logo
India-Canada Ties On Revival Mode? PM Meets Mark Carney: 10 Points

India-Canada Ties On Revival Mode? PM Meets Mark Carney: 10 Points

NDTV3 hours ago

New Delhi:
Prime Minister Narendra Modi met his Canadian counterpart Mark Carney on the sidelines of the G7 meet in Alberta today. Their bilateral meet carries the hope of a reboot in ties since they deteriorated last year under Justin Trudeau.
Here are the top 10 points from this big story:
PM Modi is in Alberta on the invitation of Prime Minister Mark Carney. India is not a member of G7, but attends the meetings.
The invite is seen to have signalled Canada's intent to get ties with India and the ongoing partnerships in multiple arenas back on track.
Ottawa's relationship with New Delhi had dropped to an all-time low last year, following the killing of pro-Khalistani separatist Hardeep Singh Nijjar in 2023. This is PM Modi's first visit to Canada since.
Then Prime Minister Trudeau had pointed fingers at New Delhi, alleging the involvement of Indian agents in the murder.
New Delhi had refuted the allegations and accused Justin Trudeau's government of allowing pro-Khalistan groups to operate from Canadian soil. In October. Last year, India recalled its high commissioner and five other diplomats and expelled an equal number of representatives from Canada.
Mr Carney, an economist who joined politics recently, succeeded Justin Trudeau in the top job in April. Last week, Mr Carney said India's position as the fifth largest economy and its billion-plus population warranted the invite.
"As chair of the G7, it is important to invite the most important countries to talk about issues such as energy, artificial intelligence, critical minerals, and India is really at the very centre of global supply chains," he had told reporters.
"As vibrant democracies bound by deep people-to-people ties, India and Canada will work together with renewed vigor, guided by mutual respect and shared interests. Look forward to our meeting at the summit," PM Modi had said before leaving for the three-nation tour.
The G-7 summit comes amid an escalation in hostilities between Iran and Israel. In a statement, the G7 nations have expressed support for Israel's right to defend itself and condemned Iran.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Melodi moment: PM Modi meets Meloni at G7 in Canada; both leaders reaffirm growing ties
Melodi moment: PM Modi meets Meloni at G7 in Canada; both leaders reaffirm growing ties

Time of India

time29 minutes ago

  • Time of India

Melodi moment: PM Modi meets Meloni at G7 in Canada; both leaders reaffirm growing ties

Picture: X/Georgia Meloni Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni met informally during the G7 Summit in Kananaskis, Canada. The two leaders greeted each other with a handshake and held a short conversation. After their meeting, Meloni posted on X, 'Italy and India, linked by a great friendship.' — GiorgiaMeloni (@GiorgiaMeloni) In response, PM Modi wrote, 'Fully agree with you, PM Giorgia Meloni. India's friendship with Italy will continue to get stronger, greatly benefitting our people!' Their friendly exchanges have regularly drawn public attention. At the COP28 summit in Dubai, Meloni posted a selfie with Modi, captioned 'Good friends at COP28, #Melodi.' Similar interactions during the G20 summit in India went viral, with social media users editing videos of the two leaders with Bollywood music and captions. Earlier in the day, PM Modi arrived at the Pomeroy Kananaskis Mountain Lodge to attend the high-level meeting. He was welcomed by Canadian Prime Minister Mark Carney and received a ceremonial reception at Calgary airport. This marks PM Modi's sixth straight appearance at the G7 Summit and his first visit to Canada in ten years. The Canada visit is part of his three-nation tour that includes Cyprus and Croatia.

AI firms getting GPU sops may see govt at the table
AI firms getting GPU sops may see govt at the table

