More than 77 per cent of Indian startups now invest in advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain, a report showed on Thursday.

The trend underscores the rapid technological adoption and innovation across the Indian startup ecosystem, now ranked third globally, following the US and China, according to the report by SAP India, in collaboration with Dun & Bradstreet.

Another significant finding is the emergence of tier 2 and 3 cities as innovation hubs, where 40 per cent of tech startups originate, leveraging local talent and cost advantages.

Cities like Chandigarh, Jaipur, Madurai, Indore, Kochi, Warangal, Hubli, Raipur, Visakhapatnam and Guwahati, among others, host 15 per cent of the country’s tech skill pool.

This tech-driven evolution solidifies India’s global stature as a leading startup powerhouse, supported by robust corporate governance and a conducive regulatory environment, the report noted.

“As companies shift their focus from GMV (gross merchandise value) to GM (gross margin) and seek to forge more sustainable business models with the help of transparent, trusted financial data, technology remains a cornerstone and a key differentiator for startups to achieve these business goals,” said Sanket Deodhar, VP and Head of Digital Natives, SAP Indian Subcontinent.

Around 79 per cent of start-ups believe that adopting enterprise applications integrated with new-age technologies such as AI is essential for scaling and improving unit economics.

Nearly 72 per cent of startups surveyed said that they already have or are looking to invest in new-age technologies.

About 85 per cent of startups believe unit economics is a clear path to profitability and enhancing valuation, the report mentioned.

“India’s startup ecosystem is thriving, fueled by a favourable regulatory environment, a growing middle class, and a tech-savvy youth population. With almost 3 lakh startups and 113 unicorns across diverse sectors, India ranks third globally in its startup ecosystem,” said Avinash Gupta, Managing Director and CEO–India, Dun & Bradstreet. AGENCIES

 Australia’s unemployment rate rose slightly to 4.1 per cent in June from 4 per cent in May, official labour force figures published by the Australian Bureau of Statistics (ABS) showed on Thursday.

The total number of employed Australians rose by 50,200 between May and June but was offset by the number of jobless Australians rising by 9,700 in the same period, Xinhua news agency reported.

The participation rate which measures the proportion of working-age Australians who are either employed or actively looking for work rose from 66.8 per cent in May to 66.9 per cent in June.

“The participation rate in June was only 0.1 percentage point lower than the historical high of 67.0 per cent in November 2023,” Bjorn Jarvis, head of labour statistics at ABS, said in a statement.

Overall, 608,200 unemployed people in Australia were actively looking for work in June. Jarvis noted that unemployment has increased from a low of 491,000 people in October 2022 but remained 100,000 people lower than prior to the Covid-19 pandemic.

“The unemployment rate was 0.5 percentage points higher than June last year, and 1.1 percentage points lower than March 2020,” he said.

The ABS data revealed that the total number of hours worked by Australians rose by 0.8 per cent between May and June despite an increase in sick leave.

Jarvis said 4.5 per cent of employed Australians could not work their usual hours in June because they were ill compared to the pre-pandemic June average of 3.6 per cent. AGENCIES

 The consumption of natural gas in India went up 7.1 per cent in June to 5,594 million metric standard cubic metres (MMSCM), this year compared to the same month last year, as more households across the country are using the fuel for cooking; the demand is also rising in the urban transport segment, according to data compiled by the Ministry of Petroleum and Natural Gas.

While there was an increase of 2.9 per cent in domestic gas production to 2,993 MMSCM during the month, which helped to meet the rising demand, imports went up by as much as 11.3 per cent during the month.

The gas companies have been expanding their network to meet the rising demand for the green fuel.

For the April-June quarter, the increase in natural gas consumption works out to 3.8 per cent compared to the same period of the previous year year-on-year. Domestic production rose 5.7 per cent while imports edged up by 0.6 per cent during the quarter.

Consumption of petroleum products such as petrol, diesel and jet fuel went up by 2.6 per cent in June to 20 million metric tonnes (MMT).

For the April-June period, the growth in consumption was 3.4 per cent. There was an 11.4 per cent increase in consumption of aviation turbine fuel (ATF) as airlines have been expanding operations to cater to the growing air passenger traffic in the country. The consumption of petrol rose 7.1 per cent during the month, while diesel sales increased by 1.6 per cent and LPG sales went up by 5 per cent, the figures showed.

