junk food are ineffective.
OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA
Output curbs by OPEC+ members of more than 2.5 million bpd since the start of 2023 have so far been offset by higher supplies from producers outside the alliance, including the United States, Brazil and still under-sanctions Iran, the agency said.
Crisil cuts India's next fiscal year growth aim by 100 bps as global woes curb consumption lift-off
Crisil, a rating company, projects a slower growth for the Indian economy at 6% amid a challenging global macroeconomic environment, against a likely 7% growth this fiscal in terms of real gross domestic product. Crisil's projection for FY24 is lower than the Reserve Bank of India's 6.4% forecast. The slower world economy on the back of aggressive rate hikes by major central banks would create downside risks to India’s growth.
Health info with price norm likely for ecommerce companies to curb unhealthy consumption
The Food Safety and Standards Authority of India (FSSAI) is evaluating a proposal to enforce front-of-the-pack nutritional labelling to alert consumers about high fat, sugar and salt foods in a bid to curb consumption of unhealthy foods
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