Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Nvidia Chief Executive Jensen Huang says he does not need to keep working.

He simply cannot bear the thought of missing what artificial intelligence (AI) could deliver over the next decade.

"I've been working a long time and Surely I don't have to work, but I don't want to miss, I'm definitely not going to miss the next 10, 15 years," Huang said during a fireside chat with US Commerce Secretary Howard Lutnick.

For Huang, the appeal lies not only in the technology but also in the scale of the ambitions it has unleashed.

"The ambition of the industry, the ambition of my colleagues, my own ambition has really been supercharged," he said.

Huang offered a buoyant vision of an AI-powered future in which work that once took a decade could be completed in a year, while year-long projects could be finished within a month.

"What do I expect in the next five, ten years? Things that take ten years are going to take one. Things that take one will take a month," he added.

The Nvidia Chief said that artificial intelligence was giving ordinary people, companies and countries the ability to tackle problems on a scale previously considered unimaginable.

"It is now possible for average humans like ourselves to think that we can make an impact on a hundred trillion dollar industry," Huang added.

He said that innovators were talking about adding between $20 trillion and $50 trillion in economic benefits worldwide.

Such ideas, he added, reflected a new level of ambition made possible by access to AI.

"No time in history have we been able to say things like that," he said.

Huang encouraged countries to approach the technology with optimism and raise their ambitions rather than allow uncertainty to dominate the public conversation.

"This is the time when you have to feel enlightened, inspired, supercharged, lifted, because you now have this incredible technology behind you," he said.

He compared the development of AI with earlier technological advances that initially appeared almost magical.

"Electricity once made it possible to turn on a light from far away, while modern cars and aircraft became safer as their technology improved."

AI, Huang said, would similarly advance through engineering, mathematics, software and responsible development.

He rejected predictions that the technology would simply remove human workers.

AI would automate certain skills and tasks, he said, but people would retain the purpose, context and meaning that define their jobs.

Huang also described AI as a great equaliser because people could now communicate with computers through ordinary human language.

Lutnick picked up that theme, suggesting that the technology could place advanced knowledge within everyone's reach.

"You now can have... A PhD in everything. That's right. At your fingertips," Lutnick said.

"You are that person now. Right? Everybody is that person now," Huang responded.

Lutnick praised Huang's optimistic assessment and called him "an American treasure", saying Nvidia was leading the United States towards a future once confined largely to science fiction.

"Your company is leading us in a path that none of us, when we were young, ever dreamed possible," the US Commerce Secretary said.

Huang co-founded Nvidia in 1993 and has served as its President and Chief Executive since its inception.

The company began as a specialist in graphics technology before its processors became vital to the development and operation of modern artificial intelligence systems.

Born in Taiwan, Huang moved to the United States as a child and studied electrical engineering at Oregon State University and Stanford University.

Under his leadership, Nvidia has grown into one of the world's most valuable technology companies.

Source: IANS

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Asheville (North Carolina), Sep 3 (SocialNews.XYZ) Reserve Bank of India Governor Sanjay Malhotra held separate meetings with US Federal Reserve Chairman Kevin Warsh and a senior International Monetary Fund official on the sidelines of a G20 gathering in North Carolina, the central bank said.

Malhotra participated in the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, which brought together senior economic policymakers from the world’s major economies.

During the meeting, the RBI Governor engaged with his international counterparts on key economic and financial priorities, according to the central bank.

The RBI did not disclose details of the discussions or identify the specific policy issues raised during Malhotra’s engagements.

On the sidelines of the gathering, Malhotra met Warsh, who heads the US central bank. The interaction came as finance ministers and central bank governors considered major challenges facing the global economy and financial system.

Malhotra also held a meeting with Dan Katz, First Deputy Managing Director of the IMF.

The engagements placed India’s central bank leadership in direct contact with two major institutions influencing global monetary and financial policy. The Federal Reserve’s decisions have consequences beyond the United States, while the IMF plays a central role in monitoring the international economy and supporting financial stability.

The G20 Finance Ministers and Central Bank Governors process is the principal economic and financial track of the wider G20 framework. Its meetings allow members to discuss global growth, financial stability, development financing and other challenges requiring international coordination.

The Asheville ministerial brought finance ministers and central bank governors into the same forum for discussions on shared economic and financial priorities. Malhotra represented India’s central bank in those deliberations and held bilateral engagements alongside the formal meeting.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Palantir Chief Executive Alex Karp said that India could emerge as a major artificial intelligence (AI) power, citing its technical talent, energy initiatives and capacity to develop advanced AI models.

"I could see it doing very, very well," Karp told IANS when asked where he saw India in the field of AI.

"I mean, first of all, model development, energy source. I mean, you guys are doing a lot of scrappy things to get energy," he told IANS during a media interaction on the sidelines of the G20 Innovation Ministerial here.

Karp described energy and technical expertise as vital to the development of AI.

"One of the bottlenecks is energy, technical talent," he said, adding that every country possessed distinctive technical capabilities.

The Palantir CEO called AI possibly the most consequential technological advance in a century.

He also cautioned that it could be deployed for constructive as well as harmful purposes.

"The most important technological development. It, it may be in the last hundred years," Karp said.

"And because of that, it can be used for good and ill. So you really do need to have experts looking at it."

Karp said nations would have to find ways to build and retain control over their own sovereign AI systems.

"I think what's particularly interesting about the conference is every country has to figure out a way to have its own sovereign AI," he said.

He pointed to several questions governments must address while building such systems.

"How do you control the weights? How do you control the data? How do you control where it goes?" Karp said.

"How do you make sure it's indigenous to your own country?"

He identified the United States, China and Israel as leaders in the field, but said other countries must also develop domestic capabilities and determine how best to use them.

"America, really America, China, Israel are in the forefront here, but it's really important that other countries have their own AI developments and figure out ways to use them," he said.

Karp added that organisations using AI needed computing capacity and an application layer.

They also needed to decide where to deploy closed and open models to protect valuable information, he said.

"You need compute, you need an application layer, you need to be able to control where you put closed and open models so that you're not losing your telemetry, your alpha, your government's secrets maybe," he added.

Palantir's platform, he said, could run models from different developers.

The company preferred American products but supported competition in commercial markets.

"We have to win this battle, and we have to have American models be the best," Karp said.

"But you can't just say our models are gonna be the worst and people should use them even though they're more expensive and equally not as safe."

Karp also warned governments to approach AI regulation carefully, saying poorly designed rules could hurt the countries they were intended to protect.

"One of the biggest problems is it's gotta be done by people who understand the issues," he said.

"That doesn't mean there should be no regulation. So I, I'm not an anti-regulation person."

Palantir Technologies is a US software company co-founded by Karp in 2003. Its platforms help government agencies and commercial organisations integrate and analyse large volumes of data.

The company is known for its work with US defence and intelligence agencies. It has also expanded its commercial business, providing software for sectors, including manufacturing, healthcare, energy and financial services.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Artificial intelligence (AI) can now complete in minutes the work that start-ups were once expected to perform over three months, OpenAI Chief Executive Sam Altman has said, predicting an unprecedented surge in entrepreneurship and small-business creation.

