Founded in 2021, the startup said it aims to expand its presence to 40 cities and will double its team size by the end of FY25…reports Asian Lite News
EV startup Vidyut on Tuesday said it has raised $10 million in its Series A fundraise (a mix of equity and debt funding) led by 3one4 Capital, and will deploy new funds to scale its new offerings that include EV insurance, lifecycle management and EV resale.
The round also witnessed participation from new and existing investors namely, Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, Sujeet Kumar.
Founded in 2021, the startup said it aims to expand its presence to 40 cities and will double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem.
“Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs, who are the backbone of our economy,” said Gaurav Srivastava, co-founder of Vidyut.
The company already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles.
“Vidyut’s model removes EV adoption barriers, especially in the large but price sensitive driver cum owner segment. At 3one4 Capital, we are excited to back the Vidyut team in their mission to simplify EV ownership,” said Sonal Saldanha, Vice President, Investments, 3one4 Capital.
“After hitting an inflection point, customised financing and lifecycle management solutions will play a central role in large scale EV adoption, requiring lenders to evaluate asset risk alongside borrower risk,” added Dhairen Tohliani, Vice President, Alteria capital.
Deepika Padukone said, “I’m proud to be partnering with a global brand like Hilton to share the importance of The Stay for Indians worldwide. My generation works extremely hard, and we want to see value in the experiences that we choose to invest in…reports Asian Lite News
Hilton (NYSE: HLT) announces a global ambassador partnership with actress, producer, philanthropist, and entrepreneur, Deepika Padukone. The partnership is an extension of Hilton’s first global marketing platform, ‘Hilton. For The Stay,’ in India, spotlighting why it matters where you stay amid continued demand for travel in the region.
This strategic collaboration marks an important milestone for Hilton, reaffirming the company’s commitment to expand in the dynamic Indian market. Recognized for her inspiring journey in the entertainment industry and beyond, Deepika embodies the spirit of modern India and resonates with the aspirations and ethos of the Indian traveler. Her resilience, innovation, and global outlook, complements Hilton’s mission to offer exceptional experiences, making her the ideal choice to champion Hilton’s global marketing platform. Deepika’s connection with her audience is built on authenticity and a shared pursuit of excellence – qualities that are at the heart of Hilton’s service philosophy.
Breaking away from conventional stereotypes and scripting her success story, Deepika’s rise in the highly competitive Bollywood and Hollywood entertainment industries, coupled with her philanthropic work mirrors the ethos of the entrepreneurial generation which is shaping contemporary India today. Acknowledged with the Crystal Award by the World Economic Forum for her leadership in raising mental health awareness in 2020 and named the TIME 100 Most Influential People in the World, Deepika’s achievements have set her firmly on the world stage.
Led by consumer insights, ‘Hilton. For The Stay’ was launched in July 2022, and illustrates the realities and stresses of traveling, highlighting the importance of ‘The Stay’ as a crucial element that can make or break any trip. Hilton’s hyper-localized approach for the India campaign will start with understanding the unique preferences of local consumers in the coming months. Through market research and Deepika’s synergy with the Indian audience, Hilton aims to uncover relatable tensions in travel which will be interwoven into the campaign, alongside demonstration of how Hilton is here to remove their pain points and extend our signature hospitality, for every stay.
Deepika Padukone said, “I’m proud to be partnering with a global brand like Hilton to share the importance of The Stay for Indians worldwide. My generation works extremely hard, and we want to see value in the experiences that we choose to invest in. What I love about Hilton, is that they truly understand the importance of The Stay. A hotel stay can make or break a trip. Having your needs anticipated and looked after even before you step into the hotel lobby lets you know that you’re well taken care of. I look forward to creating lasting memories with Hilton and sharing them with the world.”
Mark Weinstein, chief marketing officer, of Hilton, said, “Deepika’s iconic status in India coupled with her ability to effortlessly bridge tradition with modernity makes her the ideal brand ambassador for Hilton. Through our partnership, we look forward to exploring Deepika’s unique, authentic Hilton Stay experiences. The stories we’ll tell together will inspire travellers from across India to join Hilton Honors and experience their very own Hilton Stays.”
