Jio gearing up for 6G revolution
It is now the world's largest data operator carrying over 17 exabytes of data traffic monthly with about 60 per cent share of wireless data traffic in India. Jio is actively engaging with the government's IndiaAi mission to build an artificial intelligence ecosystem-- which is expected to consume huge energy due to data processing by high performance computing infrastructure.
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Time of India
3 hours ago
- Time of India
'Global chaos relatively positive for India' - Rising middle class can drive consumer growth: BlackRock COO Goldstein
Robert L Goldstein, chief operating officer of BlackRock, the world's leading asset manager with funds worth about $11 trillion - which is more than double India's market cap, is involved with the rollout and expansion of the Jio-BlackRock JV, one of his many initiatives. Goldstein, who first visited India in 2010, remains bullish on the country due to a combination of factors including digitisation, working age population and urbanisation. Excerpts from an interview: Digitisation Drive Rob: I am incredibly bullish on India. India has this unique position where a lot of the reshaping of the world order happens. One of the incredible things about India was that as a society, it skipped a bunch of steps in terms of its journey to digitisation and how the phone became your identity. One of the reasons it was able to achieve that is because it didn't have a legacy that it needed to work through. And obviously, we're very privileged in terms of our partnership with Jio. They were one of the key catalysts towards enabling that. India & The World A few years ago, we came out with five key themes that we felt were going to shape the future of economics, the global order, and most importantly asset returns and how people build portfolios. Those were: global fragmentation and geopolitics; digital disruption and AI; the future of finance, which is the role of the capital markets - public and private - relative to the role of banks; demographic divergences and the transition to a low-carbon environment. It's quite extraordinary if you look at these mega forces that are shaping or reshaping the world, and then you look at them through an India perspective. At a time where most of the developed world is struggling with the fact that their workforces are shrinking, there is the concept of 'one in five working-age people will be in India...' It's a great case study in how technology enables financial inclusion. On the urbanisation front, there's not just the rising middle class and mass affluent demographic, but it also has the potential to drive consumer growth for decades to come. And again, I think the new world that is being defined in many regards, India is increasingly becoming at the centre of that new world. And a lot of the global turbulence is a relative positive for India. Mutual Fund Potential The total mutual fund industry in India is roughly $800 billion. How could the world's fourth-largest economy have just that? It's a remarkable number that's out of proportion.. Here less than 10% of the wealth is in mutual funds, or the capital markets. The majority of wealth is in cash deposits, real estate, and gold. There is an exceptional opportunity for that capital to be deployed in more efficient, productive ways that help create a growth flywheel for the country: the power of capital markets, the power of compounding, the power of investing over the long term, and what that could enable for people. India is still very early in that journey. And that is what we aspire to help catalyse through Jio BlackRock. On Jio BlackRock In addition to transparent and competitive pricing, one of the benefits that BlackRock can bring to JioBlackRock is the use of Aladdin, which offers portfolio and risk management capabilities. When we talk about applying data driven investing at BlackRock, we are describing strategies that harness the power of AI to derive investment insights from signals based on broad sets of data. That includes structured, or traditional, data such as earnings or data on rates. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Mint
6 hours ago
- Mint
Market capitalisation of top 10 valued companies plummets by ₹1.36 lakh crore, Reliance worst hit
A bearish drag on equities pulled the cumulative market capitalisation (m-cap) of the top 10 most valued companies in India sharply by ₹ 1.36 crore ( ₹ 1,36,151.24 crore) over the past week, with conglomerate Reliance Industries (RIL) taking the worst hit, according to a report by PTI. Extending losing streak for the sixth consecutive week, the BSE benchmark index, Sensex, dropped 742.12 points or 0.92 per cent, and the NSE Nifty declined 202.05 points or 0.82 per cent. Despite the valuation drop, RIL remains the most valued company in the country, followed by private sector lender HDFC Bank, IT company Tata Consultancy Services (TCS), telecom major Bharti Airtel, banking major ICICI Bank, public sector lending leader State Bank of India (SBI), IT giant Infosys, FMCG leader Hindustan Unilever (HUL), insurance behemoth Life Insurance Corporation of India (LIC), and financing major Bajaj Finance. From the top 10 pack, Reliance, HDFC Bank, Airtel, ICICI Bank, Infosys and HUL faced erosion in their valuations, the report added. RIL valuation tumbled ₹ 34,710.8 crore to ₹ 18,51,174.59 crore. 34,710.8 crore to 18,51,174.59 crore. HDFC Bank's mcap tanked ₹ 29,722.04 crore to ₹ 15,14,303.58 crore. 29,722.04 crore to 15,14,303.58 crore. The mcap of ICICI Bank fell by ₹ 24,719.45 crore to ₹ 10,25,495.69 crore. 24,719.45 crore to 10,25,495.69 crore. Infosys value dropped by ₹ 19,504.31 crore to ₹ 5,91,423.02 crore. 19,504.31 crore to 5,91,423.02 crore. The valuation of Bharti Airtel declined by ₹ 15,053.55 crore to ₹ 10,59,850.32 crore. 15,053.55 crore to 10,59,850.32 crore. HUL lost ₹ 5,87,021.88 crore to tumble to ₹ 12,441.09 crore. Meanwhile, among the top 10, TCS, SBI, LIC, and Bajaj Finance were the gainers.