"The work that we expected a startup to accomplish in three months is now probably doable in, like, 17 minutes with Codex," Altman added during a fireside chat with US Commerce Secretary Howard Lutnick.

"This is just amazing. The world is not caught up with what this is going to mean," he said.

Before establishing OpenAI, Altman ran a start-up accelerator.

That experience, he said, convinced him that entrepreneurship was among the most important forces within capitalism and that many of the technology industry's significant ideas emerged from start-ups rather than large companies.

He added that AI had dramatically reduced the time and resources needed to turn an idea into a product, test it and collect feedback from customers.

"I think this, for example, will be the greatest boom in entrepreneurship and the creation and development of small businesses the world's ever seen," Altman said.

"People with promising ideas had often been held back because they could not raise enough capital, hire experts, develop new science or manage complicated supply chains," he added.

AI could now help them overcome many of those barriers.

"If you had a great idea, but you didn't have the resources or the ability to get enough capital together or hire experts to work on it or to figure out what it's gonna take to invent new science or manage a complex supply chain, you can do that with AI," Altman said.

He cited the example of a laundromat operator whose business was struggling.

The owner used ChatGPT to prepare marketing material, seek advice on legal contracts and manage relationships with vendors.

"He was really the first person I met that had figured out how to use AI to effectively run a business," Altman said.

"The example stood out because it came soon after ChatGPT was released, when the technology was considerably less capable than current systems," he added.

AI use among businesses has since accelerated, particularly with the emergence of coding agents and tools for office-based work.

"In 2025, we saw a real acceleration of this with coding agents and white collar work agents," Altman said.

He predicted that another change would arrive with long-term AI agents that could function as persistent virtual colleagues, working continuously alongside individuals and businesses.

Altman added that AI would transform large companies and governments, but its ability to empower entrepreneurs was particularly significant.

"It could enable more people to build independent businesses instead of becoming small parts of large corporations."

"What AI can do for entrepreneurs and for people that want to take an idea and bring it into the world quickly, is really quite amazing," he said.

Altman also told G20 representatives that countries could take different approaches to regulating AI and decide whether to construct their own data centres or rent computing capacity elsewhere. But every economy would need to use the technology to remain competitive and help its businesses grow.

OpenAI began work in January 2016 after being announced in late 2015.

Altman had previously served as president of Y Combinator, a Silicon Valley start-up accelerator that supports young companies through funding, advice and an intensive development programme.

Source: IANS

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Asheville (North Carolina), Sep 2 (SocialNews.XYZ) India has moved to deepen economic partnerships with the European Union, the World Bank, the International Monetary Fund and several major economies, with Finance Minister Nirmala Sitharaman using the G20 meeting in Asheville to seek greater investment, stronger supply chains and wider access to advanced technologies.

Sitharaman held a series of bilateral meetings on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting.

Her discussions covered critical minerals, infrastructure financing, digital public infrastructure, artificial intelligence, trade and cross-border payment systems.

In talks with European Commissioner for Economy and Financial Affairs Valdis Dombrovskis, the two sides discussed strengthening the India-EU Economic and Financial Partnership. They also reviewed cooperation through the macroeconomic dialogue and the Trade and Technology Council.

The meeting covered negotiations for the India-EU Free Trade Agreement and Investment Protection Agreement. Both sides expressed a commitment to advance the negotiations.

They also discussed resilient and diversified supply chains, including cooperation on critical raw materials and technologies.

Sitharaman stressed the need to build processing and value-addition capabilities rather than focus only on sourcing critical minerals.

India and the EU will also explore greater cooperation in FinTech, artificial intelligence and generative AI.

The discussions included efforts to foster closer engagement between Indian and European start-ups.

In a separate meeting with World Bank President Ajay Banga, Finance Minister Sitharaman welcomed the speedy processing of $1.5 billion in Development Policy Financing.

She also noted the International Finance Corporation's support to micro, small and medium enterprises through the Small Industries Development Bank of India.

The two discussed a larger role for the Multilateral Investment Guarantee Agency in India. Its guarantees could help deepen corporate, infrastructure and municipal bond markets while mobilising private capital.

They also considered political risk insurance for Indian companies investing overseas and credit enhancement for infrastructure projects.

Sitharaman raised India's work with the World Bank Group to establish a Global Digital Public Infrastructure Knowledge Hub in the country.

The initiative could explore the use of technology in sectors such as agriculture.

The meeting also covered plans to develop globally competitive tourism destinations under the new India-World Bank Group Country Partnership Framework.

The proposed model would combine policy and infrastructure support, private investment and guarantees.

Sitharaman and IMF Managing Director Kristalina Georgieva in their meeting reviewed the global economic outlook and India's growth trajectory, a media statement said.

Georgieva noted India's strong economic performance and the resilience built by its economy.

The Finance Minister stressed the need for evidence-based surveillance frameworks that adequately capture structural shifts in emerging market and developing economies.

The two also discussed IMF initiatives to strengthen institutional capacity, policymaking and statistical systems.

Sitharaman's meeting with South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol focused on investment, critical minerals and resilient supply chains. They agreed to advance working-level consultations for the India-Korea Finance Ministers' Meeting.

India welcomed greater Korean investment in emerging sectors and proposed stronger cooperation through the National Investment and Infrastructure Fund, a press statement said.

The two sides also discussed a concessional credit line for infrastructure and green-transition projects.

Efforts to make India and South Korea's QR-based payment systems interoperable were also reviewed. Such a system could make payments easier for travellers and strengthen commercial and people-to-people links.

In other meetings, Sitharaman discussed multilateral development banks with Russian Finance Minister Anton Siluanov, investment and energy cooperation with Qatari Finance Minister Ali bin Ahmed Al Kuwari, and trade, defence, energy security and emerging technologies with Polish Finance Minister Andrzej Domanski.

India and the EU have been negotiating a broad trade agreement alongside an investment protection pact, with market access, regulatory standards and resilient supply chains among the central issues. Their Trade and Technology Council provides a platform for cooperation in digital technologies, clean energy and trade.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) US Commerce Secretary Howard Lutnick has urged G20 nations to protect intellectual property (IP) while allowing artificial intelligence (AI) to flourish, warning that countries which fail to safeguard the rights of both domestic and foreign innovators could lose investment and economic opportunities.

Opening the G20 Innovation Ministerial in North Carolina's Chapel Hill, Lutnick said that governments faced complex questions over how existing patent and copyright frameworks should apply to rapidly developing AI systems.

"Artificial intelligence is gonna change how we invent. It's gonna change how we create how companies compete and how entire industries operate," he told delegates.

Lutnick said protecting intellectual property and encouraging AI development should not be treated as competing objectives.

"You can protect intellectual property and promote AI innovation, but that's the tricky part. We have to find a way to do both things together," he added.

"So there are two sides of the same innovation ecosystem."

