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Indian Express
5 days ago
- Business
- Indian Express
India needs AI. But it also needs jobs. A balance must be found
Written by Balaraman Ravindran, Omir Kumar, and Krishnan Narayanan A few weeks back, two influential voices in India's economic landscape, N Chandrasekaran, Chairman of Tata Sons, and Chief Economic Advisor (CEA) V Anantha Nageswaran, offered important and complementary perspectives on artificial intelligence (AI). Chandrasekaran, in the TCS' FY2025 annual report, described Generative AI (GenAI) as a 'civilisational shift,' with the rise of AI agents and autonomous robots ushering in a future of 'dark factories' and AI-assisted enterprise functions. He also highlighted the 'human+AI model' of delivering solutions. Meanwhile, CEA Nageswaran, speaking at the CII Annual Business Summit, issued a note of caution: AI deployment is not inevitable. He reminded the private sector that India needs to create at least 8 million jobs a year. Hence, businesses must consider where to stop automating and instead choose labour. This tension, between AI's promise of productivity and its peril for employment, is now central to India's growth trajectory. The Indian Economic Survey 2024–25 had flagged the impact of AI on labour markets as a policy imperative. As AI becomes more capable and less costly, low-value service jobs, especially in India's labour-surplus economy, become increasingly vulnerable. An IIM Ahmedabad 2024 survey found that 68 per cent of Indian white-collar workers expect their roles to be partially or fully automated within five years; 40 per cent believe AI will make their skills redundant. Clearly, India must act. But rather than resisting the AI wave, the real challenge lies in shaping it so that technology augments, rather than replaces, human potential. India needs a three-pronged institutional architecture, one that enables workers through education and skilling, insures against displacement, and stewards the broader social and economic transition. The enabling agenda is critical. In Learning by Doing, the economist James Bessen shows that technologies like the spinning mule took several decades to be fully adopted during the Industrial Revolution, not due to access issues but because it took time for workers and firms to learn how to use them effectively. What about AI? Unlike the spinning mule, AI is not a single tool. It is a fast-growing mix of powerful and diverse technologies. This increases both the challenge and the opportunity. India's skilling efforts must be agile and keep pace with this growth in AI. India should ensure that the benefits from AI do not accrue just to a narrow band of skilled workers. Instead, vocational training, on-the-job learning, and open knowledge-sharing on leveraging AI on the factory floor and across all services must be embedded into national skilling programs. At the same time, the government must insure against job losses and dislocation. Workers affected by automation need social protection, access to reskilling pathways, and incentives to transition to adjacent roles. The skilling effort cannot be limited to college education; it must also accommodate informal workers and mid-career transitions. India also needs stewarding institutions that ensure AI is deployed responsibly, transparently, and inclusively. They are tasked with identifying emerging risks, conducting foundational safety research, and setting standards. They should also research how to build effective human-AI teams, based on a deep understanding of socio-economic value, the availability of human skills, and evolving capabilities of AI. This will be essential for designing job roles and workplace structures that make the most of co-intelligence. Augmentation means AI systems assist humans, enhancing their judgement, creativity, and productivity, rather than replacing them outright. Take agriculture. Instead of replacing existing workers, AI-based agri-chatbots can empower farmers with timely advice on weather, pests, and crop management. In education, AI can help teachers identify student needs and personalise lesson plans. A study by Anthropic found that 57 per cent of tasks completed by involved human-AI collaboration, not substitution. What can enterprises do to achieve this human amplification with AI? In The Co-Intelligence Revolution, Venkat Ramaswamy and Krishnan Narayanan suggest that every organisation must: Become co-intelligent enterprises, where value is co-created between humans and AI; Reimagine their workers not as passive operators of systems but as creative experiencers (individuals who actively shape and are