Name: AI to takeover two-thirds of the world's jobs; these industries to be impacted the most
Uploaded: 2023-03-28T17:02:04.000+05:30
Duration: T00M40S
Channel: Editorji News Desk
Description: A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

RBI MPC Meeting June 2023: Net FPI inflows at $8.4 bn for current fiscal year, says RBI Governor

Net FPI inflows are at $8.4 billion for the current fiscal year: RBI Governor

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

Foreign portfolio investment (FPI) flows have seen a significant turnaround in 2023-24 led by equity flows, said RBI governor Das during the credit policy announcement.&nbsp; Net foreign portfolio investment (FPI) inflows for the current fiscal year as of June 6 were $8.4 billion, compared to net outflows for the two preceding years of $14.1 billion and $5.9 billion.&nbsp;
Das said, 'Net FPI flows to India were $28 billion&nbsp; in 2022-23 compared to $38.6 billion in the previous year.'
For FY2024, real GDP growth is predicted at 6.5%. Das predicted that the GDP would grow by 8% in Q1 FY2024, 6.5% in Q2, 6% in Q3, and 5.7% in Q4.
Consumer price inflation in India eased during March-April 2023, dropping from 6.7% in 2022&ndash;2023 and entering the tolerance range.
Das also said 'However, according to the most recent data and our predictions for 2023&ndash;24, headline inflation is still over the target'. According to Das, inflation would continue to be above 4% in 2023 and 2024.
'Taking into account all factors and assuming a normal monsoon, CPI headline inflation is projected at 5.1% for 2023-2024,' RBI Governor said on Thursday.
Das concluded that the 'Goal is to reach the targeted 4% inflation going forward, our monetary policy actions are yielding desired results giving us space to keep rates unchanged in this meeting'.
Foreign Portfolio Investment (FPI): What Is It?
Securities and other financial assets held by investors in another country make up foreign portfolio investment (FPI). Depending on the turbulence of the market, it is relatively liquid but does not provide the investor direct ownership of a company's assets. FPI is one of the popular ways to invest in a foreign economy, along with foreign direct investment (FDI). For the majority of economies, both FDI and FPI are significant sources of funding.
RBI Monetary Policy briefing
The Reserve Bank of India monetary policy committee (MPC) has once again left the repo rate unchanged at 6.5%, in line with what economists were expecting.
The RBI governor in his policy announcement said that the withdrawal of accommodation stance has been maintained and further monetary action will be taken promptly as required.
&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,520 while the for 24K gold prices stood at ₹6,022 and 1 kg silver stood at ₹73,400

Gold, Silver Rates Today 8 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,520 while the for 24K gold prices stood at ₹6,022 and 1 kg silver stood at ₹73,400

Both Gold and Silver have shown mixed trends on the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange, Silver rates have recorded a hike.
The average price of 1 gram of 22K Gold stood at ₹5,520 while the 24K gold prices stood at ₹6,022.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹60,710, which was followed by Delhi and Lucknow where the gold costs ₹60,370.&nbsp;
The average price of 10gm of Silver was at ₹734 and 1 kg of silver stood at ₹73,400.
However, in Chennai, Hyderabad and Kerala the metal was sold at ₹77,700, followed by Bengaluru, Mumbai, Delhi and Kolkata where silver costs ₹73,400.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 8
Delhi - ₹60,370 Chennai - ₹60,710 Mumbai - ₹60,220 Kolkata - ₹60,220 Bengaluru - ₹60,270
Indian Major Cities 1 KG Silver Rate Today June 8
Delhi - ₹73,400 Chennai - ₹77,700 Mumbai - ₹73,400 Kolkata - ₹73,400 Bengaluru - ₹73,400

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹73,500

Gold, Silver Rates Today 7 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹73,500

The price of gold and silver has remained stable in Delhi, Chennai, Kolkata, and Mumbai.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,560 while the 24K gold prices stood at ₹6,065.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,100, which was followed by Delhi and Lucknow where the gold costs ₹60,800.&nbsp;
The average price of 10gm of Silver was at ₹735 and 1 kg of silver stood at ₹73,500.
However, in Chennai the metal was sold at ₹78,000, followed by Bengalure where silver costs ₹73,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 7
Delhi - ₹60,800 Chennai - ₹61,100 Mumbai - ₹60,650 Kolkata - ₹60,650 Bengaluru - ₹60,700
Indian Major Cities 1 KG Silver Rate Today June 7
Delhi - ₹73,500 Chennai - ₹78,000 Mumbai - ₹73,500 Kolkata - ₹73,500 Bengaluru - ₹73,500