A functioning intellectual property framework, he said, could protect innovators and creators while preserving opportunities for AI competition and commercialisation.

"That balance matters because private investment will drive technological progress," Lutnick said.

He described AI as a powerful tool for expanding human ingenuity, but acknowledged that it was raising new questions about traditional approaches to invention.

The challenge extended to patents as well as copyright, he said.

"Copyrights protect authors, they protect artists and innovators and creators and existing laws provide important foundations that AI technologies are going to continue to develop," he added.

Lutnick called on governments to determine how doctrines such as fair use and fair dealing would apply to AI-related activities.

The answers, he said, would depend on the facts and circumstances faced by individual economies.

"We have to figure out and recognise the interaction between copyright and AI, and that's gonna raise complex questions across all of our jurisdictions," he added.

The Commerce Secretary also underlined the importance of trade secret protections, saying they fostered research, development and competitive markets.

He urged countries to provide reciprocal intellectual property protection and effective remedies when rights were violated.

"You have to protect your own. But if you're going to protect your own, you have to protect others coming into your market. It has to be both," he said.

"And if you don't do both, you'll be left with less opportunity than you would otherwise have."

Lutnick said the broader challenge was not to choose between protecting innovation and accelerating it, but to accomplish both goals together.

"We need frameworks that protect creators and inventors whose ingenuity drives our economies without creating the barriers that prevent the next generation of innovators," he added.

"Getting that balance right could allow AI to boost investment, productivity, scientific discovery, manufacturing and economic growth across G20 economies," Lutnick said.

He added that the ministerial would discuss policies aimed at promoting innovation, accelerating scientific discovery, strengthening supply chains and building confidence in emerging technologies.

The US had proposed statements reflecting those priorities, including support for private sector-led standards, domestic manufacturing and intellectual property rights.

The G20 brings together 19 countries, the European Union and the African Union.

India is a member of the grouping and held its presidency in 2023, when the African Union was admitted as a permanent member.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) OpenAI Chief Executive Sam Altman has warned governments against shutting artificial intelligence (AI) out of their countries, comparing such a move to rejecting electricity and saying that AI adoption is essential for economic growth and improved public services.

"I think it would be approximately as bad of an idea to say we're not gonna have AI in our country as it was to say we're not gonna have electricity in our country, you know, back 100 plus years ago," Altman said during a fireside chat with US Commerce Secretary Howard Lutnick.

Addressing representatives of G20 economies, Altman said governments could adopt different regulations and decide whether to build or rent data centres.

But using the technology, he added, was no longer optional.

"For sure, I think it is not negotiable. You have to use it," he said.

"The economic growth and benefit to people that can come from this, the value to a country is too high to ignore."

Altman predicted that artificial intelligence would generate an unprecedented expansion in entrepreneurship and small businesses by giving people access to expertise, software and other resources that were previously expensive or difficult to obtain.

"I think this, for example, will be the greatest boom in entrepreneurship and the creation and development of small businesses the world's ever seen," he said.

He recalled meeting a laundromat operator who used ChatGPT for marketing, advice on legal contracts and managing relationships with vendors.

Altman described him as the first person he had met who had learnt to use AI effectively to run a business.

The pace at which entrepreneurs can develop ideas has since accelerated sharply, he said.

"The work that we expected a startup to accomplish in three months is now probably doable in, like, 17 minutes with Codex," Altman added.

"The world is not caught up with what this is going to mean."

He said that future AI systems would become persistent virtual collaborators capable of working continuously alongside people.

The technology could also widen access to medical care, education and services once available primarily to the wealthy.

Altman predicted that AI would eventually become so deeply embedded in everyday products that people would stop discussing it as a separate technology.

"My prediction is we won't be talking about AI as much as we do in a decade from now, because we'll just expect it everywhere," he said.

At the same time he noted that rapid adoption would bring serious risks.

Cybersecurity required urgent attention, while governments and companies also needed to prepare for biosecurity threats and the possibility that control over AI could become concentrated among a small group.

"I think some things are gonna go very wrong with cybersecurity unless people act quite urgently," Altman said.

"Another thing that could go wrong is too much concentration of power," he added.

"In many ways, AI should be an equalising force in the world."

Altman said making AI widely available would require major investment in computing infrastructure, even as chips and algorithms became more efficient.

Without sufficient capacity, he warned, AI could remain an expensive commodity available mainly to wealthy users.

OpenAI was founded in late 2015 and began work in January 2016. Its ChatGPT service, released publicly in November 2022, helped bring generative artificial intelligence into mainstream use by allowing users to produce text, analyse information and write computer code through conversational prompts.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Every country must develop domestic artificial intelligence capacity and decide which parts of the rapidly expanding technology chain it wants to build, Nvidia chief executive Jensen Huang has said, warning governments against outsourcing all their intelligence to others.

Huang, speaking during a fireside chat with US Commerce Secretary Howard Lutnick, described AI infrastructure as essential to national economies, comparing it with water, roads, electricity and the internet.

“Every single country needs to build infrastructure so that you could support your own local economy,” Huang said.

“It becomes the capacity, the intellectual capacity, the digital intellectual capacity for you to support your researchers and students and society and industries and startups,” he added.

Huang presented AI as a “five-layer cake”, with energy forming its foundation. Chips constitute the second layer, while infrastructure — including data centres, land and power — forms the third.

AI models occupy the fourth layer. The fifth and most important layer, Huang said, consists of data and applications.

“Every single region, every single country should decide which one of the layers they want to invest in,” he said. “You don't have to win in every single one of them. You don't have to develop all of them.”

Huang said countries should encourage the diffusion and adoption of AI across their economies. Its applications extend from education and healthcare to manufacturing and scientific research.

Artificial intelligence was not limited to language, he said. It could learn, understand and predict information across fields with identifiable structures, including biology, chemistry and physics.

Different regions already possessed expertise in areas that could be strengthened through AI, he said. That would allow countries to concentrate investment in sectors where they already enjoyed advantages.

“The United States is going to lead in the development of AI across these five-layer stacks, but we'd love to partner with everybody so that everybody could take advantage of this,” Huang said.

He also urged countries and companies to combine commercially available AI systems with technology developed for their particular requirements.

“You should use AI off-the-shelf wherever you can, but don't forget, you have to invest in building your own intelligence, every country, every company,” Huang said.

“You can't outsource all of your intelligence to somebody else. And so you have to use as much of it as you can, build as much as you need to.”

Huang said creating local infrastructure quickly activated researchers and start-ups by giving them the computing capacity needed to develop products and conduct advanced work.

Lutnick said governments needed to invest in data centres and infrastructure to capture AI’s benefits for their citizens and economies.

“They've got to make that infrastructure investment. They've got to build the data centers. They've got to harness the AI for themselves,” the Commerce Secretary said.

Lutnick said AI had democratised education by making advanced knowledge available more widely. Huang said people who previously lacked access to the highest levels of education could now benefit from digitally produced intelligence at scale.