shaped by their interactions with intelligent technologies); Create a Co-Intelligence Knowledge Environment, where human insights, experiential feedback, and AI-driven suggestions flow dynamically to inform decisions and design. Siemens exemplifies this shift through its industrial metaverse, where engineers, designers, and shopfloor workers collaboratively engage with digital twins and AI co-pilots in a virtual simulation environment. In one compelling instance, a new factory was built entirely in the metaverse before physical construction began. Workers explored the virtual factory, offered feedback on ergonomics, workflows, and safety, and their suggestions were integrated into the final design. The actual factory space, thus, reflected their lived experiences and needs. This approach not only optimised operations but also fostered a sense of ownership, dignity, and well-being among the workers – hallmarks of a truly co-intelligent enterprise. Indian businesses should thoughtfully design co-intelligence into their environments. But markets don't always favour augmentation. Economists Daron Acemoglu and Pascual Restrepo argue that when automation becomes the dominant paradigm, innovation and investment naturally follow it, even when augmentation via co-intelligence may yield higher social benefits. One of the most important policy nudges for the Indian government would be to steer the AI solutions towards augmentation, through public-private partnerships, incentives for augmentation-based innovation, and 'human-in-the-loop-of-AI-systems' design mandates. This holds especially true for contexts where automation may have a high social impact. India can and must shape the trajectory of this emerging general-purpose technology and push the AI ecosystem in a more inclusive direction. Balaraman Ravindran is Head, Wadhwani School of Data Science and AI & Centre for Responsible AI, IIT Madras. Omir Kumar is Policy Analyst, Centre for Responsible AI, IIT Madras. Krishnan Narayanan is Co-founder and President of itihaasa Research and Digital
Hindustan Times
31-05-2025
- Business
- Hindustan Times
Tourism sector to touch 10% of GDP by 2030: Shekhawat
New Delhi Union minister for tourism and culture Gajendra Singh Shekhawat on Friday said the tourism sector's share of the country's Gross Domestic Product (GDP) would rise to 10% by 2030, in line with global benchmarks. The minister set out this ambitious target at the CII Annual Business Summit in New Delhi. The sector's share of GDP was 5% in 2022-23, according to a government release. 'India will align with global standards, with 10% of GDP coming from tourism,' Shekhawat said. He linked this goal to broader economic growth, noting, 'As our economy grows, parallelly our aspirational class will grow, and those people that have emerged from below the poverty line will commonly go for spiritual tourism.' The strategy involves leveraging India's rich cultural heritage and spiritual sites, alongside significant infrastructure development in roads, railways, and airports. The government is creating policies to enhance the overall tourist experience. Shekhawat cited the Ujjain Mahakal Corridor as an example, attracting over 1 million visitors in one month. A notable shift is the increasing importance of domestic tourists. 'India's domestic tourists have the potential to become a larger contributor to the country's tourism sector,' Shekhawat said, indicating a move away from past reliance on international visitors. Reflecting post-pandemic travel trends, the Centre is pushing states to develop experiential tourism at monument sites. 'We've asked the states to come up with new proposals,' Shekhawat confirmed, as travellers seek new experiences. The minister called for industry collaboration to build an end-to-end roadmap for both international and domestic travellers. 'Promote ease of doing travel in India — which would segue into ease of doing business in the country,' he urged. He specifically asked corporates to host events and meetings within India to boost the MICE (meetings, incentives, conferences, exhibitions) tourism segment. Infrastructure development, including recent projects in roads, aviation, and railways, is seen as foundational. Shekhawat acknowledged the need for increased flight capacity. He highlighted that granting infrastructure status to the sector will be key: 'The infrastructure status is going to give a major boost to private investments coming into the sector.' The government is also supporting the development of the next 50 tourism destinations. Shekhawat further said that Indian tourism growth will be driven by rising infrastructure investments.
