EMERGING TECH BUDGET
Budget 2024: Don't hold your breath, electrify!
India's air quality crisis demands immediate action with a focus on energy and transportation sector reforms. Accelerating EV adoption is vital to lower pollution levels and decrease oil dependence. Transitioning to electric vehicles presents significant economic opportunities and job prospects. The future of India's environment hinges on these crucial decisions.
Q1 results, FII action among 10 factors to impact D-Street mood this week
Nifty gained 1.2%, driven by IT, energy, and pharma stocks. U.S. labor data, TCS earnings, Rupee vs. Dollar, Bank Nifty, oil prices, FIIs, IPO action, and dividends will influence markets next week. Bulls maintain strength with positive sentiment and broader market participation, expecting some consolidation.
AI drinks energy up - quantum computing will work to our advantage, but the tech is new
The rapid advancement of computing over the past 70 years, driven by increases in computing power, has revolutionized various sectors such as banking, communication, healthcare, product design, and warfare. Semiconductor chip technology plays a crucial role in this growth. However, the future of computing faces a significant challenge due to the increasing power needs of AI innovations like ChatGPT. This surge in demand poses a threat to the sustainability of global energy resources and the environment.
IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
Budget-day release for FAME-III; Indian VCs need to pivot
Measures to boost the sale of electric vehicles are likely to be announced in the upcoming budget. this and more on today’s ETtech Top 5.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
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Investors' wealth climbs Rs 21 lakh cr in two days of stock market recovery
Thanks to the optimistic trend in equities, the market capitalisation of BSE-listed companies climbed Rs 21,05,298.11 crore to Rs 4,15,89,003.38 crore (USD 4.98 trillion) in two days.
It’s three steps forward and two steps back for FII flows in Indian, Asian markets, says Manishi Raychaudhuri
Manishi Raychaudhuri emphasizes the importance of political and policy continuity for economic growth and market stability. He says discretionaries, particularly those discretionaries catering to affluent India are relatively safe, not just now but even over the next five to ten years. As income brackets continue to move higher, not only would the consumption package of Indians change, but how they consume that would also change.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Technological factors can stall or spur adoption of EV 2-wheelers
The technological factors affecting electric two-wheelers (EV 2Ws) are integral to their development and widespread adoption in India, say EV industry stakeholders.
Retailers to continue hiring in 2024, focus on tier 2, 3 cities : Report
In 2024, retail jobs surge with the operationalization of brands expanding from 2023, driving demand by 15-20%. E-commerce, despite startup leadership, faces hiring challenges. Logistics saw a dip. Retailers target fresh grads (52%) and experienced pros (38%). Tech adoption, sustainability, and skill development are key industry trends amid exponential e-commerce growth.
Analysts cheer Tech Mahindra roadmap
Analysts said that the company's new CEO, Mohit Joshi, unveiled a 3-year turnaround plan to exceed industry-leading revenue growth by FY27. "We believe near-term monitorable for the company's progress towards this goal would be immediate margin improvement in FY25 and steady revenue growth improvement in subsequent years," said Nomura in a note.
Talent AI-volution: Can AI adoption dent India's tech edge?
India is the tech powerhouse of the world, known for its engineering prowess. But can the widespread adoption of AI, which will lead to significant automation, dent India’s talent edge? Annapurna Roy and Beena Parmar report.
Centre drawing up road map to invest in women entrepreneurs
Banks and insurance firms will launch campaigns and leverage digital banking units (DBUs) to enhance outreach, officials said, adding that a roadmap with quarterly targets is also being discussed.
IT hiring shows signs of life; companies stay cautious
IT sector consultants said that the conversation for FY25 is still heavily focused on more dilution of the bench, increasing automation, improving efficiency and targeted hiring mostly in niche areas such as AI and GenAI amid continued macroeconomic uncertainty and hardly any signals of demand recovery yet.
Sops, tier-2 cities top focus in tech’s Karnataka GCC Policy wishlist
Karnataka's GCC policy targets industry growth through infrastructure investment, employment incentives, single window approvals, fast issue resolution, industry-specific curriculum, flat rate markup, transportation solutions, digital engineering services, and the Karnataka Digital Economy Mission.
Smallcap index gave 70% return this year. Will it be a repeat performance in FY25? Chakri Lokapriya answers
Chakri Lokapriya anticipates a strong year with robust fundamentals in new sectors. Smallcap index saw a 70% return. Focus on investors, traders, NBFCs, auto sector players like Maruti and TVS Motors, and companies like Shriram Finance, SBI, VIP and Safari. Also, Lokapriya says we will continue to hold on to Indian Hotels, Chalet Hotels, Lemon Tree, Thomas Cook.
The East Asian tech hub: K-college the latest rage in K-pop Krazy Gen Z universe
At around 2,000 this year, the number is still just a fraction of the Indian students enrolled in traditionally popular destinations such as the US, UK, Canada and Australia. But the East Asian technology hub is fast emerging as an alternative destination for Indian students, owing to factors such as a large number of courses taught in English, a developed market with ample internship and employment opportunities, pro-international student policies and competitive costs along with a government push to attract overseas students.