India launched the IndiaAI Mission in 2024 to expand computing access, develop domestic AI capabilities and support start-ups, datasets and skills. The government approved an outlay of more than Rs 10,000 crore for the programme, which includes plans to provide shared computing infrastructure to researchers and developers.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India and Canada on Wednesday held the annual Foreign Office Consultations (FOC) which the Ministry of External Affairs (MEA) said carried forward the sustained momentum in bilateral relationship witnessed since June 2025.

The Indian delegation was led by MEA's Secretary (East) Rudrendra Tandon while Deputy Minister of Foreign Affairs Arun Thangaraj headed the visiting team from Global Affairs Canada during the talks held at New Delhi's Hyderabad House.

"The FOC was held against the backdrop of sustained momentum in the bilateral relationship, reflected in the pace of high-level exchanges and progress in various areas of bilateral cooperation since June 2025. Both sides reaffirmed the importance of India-Canada ties, anchored in shared democratic values, respect for principles of sovereignty and territorial integrity, and joint commitment to the rule of law," read a statement issued by the MEA.

"The two sides reviewed progress of various institutional mechanisms, including in energy and critical minerals, science and technology, education, security and defence cooperation, culture, people-to-people ties and consular matters. Both sides welcomed the progress made in strengthening of institutional engagement and dialogue between the two governments," it added.

The MEA further said that both sides reiterated their shared commitment to conclude the Comprehensive Economic Partnership Agreement negotiations before end of year, with the shared objective of more than doubling bilateral trade to CAD 70 billion/INR 4.65 lakh crore by 2030.

On Friday, Finance Minister Nirmala Sitharaman said that India and Canada have an opportunity to deepen financial-sector cooperation and build long-term investment partnerships, as she highlighted the complementarity between the two economies.

Addressing a high-level India-Canada Business Roundtable in Toronto in the presence of Canadian Finance and National Revenue Minister Francois-Philippe Champagne, FM Sitharaman said India brings scale, growth and opportunities, while Canada offers long-term capital, institutional depth and expertise.

"FM Sitharaman highlighted the fresh momentum in India–Canada economic engagement and called for translating it into deeper financial-sector cooperation and long-term investment partnerships," the Ministry of Finance said.

The Finance Minister highlighted the fresh momentum in India-Canada economic engagement and called for translating it into stronger financial cooperation and greater investment partnerships between the two countries.

FM Sitharaman outlined India's reform-led transformation over the past decade, saying measures including the Asset Quality Review, Insolvency and Bankruptcy Code, the 4R approach and EASE reforms have strengthened the country's banking system.

"India and Canada are now exploring how digital technologies can further strengthen our financial cooperation, including easier payments, cross-border remittances and greater digital payment choices for citizens," FM Sitharaman said.

"A strong foundation for a deeper and more people-centric India-Canada partnership," the finance minister added.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Nvidia chief executive Jensen Huang has rejected fears that artificial intelligence will eliminate employment, arguing that the technology will automate tasks while allowing people and companies to pursue far greater ambitions.

“The idea that somehow all the jobs are going to be eliminated, removed, that's just nonsense,” Huang said during a fireside chat with US Commerce Secretary Howard Lutnick.

Huang said jobs were defined by their purpose, context and meaning, even though some of the skills used to perform them would change.

“Those skills are gonna be automated by AI. The tasks are gonna be automated, but our jobs purpose remain,” he said. “And so I think what's gonna happen was that we're all just gonna be supercharged.”

Huang said Nvidia already uses AI throughout its operations, combining readily available products with systems developed internally.

“You should use AI off-the-shelf wherever you can, but don't forget, you have to invest in building your own intelligence, every country, every company,” he said. “You can't outsource all of your intelligence to somebody else.”

Huang predicted that the world could achieve what is commonly called artificial general intelligence within the next few years. He argued that elements of it had effectively arrived already, but cautioned that such a breakthrough would not automatically solve every company’s problems.

“It's not as if all of a sudden in two years time, I say, okay, let me connect it to this AI service and I just sit back and all of a sudden my company becomes more and more productive overnight,” he said. “That's just not gonna happen at all.”

Companies would still need to provide AI systems with purpose, context, relevant information and access to the tools required for productive work, Huang said.

He described AI as a “five-layer cake” comprising energy, chips, infrastructure, models, and data and applications. Countries did not need to dominate every layer, he said, but should determine where to invest and encourage AI adoption across education, healthcare, manufacturing and science.

“Every single country needs to build infrastructure so that you could support your own local economy,” Huang said. “It becomes the capacity, the intellectual capacity, the digital intellectual capacity for you to support your researchers and students and society and industries and startups.”

The Nvidia chief said the United States was expected to invest close to $1 trillion in AI infrastructure this year, generating economic growth and hundreds of thousands of jobs across semiconductor fabrication, computer production and AI data centres.

Huang urged governments to balance discussions about AI safety with its potential contribution to prosperity. The greatest risk for a country, he said, was failing to adopt the technology.

“The worst outcome is that you don't take advantage of it. that you are left behind. That is the single worst outcome,” he said.

He also called for regulation to address demonstrated risks rather than speculative threats.

“Don't regulate hypothetical, theoretical harm. Regulate actual and pragmatic harm,” Huang said.

Lutnick said countries would need to invest in data centres and domestic AI infrastructure to ensure their citizens and economies benefited from the technology.

“They've got to harness the AI for themselves,” Lutnick said. “Because what you've said is that education has been democratized.”

Nvidia was founded in 1993 by Huang, Chris Malachowsky and Curtis Priem. Its graphics processing units, initially closely associated with computer gaming, have become central to the data centres used to train and operate advanced artificial intelligence systems.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) A conversation with friends more than a decade ago persuaded Anthropic Executive Tom Brown to leave engineering and pursue artificial intelligence (AI), beginning a journey that took him through OpenAI and eventually to the founding of Anthropic.

Speaking during a fireside chat with US Commerce Secretary Howard Lutnick, Brown said he began studying AI in 2014 after friends raised the possibility that machines could achieve human-level intelligence within their lifetimes.

"A few of my friends came to me and they were like, 'Tom, it seems like we might end up getting human level intelligence from AI within our lifetimes, so in the next 50 years,'" Brown recalled.

The proposition initially sounded far-fetched. But its potential consequences were too important for him to ignore.

"I was like, 'Wow, that, like, seems kinda crazy, but if it does happen, like, that would be the biggest, most important thing that ever happens to humanity,'" he said.

Brown added that the conversation forced him to consider what distinguished humans and why advances in machine intelligence could prove more consequential than earlier technological revolutions.

"The industrial revolution transformed all of society, but really it was, like, the second most important thing about humans is our bodies," he said.

"The main thing is our minds."

Brown then moved away from conventional engineering and began teaching himself about artificial intelligence.

"That got me to think, like, okay, maybe I'll switch from engineering to try to help out learning about AI," he said.

"And so I did. I started doing kind of self study on that."

OpenAI was founded about a year later. Brown said he knew some of the people involved and approached the fledgling organisation to see whether he could contribute.

"I went to see if I could help out in some way," he added.

