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Next generation rocket project report ready, says ISRO chief

The next stage is to approach the government for funds and also establish the mechanism for development along with the private industry….reports Asian Lite News

The project report for the next generation rocket has been submitted by the project team and the next stage is to seek government funds, said S. Somanath, Chairman, Indian Space Research Organisation (ISRO).

He also said internal discussions are on about the next moon mission – Chandrayaan-4 as to what it should achieve differently that was not done by others.

Speaking to the reporters here after the successful orbiting of the country’s latest weather satellite INSAT-3DS Somanath said: “The project team of the Next Generation Launch Vehicle (NGLV) has submitted its report.”

The project team has also estimated the cost. The next stage is to approach the government for funds and also establish the mechanism for development along with the private industry.

The rocket design work is underway. The next generation rocket will be partially reusable and will have a carrying capacity of about 10 tonnes to Geosynchronous Transfer Orbit (GTO).

Currently, ISRO’s heaviest rocket LVM3 has a carrying capacity of four tonne. Queried about the next Moon mission, Somanath said it has to achieve something new that was not done earlier by others, say “bringing a lunar sample back using a robot”.

“It will be a complex rocket and high-end technology is being developed. We are working on some novel design,” he said while underlining the requirement for funds. Somanath, however, ruled out categorically that India-US collaboration earth observation satellite NASA-ISRO Synthetic Aperture Radar (NISAR) will be used for surveillance.

He said the NISAR will be used only for earth observation and focus will be on the Earth as a system. As to the status of other weather satellites like INSAT-3D and INSAT-3DR, Somanath said the INSAT-3D launched in 2013 will be put to a different use.

On the status of the country’s human space mission, Somanath said 2024 will be the year of Gaganyaan for ISRO as it will be carrying out various tests and other activities to realise the country’s manned space mission in 2025.

Somanath said ISRO will be carrying out two more abort missions in 2024. Last year, the space agency carried out the first Flight Test Vehicle Abort Mission-1 (TV-D1) to demonstrate the crew escape system.

One test vehicle is ready. According to him, ISRO will carry out two unmanned missions, helicopter drop test, launchpad abort tests and several others.

ALSO READ: China’s Chang’e-6 lunar sample-return mission to lift off in May

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SoftBank founder Masayoshi Son joins AI chip race

Masayoshi Son. (File Photo: IANS)

SoftBank may infuse $30 billion and can raise $70 billion from investment firms in the Middle East, reports Bloomberg, citing sources….reports Asian Lite News

As the generative AI race heats up, SoftBank Founder and CEO Masayoshi Son is reportedly aiming to raise about $100 billion for his AI venture, in a bid to take on graphics chip giant Nvidia.

SoftBank may infuse $30 billion and can raise $70 billion from investment firms in the Middle East, reports Bloomberg, citing sources.

The AI venture would complement the business of UK chip designer Arm, in which SoftBank has a 90 per cent stake after its IPO.

Arm’s shares went up this week after Nvidia disclosed it had acquired a $147.3 million stake in the SoftBank-backed firm.

Arm was acquired by SoftBank for $32 billion in 2016. SoftBank failed to sell it for $40 billion to Nvidia in 2022 amid regulatory hurdles. Softbank’s Son is not alone in the race to build a next-generation AI venture with billions of dollars.

According to a latest report in the Wall Street Journal, OpenAI Co-founder and CEO Sam Altman is in talks with investors, including the UAE government, to raise funds for a tech initiative that would boost the world’s chip-building capacity.

“The project could require raising as much as $5 trillion to $7 trillion,” the report mentioned, citing sources. Altman has often said there aren’t enough high-end GPUs to power OpenAI’s quest for AI. Global sales of chips were $527 billion last year and are expected to rise to $1 trillion annually by 2030.

ALSO READ: China’s Chang’e-6 lunar sample-return mission to lift off in May

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Israel Opens Skies to Musk’s Starlink

The Minister of Communications and the representatives of the company reached agreements regarding the entry of Starlink into the Gaza Strip…reports Asian Lite News

Israel’s Communications Minister Shlomo Karhi gave the green light for Starlink, the satellite giant owned by Elon Musk, to operate in the country for the first time.

The Ministry of Communications said that this means the country’s local authorities, emergency departments, government bodies and more, will be able to “continue to consume advanced communication services with broadband, even in case of wired and cellular communication failures.”