Xi holds the Trump card
So far, Beijing has been silent about how it will deal with this possible Made-in-America challenge. Premier Li Qiang recently presented his 'work report', the Chinese version of a budget speech, without revealing much about the country's economic strategy to deal with this and other issues. Chinese leaders are watching the evolving situation within its own economy and the US political scene, instead of rushing to formulate new policies.
Tech activists write code to save migrants in the Mediterranean
Migrant crossings and deaths are increasing in the Mediterranean. Rescue NGOs are seeking tech tools, such as the One Fleet app and drones, to locate and respond to boats in distress. These tools help them continue their search and rescue work despite legal challenges.
India playbook 2024: 2 capex themes for investors after Budget
The overall theme of the Union Budget 2024, despite it being an interim budget was “Its Business as Usual and let us be Prudent, Long term Growth is a given”.
Budget 2024: Key announcements for different industries
In the Interim Budget for 2024, Finance Minister Nirmala Sitharaman presented key announcements for diverse industries, emphasizing growth and development. Highlights include continued expansion of airports and tourism projects, comprehensive support for dairy farmers, strategies for self-sufficiency in oilseeds, and a new scheme for deep-tech technology in the defence sector.
Unveiling India's Rs 6.21 lakh crore Defence budget with a dual focus on self-reliance and export boost
Finance Minister Nirmala Sitharaman has unveiled a staggering allocation of Rs 6.21 lakh crore for the Ministry of Defence during the Interim Budget presentation. This marks a 4.3% increase from the previous year, constituting 13.04% of the Union Budget. A key feature is the introduction of the DeepTech Initiative, focusing on cutting-edge technologies for defense. The budget breakdown includes allocations for capital expenditure, defense pensions, and defense services, with a strategic emphasis on digitization, modernization, and self-sufficiency in defense.
Timely finances, tech for MSMEs key policy priority: FM Nirmala Sitharaman
The government has prioritised the development of micro, small and medium enterprises (MSME) and introduced various initiatives to support them. Finance minister Nirmala Sitharaman announced the allocation of Rs 22,137 crore to the MSME ministry for FY25. The government has introduced schemes like Emergency Credit Line Guarantee Scheme (ECLGS) and TReDS to address delayed payments for MSMEs. Additionally, a voluntary settlement scheme has been introduced for settling contractual disputes involving the government.
Interim Budget 2024: Check full text of FM Nirmala Sitharaman's speech here
The Finance Minister presented the Interim Budget 2024 in a speech that lasted for 48 minutes. The budget focuses on four main areas: women, poor, farmers, and youth. The government aims to empower the poor and has implemented various programs to achieve this. Direct Benefit Transfer has resulted in significant savings for the government, which has been used for the welfare of the poor. The budget also highlights initiatives for women empowerment, youth development, agriculture, infrastructure, and taxation reforms.
Budget arc for navigating the seas: How Modi government can propel the EdTech industry
The Indian education sector has faced significant disruptions due to the global pandemic, with the EdTech industry emerging as a beacon of hope for millions of students. However, as the pandemic receded, the sector faced disappointment as students returned to their usual classrooms. As the Union Budget approaches, the EdTech sector is eagerly awaiting policies and allocations to solidify its foundations and navigate the current challenges.
Budget 2024 ammo for India to win real estate battle over injured China
Interim budget: India's budget plays a big role in strengthening the property market and supporting the Bharat Moment. The budget should focus on affordable housing and streamline clearance processes to promote growth in the residential real estate sector. It is crucial to grant industry status to the real estate sector and facilitate easier credit access. Increasing the tax rebate on home loan interest rates from Rs 2 lakh to Rs 5 lakh and providing incentives for developers and homebuyers will stimulate the affordable housing market. These measures will contribute to achieving 'housing for all' and invigorate the housing sector.
Budget 2024: The fast charging for consumer durables’ journey from Make in India to Innovate in India
Interim Budget: The Indian market experiences notable changes in the consumer durables industry due to government reforms like the GST. The industry envisions exponential growth driven by the amalgamation of a burgeoning middle class and aspirational demand from rural India. The era of connected living is fueled by IoT and AI in consumer durables. Adoption of smart devices is increasing in tier 2 and tier 3 cities. Challenges include data privacy, security, and infrastructure inadequacy. The industry thrives by offering premium, sustainable products aligned with the 'Make in India' initiative. Revenue growth is expected, driven by premiumization and urban demand for smart technologies and efficient appliances.
Budget 2023: Experts laud government's focus on emerging technologies
Digital public infrastructure for agriculture will be built as an open source, open standard and interoperable public good to enable inclusive, farmer-centric solutions and support for the growth of agritech industry and startups.
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