"And so I joined, I joined them as, like, one of the first 20 employees, basically, to do engineering work."

A decisive moment came in 2019 with research into AI scaling laws. The work examined how different combinations of computing power, data and model size affected a model's capabilities.

Until then, researchers had observed that models improved as they grew and received more computing resources. But Brown said they lacked a clear understanding of the mechanism connecting scale with greater intelligence.

The scaling studies produced what Brown described as a recipe for determining "what exact combinations of compute, data, and model size resulted in a given level of intelligence".

The findings changed his assessment of how quickly advanced AI could emerge. What had appeared to be a development that might take half a century suddenly seemed much closer.

"That gave us kind of the confidence that this stuff would continue to advance at the rapid rate that it has been, which ended up leading to the founding of Anthropic," Brown said.

The researchers concluded that the breakthrough could occur "not in 50 years but in, on the order of under 10 years," he added.

Brown said Anthropic was created with the goal of helping ensure that the accelerating AI transformation benefited society broadly.

"Anthropic is focused on making sure that as we go through this very rapid kind of a, like, AI revolution, things go well for everyone," he added.

Anthropic was founded in 2021 by former OpenAI researchers, including siblings Dario and Daniela Amodei.

The San Francisco-based company develops the Claude family of artificial intelligence models.

OpenAI was established in 2015 as an artificial intelligence research organisation.

Its release of ChatGPT in late 2022 helped bring generative AI into widespread public use and intensified competition among technology companies developing advanced models.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Public sector general insurance companies were advised to strengthen their focus on profitable lines of business and adopt suitable measures to bring down the incurred claim ratio (ICR) at a high-level performance review on Wednesday under the chairmanship of Secretary, Department of Financial Services (DFS), Sanjay Lohiya.

The DFS Secretary urged the government-owned insurance firms -- National Insurance, United India Insurance, Oriental Insurance and Agriculture Insurance -- to make greater use of technology and accelerate digitalisation, while optimising expenditure on information technology and other digital initiatives. He also advised them to ensure customer grievances are redressed expeditiously while adequate emphasis is given to the quality of such redressals, according to an official statement issued after the meeting.

The financial and business performance of the public sector general insurance companies was reviewed for FY 2025–26, covering underwriting performance across all lines of business, key performance indicators, digital initiatives and other operational issues.

The Secretary further emphasised the need to improve communication, publicity and customer outreach, including through social media and other platforms, to enhance awareness about various insurance products and the outreach of the companies in underserved segments and areas.

Besides, he advised the government-owned firms to improve insurance penetration and density while reducing protection gaps. He further emphasised the need to strengthen performance monitoring through a robust and standardised KPI framework across the insurance companies. He advised that the KPIs should enable consistent and comparable assessment of financial as well as non-financial performance across companies and should be reviewed on a quarterly basis.

The meeting was attended by National Insurance Company Ltd CMD Rajeshwari Singh Muni, United India Insurance Company Ltd CMD Bhupesh S. Rahul, The Oriental Insurance Company Ltd CMD Sanjay Joshi, and Agriculture Insurance Company of India Ltd CMD Lavanya R. Mundayur.

Besides, senior officials of the Department of Financial Services, including Additional Secretary Debasish Prusty, participated in the discussions.

Source: IANS

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Chapel Hill (North Carolina), Sep 2 (SocialNews.XYZ) Anthropic Executive Tom Brown has urged G20 countries to clear the way for data centres, warning that shortages of power and construction labour have become the biggest constraint on the rapid expansion of artificial intelligence (AI).

In a fireside conversation with US Commerce Secretary Howard Lutnick, Brown said that AI demand was growing exponentially and creating an industrial expansion larger than the railway boom of the 19th century.

"We have this incredible industrial build out of likes of which we've never seen in the history of humanity more than the railroads of the 1800s," he added.

"And so, that's a place where any country that wants to be involved has a chance to be involved."

Lutnick asked what infrastructure countries needed to participate in the economic benefits expected from AI.

"I think that the biggest thing by far is building more, making it possible to build more data centres, more compute in your countries," Brown said.

"It's very clearly the bottleneck for all of our progress. We're in a huge shortage of the power and labour needed to support the demand for AI."

Brown said data centres could generate employment, government revenue and new investment.

He added that their design could also add electricity to national grids.

"The biggest things that we need in order to build data centres are we need permitting for land to be able to build there," he said.

"And then we need to figure out how to get enough labour to do the construction there as well."

Lutnick encouraged governments to make themselves attractive destinations for technology investment.

"If your country rolls out the red carpet to great investment, they're more likely to have that investment than if it's a fight to get in," the Commerce Secretary said.

Brown identified two broad economic gains from AI. The first was reindustrialisation driven by large investments in physical infrastructure. The second was an expansion of the effective workforce available for intellectual tasks.

"The key component of the overall economy is how many smart people do we have doing good work?" he said.

"The AIs now are, like, not quite people, but they're doing intellectual labour also."

Brown said that AI models were progressing quickly in software engineering, mathematics and scientific work. He predicted they could accelerate research into diseases, including cancer.

"I think there's no doubt that if we have, like, a million times more oncology researchers, we could make progress that's not just, like, 10 per cent faster," he added.

"It would be, like, multiples faster."

The economic value created by frontier AI laboratories was growing fourfold annually, Brown said.

That amounted to a doubling every six months, he added.

"There's never been an industry of this size that's been growing at that speed," he said.

The cost of accessing a model comparable to the leading model a year earlier was now roughly 20 times lower, he added.

Brown said governments and businesses would derive greater benefits if they treated AI models as collaborators and gave them the documents, tools and permissions needed to perform assigned work.

He also described a global commercial opportunity for companies capable of adapting general-purpose models to specialised fields such as law, biology and mechanical engineering.

Anthropic was founded in 2021 by former OpenAI researchers.

The US artificial intelligence company develops the Claude family of models and has placed a strong emphasis on AI safety, reliability and responsible deployment.

The global expansion of AI has increased demand for data centres, advanced semiconductors and electricity.

Governments, including India, are seeking greater computing capacity while also confronting questions about energy supplies, land, water use, and the skills required to build and operate the new infrastructure.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) The Maharashtra Food and Drug Administration (FDA) on Wednesday suspended the food licence of an EatClub Brands outlet in Mumbai with immediate effect after an inspection uncovered multiple food safety, hygiene and operational violations.

The action, effective September 2, was taken under the Food Safety and Standards Act, 2006, and the rules and regulations framed under it. The EatClub outlet involved in the action is located at Royal Palms, Aarey Milk Colony, Goregaon East. The suspension applies specifically to this establishment and does not cover the company’s other outlets.

EatClub operates several food brands, including Box8 and Mojo Pizza.

According to an official press note issued by the FDA, inspectors found inadequate storage arrangements for food products, packaging materials and chemicals at the outlet. The inspection also revealed poor hygiene conditions, inadequate handwashing facilities, insufficient lighting and ventilation, and gaps in pest-control measures.