In addition, the Minister of Communications and the representatives of the company reached agreements regarding the entry of Starlink into the Gaza Strip. Today the security officials approved the introduction of one such unit to a field hospital of the United Arab Emirates in Rafah. Starlink’s high-speed, low-latency connections will allow conference calls with other hospitals and real-time remote diagnoses.

The Starlink company, owned and operated by SpaceX, operates communication services that include broadband internet via satellites and independent of communication centers located on the ground. (ANI/TPS)

ALSO READ: Israel raids main hospital in Gaza

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UiPath to Train 500K Indians in AI

UiPath appoints Anil Bhasin as new India head.

UiPath is set to launch 50 automation skills’ labs across various colleges in the country…reports Asian Lite News

Enterprise automation software company UiPath on Thursday announced to equip five lakh Indians with artificial intelligence (AI) and automation skills by 2027, as the government aims to bridge the skill gap in emerging technologies.

The company said it is expanding the partnership with ‘FutureSkills Prime’, A MeitY-Nasscom initiative and plans to introduce two new learning plans for business analysts and test automation professionals.

“The advent of AI and automation opens India’s economy and population to vast new opportunities, and this must be supported with a dedicated commitment to elevating the skills and expertise available in the market,” said Arun Balasubramanian, VP and Managing Director India and South Asia, UiPath.

UiPath is set to launch 50 automation skills’ labs across various colleges in the country, expanding opportunities for students to advance their automation skills and expertise.

These dedicated facilities, to be operational by the second half this year, will focus on skills development, innovation, and research.

As part of this initiative, UiPath will work with academic institutions to offer curriculum enhancements, and help students engage with the wider industry and community for jobs.

UiPath said it will provide 100 scholarships every year over the next three years for economically-disadvantaged individuals to pursue certifications.

This initiative will be funded by UiPath partners and customers and is targeted at ensuring equitable access for all individuals to contribute to and benefit from India’s digital economy.

“Automation fueled by AI is transforming businesses and to leverage the growing opportunities, Sector Skills Council Nasscom is adapting education to meet industry demands with a focus on practical career development,” said Kirti Seth, CEO, SSC Nasscom.

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‘India on Track to Become Responsible AI Hub’

New research commissioned by the company found that about 59 per cent of enterprise-scale organisations in India have AI actively in use in their businesses….reports Asian Lite News

India is on the right path to become a global AI hub with creating a robust AI governance framework, and top factors driving adoption in the country are accessibility of AI tools, need to reduce costs and automate and increase in AI embedded into off-the-shelf business applications, IT and software major IBM said on Thursday.

“The Indian government has given a much-needed thrust to AI and its adoption and investments by Indian enterprises, which ensuring responsible and trusted AI with help from the industry stakeholders. IBM is actively engaged with the government on creating guardrails around AI and its responsible use,” Sandip Patel, Managing Director, IBM India & South Asia, told IANS.

New research commissioned by the company found that about 59 per cent of enterprise-scale organisations in India have AI actively in use in their businesses.

artificial intelligence.(photo:Pixabay.com)

The ‘IBM Global AI Adoption Index 2023’ found early adopters are leading the way, with 74 per cent of those Indian enterprises already working with AI, having accelerated their investments in AI in the past 24 months in areas like R&D and workforce re-skilling.

However, “there is still a significant opportunity to accelerate as many businesses are hesitant to move beyond experimentation and deploy AI at scale,” Patel stressed.

To harness its full potential in the coming months, data and AI governance tools are going to be critical for building AI models responsibly that enterprises can trust and confidently adopt.

“Without the use of governance tools, AI can expose companies to data privacy issues, legal complications, and ethical dilemmas – cases of which we have already seen plaguing many across the world,” he noted.

Ongoing challenges for AI adoption remain, including hiring employees with the right skillsets and ethical concerns, inhibiting businesses from adopting AI technologies into their operations.

Nearly six in 10 of IT professionals at enterprises said their company is actively implementing generative AI and another 34 per cent are exploring it.

About 74 per cent of IT professionals at companies deploying or exploring AI indicate that their company has accelerated their investments in or rollout of AI in the past 24 months in areas like R&D (67 per cent), reskilling/workforce development (55 per cent) and building proprietary AI solutions (53 per cent).