With 25 operating hotels and 17 hotels in the pipeline in India, Hilton has set its sights on the Indian market to triple its estate in the coming years. Its global partnership with Deepika and upcoming ‘Hilton. For The Stay’ campaign rollout cements its commitment to India as part of the company’s strategy to increase its brand visibility and strengthen its position in the hospitality market.
This growth is fueled by multiple factors which include increasing enterprise tech spending…reports Asian Lite News
India’s artificial intelligence (AI) market is likely to grow at 25 per cent compound annual growth rate (CAGR) to reach $17 billion by 2027, with similar growth in AI investments, a Nasscom report said on Tuesday.
India’s AI market is growing with AI/ML capabilities, including GenAI, emerging as the top category of IT spend expected to be made by IT buyers in 2023, according to the report by Nasscom in partnership with market research firm BCG.
This growth is fueled by multiple factors which include increasing enterprise tech spending, India’s growing AI talent base and a significant increase in AI investments, said the report.
“Indian tech companies, with the advent of generative AI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalised customer interactions,” said Debjani Ghosh, President, Nasscom.
“Accelerating this journey will require massive scale investment on AI skilling, investments in ethical and secure AI development practices and governance frameworks,” she added.
India today has the second highest installed talent base with 420,000 employees working in AI job functions.
The country also has the highest skills penetration with three times more AI skilled talent than other countries.
“The country ranks among the top 5 nations with a 14 times growth in individuals skilled with AI in the last seven years. As the investments in AI continues to increase, the demand for AI talent in India is also expected to grow at 15 per cent CAGR till 2027,” said the report.
Recognising the importance of human capital in the AI journey, leading firms have invested heavily in upskilling and reskilling their workforce in AI and related technologies, with some organizations allocating $1 billion over the next three years dedicated to upskilling.
“Indian companies are starting to keep pace with the growth of AI and the tech sector is creating future-ready organizations with dynamic and evolving Centers of Excellence driving the AI agenda,” said Rajiv Gupta, MD and Senior Partner, BCG.
Empirical findings show that medium-term complementarities between judicious fiscal consolidation and growth outweigh the short-run costs….reports Asian Lite News
RBI economists, in a report released on Tuesday, rejected the IMF view that India’s debt-GDP ratio has the potential of shooting past 100 per cent if historical shocks materialise and hence the country needs to go cut government expenditure.
In an article in the RBI bulletin, the economists including RBI Deputy Governor Michael Patra said: “Our simulations reveal that the general government debt-GDP ratio swerves below the projected path set out by the IMF in its latest Article IV consultation report for India.”
With recalibration of government expenditure, the general government debt-GDP ratio is projected to decline to 73.4 per cent by 2030-31, around 5 percentage points lower than the IMF’s projected trajectory of 78.2 per cent, according to the article titled ‘The Shape of Growth Compatible Fiscal Consolidation’.
This is noteworthy as the debt-GDP ratio is projected to rise from 112.1 per cent in 2023 to 116.3 per cent in 2028 for advanced economies and from 68.3 per cent to 78.1 per cent for emerging and middle-income countries.
“It is in this context that we reject the IMF’s contention that if historical shocks materialise, India’s general government debt would exceed 100 per cent of GDP in the medium-term and hence further fiscal tightening is needed,” the RBI economists observe.
Empirical findings show that medium-term complementarities between judicious fiscal consolidation and growth outweigh the short-run costs. Spending on social and physical infrastructure, climate mitigation, digitalisation and skilling the labour force can yield long-lasting growth dividends, the article points out.
“Using a dynamic stochastic general equilibrium model, we find that if government expenditure is directed towards the above-mentioned segments, the debt-GDP ratio of the general government can decline substantially to 73.4 per cent of GDP by 2030-31,” the article reads.