The regulator said the outlet did not have adequate measures to prevent pests from entering through its rear door. Inspectors also found that raw materials were not being properly examined for potential food safety hazards or adequately cleaned before being used in food preparation.

The FDA further found that food handlers were not equipped with the required protective gear, including aprons, gloves, headgear and shoe covers. Records related to food-handler training and medical examinations of employees were also found to be inadequate.

The establishment was also found lacking a proper mechanism for handling consumer complaints and did not have the required technical personnel during the inspection, the FDA said.

In another violation, ice cream and carbonated beverages were being sold at the premises despite not being included in the establishment’s food licence. Citing concerns over consumer health, the regulator ordered the immediate suspension of the outlet’s licence.

The FDA has also suspended the food licence of Rani Diets Consultant and Service Providers, located on Kurla-Andheri Road in Jarimari, Kurla West.

An inspection of the Rani Diets premises found active rat and pest infestation. The regulator also reported dirt, grease, food residue and stagnant water in food preparation and storage areas. Damaged flooring, inadequate drainage and improper waste disposal were among the other deficiencies identified by inspectors.

Source: IANS

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Bengaluru, Sept 2 (SocialNews.XYZ) Karnataka Chief Minister D.K. Shivakumar on Wednesday urged the NITI Aayog to ensure that the state receives its due share of Central funds, including allocations announced by the Union government in previous Budgets.

Shivakumar made the appeal during a meeting with NITI Aayog Vice-Chairman Ashok Kumar Lahiri at his official residence, Krishna, in Bengaluru.

Emphasising the importance of cooperative federalism, the Chief Minister said the Centre and states must work together in the national interest, as the development of states was essential for the overall growth of the country.

"Everyone must work together keeping the interests of the country in mind. The country can develop only when the states develop. Under the federal system, the states and the Centre need to work in cooperation with each other. After a long time, I have got an opportunity to hold a separate meeting with NITI Aayog. The NITI Aayog should extend all possible support to Karnataka," he added.

Shivakumar said the country had high expectations from Karnataka and added that Prime Minister Narendra Modi had also acknowledged the state's contribution.

He said that NITI Aayog had suggested developing a "second Bengaluru" and assured that the state would formulate an appropriate plan in this regard by studying initiatives undertaken by other states.

"Karnataka is at the forefront in the country in terms of GSDP, per capita income, human development indicators, technology and innovation, foreign direct investment, exports, startups and the IT services sector. Karnataka has the highest quality human resources in the country," he added.

He noted that Karnataka produces around 1.6 lakh engineers and nearly 13,000 doctors every year, while Bengaluru is home to around 2.6 million IT professionals.

"People from all parts of the country are coming to Bengaluru and settling here, and the city's population is continuously increasing. All these factors are putting pressure on Bengaluru. We have formulated several ambitious projects to improve the city's infrastructure, and they are at various stages of implementation," Shivakumar said.

Referring to population-based allocation of Central funds, CM Shivakumar said Southern states that had successfully implemented population-control measures should not be disadvantaged.

"During a recent discussion with the Union Home Minister (Amit Shah), I pointed out that the Southern states have effectively implemented population-control measures, whereas the Northern states have not done so adequately. The Southern states should not be penalised by determining the share of funds primarily on the basis of population," he added.

Shivakumar also recalled former Prime Minister late Atal Bihari Vajpayee's statement that world leaders visiting India would prefer to visit Bengaluru before Delhi, and said he had recently shared the observation with Prime Minister Modi.

He urged NITI Aayog to give Karnataka special consideration, noting that the state has a large extent of dryland agriculture after Rajasthan.

"Karnataka's agriculture sector is also growing steadily. Given these circumstances, NITI Aayog needs to give special consideration to Karnataka," he said.

The Chief Minister highlighted the state government's welfare initiatives, saying the five guarantee schemes were being implemented effectively and that the state government was spending more than Rs 50,000 crore every year on them.

He added that the state government spends around Rs 20,000 crore annually on electricity subsidies to provide free power to farmers.

Shivakumar also said the state government had formulated plans to develop government schools with the objective of providing quality education at the rural level.

"Karnataka has played a significant role in the country's development. NITI Aayog should provide all possible support for these initiatives and their implementation," he added.

Officials told the meeting that Karnataka's Gross State Domestic Product (GSDP) stood at Rs 32.81 lakh crore in 2025-26, registering a growth rate of 8.1 per cent. The services sector accounted for 70 per cent of the GSDP, followed by industry at 19 per cent and agriculture at 11 per cent.

NITI Aayog Vice-Chairman Ashok Kumar Lahiri said he was proud of Karnataka's development and stressed the need to seriously consider establishing a second Bengaluru in the state to reduce the pressure on the existing city.

"Karnataka has all the potential to grow rapidly. The country can grow and develop only when the states grow. Karnataka has a large extent of dryland, and plans need to be formulated to increase productivity in dryland areas," Lahiri added.

Minister Priyank Kharge, Chief Secretary Shalini Rajneesh, Chief Minister's Economic Adviser L.K. Atheeq, Political Secretary A.S. Ponnanna, Development Commissioner Uma Mahadevan, Chief Minister's Additional Chief Secretary Tushar Girinath and other senior officials attended the meeting.

Source: IANS

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Asheville (US), Sep 2 (SocialNews.XYZ) Reserve Bank of India Governor Sanjay Malhotra participated in the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville, in the US state of North Carolina, engaging with global counterparts on key economic and financial priorities.

The Governor also met Federal Reserve Chairman Kevin Warsh and the International Monetary Fund's (IMF) First Deputy Managing Director Dan Katz on the sidelines of the FMCBG meeting, according to an RBI post on X.

India is taking part in the two-day G20 FMCBG meeting, with Finance Minister Nirmala Sitharaman is leading India’s delegation. The meeting, under the US G20 presidency, is focusing on global economic growth, financial stability, rising debt, trade, investment and reforms to the international financial system. US Treasury Secretary Scott Bessent has stressed the need for stronger growth, higher investment and better productivity to tackle growing global debt.

India is using the meeting to highlight the needs of emerging economies and promote sustainable growth, trade and investment. New Delhi also wants to strengthen economic ties with G20 countries and present India as a major hub for manufacturing, technology and innovation.

Finance Minister Sitharaman held talks with UK Chancellor of the Exchequer John Healey on trade and investment cooperation on the sidelines of the meet. She also met 3M CEO William Brown to discuss India’s manufacturing, technology and skilled workforce.

China’s large trade surplus is another key issue, with the US pushing for more balanced global trade and greater domestic consumption in China. China is saddled with excess industrial capacity as domestic demand is weak. This is resulting in cheap exports of Chinese goods flooding other countries where local industries are getting hurt, and workers are losing jobs.

At the G20 finance meeting, US Treasury Secretary Bessent led 19 other member nations in backing language to curb non-market policies and excessive external trade surpluses.

China was the lone holdout, refusing to sign the consensus. People's Bank of China Governor Pan Gongsheng argued that global imbalances require structural reforms from both deficit and surplus nations, noting that protectionism and unpredictable policies worsen economic strains.