Mint

time29 minutes ago

  • Mint

AI firms getting GPU sops may see govt at the table

New Delhi: There's no free lunch for startups eyeing subsidized access to powerful graphics processing units (GPUs) under India's AI Mission. In return for the 'grant', the ministry of electronics and information technology (Meity) is considering picking up 2-4% stake in the startups as part of its GPU allocation strategy, three founders of startups that have been shortlisted for the programme by the ministry told Mint. Four startups–Bengaluru-based Sarvam and Gurugram's Soket AI Labs, and Noida's Gan AI–have been shortlisted by New Delhi to use government-licensed GPUs. The proposed move, which signals a shift from a purely subsidy-driven approach to one that seeks the Indian government's long-term participation in the country's AI ecosystem, has sparked debate among founders and investors. While startup founders are happy with the assurance that comes with the government's skin in the game, investors raised concerns about conflict of interest. A senior government official told Mint, requesting anonymity, that taking equity in the startups 'is one of the many methods through which the government is considering rolling out the GPU access". The ministry is currently in process of vetting these methods, and a final decision on how the funding will take place may be announced in the coming months. 'An equity stake model does not have to only be through sovereign funds—under National Quantum Mission, too, startup funding is being offered in exchange for equity stakes," the official said. Also read | Sovereign silicon: India targets indigenous 2nm, Nvidia-level GPU by 2030 To be sure, the government earlier this year announced the $1.2-billion AI Mission to offer a subsidized approach to access to GPUs, which are the lifeblood of AI firms. Reason: buying GPUs is expensive–Nvidia's chips cost up to $60,000 for a single GPU system–and beyond the capabilities of India's fledgling AI startups. So, the government has roped in Hiranandani Group's Yotta Data Services, Tata Communications and others to offer access to GPUs at their data centres at about one-fourth of the market rate, or as low as $0.8 per GPU per hour. Mint's email to Meity seeking comment from an official spokesperson did not receive responses until press time. Opinions divided Some investors feel the government's move may create a conflict with both private investors as well as taxpayers. Harshjit Sethi, managing director of venture capital firm Peak XV, said that as a result of the Centre's equity stake in these startups, 'the return to the taxpayer will come from the appreciation of this equity stake, in addition to the strategic imperative that we as India should have our own AI models from scratch". Peak XV led Sarvam's seed funding round, and co-led its $41-million series-A funding round in December 2023. Such a move could create conflict for private investors, who seek profitability in exchange for large-scale investments. Three other VC partners investing in deep-tech startups told Mint that such a move may raise questions of conflict, at least in the near-term. Read this | Home-made chips: India's GPUs set for year-end trials 'It's important that the government's involvement is structured in a way that doesn't limit startups' ability to pursue global commercial opportunities," said Vishesh Rajaram, managing partner of early-stage deep-tech-only VC fund Speciale Invest. However, Rajaram added that 'if done right, the government can play the role of a catalytic capital provider—nudging innovation towards public good". 'The question would then be, should you seek to raise a large funding round and pursue a venture that gives you closer control of the venture, or do you build for public equities and scale up your business after that?" a senior industry executive and investor at an early-stage tech-focused VC fund said. 'This is a question that will need to be answered by the founders, in order to judge if a government-owned stake could raise conflicts." For others, though, the decision is to favour access to these pricey GPUs rather than protecting their stakes. Abhishek Upperwal, founder and chief executive of Soket AI Labs, said that the startup is leaning towards offering an equity stake to the Centre for access to 2,000 GPUs to train its 120-billion-parameter large language model (LLM). 'The rationale is that if the government is a stakeholder in the business, this allows us to reduce our dependence on venture capital funding—since in exchange for a minority stake, we're getting to reduce our operating costs significantly." However, this could come at the cost of focusing on public utilities, rather than a commercial business model in the near term. 'The government owning a stake is to largely ensure that public funds are used to train AI models for public utilities—here, the Centre will play the role of a mentor, and not a client," Upperwal said. Also read | No GPUs, no problem: Ziroh Labs can run AI models just with CPUs Access to ample funds is what startups believe could push them to find the government's ask of equity stakes reasonable. Industry estimates said that access to 2,000 GPUs for one year, which Upperwal's Soket AI Labs has requested for, will amount to $2.5-10 million for one year depending on consumption, even at Meity's subsidized procurement rates. Barring Sarvam, neither of the other three startups have raised such funding yet. 'Access to high capital funding from early-stage VCs in India is difficult—which is why we're happy with an equity stake model with the government. It also ensures that we're a part of the effort that the Centre is putting to develop the overall ecosystem, and we'll play a part in this in the long run. We've been looking to raise funding for two years, but building a new foundational AI architecture requires lengthy research and development (R&D) investments—which most VCs in India are not keen toward," Soket's Upperwal said. Industry veterans said that citizens will also likely need to find value in the AI applications in question, for the Centre's equity investments to qualify as a justified use of public taxpayer's money. 'Questions would arise on the use of public funds for startup investments. Globally, sovereign funds invest in commercial ventures, and use profits for public benefits and utilities. In this case, the use of public funds would come in building India's own AI ecosystem," said Kashyap Kompella, AI analyst and author. And read | Nvidia's Blackwell GPU may reach Indian shores as early as October

Indian consumers are looking beyond colas. Jeera spices up this craving
Indian consumers are looking beyond colas. Jeera spices up this craving