The article also points out that the Interim Budget for 2024-25 places the gross fiscal deficit of the Union government at 5.1 per cent of GDP in 2024-25, in line with the target of 4.5 per cent of GDP by 2025-26.
“The impetus provided to capital expenditure in the post-pandemic period has been sustained by increasing its share to¬ 3.4 per cent of GDP,” it added.
The Reserve Bank of India (RBI) has forecasted India’s real GDP to grow at 7 percent in 2024-25, with risks evenly balanced….reports Asian Lite News
The outlook for the Indian economy appears bright, reiterated the Ministry of Finance in its monthly economic review, supporting its argument saying prospects of healthy Rabi crop harvesting, sustained profitability in the manufacturing sector, underlying resilience in the services sector are expected to support economic activity in the upcoming financial year 2024-25.
The bedrock of firm growth could be attributed to underlying strong private consumption.
The Reserve Bank of India (RBI) has forecasted India’s real GDP to grow at 7 percent in 2024-25, with risks evenly balanced.
Driven by a better-than-expected performance in Q2 of 2023-24 and above 7 per cent growth projection for 2023-24, many global agencies have revised India’s growth projection in the upward direction.
Many global agencies have revised India’s growth projections for 2023-24 upward from levels that were already higher than those of the major economies. Three successive years of high growth demonstrate the resilience of the Indian economy, built on the reforms of the past decade and reinforced by the testing experience of the once-in-a-century pandemic.
This, according to the monthly economic review of the Ministry of Finance, reflects the resilience of the Indian economy to sustain its growth path amidst ongoing geopolitical headwinds.
Without getting into specifics, the review report also said the measures announced in the interim Union Budget are expected to play a pivotal role in supporting India’s growth journey ahead.
The review report also touched upon the central government’s endeavour to maintain fiscal prudence by virtue of narrowing down its fiscal deficit target.
“Amidst changing spending patterns, the government’s commitment towards fiscal consolidation has not been compromised, as it stands firm to follow the glide path,” the report said.
The central government has lowered its fiscal deficit estimate for 2023-24 to 5.8 per cent of nominal GDP, compared to the Budget estimate of 5.9 per cent, and stands committed to lowering it further to 5.1 per cent in 2024-25.
The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may be needed by the government.
Touching upon India’s export environment, the global slowdown led to a slowdown in demand for India’s merchandise exports.
“Global slowdown, especially in India’s major trading partners, has led to a slowdown in demand for India’s merchandise exports. At the same time, there has been a decline in the overall value of imports due to a fall in international commodity prices, which spiked after the outbreak of the Russia-Ukraine conflict,” the report said.
This has led to a narrowing of India’s merchandise trade deficit in the first ten months of 2023-24.
“A narrowing merchandise trade deficit, coupled with rising net services receipts, is expected to result in an improvement in India’s current account deficit. As far as the capital account is concerned, India’s strong macroeconomic fundamentals, high growth and stable business environment have boosted Foreign Portfolio Inflows (FPIs).”
Further, the ministry’s review report noted inflationary pressures in India have moderated in January 2024 due to a fall in food as well as core inflation. The recent measures announced by the government to control food prices are likely to reduce inflation further, it said.
“The expectations of the fading away of El Nino and the forecast of a normal monsoon bodes well for a better-than-normal kharif sowing,” it stated. (ANI)
Patel said that he has seen technology and multiple innovations evolve over a period of time….reports Asian Lite News
As generative artificial intelligence (AI) begins to threaten certain jobs, Sandip Patel, Managing Director, IBM India/South Asia, has said that AI will actually create more job options that it destroys.
Speaking to IANS, Patel said that he has seen technology and multiple innovations evolve over a period of time.
“I firmly believe AI will create more jobs than it destroys. People are usually very scared when imagining entirely new jobs. For example, take the Internet, when the Internet came right, and you had web publishing and all things that were web-enabled, it led to job decline in certain sectors like newspaper printing,” he explained.
