Backs Powell: 'Central bank independence is essential'
Malhotra cited a recent G20 meeting where Powell's remarks on independence drew rare applause from fellow governors. Powell has faced repeated attacks from Trump over rate policy and Fed spending, raising concerns about institutional credibility. Malhotra's comments align with a broader consensus among central bankers that insulating monetary policy from political interference is key to preserving stability and inflation control.
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Time of India
28 minutes ago
- Time of India
China PM warns against a global AI 'monopoly'
China PM warns against a global AI 'monopoly' China will spearhead the creation of an international organisation to jointly develop AI, the country's premier said, seeking to ensure that the world-changing technology doesn't become the province of just a few nations or companies. Artificial intelligence harbours risks from widespread job losses to economic upheaval that require nations to work together to address, Premier Li Qiang told the World Artificial Intelligence Conference in Shanghai on Saturday. That means more international exchanges, Beijing's No 2 official said during China's most important annual technology summit. Li didn't name any countries in his short address to kick off the event. But Chinese executives and officials have taken aim at Washington's efforts to curtail the Asian country's tech sector, including by slapping restrictions on the export of Nvidia chips crucial to AI development. On Saturday, Li acknowledged a shortage of semiconductors was a major bottleneck, but reaffirmed President Xi Jinping's call to establish policies to propel Beijing's ambitions. The govt will now help create a body - loosely translated as the World AI Cooperation Organization - through which countries can share insights and talent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Female Athletes Right Now Undo "Currently, key resources and capabilities are concentrated in a few countries and a few enterprises. If we engage in technological monopoly, controls and restrictions, AI will become an exclusive game for a small number of countries and enterprises," Li told hundreds of delegates huddled at the conference venue on the banks of Shanghai's iconic Huangpu river. China and the US are locked in a race to develop a technology with the potential to turbocharge economies and - over the long run - tip the balance of geopolitical power. This week, US President Donald Trump signed executive orders to loosen regulations and expand energy supplies for data centers - a call to arms to ensure companies like OpenAI and Google help safeguard America's lead in the post-ChatGPT era. At the same time, the breakout success of DeepSeek has inspired Chinese tech leaders and startups to accelerate research and roll out AI products. The weekend conference in Shanghai - gathering star founders, Beijing officials and deep-pocketed financiers by the thousands - is designed to catalyze that movement. The event, which has featured Elon Musk and Jack Ma in years past, was launched in 2018. This year's attendance may hit a record because it's taking place at a critical juncture in the global race to lead GenAI development. It's already drawn some notable figures: Nobel Prize laureate Geoffrey Hinton and former Google chief Eric Schmidt were among heavyweights who met Shanghai party boss Chen Jining Thursday, before they were due to speak at the event.
Indian Express
40 minutes ago
- Indian Express
India, China marking a beginning, sense of caution would have to be built in: FM Nirmala Sitharaman
India and China are beginning to move towards more access and interactions that might help the economy, even as a sense of caution would have to be built in, Finance Minister Nirmala Sitharaman said on Saturday. She also underlined that maintaining growth is India's top priority along with the need to be a dynamic player in global institutions and redefining its role in the global South, and having a friendly and attractive FDI policy to be able to get more and more investments. When asked about the thaw in Indo-China relations at the launch of the book A World in Flux: India's Economic Priorities with the recent relaxation of visa norms, Sitharaman said not just India but China has also shown interest in these interactions and one will have to 'wait and see' how far it will go. Citing the restrictions earlier enlisted in Press Note 3 that had put curbs on investments from China, which also affected some of the projects including those in the renewable energy sector, Sitharaman said there was lull during the tariff war between the US and China. But, now it has been felt by both India and China for the 'need to have more access and a lot more interactions that could possibly open some windows'. 'And that's not just from our side, even the Chinese have been approaching through the MEA. So, you had External Affairs Minister S Jaishankar go. There is something, some kind of a beginning, as to how much it will take us far; how far it will go is something we will have to wait and see. But it might help the economy; however much, a sense of caution would have to be built in,' she said. Last week, External Affairs Minister S Jaishankar travelled to China where he had underlined that 'differences should not become disputes' nor should 'competition ever become conflict' and that while India and China have made good progress in the past nine months towards the normalisation of bilateral relations, they should work to address de-escalation on the border. India had earlier put restrictions on investments from China through Press Note 3 in April 2020 to curb potential opportunistic takeovers of Indian companies during the Covid-19 pandemic by making a government approval mandatory for all investments from countries sharing a land border with India, including China. It continued to be in force in the wake of national security concerns due to border tensions after the Galwan clash. Enlisting India's priorities, Sitharaman said growth is the topmost priority. 'Growth is the topmost priority, and therefore, it will have an overlap with: do you create jobs, do you have that value addition,' she said. The Indian economy grew by 6.5 per cent in FY25, the slowest in four years as against 9.2 per cent growth in FY24. For the current financial year 2025-26, the Economic Survey has projected GDP growth at 6.3-6.8 per cent, while the RBI has lowered its growth forecast to 6.5 per cent from an earlier level of 6.7 per cent for FY26. The second objective for India would be to be relevant on the global stage, she said. 'Not just to be there in the leadership position but to be able to define how this move is going to take India forward along with the rest of the countries. We need to define the global institutions which are going to govern us for the next hundred years,' she said. Within India, Sitharaman said the government will have to focus on whether it is giving the economy the necessary support and attending to every aspiring section's aspirations, not just by giving money but by giving an overall ecosystem through which they can aspire to grow. Finding resources for meeting domestic economic aspirations within fiscal constraints is another priority for the government, she said. Another priority would be to make sure that the FDI policy is friendly and attractive to be able to get more and more investments happening in India. On the issue of trade pacts, Sitharaman said agreements are taking priority over multilateral trade even though she can't comment if it's good or bad as of now. 'On the bilateral trade front, we are moving forward and we have seen bilateral agreements being signed in the last four to five years with Australia, UAE, EFTA and the UK. Negotiations are progressing well with the United States as well as the European Union,' she said.
Time of India
an hour ago
- Time of India
BMC uses AI to track silt removal, contractors fined 13cr for default
Mumbai: BMC has so far imposed a fine of Rs 13 crore on contractors of desilting work for indulging in malpractices detected using AI. BMC deployed AI to monitor desilting work. Till June 4, it had imposed a fine of Rs 3 crore on contractors. BMC created an online dashboard, and AI is being used to carry out an analysis of videos and photos of desilting work. BMC made it a must for contractors to send 30-second video recordings with photos during silt removal and disposal process. BMC officials said the videos and photos are being run through the AI system to check for manipulation. "The entire process is being video-recorded and photographed — from removal of silt from drains and loading onto trucks, weighing silt, and unloading it. Even the weighing process is recorded and linked to BMC's system. Contractors are not even allowed to cover trucks to prevent manipulation. In some cases, contractors recorded a video of another video of desilting work being done at the same location to show it as fresh work or repeat work. Some contractors mixed other waste with silt to increase weight, while in some instances, time interval between loading and unloading was found to be less," said a BMC official.