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Business Standard
30-05-2025
- Business
- Business Standard
Foreign technical partners to have 1st right of refusal on oil finds: Puri
Foreign oil and gas companies entering into technical partnerships with Indian counterparts will be given the right of first refusal (ROFR) in the event of crude oil or gas discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. Puri cited state-owned ONGC's recent partnership with BP for the Mumbai High offshore field and Oil India Limited's (OIL's) agreement with Brazil's Petrobras in the Andaman Sea basin. He said such provisions are already in place in these cases. The ROFR is a contractual arrangement that typically allows the holder to enter a business transaction with the grantor before the asset can be offered to any third party. In the context of oil and gas, this right may give a foreign joint venture partner or lessee to match any offer received by the owner of hydrocarbon blocks, such as ONGC or OIL, from a third party, before the asset can be sold or transferred. Officials did not clarify what exact terms have been offered to BP and Petrobras. Puri said foreign entities need to commit large amounts of money for exploration, which sometimes they are not willing to do. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' Puri said at the CII Annual Business Summit here. In February, ONGC signed a contract to enhance production from Mumbai High. Part of the 116,000 sq km Mumbai Offshore Basin in the Arabian Sea, BP Exploration (Alpha) Ltd, a London-incorporated, wholly-owned subsidiary of BP Plc, was appointed as a Technical Services Provider (TSP). At the time, ONGC had said: 'The TSP has indicated a substantial increase in the oil and oil equivalent gas production (up to 60 per cent) from the baseline production levels (reputed third-party vetted production estimates with natural decline) over a 10-year contract period," ONGC had said back then. Similarly, in February, OIL signed a Memorandum of Understanding with Petrobras to leverage the Brazilian major's deepwater drilling expertise in the deep and ultra-deep offshore regions, including the Andaman basin. The collaboration also covers the Mahanadi and other sedimentary basins. One big find The government's 2016 shift from a production-sharing regime to a revenue-sharing agreement for foreign entities was necessitated by the disagreements and litigation experienced in the previous regime, Puri said. 'A revenue-sharing agreement is easier, and a lot of these (foreign companies) are not willing to commit upfront,' he said. Referring to oil-rich Guyana, Puri said there could be many 'Guyanas' waiting to be discovered in the Andaman Sea. 'One big find in the Andaman sea will change everything. It will be a huge transformation in India's economic strength,' Puri said. The average expenditure for digging a well onshore is $4 million, while it is exponentially higher at about $100 million offshore. Guyana dug 47 offshore wells before they struck oil, Puri said. He revealed ONGC has dug the highest number of wells in 37 years in FY25.
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Business Standard
30-05-2025
- Business
- Business Standard
Indian tourism sector to contribute 10% to India's GDP by 2030: Shekhawat
India's tourism sector should contribute 10 per cent to the country's economy by 2030 in line with global benchmarks, said Minister for Tourism and Culture Gajendra Singh Shekhawat at the CII Annual Business Summit on Friday. 'India will align with global standards, with 10 per cent of GDP coming from tourism. As our economy grows, parallelly our aspirational class will grow, and those people that have emerged from below the poverty line will commonly go for spiritual tourism,' the minister said. 'We're working on this with a vision to grow various aspects, including spiritual and religious tourism, and the government has created policies to enable overall tourist experience,' he said, noting that destinations like Ujjain's Mahakal Corridor have attracted over 10 lakh visitors in a month. India's domestic tourists have the potential to become a larger contributor to the country's tourism sector — a shift from earlier trends where there was greater reliance on international or foreign tourists. With a transitional shift post-Covid towards a rise in both domestic and international travel, the minister noted that the Centre has asked states to come up with strategies to promote experiential tourism at its monument sites, as travellers are increasingly looking for new experiences. 'We've asked the states to come up with new proposals,' he said. He also urged the industry to work together with the government to build an end-to-end roadmap for travellers coming to India and for domestic tourists, to promote ease of doing travel in India — which he said would segue into ease of doing business in the country. The minister asked industry and corporates to conduct their events and meetings within India to encourage the MICE (meetings, incentives, conferences and exhibitions) pillar of tourism. He added that the government would do its part towards building infrastructure and facilities, alongside the policy push already provided for developing the next 50 tourism destinations. 'The infrastructure status is going to give a major boost to private investments coming into the sector,' he added.