Economic Times
9 hours ago
- Economic Times
First made in India chip to be rolled out soon: Ashwini Vaishnaw
Synopsis India is set to produce its first indigenous chip soon. Six semiconductor plants are under construction across Gujarat, Assam, and Uttar Pradesh. The India AI mission makes AI accessible with affordable GPU access. The government prioritizes self-reliance in technology. India is now a top smartphone supplier to the US. ANI Ashwini Vaishnaw Bengaluru: Union Information and Technology Minister Ashwini Vaishnaw on Sunday said that the country would witness the rollout of its first made-in-India chip "very soon" as six semiconductor plants are under construction in Gujarat, Assam and Uttar Pradesh. Addressing the 'Next-Gen Mobility for a Next-Gen City' programme here, the IT Minister said, "Today there are six semiconductor plants under construction in our country and very soon we'll see the first made in India chip roll out of these factories." Emphasising the government's resolve for the easy accessibility of Artificial Intelligence (AI) technologies, he said, "AI is shaping our world today. Our Prime Minister's vision is of democratising technology. It should be accessible to all. It should not be limited to a few. It should be available to all. That's why we have done the India AI mission in which 34,000 GPUs (Graphics Processing Units) are available today as a common compute facility for all our innovators.""The price of these GPUs is just less than USD 1 per hour. And this is the most affordable common computer facility in the entire world," the Minister added. Speaking at the same event, Prime Minister Narendra Modi also emphasised India's priority to become "self-reliant" in the technology sector, stating that the country will soon have its "Made in India" chip as the semiconductor mission gains momentum. PM stressed that the journey of "Viksit Bharat" will move forward hand in hand with the Digital India initiative. He noted that with the India AI Mission, the country is advancing towards global AI leadership. "Our next big priority should be becoming self-reliant in technology. The journey to a Viksit Bharat will move forward hand in hand with Digital India. Through initiatives like the India AI Mission, India is advancing toward global AI leadership. He added that the Semiconductor Mission is also gaining momentum, and India will soon have its own Made-in-India chip", PM Modi said. In May, the Union Cabinet approved India's sixth semiconductor manufacturing unit in Jewar in western Uttar Pradesh. It will be established near Jewar Airport through a joint venture between the HCL Group and Taiwanese electronics giant sixth unit is expected to generate employment for around 2,000 people and will help significantly in strengthening India's semiconductor ecosystem. The unit at Jewar will have a 20,000 wafers per month capacity, and the chips will have 36 million (3.6 crore) per other five semiconductor plants, four are in Gujarat: Tata Electronics-PSMC Semiconductor fab, CG Power-Renesas-Stars Microelectronics ATMP unit , Micron Technology's ATMP unit and Kaynes Semicon ATMP unit, while the Tata Semiconductor Assembly and Test (TSAT) Unit is in 2024, the Government of India launched a comprehensive initiative called the India AI Mission aimed at positioning India as a global hub for artificial intelligence (AI) research, innovation, and adoption. The mission focuses on developing AI solutions across key sectors such as healthcare, agriculture, education, smart cities, and infrastructure to drive socio-economic strategy includes capacity building, development of research ecosystems, and partnerships between government, industry, and government has also approved the Semicon India programme with a total outlay of Rs 76,000 crore for the development of a semiconductor and display manufacturing ecosystem in the the other hand, to promote the semiconductor ecosystem, the central government, in June, introduced pioneering reforms in the Special Economic Zones (SEZ) rules. The reforms aim to address the specialised needs of the semiconductor and electronics component manufacturing manufacturing in these sectors is highly capital-intensive, import-dependent and involves longer gestation periods before turning profitable, rule amendments have been carried out to promote pioneering investments and boost manufacturing in these high-technology further, Vaishnaw informed that India has become the top supplier of smartphones to the United States, with electronics manufacturing now worth Rs 12 lakh said that India's electronic production has grown six times in the last 11 Minister further pointed out the exponential rise in electronic exports, which have increased eightfold to reach 3 lakh crore rupees. Vaishnaw also noted India's position as the world's second-largest manufacturer of mobile phones, underscoring the country's expanding role in the global electronics market."Our electronic production has grown 6 times in the last 11 years. Today, electronics manufacturing has touched 12 lakh crore rupees. Electronic exports have increased by 8 times... Today, it has grown to 3 lakh crore rupees. India has become the second-largest manufacturer of mobile phones in the world" he said. According to official government data, India has made significant progress in mobile and electronics manufacturing, becoming the world's 2nd largest mobile manufacturing country. In 2014, India had only 2 mobile manufacturing units, but fast forward to today, the nation boasts over 300 manufacturing units, underscoring a significant expansion in this vital 2014 -15 only 26 per cent of the mobile phones which were being sold in India were made in India, the rest were being imported. It is worth mentioning that today, 99.2 per cent of all mobile phones which are sold in India are made in India. The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24.