Crude oil imports fell 5.6 per cent year-on-year to 18.5 million metric tons in June, but the import bill rose by 11 per cent to $11.1 billion during the month due to higher prices in the international market that surged past the $82 per barrel mark during the month. This had also prompted the government to raise the windfall tax on crude oil levied on domestic companies ONGC and Oil India Ltd. AGENCIES

 Leading industry chamber FICCI on Thursday projected an annual median GDP growth forecast for the year 2024-25 at 7 per cent, adding that Union Budget 2024-25 should focus on taxation reforms, employment generation, innovation and sustainable development.

According to the FICCI’s ‘Economic Outlook Survey’ results, median GDP growth is estimated at 6.8 per cent and 7.2 per cent in Q1 2024-25 and Q2 2024-25, respectively.

The survey put the median growth forecast for agriculture and allied activities at 3.7 per cent for 2024-25.

“This marks an improvement vis-a-vis growth of about 1.4 per cent reported in the year 2023-24. Ebbing El Nino effects with the expectation of a normal southwest monsoon are likely to bode well for agricultural production,” said the apex industry body.

Industry and services sector, on the other hand, are anticipated to grow by 6.7 per cent and 7.4 per cent respectively in the current fiscal year.

Further, the median forecast for CPI-based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5 per cent, respectively.

“While food prices remain sticky with inflation inching up in cereals, fruits and milk, the survey participants expect an easing of prices in the second quarter with kharif output reaching the market,” said FICCI.

The policy repo rate is forecasted to moderate to 6 per cent by the end of the fiscal year 2024-25 (March 2025), according to the economists.

On the subject of fiscal management and expenditure, the participating economists mentioned that the government has done a deft job on the fiscal side.

“It is expected that such prudence will continue as it is important to ensure macro-economic stability. According to economists, the government has an opportunity to leverage additional resources from robust tax collections and Reserve Bank of India’s dividend transfer,” the FICCI survey report mentioned.

On capital expenditure, it was pointed out that the target could be increased but not much deviation was expected from the Rs 11.1 trillion figure that was indicated in the interim budget for FY2025.

The surveyed economists expected some reforms on the taxation side aimed at stimulating economic growth.

“Potential revisions in tax rates to boost disposable income and stimulate consumption, particularly for lower income brackets, is anticipated,” they said.

Further, it was suggested that enhancing limits under Section 80C and similar provisions could encourage long-term savings and investment. Simplification of the capital gains tax regime and a framework guiding towards streamlining of GST slabs are also expected, the report mentioned.

The economists indicated that the forthcoming budget is expected to introduce comprehensive measures to boost employment and enhance workforce capabilities.

The announcement of an employment-linked incentive scheme, the introduction of an urban counterpart of Mahatma Gandhi National Rural Employment Guarantee Act, increased investments in labour skilling programmes and soft infrastructure, and the implementation of targeted policies and support systems to increase female labour force participation were some of the suggestions highlighted by the surveyed economists. AGENCIES

 The Indian realty sector saw 22 deals at $1.8 billion in the April-June quarter (Q2) in FY25, an uptick in both volume and value signalling a substantial inflow of investment into the sector, a report showed on Thursday.

The quarter was characterised by the dominance of commercial development, residential development activity, private equity influence and technological integration.

Commercial development dominated the overall deal activity, accounting for 37 per cent of the volumes and an impressive 75 per cent of the values, according to the report by Grant Thornton Bharat.

“The first half of 2024 has already reached close to the total deal value of 2023 and has seen a marked increase in private equity investments and high-value transactions, reflecting renewed investor confidence and robust economic recovery,” said Shabala Shinde, Partner and Real Estate Leader.

With the urban population projected to reach 600 million by 2031, the future of India’s real estate market appears promising, fuelled by sustainable and technology-driven advancements, Shinde added.

The mergers and acquisitions (M&A) activity saw seven deals at $123 million, a 133 per cent increase in volumes and a whopping 248 per cent increase in values from the previous quarter.