Mint

time30 minutes ago

  • Mint

Indian consumers are looking beyond colas. Jeera spices up this craving

New Delhi: Jeera or cumin, a staple spice in Indian kitchens, has triggered a battle among India's beverage makers. These companies are scaling up the production of cumin-infused drinks as the market for alternatives to colas swells. Coca-Cola, DS Group, Bisleri, and Reliance Consumer Products, alongside numerous regional brands, offer such spicy drinks. PepsiCo is reportedly eyeing an entry in the category dominated by bottles priced ₹10-20 apiece. "The unorganized segment for jeera-based beverages is estimated at ₹1,500–2,000 crore, and the per capita aerated beverage consumption in India remains 3–4 times lower than in several other Asian markets," said Nadia Chauhan, joint managing director and chief marketing officer, Parle Agro. 'That clearly signals untapped potential for growth. With strong consumer familiarity, functional relevance, and a flavour profile that aligns with Indian food habits, this category is poised for accelerated expansion," she said. "We believe it can double in size over the next three years." India's bottled beverage market is still dominated by fizzy colas. Think tank ICRIER estimates it to more than double from ₹67,100 crore in 2019 to ₹1.47 trillion by 2030. Still, the country is a vast market for traditional beverages like nimboo pani masala and aam panna, often made and consumed at home. Beverage makers have spotted an opportunity as jeera-based drinks become a popular alternative, particularly as a meal accompaniment due to their perceived functional benefits. Also read | Campa, Smoodh and now, Amul Tru: India's ₹10 beverage market is starting to get crowded Parle Agro, which launched Dhishoom for rural and small-town markets in 2012, rolled out the drink nationally last year. Compared to the scale of flagship brands such as Frooti, Appy Fizz or Smoodh, Dhishoom is still early in its journey but will carve out a differentiated space over the next 12-24 months, Chauhan said. The company expects this business to double over the next three years. Lahori Zeera, owned by Chandigarh-based Archian Foods Pvt. Ltd, plans to add six co-bottling units this fiscal. Earlier this year, Archian Foods secured ₹200 crore from Motilal Oswal Wealth. The company, founded by three cousins in 2017, plans to use these funds to expand manufacturing, transition to third-party bottling, and scale up distribution. Ethnic flavours There is a strong desire among Indian consumers for novel and ethnic flavours in non-alcoholic beverages. According to a 2023 research by market intelligence firm Mintel, 45% of Indians are interested in trying ethnic Indian flavours in packaged non-alcoholic drinks, and 41% are interested in global flavours. New flavours motivate 38% of carbonated soft drink consumers to try different beverages. Cumin is an emerging and popular flavour in both non-alcoholic beverages and yogurt drinks. Mintel sees a potential for further innovation. Smaller, homegrown brands such as Jeeru and Bindu have already established a niche in the category. Lahori Zeera aimed to target this market. 'The idea was to appeal to a more local taste palette and create mass-connect," said Nikhil Doda, co-founder & chief financial officer at Archian Foods. Read this | Hot summer forecast to boost consumer durables, beverage sales in India Over 90% of Lahori Zeera's business comes from the ₹10 price point. The brand is currently available in 17-18 states and plans to partner with at least six co-packing units or third-party bottlers this fiscal year. Demand, said Doda, has outstripped supply. 'This year, we will switch to an asset-light model; we are going into a co-bottling model similar to what other big brands do. That will help us bridge the gap between demand and supply and fast-track growth," he said. 'People from the industry, existing bottlers who vouch for the brand, are ready to invest." Noida-based DS Group, which sells candies and spices, launched its Catch Jira drink in mid-2016. 'Jeera is known to enhance flavour and aroma in food preparation, but it is also perceived to be a digestive, which is driving the consumer interest in the beverage segment," said PS Bedi, business head, drinks, DS Group. In 2018, Coca-Cola relaunched Rimzim jeera beverage, a brand it acquired from Parle in the 1990s. However, the category hasn't scaled beyond select markets for the beverage major. Read this | Bisleri to double sales in two years; not selling business: Jayanti Chauhan 'It is available in the rural markets of Gujarat, Karnataka, and a few rural parts of Northern India. Based on consumer insights, jeera flavoured drinks are being consumed and are gaining popularity among older consumers," a company spokesperson said. 'Rooted in indigenous taste preferences, it offers a refreshing addition to Coca-Cola's beverage portfolio in India." PepsiCo declined to comment on its future product pipeline. But those in the beverage industry said the company is planning a beverage under its Nimbooz refreshment brand. Bisleri also declined to comment. Pricing challenge While the market is growing, the ₹10 price point remains a challenge due to high taxation on sugary, aerated drinks. It is absolutely not sustainable as the category attracts goods and services tax of 28% and a 12% cess—a total of 40%, said Bedi from DS Group. Local retailers Mint spoke to said they typically sell the product in bulk or packs of 24 priced at ₹240. Parle Agro and Lahori Zeera remain committed to this price point. 'Frooti is nearly 40 years old and continues to be available at ₹10. We've also successfully built Smoodh at that same entry point in the dairy category," said Chauhan. Doda of Lahori Zeera said the ₹10 price point drives significant volumes. 'Having said that, competition has become intense," he said. 'The category has attracted more big boys." And read | Competition a positive force, keeps us sharp: Coca-Cola president Murphy

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store