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Business Standard
30-05-2025
- Business
- Business Standard
Stock Market LIVE: GIFT Nifty signals flat open; Asia market dips; Trump tariffs reinstated
8:09 AM Stock Market LIVE Updates: Reserve Bank of India lens on payment fintechs over misclassified merchants Stock Market LIVE Updates: The Reserve Bank of India is investigating payment fintech companies for allegedly misclassifying merchants to take advantage of credit card fee structures, according to sources familiar with the matter. The probe has reportedly led major card networks to adjust their interchange rates. Several payment aggregators are accused of classifying merchants, usually in the retail sector, as utility merchants—a category that typically attracts lower interchange fees. The reclassification allegedly enabled payment firms to retain the difference between the fees charged to merchants and the amounts received by issuing bank s. READ MORE 8:05 AM Stock Market LIVE Updates: Bandhan Bank stock startegy -- Long build up is seen in Bandhan Bank Futures, where we have seen 17 per cent rise in open interest with Bandhan Bank share price rising 1 per cent on Thursday, May 29. -- Bandhan Bank stock price has been forming bullish 'higher top-higher bottom' formation on the daily chart. -- RSI oscillator is in rising mode and placed above 60 on the daily chart, indicating strength in the current uptrend. READ MORE 7:58 AM Stock Market LIVE Updates: Currency circulation rises 5.8% as ₹2,000 note impact fades: RBI Stock Market LIVE Updates: The growth of currency in circulation, which constitutes the largest component of reserve money at 76.9 per cent, rebounded to 5.8 per cent in 2024-25, up from 4.1 per cent the previous year. This recovery is attributed to the easing impact of the ₹2,000 note withdrawal, according to the Reserve Bank of India's (RBI) Annual Report 2024-25. The withdrawal of ₹2,000 banknotes from circulation began on May 19, 2023. By March 31, approximately 98.2 per cent of these notes—totaling ₹3.56 trillion—had been returned to the banking system. The RBI has made facilities available for exchanging and depositing ₹2,000 notes at 19 of its issue offices across the country. READ MORE 7:53 AM Stock Market LIVE Updates: India's defence budget may near Rs 32 trillion by 2047: CII-KPMG report Stock Market LIVE Updates: India's defence budget is projected to increase nearly fivefold, reaching Rs 31.7 trillion by 2047 from Rs 6.81 trillion in FY2025-26, according to the Defence Industrial Sector Vision 2047 report by the Confederation of Indian Industry (CII) and KPMG India. Defence production is expected to grow over sixfold to Rs 8.8 trillion from Rs 1.46 trillion in FY2024-25. Unveiled on Thursday at the CII Annual Business Summit in New Delhi, the report—titled 'Atmanirbhar, Agrani, and Atulya Bharat 2047'—also forecasts India's defence exports to surge nearly twelvefold to Rs 2.8 trillion by 2047, up from Rs 24,000 crore in FY2024-25. Additionally, total research and development (R&D) spending is expected to rise from the current 4 per cent of the defence budget to 8-10 per cent, while defence expenditure as a percentage of GDP could double from 2 per cent to 4-5 per cent. The report calls these targets major milestones and highlights three key conditions that must be met in the coming years to realise these goals. READ MORE 7:46 AM Stock Market LIVE Updates: Nifty trading strategy: Apply Bull Call Spread as index remains in uptrend Stock Market LIVE Updates: Nifty trading stratgey -- The Nifty index has structurally resumed its upward trajectory after forming a likely swing low at 24,462 on May 22. -- The trend remains positive as long as the swing low at 24,462 is intact. Short-term dips should be viewed as buying opportunities within this broader uptrend. -- Healthy market breadth suggests a potential resurgence in broader market momentum, with an upside target of 25,500 in the near term. READ MORE 7:42 AM Stock Market LIVE Updates: Improved execution likely to drive growth gains for Bharat Dynamics Stock Market LIVE Updates: Defence major Bharat Dynamics Limited (BDL), a public sector undertaking, posted a mixed performance in the fourth quarter of FY2024-25. Although its revenues doubled compared to the same period last year, profitability fell short of expectations. The company's strong order inflows and robust backlog provide good revenue visibility. However, brokerages stress that the key factor will be the pace of order execution, as BDL manufactures guided missiles and related equipment for the Indian armed forces. READ MORE 7:36 AM Stock Market LIVE Updates: Realisation worries, capital expenditure likely to hit NMDC stock Stock Market LIVE Updates: NMDC reported Q4FY25 revenue of ₹7,000 crore, marking an 8 per cent year-on-year (Y-o-Y) increase and a 7 per cent rise quarter-on-quarter (Q-o-Q), supported by strong volumes and improved net sales realisation (NSR). Iron ore production