The private equity (PE) activity saw a 33 per cent increase in volumes and a 757 per cent increase in values, with 12 deals at $1.4 billion, the report noted.

There were two IPOs with a combined issue size of $88 million, compared to no IPO activity in Q1 of 2024. AGENCIES

 LG Electronics said on Thursday it aims to achieve over 1 trillion won ($725.2 million) in sales from its smart factory solution business by 2030, leveraging its artificial intelligence technologies and manufacturing expertise.

This year, the South Korean home appliance giant entered the smart factory solution market, offering technologies and services to transform traditional manufacturing facilities into automated and digitised smart factories.

LG Electronics highlighted its extensive experience and data in the smart factory solution sector, accumulated through its production technology research lab, LG PRI. The lab has undertaken projects on production customisation and manufacturing operation development for LG affiliates, including LG Energy Solution and LG Display Co.

It is part of the South Korean tech company’s recent moves to advance its digital transformation strategy, aiming to evolve into a software-based platform company beyond its traditional hardware focus.

“This year, LG PRI is expected to secure orders worth 200 billion won from companies outside of LG Group,” LG Electronics said. “We aim to expand the smart factory solution business to achieve more than 1 trillion won in sales by 2030.”

The company said its customers include secondary battery producing companies, auto parts makers and logistic companies.

LG Electronics plans to accelerate its business expansion by targeting industries with rising factory demand, such as pharmaceuticals, biotechnologies, and food and beverages.

According to market research firm Precedence Research, the global smart factory market is projected to grow from $155.6 billion in 2024 to $268.5 billion by 2030. AGENCIES

 India’s largest insurance company, LIC’s shares railed 78 per cent over the last one year, following strong operational performance or positive sentiment for PSU shares among the investors.

LIC (Life Insurance Corporation of India) share price was Rs 1,101 at 12:30 p.m. on Thursday, which was Rs 620 on July 18, 2023.

The company’s revenue in the financial year 2023-24 has been Rs 8.46 lakh crore, which was Rs 7.84 lakh crore in the financial year 2022-23. During this period, the company’s profit increased from Rs 35,997 crore to Rs 40,885 crore.

Talking about other insurance sector stocks, HDFC Life Insurance has given negative returns of about two per cent. In the last one year, the share price of HDFC Group’s life insurance company has declined from Rs 656 to Rs 645.

SBI Life Insurance has given returns of about 24 per cent in the last one year. Its share price is Rs 1628, which was Rs 1,314 on July 18, 2023.

ICICI Prudential Life Insurance shares have given a return of 12 per cent in the last one year. Its share price on July 18, 2024 was Rs 642, which was Rs 574 on July 18, 2023. AGENCIES

The evolution of smartphone camera technology continues at an electrifying pace. No longer satisfied with simply increasing lens quantity, manufacturers have shifted their focus to achieving unprecedented zoom capabilities.

At the forefront of this evolution is the periscope lens, a technology previously confined to professional-grade cameras, which is now being integrated into consumer-level smartphones.

This year has witnessed a marked increase in flagship devices incorporating this advanced lens technology, including realme’s own flagship offering, the 12 Pro+ 5G earlier this year.

The integration of periscope camera technology into smartphones is a complex and costly endeavour, typically reserved for premium flagship models.

And until the release of the 12 Pro+ 5G, the use of periscope lenses was confined to the priciest top-of-the-line smartphones due to their high cost.

realme, however, defied expectations, bringing this technology to a wider market with the 12 Pro+ 5G. This dedication to innovation is evident in the phone earning the coveted title of No. 1 Camera Smartphone in its category on Flipkart.

Building on the success of the 12 Pro Series 5G, realme is set to redefine smartphone photography yet again with the highly anticipated 13 Pro Series 5G.

Positioned as the “ultra clear camera with AI,” this upcoming flagship, launching this month, boasts a groundbreaking feature: a 50MP periscope telephoto camera powered by the Sony LYT-600 sensor.

This makes the realme 13 Pro Series 5G the only device in its segment to offer such advanced camera technology, a bold move that further solidifies realme’s reputation as a camera powerhouse, bringing a coveted flagship feature to a wider market.