Because of China's objection, the G20 failed to release a traditional joint communique, forcing the US host to issue a chair's statement instead.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Uber Technologies reportedly plans to cut roughly 3,300 roles or about 10 per cent of its global workforce, as Chief Executive Officer Dara Khosrowshahi moves to cut management layers and redirect spending toward its ride‑hailing, delivery and robotaxi businesses.

Khosrowshahi announced the changes in an email, saying rapid growth in recent years had created “more layers, more coordination, more fragmented ownership” and structures that no longer served the company at its current scale, according to a report from Bloomberg News.

The reductions will slash the number of managers by nearly 20 per cent, but also affect non‑managerial roles. Some managers will be moved into individual contributor positions, the report said.

The cuts are intended to speed up decision‑making, reduce duplication and free up capital to reinvest in drivers, couriers and merchants.

The reduction in employees will generate savings for reinvestment “in growth, innovation, and the capabilities that will matter most over the coming years," the companywide email reportedly said.

“Everyone whose role has been affected has already been notified, except in countries where we will follow the required local process,” the email said.

CEO said that employees started feeling that too much time is spent on “aligning” rather than “building, shipping, or serving customers.”

The number of management layers were reduced “by broadening manager scopes,” particularly in “micro-teams” of only 1-2 reports.

Uber “reduced the number of employees who sit over 7 layers from the CEO by 20 per cent and the number of micro-teams by nearly 50 per cent,” the statement said.

The company is also restructuring “where roles and teams should be based, with the goal of concentrating teams in a smaller number of key hubs.”

The firm also asked majority of remote employees to move to an office, adding that only 1 per cent of employees will be remote in near future.

“We’ll also continue to reinforce compliance with our hybrid work policy, which requires three days a week in the office,” the email said.

—IANS

aar/pk

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India’s banking system has attracted $136.38 billion in foreign currency inflows through the Reserve Bank of India’s special dollar-rupee swap facility, with FCNR(B) deposits accounting for the bulk of the mobilisation, according to provisional RBI data released on Wednesday.

Foreign currency non-resident (FCNR(B)) deposits contributed $127.23 billion to the total inflows by August 31. Overseas foreign currency borrowings (OFCBs) accounted for another $5.26 billion, while external commercial borrowings (ECBs) brought in $3.89 billion. The RBI said the figures remain provisional and are subject to final reporting, accounting and reconciliation.

The strong mobilisation highlights the exceptionally high response to the facility introduced by the central bank on June 8 with the objective of attracting foreign currency into the Indian banking system and strengthening the country’s external buffers.

The pace of inflows accelerated sharply in August. As of August 21, banks had mobilised $65.4 billion through FCNR(B) deposits, while combined inflows through FCNR(B) deposits, ECBs and OFCBs stood at around $73 billion. The subsequent surge pushed total mobilisation to $136.38 billion by the end of August.

Given the strong response, the RBI decided to advance the closure of the FCNR(B) deposit mobilisation window to August 31 from the earlier September 30 deadline. However, the swap facility for eligible FCNR(B) deposits already mobilised will continue to be available with the RBI until September 11.

The schemes for ECBs and OFCBs will remain open until December 31, 2026, providing banks and eligible borrowers additional time to access the facility through these routes.

The sharp increase in longer-tenure FCNR(B) deposits indicates that banks have been keen to tap overseas dollar funding, particularly as the RBI’s swap facility helped reduce the cost and risks associated with managing foreign currency exposure.

The large-scale mobilisation has also had a significant impact on liquidity conditions in the domestic banking system. Banking-system liquidity rose to ₹6.65 lakh crore on August 31, the highest level since May 2022. At the same time, the weighted average call rate declined to 4.98%, moving well below the prevailing repo rate.

The latest mobilisation has also dwarfed the response to the RBI’s earlier FCNR(B) swap scheme introduced in 2013. During that exercise, banks had raised around $26 billion through FCNR(B) deposits.

Source: IANS

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Paris, Sep 2 (SocialNews.XYZ) Heatwaves and drought in France are expected to shave 0.1 percentage point off France's Gross Domestic Product (GDP) growth in 2026 due to lower agricultural production, France's Ministry of Economy and Finance said Wednesday.

The estimate was presented by the French Treasury within the ministry during a hearing at the National Assembly on Wednesday as part of an information mission examining the economic cost of heatwaves.

According to preliminary data, the 2026 heatwaves and drought "have considerably affected certain agricultural production," particularly corn, with output expected to fall by 35 percent in 2026 from 2025, the ministry said.

The impact of heatwaves on agriculture has been compounded by the conflict in the Middle East, which has affected the agricultural sector through higher gas prices that have increased the cost of nitrogen fertilizers, as well as disruptions to global fertilizer trade, the ministry said.

Meanwhile, France's GDP growth was revised down to zero quarter-on- quarter in the second quarter of 2026, from a preliminary estimate of 0.2-percent growth, according to revised data released last Friday by France's National Institute of Statistics and Economic Studies (INSEE).

INSEE said the revision reflected a further deterioration in agricultural production, compared with the information available at the end of July, Xinhua news agency reported.

At a crisis meeting devoted to drought on August 12, French Minister for Ecological Transition Monique Barbut said this summer's heatwaves could cost the French economy between 10 billion and 15 billion euros.

Heatwaves, prolonged drought and widespread wildfires have gripped much of Europe this summer, withering crops, reducing harvests, and disrupting major agricultural output while driving up operating costs for farmers and businesses alike.

As extreme weather events grow more frequent and intense, the continent's agricultural sector is coming under mounting strain, forcing farmers, businesses and governments to confront both immediate losses and the deeper, structural challenges posed by a changing climate.

High temperatures and water shortages are changing the rhythm of grape growing and harvesting across Europe's major wine-producing regions. In France, growers from Languedoc in the south to Burgundy in the center and Champagne in the northeast have begun grape harvesting one to two weeks earlier than last year, as repeated heatwaves accelerated the ripening cycle.

In Italy, Sicilian cooperative Cantine Ermes began harvesting early white grape in late July. Its president, Rosario Di Maria, noted that overall yields are likely to fall short of a normal year.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Commerce and Industry Minister Piyush Goyal on Wednesday said the Opposition was misguiding the country's citizens by downplaying India's economic growth even as the country continues to be the world’s fastest growing major economy.

Speaking at the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA), the minister said India has stayed on course despite global turmoil, describing it as "one oasis in the desert."

"The naysayers can say what they want... 7.8 per cent growth is a reality," Goyal remarked.

The minister said that the Opposition was trying to "find holes" in the Centre's economic data without knowing "how to compare apples with apples."

"They are trying to misguide the people of India, comparing a growth rate at an old series to the growth rate in the new series, where the base year itself has changed. They are trying to find holes," he added.

The Ministry of Statistics and Programme Implementation (MOSPI) on Wednesday refuted the claim that last year’s current GDP for Q1 has been revised down from Rs. 86 lakh crore to Rs. 80 lakh crore, to make current year’s GDP for the first quarter to look better and if this was not done, the growth would have been 2.6 per cent in current prices.