remained steady at 13.3 million tonnes (mt), showing no major change Y-o-Y or Q-o-Q. Sales volume reached 12.7 mt, up 1 per cent Y-o-Y and 6 per cent Q-o-Q during the quarter. The average sales price stood at ₹5,530 per tonne, reflecting a 7 per cent Y-o-Y increase and remaining flat compared to the previous quarter. READ MORE 7:30 AM Stock Market LIVE Updates: Sebi unveils new OI metric, position limits in fresh F&O overhaul Stock Market LIVE Updates: The Securities and Exchange Board of India (Sebi) on Thursday announced a new framework for the derivatives segment, introducing updated methods to calculate open interest (OI) and market-wide position limits (MWPL). These changes are designed to boost risk monitoring, reduce the number of stocks entering the futures and options (F&O) ban period, and strengthen controls against manipulation risks and concentration in index options. Initially proposed in a Sebi consultation paper, the measures raised concerns about potentially dampening trading activity, with F&O volumes already down 30 per cent from their peak. However, following extensive discussions with industry stakeholders, Sebi made several key revisions to the original proposals. 7:26 AM Stock Market LIVE Updates: Tokyo's core inflation jumps o 3.6% in May Stock Market LIVE Updates: Tokyo's core inflation accelerated to 3.6 per cent in May, marking the fastest increase in over two years. The core consumer price index (CPI), which excludes fresh food, rose 3.6 per cent year-on-year (Y-o-Y), up from 3.4 per cent in April, the Statistics Bureau of Japan reported on Friday. This latest figure is the highest since January 2023 and exceeded economists' forecasts of 3.5 per cent, according to a Reuters poll. It represents the quickest annual rise since January 2023, when core inflation reached 4.3 per cent, based on LSEG data. The increase was partly influenced by the base effect from last year's sharp decline, which followed the introduction of school education subsidies and the phase-out of nationwide utility bill subsidies. Meanwhile, Tokyo's headline consumer price index in May stood at 3.4 per cent year-on-year, slightly down from 3.5 per cent in April. Source: CNBC 7:24 AM Stock Market LIVE Updates: Sebi probing delayed disclosures of accounting lapses at IndusInd Banka Stock Market LIVE Updates: The Securities and Exchange Board of India (Sebi) may issue a follow-up order against IndusInd Bank for potential breaches of the Listing Obligations and Disclosure Requirements (LODR) regulations, according to indications in the regulator's 32-page interim order. Sebi's review of internal email communications—summarised in its May 28 order—revealed that senior executives, including the chief financial officer (CFO), were aware of accounting discrepancies as early as November 2023. However, the bank delayed disclosure, classifying information related to derivatives losses as 'unpublished price-sensitive information' (UPSI) only on March 4. It wasn't until March 10 that IndusInd Bank notified stock exchanges, leading to a 27 per cent plunge in its share price. READ MORE 7:22 AM Stock Market LIVE Updates: Trump tariffs reinstated by appeals court for now Stock Market LIVE Updates: A federal appeals court on Thursday granted the Trump administration's request to temporarily halt a lower court ruling that invalidated most of President Donald Trump's tariffs. The US Court of Appeals for the Federal Circuit issued an order stating that the decision by the US Court of International Trade, delivered Wednesday night, is "temporarily stayed until further notice" while it reviews the case. The move provides the Trump administration with some breathing room as it prepares to argue for a longer suspension of the trade court's ruling throughout the appeals process. The administration had warned it would seek "emergency relief" from the Supreme Court as early as Friday if the ruling wasn't paused swiftly. Despite the legal setback, Trump officials insist they still have alternative pathways to impose tariffs, even if the current case doesn't go in their favour. 7:21 AM Stock Market LIVE Updates: India's GDP growth likely accelerated in Q4 on rural demand, state spending Stock Market LIVE Updates: India's economic growth likely accelerated in the January–March quarter, driven by a rebound in rural demand and increased government spending, even as private sector investments remained subdued due to global uncertainties. According to a Reuters poll of economists, gross domestic product (GDP) is estimated to have expanded by 6.7 per cent year-on-year during the March quarter, up from 6.2 per cent in the preceding three months. 'Rural consumption saw an uptick during the quarter, although urban demand indicators were mixed,' said Gaura Sen Gupta, chief economist at IDFC First Bank Economic Research. She added that government expenditure continued to support investment activity. READ MORE 7:11 AM Stock Market LIVE Updates: US markets end higher on Thursday