Scindia emphasised on keeping the airfares on check for destinations that had unforeseen incidents, that includes Imphal in the aftermath of violent clashes between different tribal groups, and Bhubaneswar following the train crash in Odisha

Airfares reduced by 61%, won't let airlines to indulge in predatory pricing: Scindia

Scindia emphasised on keeping the airfares on check for destinations that had unforeseen incidents, that includes Imphal in the aftermath of violent clashes between different tribal groups, and Bhubaneswar following the train crash in Odisha

Civil aviation minister Jyotiraditya Scindia has said that the airfares on certain routes from Delhi have been reduced by 14%-61%. This after, a meet with the airlines' advisory group on 5th June.&nbsp;
&ldquo;I am happy to say that the maximum fares on flights connecting Delhi to Srinagar, Leh, Pune and Mumbai were reduced by 14-61 percent on June 6. The Directorate General of Civil Aviation (DGCA) and the ministry are monitoring the daily fares", Scindia said while addressing a press conference.&nbsp;
The civil aviation minister also said that the airlines would not be allowed to indulge in predatory pricing after the suspension of Go First flights. As per Scindia, there is a capacity squeeze after Go First suspended its flights. The ministry has now given permission permissions had been granted for the deployment of additional flights on 68 routes to ease the seat shortage, particularly on flights from Delhi to Srinagar, Mumbai, Pune, Ahmedabad and Leh.
The aviation ministry uses an algorithm that works on Reservation Bucket Designator (RBD) to determine the ticket pricing. But airlines have the authority to determine airfares and various factors which are taken into account including market dynamics and season. However, Scindia explained that those companies also have a social responsibility and that there should be a limit on airfare hike.&nbsp;
He also emphasised on keeping the airfares on check for destinations that had unforeseen incidents, that includes Imphal in the aftermath of violent clashes between different tribal groups, and Bhubaneswar following the train crash in Odisha&rsquo;s Balasore district.&nbsp;
"There have been some unforeseen incidents in Manipur and now in Odisha, fare rates should be taken care of. Apart from these, the fare rate remains maximum from Delhi to cities like Srinagar, Leh, Mumbai, Pune, Ahmedabad, and Bengaluru," Scindia said.

TCS, which has been pushing employees to resume working from offices lately to deepen the organisational culture, said that it does not discriminate between genders on remuneration

TCS ends work-from-home: women attrition races past men 

TCS, which has been pushing employees to resume working from offices lately to deepen the organisational culture, said that it does not discriminate between genders on remuneration

Largest tech company TCS on Tuesday said attrition among its women employees has raced past the same for men, hinting that the end of work-from-home may have a role to play in it.
Its chief human resources officer Milind Lakkad said that historically, the attrition among women employees &ndash; who constitute over 35 per cent of the over 6 lakh-strong workforce &ndash; has been lower or similar to that of men, and called the development as "unusual".
"...I would think working from home during the pandemic reset the domestic arrangements for some women, keeping them from returning to office even after everything normalised," he said in an interview published in the company's annual report.
Lakkad acknowledged that the higher attrition among women is a "setback" to the Tata Group company's efforts to promote gender diversity and added that the company is focusing on reversing the trend.
The annual report did not reveal the exact attrition number on the basis of gender. Its overall attrition peaked in the middle of the fiscal gone by and came down to over 20 per cent at the end of March.
Lakkad said focused leadership development programmes like 'iExcel' are driving change on this front. The annual report said the flagship executive leadership development programme for women has completed 22 editions and 1,450 women leaders have benefitted from it.
Women made up nearly a fourth of the leadership positions fulfilled with internal candidates in FY23, even though they account for only 14 per cent of the applicant pool, Lakkad said.
"This speaks well of the quality of the women candidates in our leadership pool as well as the supportive attitudes of our business leaders in promoting diversity," he added.
Women constituted 38.1 per cent of TCS' net hires in FY23, Lakkad said.
'Rebegin' -- a TCS initiative for experienced women professionals re-entering the workforce after a break -- saw nearly 14,000 job applications in FY23, the annual report said.
Of the nearly 30,000 employees classified as senior management, almost 4,000 or over 13 per cent were women, the annual report said.
It also said that TCS has introduced a policy on flexible work arrangements, which provides necessary support and flexibility for caregivers of young children, expectant women employees, and persons with disability.
TCS, which has been pushing employees to resume working from offices lately to deepen the organisational culture, said that it does not discriminate between genders on remuneration.