However, it also resulted in entirely new job categories like web design, data science, digital marketing and web publishing, which employ millions of people, he added.
“So, one of the things which we have been very articulate about and keep harping on is that re-skilling will play a very important role,” Patel stressed.
While 46 per cent of the companies in India are currently training or reskilling employees to work together with automation and AI tools, it leaves room for a lot more to be done.
“This is something that the government clearly recognises,” he said.
When we look at employees within the organisation, 50 per cent say they are excited to work with new AI and automation tools.
“So, the question now is how do you train a vast pool of people? Everyone can’t be a coder or AI developer and so on and so forth. You have to learn to work with these technologies as they evolve,” Patel told IANS.
According to Minister of State for IT and Skill Development Rajeev Chandrasekhar, technological talent, not chip-driven compute power, is the key to India’s progress in AI.
“Talent is a much more fundamental challenge in AI. We need universities to churn out masters and PhDs in AI. Talent is something that keeps me awake at night. The infrastructure pieces will get solved very quickly,” he said at an event last December.
There is a serious need for the tech industry and academic institutions to work along with the governments globally in shaping the future pipeline of talent for AI-related jobs, he stressed.
Tata Advanced Systems, which makes doors for European giant Airbus’s A320neo planes, will set up manufacturing and research & development facilities in the state…reports Asian Lite News
Tata Group companies Air India and Tata Advanced Systems Ltd (TASL) are planning to invest Rs 2,300 crore in Karnataka in projects that are expected to create employment for 1,650 people, the state government announced on Monday.
According to the MoU that has been signed, Air India will set up a facility to carry out maintenance, repairs, and overhaul of planes at the Bengaluru airport. The project entails an investment of around Rs 1,300 crore that will generate employment for 1,200 people.
Tata Advanced Systems, which makes doors for European giant Airbus’s A320neo planes, will set up manufacturing and research & development facilities in the state. The company will invest in three projects near Bengaluru Airport and in Kolar with a total investment of Rs 1,030 crore. These include a passenger to freighter aircraft conversion facility (Rs 420 crore), gun manufacturing facility (Rs 310 crore) and aerospace & defence research and development in Karnataka (Rs 300 crore). These projects are expected to generate direct employment for 450 people.
Karnataka Chief Minister Siddaramaiah and state Large and Medium Industries Minister M B Patil were among those present at the MoU signing ceremony in this regard here.
Saying such projects require streamlined support from the government in terms of clearances, approvals and interventions, Patil assured support in resolving any challenges pertaining to the grounding of the projects.
S. Selvakumar, Principal Secretary, Karnataka Industries Department and Nipun Agrawal, Chief Commercial Officer of Air India and Sukaran Singh, CEO of TASL exchanged the MoU.
Chief Secretary to Karnataka Government, Rajneesh Goyal; Additional Chief Secretary to Chief Minister L.K. Atiq; Commissioner of Industries Department Gunjan Krishna; Air India top officials Manan Chauhan, Karthikeya Bhat, Atul Shukla, TASL top officials Guru Dattatreya, Arjun Maine, Bangalore International Airport Managing Director Hari Marar, COO Satyaki Raghunath, and CFO Bhaskar Ravindra were present on the occasion.
The Tata’s plan for Karnataka comes close on the heels of the group’s announcement of a Rs 15,000 crore investment in Telangana. The Tata Group has also drawn up plans to set up a semiconductor fabrication plant in Gujarat.
Investments flowing into states are on the rise under the Atmanirbhar policy of the Modi government which has increased emphasis on self-reliance under which more collaborations between Indian companies and high-tech foreign firms are taking place. This has also led to more FDI flows into the country.
Quoting the statistics about the country’s urbanisation demands, Hardeep Singh Puri said that India needs to add about 700-900 million sq. metres of commercial and residential space every year by 2030…reports Asian Lite News
Minister of Housing & Urban Affairs Hardeep Singh Puri on Monday said that India’s fast-growing construction industry is poised to become the third-largest globally by 2025.