The top five barriers hindering successful AI adoption at enterprises both exploring or deploying AI are limited AI skills and expertise (30 per cent), lack of tools/platforms for developing AI models (28 per cent), AI projects are too complex or difficult to integrate and scale (27 per cent), ethical concerns (26 per cent) and too much data complexity (25 per cent), said the report.

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Bosch posts 62% jump in net profit

Bosch.

The company said the net profit is 12.3 per cent of revenue from operations…reports Asian Lite News

Auto components major Bosch Ltd on Tuesday reported a 62 per cent jump in net profit at Rs 518 crore for the October-November quarter of the current financial year compared to the corresponding figure of Rs 318.9 crore in the same quarter of the previous year.

The company said the net profit is 12.3 per cent of revenue from operations.

The Board of directors in their meeting held on February 13, declared a special payout in the form of an Interim Dividend of Rs 205 per equity share of Rs 10 each.

The total revenue from operations of the company worked out to Rs 4,205 crores in the third quarter, an increase of 14.9 per cent over the same quarter of last year. This growth is driven by surging demand in the overall automotive market, mainly in passenger cars and heavy commercial vehicle (HCV) segment.

Overall product sales of the automotive segment have increased by 16.8 per cent compared to the same quarter of the previous year, according to a Bosch statement.

“Increased demand for vehicles has resulted in robust growth for Bosch Limited this quarter. With a sustained focus on localization in the mobility space and beyond, we are optimistic of the future.” said Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director, Bosch Limited.

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Karnataka Tech Startup Funding Dips 72%

The state has more than 18,000 startups and is home to 39 per cent of the unicorn companies in the country….reports Asian Lite News

Total funding into Karnataka-based tech startups sharply fell 72 per cent to $3.4 billion in 2023, from $12.2 billion in 2022, a new report said on Tuesday.

This decline can be attributed to the prevailing macroeconomic conditions and geopolitical issues as the total number of $100 million and above rounds fell to 8 in 2023 from 26 in 2022, according to the report by Tracxn, a data intelligence platform.

The state has more than 18,000 startups and is home to 39 per cent of the unicorn companies in the country.

The startups in the state attracted late-stage investments worth $2.3 billion in 2023, a 74 per cent decline compared with $8.9 billion in 2022.

Early-stage funding in 2023 stood at $784 million in funding, a drop of 71 per cent from the $2.7 billion raised during the previous year.

Seed-stage funding fell 54 per cent to $294 million from the $643 million raised in 2022.

Only eight $100 million and above funding rounds were observed in this space in 2023, as against 26 and 44 such rounds in 2022 and 2021, respectively.

PhonePe and Udaan secured the highest funding in 2023, raising $623 million and $377 million in Series D and Series E funding rounds, respectively.

Further, no new unicorns emerged from this space in 2023, a sharp contrast from seven unicorns in 2022 and 18 in 2021, according to the report.

Fintech, retail and enterprise applications were the top-funded segments in 2023.

The fintech sector in Karnataka secured a total funding of $1.15 billion in 2023, a decline of 51 per cent compared with $2.4 billion raised during the previous year.

In 2023, the Karnataka tech sector witnessed 35 acquisitions, significantly lower than 48 acquisitions in 2022 and 57 acquisitions in 2021.

Accel, Wellfound, and LetsVenture are the top investors in the state of Karnataka to date.

ALSO READ: Samsung Chairman Advocates Bold Investments

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Govt eMarketplace Achieves Milestone

GeM, a pioneer in public procurement, was conceptualised by PM Narendra Modi as a mission to foster ‘Minimum Government, Maximum Governance’ through digital platforms….reports Asian Lite News

The Government eMarketplace (GeM) has registered a record gross merchandise value of Rs 3 lakh crore in 11 months of the current financial year, surpassing the figure of Rs 2 lakh crore achieved for the entire year in 2022-23, the Commerce and Industry Ministry said on Monday.

The integrated digital platform has also seen a notable increase in the daily average GMV transaction value during this period from Rs 504 crore in financial year 2022-23 to Rs 914 crore as of February 12, 2024.

GeM, a pioneer in public procurement, was conceptualised by PM Narendra Modi as a mission to foster ‘Minimum Government, Maximum Governance’ through digital platforms.