Over 50 per cent production of Tesla happens in China, it has a large vendor base there

Tesla production in India: EV carmaker to set up vendor base in India says report 

Over 50 per cent production of Tesla happens in China, as it has a large vendor base there

Elon Musk-led Tesla, which has been trying hard to enter the indian market has reportedly agreed to the Centre&rsquo;s proposal to set up a vendor base in India along with starting units to assemble electric vehicles in the country. The Centre had reportedly suggested that the company first begin domestic assembly and then set up a vendor base in the country.&nbsp;
According to a Financial Express report, Tesla might not delay the setting up of vendor base as it does not want to decouple its manufacturing and supply chain.&nbsp; The report further adds that Tesla is expected to submit its plans for manufacturing in India within 6 months.
Currently, over 50 per cent production of Tesla happens in China and it has a large vendor base there. To relocate these vendors to India, the company needs to ensure joint ventures in India as the country does not allow 100 per cent Chinese investments.
The representatives of the firm visited the country last month and held meeting with various parts of the government, including the commerce and industry ministry.
"We have made it very clear that imports are not the preferred thing from our side...The company is talking big in terms of complete supply chains," one of the official sources said.
When asked about extending incentives to the firms, they added that "the government is not looking at any tailored incentives as of now. States are a different matter. States might compete with each other and someone might give them (concessions)".
In 2021, the US-based electric car maker demanded a reduction in import duties on electric vehicles (EVs) in India.
At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60 per cent to 100 per cent, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000.

A new, ₹5,452 crore metro project connecting Huda City Centre and Gurugram's Cyber City has received approval from the Indian government

New metro link from Huda City Centre to Cyber City gets Centre's approval 

A new, ₹5,452 crore metro project connecting Huda City Centre and Gurugram's Cyber City has received approval from the Indian government

In a recent cabinet meeting, the central government approved the new metro project from Huda City Centre to Gurugram's Cyber City with a spur to the Dwarka Expressway.
The project will take 4 years to complete at a of cost ₹5,452 crore. The new connectivity project would go 28.5 kilometres and will have 27 stations.
The central government will contribute ₹896.19 crore to this project, while Haryana govt would contribute ₹1,432.49 crore to the new project. The project will be carried out by Haryana Mass Rapid Transport Corporation Ltd. (HMRTC).&nbsp;
In a statement about the new metro project, the central government said,&ldquo;The project is proposed to be completed in four years from the date of sanction of the Project and is to be implemented by Haryana Mass Rapid Transport Corporation Limited (HMRTC) which will be set up as a 50:50 Special Purpose Vehicle (SPV) of the Government of India and Government of Haryana after sanction order is issued."
&ldquo;As of date there is no metro line in Old Gurugram. The main feature of this line is to connect New Gurugram with Old Gurugram. This network will connect with Indian Railway station. In next phase, it will provide connectivity to IGI airport. This will also provide overall economic development in the area." the statement added while enumerating the benefits about the new metro project
New Metro stations
The stations covered in the main corridor include HUDA City Centre, Sector 45, Cyber Park, Sector 47, Subhash Chowk, Sector 48, Sector 72A, Hero Honda Chowk, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai Village, Sector 9, Sector 7, Sector 4, Sector 5, Ashok Vihar, Sector 3, Bajghera Road, Palam Vihar Extension, Palam Vihar, Sector 23A, Sector 22, Udyog Vihar Phase 4, Udyog Vihar Phase 5 and Cyber City.

RBI Monetary Policy 2023 result will be announced by the RBI Governor Shaktikanta Das on May 8, 2023 at 10 am. Know about the key expections, announcement date and time here.

RBI Monetary Policy 2023: Announcement Date, Time and Expectations

<h2>RBI Monetary Policy 2023: After the last MPC meeting in April, the RBI paused its rate hike cycle and stayed with the 6.5 per cent repo rate. Know about the key expections here.</h2>