“The construction industry is the second-largest employer in the country and has forward and backward linkages across 250 sectors of the economy,” the minister said while addressing at the inauguration of the National Workshop on Recent Development with Recycling and Use of Construction and Demolition (C&D) waste in construction sector.
He said that the government is constructing a built environment at a great speed.
Quoting the statistics about the country’s urbanisation demands, he said that India needs to add about 700-900 million sq. metres of commercial and residential space every year by 2030.
“If India is going to be a developed country by 2047, infrastructure will be a vital component in our ambition,” he said.
The workshop, organised by CPWD in collaboration with SINTEF Norway, gave an opportunity to the participants engaged in the construction sector to deliberate on various aspects of promoting the use of C&D recycle items in the construction industry.
Experts in the field of C&D recycle products/items are participating in the workshop for dissemination of their views and apprising the advantages on usage of above products in sustainable development.
May-Elin Stener, Norwegian Ambassador to India; Manoj Joshi, Secretary, Housing and Urban Affairs; and Rajesh Kumar Kaushal, DG, CPWD were among the dignitaries present at the event.
Acknowledging the environmental considerations, especially C&D waste associated with the construction sector, the minister, said that with increasing construction activity, it is imperative to find more efficient solutions to manage the C&D waste that will arise.
Talking about challenges and opportunities of C&D waste in India, Puri said that the construction and demolition waste is one of the largest solid waste streams in the world.
He said that as per estimates, the construction industry in India generates about 150-500 million tonnes of C&D waste every year.
“This brings many challenges to the forefront such as unauthorised dumping, a lack of space for disposal, and improper mixing with biodegradable waste. In this context, there is a huge demand for technologies that will support waste reduction and recycling waste material,” the minister said.
Highlighting the efforts of the government towards sustainable waste management, the Minister noted that the urban missions which were launched in 2015 are shining examples of the government’s green vision to adopt sustainable methods of infrastructure creation and service delivery.
The minister said that solid waste processing has witnessed a significant rise from mere 17 per cent in 2014 to more than 77 per cent in 2024.
“Now, we are transferring these capabilities in other forms of waste management, including C&D waste, plastic waste, e-waste and bio-hazardous waste. The government has released elaborate guidelines on these issues,” he added.
“Our government has released comprehensive guidelines across the value chain on effective disposal of C&D waste.”
Speaking on the strides made by the Ministry of Housing and Urban Affairs (MoHUA) in changing the mindset of all stakeholders towards C&D waste management, the Minister highlighted that MoHUA has advised all states, union territories and urban local bodies to collect data on C&D waste generation for every major city/town and promote the separation of C&D waste at source and establish institutional mechanisms for C&D waste collection.
Sharing his thoughts on the effectiveness of the government in C&D waste processing, Puri said that the NCR region alone generates 6,303 TPD of C&D waste per day and out of this, almost 78 per cent of the waste is processed per day.
In his concluding remarks, the Minister urged the stakeholders to help the government devise better strategies for the effective utilisation of C&D waste.
Household sector plays a major role in the Indian economy as the supplier of financial resources in the form of savings, contributing 70 per cent to total gross domestic savings…writes Sanjeev Sharma
Financial savings by Indian households have shifted away from the conventional bank (including non-bank) deposits to capital markets, BofA Securities said in a report.
The former accounted for 39 per cent of total financial savings in FY2001 and capital markets could garner only 4 per cent of the total pie. In FY2023, corresponding figures stand at 37 per cent and 7 per cent respectively, the report said.
With improved financial literacy, savings parked into life insurance and provident and pension funds have risen steadily from 34 per cent of total in FY2001 to 40 per cent of overall financial savings in FY2023.
RBI’s latest data on quarterly movement of flow of financial assets and liabilities of households shows that in FY23, savings parked as currency has fallen from 12 per cent of total in FY22 to 7 per cent of gross financial assets in FY23. This is getting redistributed towards bank deposits which have risen from 22 per cent to 35 per cent of the total during the same period, the report said.