Since its inception in 2016, GeM has revolutionised the landscape of public procurement, providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/state ministries, departments, public sector undertakings, panchayats, and cooperatives, the ministry said.

As of February 12, 2024, GeM directly links over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers (primary as well as secondary buyers).

By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption and bribery in government spending, thereby inculcating greater transparency in public finances. The platform currently showcases more than 12,200+ products and services categories with offerings covering all complex and dynamic requirements of government buyers across the country.

In particular, the services segment on GeM has experienced an unprecedented surge, proving to be a pivotal force behind GeM’s success and its exponential growth. Over the past 3 years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement – from approximately Rs 66,000 crore in FY 22-23 to Rs 1,30,984 crore in FY 23-24 (as of February 12, 2024). Notably, the services sector’s contribution to GeM’s GMV has surged by 98 per cent from last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year, according to the ministry.

In this financial year, concerted efforts were made to reach out to various government bodies and maximise their participation in public procurement processes through GeM. While central entities have contributed to 82 per cent of the current GMV, increased engagement from states has propelled the platform’s growth. States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56 per cent increase compared to the corresponding period in the previous fiscal year.

This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Delhi, in the platform’s capabilities to achieve cost-efficiency in their public procurement. These states have emerged as the top procurers on the platform, in terms of order value, during this period, the official statement added.

ALSO READ: Samsung Chairman Advocates Bold Investments

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Samsung Chairman Advocates Bold Investments

Samsung has been building an additional production line in the region with a budget of 1.7 trillion won ($1.2 billion) since 2022…reports Asian Lite News

Samsung Electronics Chairman Lee Jae-yong has emphasised the importance of “bold” investments during a visit to Samsung SDI’s battery production line in Malaysia, the company said on Monday.

The visit was made in Lee’s first overseas trip since he was cleared of all charges in a court ruling on the controversial 2015 merger of two Samsung affiliates allegedly conducted to help him take over control of South Korea’s biggest conglomerate.

“We should not be focusing solely on short-term performances, but rather lead changes by rolling out bold challenges,” Lee was quoted by Samsung Electronics as saying during the visit to the factory in Seremban, 65 kms south of Kuala Lumpur.

Samsung has been building an additional production line in the region with a budget of 1.7 trillion won ($1.2 billion) since 2022, reports Yonhap news agency.

Lee also visited Kuala Lumpur to check local consumers’ responses to the company’s latest Galaxy S24 smartphone, the company added.

Last week, prosecutors appealed a recent court acquittal of Samsung Chairman Jae-yong in a controversial Samsung affiliate merger case.

The prosecution had demanded a five-year prison sentence for the chief of South Korea’s largest conglomerate.

Meanwhile, Samsung’s fourth-quarter operating profit sank 34.4 per cent from a year earlier due largely to sluggish semiconductor business but its memory chip segment turned to the black on recovering demand.

ALSO READ: Astrotalk Secures Funds for Global Expansion

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Google Funds European AI Training

The company announced the funding as part of its AI Opportunity Initiative for Europe…reports Asian Lite News

Google on Monday announced the 25 million euros ($26.98 million) funding from Google.org to support artificial intelligence (AI) training and skills for people across Europe, with a particular focus on vulnerable and underserved communities.

The company announced the funding as part of its AI Opportunity Initiative for Europe. Google will start by dedicating 10 million euros to equipping workers with the skills they need to avoid being left behind.

“AI has enormous potential to transform the world for the better. Yet research shows that the benefits of AI could exacerbate existing inequalities — especially in terms of economic security and employment,” Adrian Brown, Executive Director, Centre for Public Impact, which is running the nonprofit scheme alongside Google, said in a blogpost.

“This new programme will help people across Europe develop their knowledge, skills and confidence around AI, ensuring that no one is left behind,” he added.

The initiative will also include a new series of Google for Startups Growth Academies across Europe, the Middle East and Africa.

“The equity-free programme is to support startups using AI to solve society’s biggest challenges, in health, education and cybersecurity,” Google said.

The company is now open for applications for the Growth Academy: AI for Health.

Under the AI Opportunity Initiative, the tech giant is also expanding its AI foundational courses to 18 languages. The courses are free of charge and available to everyone, offering a series of modules on introductory AI skills to help people and businesses get practical skills and knowledge.

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