RBI Monetary Policy 2023: The Reserve Bank's rate-setting monetary policy panel began deliberations on Tuesday amid expectations that the central bank will keep the benchmark interest rates unchanged at 6.5 per cent on the back of easing retail inflation and the need to push economic growth.
Headed by Reserve Bank Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will meet for three days and the decision would be announced on Thursday, June 8 at 10:00 am. The live telecast of policy press conference will take place at 12 pm by RBI Governor Shaktikanta Das.
After the last MPC meeting in April, the RBI paused its rate hike cycle and stayed with the 6.5 per cent repo rate. Prior to that the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation.
The MPC is meeting in the backdrop of consumer price-based (CPI) inflation declining to an 18-month low of 4.7 per cent in April. The Reserve Bank governor recently indicated that the May print would be lower than the April numbers. The CPI for May is scheduled to be announced on June 12.
<h3>RBI Monetary Policy: Key Expectations</h3>
On expectations from the MPC, Rumki Majumdar, Economist, Deloitte India said: "We expect a pause in this meeting as growth concerns cannot be overlooked. With the global economy slowing down, there are risks that the slowdown contagion may impact us".
Globally, there are signs that the Central Banks may also take a pause or go with fewer hikes as runaway inflation takes a breather, Majumdar said, and added this will further help the RBI to maintain the status quo.
Dhruv Agarwala, Group CEO, Housing.com said the RBI is expected to keep its benchmark lending rate unchanged, reflecting the easing concerns surrounding inflation.
"While some voices advocate for a rate cut to provide an impetus to growth, the RBI is likely to exercise caution and wait before contemplating such a step," he said.
He further said the robust GDP growth rate of 7.2 per cent achieved by the Indian economy in the financial year 2022-23 showcases its remarkable resilience in the face of global challenges.
The construction, trade, and hospitality sectors witnessed substantial double-digit expansion. These numbers also bode well for the real estate sector, with the government continuing to provide support to stimulate its growth, he added.
Pradeep Aggarwal, Founder and Chairman, Signature Global (India) too said the central bank is likely to maintain the status quo in policy rate.
"However, if there is an opportunity, we believe the apex bank should consider announcing a cut in policy rates, even if it is a small one. This could have a positive impact on consumer sentiment, benefiting the interest-sensitive real estate sector," Aggarwal said.
The actual decisions made by the RBI, will depend on various factors, including economic data, inflation trends, global economic conditions, and the prevailing challenges, experts said.
V Swaminathan, Executive Chairman, Andromeda loans and Apnapaisa.com said given the current circumstances, "our expectation from the RBI is to refrain from raising policy rates, as it may negatively affect loan demand. We believe that, if not a cut, maintaining stable interest rates would be advantageous in supporting ongoing economic growth and fostering a conducive lending environment".
The government has mandated the RBI to ensure CPI inflation at 4 per cent with a margin of 2 per cent on either side.
The other members of the MPC are: Shashanka Bhide (Honorary Senior Advisor, National Council of Applied Economic Research, Delhi); Ashima Goyal (Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai); Jayanth R Varma (Professor, Indian Institute of Management, Ahmedabad); Rajiv Ranjan (Executive Director, RBI); and Michael Debabrata Patra (Deputy Governor, RBI).

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Odisha Train Crash

A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs 

Artificial Intelligence to takeover world's two-thirds of jobs; these industries to be impacted the most

A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs&nbsp;

Will a bot take your job? Well, the chances are quite high, says Goldman Sachs.&nbsp; Research by investment bank, Goldman Sachs highlighted that &lsquo;generative&rsquo; AI systems such as ChatGPT &ndash; a computer program able to create writing and other content indistinguishable from that of a human &ndash; could spark an economic boom and increase global gross domestic product by 7 per cent in a decade.
Two-thirds of jobs in the US and Europe could be affected, report authors Joseph Briggs and Devesh Kodnani calculated &ndash; with administrative and legal sectors are expected to be the most impacted, with 46% of administrative jobs and 44% of legal jobs being substitutable by AI.
Meanwhile, more complex jobs are expected to remain the sole preserve of humans &ndash; making court rulings and checking the health of critically ill patients are unlikely to be replaced by AI. Physical and outdoor roles such as construction are also unlikely to be affected.

According to a report by the Wall Street Journal, Amazon is considering the introduction of an advertising-supported version of its Prime Video streaming service.

Report: Amazon to follow Netflix and Disney+ with ad-supported streaming

According to a report by the Wall Street Journal, Amazon is considering the introduction of an advertising-supported version of its Prime Video streaming service.