As of FY22, household savings in financial assets stand at Rs 28 trillion, twice the Rs 14 trn seen in FY12.
On an average, an Indian household holds 77 per cent of its total assets in real estate, 7 per cent in other durable goods (such as transportation vehicles, livestock and poultry, and machinery), 11 per cent in gold, the report said.
Share of physical savings in total household savings has steadily tapered from 69 per cent in FY2012 to 49 per cent in FY21. It, however, rose again to 61 per cent of total in FY22 and we expect to rise further in FY23 as well.
Accordingly, we expect total household savings in FY23 to surpass the level seen in FY22, owing to a further increase in physical savings, the report said.
Household sector plays a major role in the Indian economy as the supplier of financial resources in the form of savings, contributing 70 per cent to total gross domestic savings.
Household savings are broadly classified into financial and physical assets- accounting for 56 per cent and 44 per cent of total household savings respectively. Of the financial savings, bank and non-bank deposits account for 37 per cent and only about 8 per cent goes to shares & debentures.
Real estate is the largest component of physical savings at 77 per cent share and 11 per cent of total physical savings is in the form of gold, the report said.
Households are the mainstay of gross domestic savings, their contribution stood at 90 per cent of the total in FY2001. Household savings can be broadly classified into physical and financial assets. Physical savings account for 45 per cent of the total, the share has been trending down steadily from 55 per cent in FY2001.
The initiative will offer economies of scale to marginal fishermen by centralizing their scattered businesses on a shared digital platform for product sales…reports Asian Lite News
With the aim of providing fishermen with an e-market platform, the Department of Fisheries will sign a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) on February 19.
The officials said that the MoU will be signed in the presence of Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala and Minister of State for Fisheries, Animal Husbandry and Dairying L Murugan at Krishi Bhawan in the national capital.
E-commerce player Dunzo.(photo:www.dunzo.com/bangalore)
“This essential step will provide a digital platform for fisherfolks, fish farmers producers organisation, entrepreneurs, SHGs, fishermen cooperatives and other relevant stakeholders in the fisheries sector to access wider markets, expanding their reach and potential customer base,” the officials said.
They said that the collaboration between Department of Fisheries and ONDC will facilitate the implementation of technology-driven solutions, improve efficiency, collectivisation and competitiveness of the small scale producers and marketers.
“ONDC is a unique platform of e-marketing and will play a significant role in the fisheries sector to connect maximum FFPOs and other fishermen cooperatives,” they said.
The officials said that by providing a direct channel between producers and consumers, ONDC will support in reducing the reliance on intermediaries, leading to higher profits for fishers and lower prices for consumers.
“This initiative will also provide a scale of economy to the marginal fishermen engaged in scattered business through a common digital platform for their products,” the officials said.
They said that the adoption of digital technical solutions will serve various benefits for fisheries industries like enhanced trust, reduced transaction costs, increased market reach, improved transparency, increased competitiveness, innovation, and employment generation.
“In the long term, the ONDC network will facilitate seamless integration for harnessing the benefits of collectivisation between producers, processors, and distributors within the fisheries sector, enabling efficient supply chain management, value chains and market access,” the officials said.
They said that this collaboration will facilitate capacity building and raise awareness through educational workshops for MSMEs, start-ups, SHGs, small and marginal fishermen, FFPOs, fishers, and market participants in the fisheries sector.
“Open Network for Digital Commerce (ONDC) is incorporated as a Section 8 company, an initiative by DPIIT, Ministry of commerce and industry, aiming at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks,” the officials said.
They said that it has recorded more than 6.3 million transactions in the month of November’23 across 600+ cities. The sellers and service providers are spread across 500+ cities expanding the geographical coverage of the ONDC network.
Presently, over 3000 Farmer Producer Organisations (FPOs) have registered to be a part of the ONDC through various network participants. Also, around 400 Self-Help Groups (SHGs), micro-entrepreneurs and social sector enterprises have been onboarded on the network.