This AI-powered camera can even enhance older photos, breathing new life into pictures of your grandparents from their youth or shots taken on basic phones a decade ago.

This isn’t just a spec bump; it’s a gateway to a new level of mobile photography. The periscope lens, with its 3x optical zoom and a 73mm equivalent focal length, unlocks “next-level clear portrait photography,” capturing stunning images with a naturally flattering perspective.

The addition of 6x in-sensor zoom further enhances creative possibilities, allowing for a wider range of compositions. But realme’s commitment to innovation doesn’t stop at portraits.

The 13 Pro Series 5G also boasts an astounding 120x SuperZoom, leveraging the periscope lens’s superior light-gathering capabilities and realme’s advanced AI algorithms to capture “ultra clear distant shots” with incredible detail — a feat previously unimaginable in this price segment.

This is made possible by the Sony LYT-600 sensor’s larger single-pixel size and improved light sensitivity, which work together to deliver significantly clearer and brighter images, especially in challenging low-light conditions.

And despite packing such advanced technology, the realme 13 Pro Series 5G doesn’t compromise on comfort. realme has engineered the lightest periscope lens solution in the industry, ensuring the phone remains enjoyable to hold for everyday use.

With the 13 Pro Series 5G, realme isn’t just delivering a phone with impressive specs; it’s offering a tangible example of its commitment to making cutting-edge technology accessible to everyone. By integrating a periscope lens — a feature typically reserved for premium devices — into a more affordable segment, realme is empowering users to capture professional-quality photos and explore new creative possibilities.

The 13 Pro Series 5G is a testament to realme’s mission of democratising innovation and redefining what a smartphone camera can achieve.

So, get ready to upgrade your realme device – only on July 30. AGENCIES

 Samsung said on Thursday it has acquired the British artificial intelligence (AI) and knowledge graph tech startup Oxford Semantic Technologies in a bid to strengthen its in-device AI capabilities.

The South Korean tech giant did not disclose financial terms of the deal, reports Yonhap news agency.

Established in 2017 by Oxford University professors Ian Horrocks, Boris Motik and Bernardo Cuenca Grau, Oxford Semantic Technologies specialises in cutting-edge knowledge representation and semantic reasoning technology.

Knowledge graph technology, which stores information as an interconnected web of related ideas, processes data similarly to human memory and reasoning. This technology is crucial for developing sophisticated and personalised AI solutions by integrating and connecting personal data on habits and usage patterns.

Oxford Semantic Technologies has successfully commercialised its knowledge graph technology, optimising data processing and enabling advanced reasoning both in the cloud and on-device.

Its AI-centric engine, RDFox, collaborates with organisations across Europe and North America in sectors such as finance, manufacturing and e-commerce.

Samsung said that Oxford Semantic Technologies’ expertise in knowledge graphs will significantly enhance its on-device AI technology, particularly in the latest Galaxy S24 smartphone series. This integration aims to offer a more personalised user experience while securing personal data on the device.

The technology will also be applicable across Samsung Electronics’ extensive product range, from mobile devices to TVs and home appliances. AGENCIES

 French drug major Sanofi Healthcare India has announced plans to make an investment of about Rs 3,600 crore (400 million euros) in its Global Capacity Centre (GCC) in Hyderabad over the next six years. 

About 900 crore (100 million euros) will be invested by 2025.

The company also plans to create 1,600 more jobs by 2026.

“The Hyderabad GCC will expand to host approximately 2,600 employees over the next two years, making it the largest of Sanofi’s four global hubs,” said Madeleine Roach, Executive Vice President of Business Operations at Sanofi, at a press conference.

Set up in 2019, the GCC in Hyderabad is Sanofi’s largest among four GCCs globally — Budapest, Malaysia, and Colombia. It also consists of a workforce of 1,000 employees.

From being just a medical hub the facility has grown exponentially to providing various services to the firm’s global functions and affiliates across the world, Roach stated.

With the expansions, the company aims to increase its presence in India and enhance its global operations.

The move is expected to provide employment to around 2,600 people, making it again the largest among Sanofi’s global hubs.

It is also expected to become the first Artificial Intelligence (AI) powered biopharma company.

It will likely hire tech profiles like data scientists, and software engineers, among others. AGENCIES