According to a report by the Wall Street Journal, Amazon is considering the introduction of an advertising-supported version of its Prime Video streaming service. This move follows similar strategies implemented by competitors Netflix and Walt Disney on their platforms. The discussions regarding the ad tier have been ongoing for several weeks. The streaming industry has experienced a decline in new subscribers due to economic challenges as people limit their discretionary spending. Additionally, Amazon is reportedly in talks with Warner Bros Discovery and Paramount Global to include their ad-based tiers within Prime Video. &nbsp; &nbsp;

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

Adani group raises fresh debt over Rs 19,000 crore since Hindenburg report 

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

The Adani group in its presentation shared with the Reserve Bank of India has revealed that it has raised a fresh debt of Rs 19,235 crore in the two months following the Hindenburg report. The group's gross debt outstanding is Rs 2,27,248 crore.&nbsp;
However, the company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year. Meanwhile, the group companies have paid back $2. 1 billion of margin linked, share-backed financing and another loan of $500 million debt for acquiring Ambuja Cement.
The fresh debt funding has made Adani Group's investment pipeline stronger. Times of India quoted sources and said that Adani would use part of the freshdebt for the Navi Mumbai airport, which comes under Adani Enterprises. The group also plans to raise fresh funding for its Mundra Petrochem project under Adani Enterprises.
The group in its presentation has said that both domestic and international banks continue to show confidence across its businesses by disbursing new debt and rolling over existinglines.
&nbsp;

The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

Bank of Canada hikes overnight rate to a 22-year high of 4.75%

The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

The Bank of Canada has hiked its overnight interest rate to 4.75%, which is a 22-year high. As per Reuters, markets and analysts have predicted yet another increase next month to calm down an overheating economy and rising inflation.
Overnight interest rate is the rate at which a bank lends or borrows funds from another depository institution in the overnight market. In an overnight market, lenders agree to lend borrowers funds only "overnight" i.e. the borrower must repay the borrowed funds plus interest at the start of business the next day.
As per Reuters, the central bank of Canada had been on hold since January to assess the impact of previous hikes after raising borrowing costs eight times since March 2022 to a 15-year high of 4.50% - the fastest tightening cycle in the bank's history.&nbsp;
The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated.&nbsp; The bank is also worried that the CPI inflation would be stuck materially above the 2% target. This after, April inflation and the three-month measures of core inflation remained high.&nbsp;

Cash-strapped domestic airline company is currently going through the Corporate Insolvency Resolution Process (CIRP) and has submitted its six-month revival plan to the Directorate General of Civil Aviation

Go First extends flights suspension till June 12

Cash-strapped domestic airline company is currently going through the Corporate Insolvency Resolution Process (CIRP) and has submitted its six-month revival plan to the Directorate General of Civil Aviation

Go First, which is undergoing insolvency proceedings, has once again extended its flight cancellations.&nbsp;
In a statement the airline said, "Due to operational reasons, Go First flights until 12th June 2023 are cancelled."&nbsp;&nbsp;
Meanwhile, the airline is hoping to restart operations with 26 planes and 152 daily flights, and has submitted its revival plan to aviation regulator DGCA.
Meanwhile, the airline is in discussions with lenders for funds to meet the working capital requirements.
Go First has been grounded since May 3 and is yet to pay some senior level executives and pilots. Quoting sources, a PTI report says that the carrier's salary outgo is around Rs 30 crore per month and currently, the workforce is around 4,700 as many have put in their papers in one month.

To offset losses incurred in the first half of FY23, OMCs did not lower the price of petrol and diesel despite the decline in crude oil prices 

Oil Ministry expects oil marketing companies to lower fuel prices, as crude prices decrease

To offset losses incurred in the first half of FY23, OMCs did not lower the price of petrol and diesel despite the decline in crude oil prices&nbsp;

The government expects oil marketing companies (OMCs) to cut fuel prices as global oil price decline and after the oil majors reported profits in the fourth quarter of the fiscal year 2022&ndash;23, Money Control reported through sources.&nbsp;
The March quarter saw significant gains for the state-run OMCs Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), due to a drop in crude prices.&nbsp;
IOCL recorded a standalone net profit of ₹8,242 crore for FY23, a decline from ₹24,184 crore last year, despite making money in Q4FY23. A similar reduction in standalone net profit was also reported by BPCL for FY23.
HPCL, on the other hand, posted a standalone net loss for FY23 of ₹8,974 crore.
Due to concerns about inflation and the recession, crude prices have fallen in recent months and have been steady at $75 per barrel. In March 2022, the price of crude reached an all-time high of $140 a barrel.
OMCs have not reduced the price of petrol and diesel despite the drop in order to make up for losses sustained in the first half of FY23.
Analysts anticipate that OMCs will profit from a strengthening marketing environment and strong refining profitability in the current fiscal year, as reported by Money Control.

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