According to an FAQ issued by the Ministry, the Q1 GDP for 2026-27 has been estimated with the new series based on 2022-23 as the base year and therefore cannot be compared with the Rs 86 lakh crore figure for the Q1 of 2025-26 formed part of the old series that has 2011-12 as the base year. A valid comparison can be made only with the Rs. 80 lakh crore figure based on the new series data with 2022-23 as the base year.

The comparison of the Q1 GDP estimates needs to be understood in the context of the revisions made to the GDP series. The change in the estimate of Q1 2025-26 does not represent a downward revision made to make the current year’s growth appear higher. It reflects successive methodological and data revisions to the GDP series, the MOSPI said.

Source: IANS

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Islamabad, Sep 2 (SocialNews.XYZ) Pakistan's headline inflation rose to 11.1 per cent year on year in August, up from 9.2 per cent in July, according to data released by the Pakistan Bureau of Statistics (PBS). The Consumer Price Index (CPI)-based inflation stood at 3.1 per cent in August 2025, PBS data showed.

On a month-on-month basis, inflation increased by 1.2 per cent in August, unchanged from the previous month and compared with a decrease of 0.6 per cent in August 2025, Xinhua news agency reported. Urban inflation rose 10.4 per cent year-on-year in August, up from 8.7 per cent in July, while it stood at 3.5 per cent in August 2025. On a month-on-month basis, urban CPI inflation increased by 0.9 per cent in August, compared with an increase of 1.2 per cent in July and a decrease of 0.7 per cent in August 2025.

Rural inflation increased 12.2 per cent year-on-year in August, compared with 9.9 per cent in July and 2.5 per cent in August 2025. On a month-on-month basis, rural CPI inflation rose 1.6 per cent in August, compared with an increase of 1.2 per cent in July and a decrease of 0.5 per cent in August 2025. The Sensitive Price Indicator (SPI)-based inflation increased 9.5 per cent year on year in August, compared with 12 per cent in July and 2.6 per cent in August 2025. On a month-on-month basis, SPI inflation increased by 0.9 per cent in August, compared with an increase of 2.4 per cent in July and 3.2 per cent in August 2025.

Pakistan recorded a current account deficit of 328 million US dollars in July 2026, down from 814 million dollars in June and 529 million dollars in July 2025, according to data released by the State Bank of Pakistan (SBP) last month. The narrowing deficit was supported by a rise in goods exports, which increased 17 per cent month on month and 9 per cent year on year to 3 billion dollars, the highest monthly level in 19 months.

The services account also remained in deficit during July, with services exports standing at 927 million dollars against imports of 1.16 billion dollars, resulting in a services trade deficit of 228 million dollars. As a result, the overall trade deficit in goods and services widened to 3.37 billion dollars during the month. Workers' remittances amounted to 3.6 billion dollars during July, while other current transfers contributed an additional 252 million dollars.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Union Minister Dr. Jitendra Singh said on Wednesday that India must accelerate its transition to secure, clean, sustainable and self‑reliant energy systems amid geopolitical uncertainty and volatile markets.

Dr Singh was addressing the 6th International Climate Summit 2026 here, while he warned that energy security is inseparable from national security, strategic autonomy and economic resilience, the statement from the Ministry of Science & Technology said.

The Union Minister said that technological advancement and self-reliance are closely interlinked, and affordability is equally important for ensuring that the benefits of emerging technologies reach their full potential. The minister said that India would require affordable as well as clean sources of energy to derive maximum outcomes amidst emergence of an AI-driven data-centre era.

The minister said that India seeks to assume a greater global role, and hence has to keep pace with global trends and technological developments in the energy sector.

On the government’s approach of pursuing energy security through multiple pathways, Dr. Singh said that nuclear energy is a key area being pursued.

He highlighted the nuclear energy mission with a target of 100 GW by 2047, describing the opening up of the nuclear sector to private players as a significant development. An integrated approach and an enlarged resource pool would be necessary to meet the country's ambitious energy targets.

The minister also referred to the aim of establishing five Small Modular Reactors by 2033, and the ongoing efforts in the green hydrogen sector, including the recently flagged-off green hydrogen train.

Dr. Singh emphasised that biofuels and the circular economy would form an important part of India's clean-energy transition. He further mentioned that the next industrial revolution would be driven significantly by the circular economy and new technology pathways, including biofuels, ethanol and sustainable fuels.

The minister stressed that India's growing requirements in sectors such as agriculture, health, irrigation, fertiliser and transport make it imperative to accelerate the pace of development and adoption of clean-energy technologies.

—IANS

aar/pk

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Indian scientists have found a way to make jammed systems flow momentarily by applying sudden temperature ramps that erase memory imprints, and thus help in drug delivery, an official statement said on Wednesday.

Researchers at the Raman Research Institute, an autonomous institute of the Department of Science and Technology, used microgel particles to mimic glassy, jammed materials and showed that rapid heating can trigger particle rearrangements that send the system into a temporary liquid state and obliterate asymmetries in paths.

Materials such as glass exhibit mechanical properties akin to those of solids though their structural characteristics resemble those of liquids. They also retain memory imprints.

The study was published in the Journal of Colloid and Interface Science, and Sonali Kawale, first author on the paper and PhD student at RRI, used jam-packed squishy particles for the experiments.

The floppy particles Kawale used were made of microgels, a material that can absorb 300-500 times its weight in water and is used in diapers and sanitary napkins.

They were synthesised, ground to a fine powder, suspended in water, stirred for 24 hours, sonicated for 15 minutes and refrigerated at 4 degrees Celsius for stability.

The team found that the path the suspension followed to reach the target temperature of 20 degrees Celsius during heating differed from that during cooling.

There was no mirror symmetry but ‘asymmetry’ in the path the suspension took during the heating and cooling processes. The system depends not only on the initial and final temperatures, but also on the path taken.

The findings could help in targeted and controlled drug release which reduces side effects.

"Therefore, it is essential to understand how external perturbations, thermal shocks in their case, influence the structural recovery of these materials," the statement noted.

Scientists plan to study how the intricate path-dependent dynamics of jammed systems depend on the application of mechanical shocks, and how mechanical shocks compare with thermal shocks.

—IANS

aar/pk

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Commerce and Industry Minister Piyush Goyal will travel to the United States later this month to attend the G20 Trade Ministers' Meeting and hold discussions on the ongoing India-US bilateral trade deal negotiations, US Ambassador to India Sergio Gor said on Wednesday.

Speaking at the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA), Gor said India and the United States are working closely to strengthen their trade relationship and have made significant progress in negotiations.

The US envoy said Goyal would visit the US in the coming weeks as Washington hosts the G20 talks, adding that both governments are working towards a trade relationship that is fair, reciprocal and mutually beneficial.

The visit comes as India and the US seek to advance discussions on a bilateral trade agreement. NDTV Profit had earlier reported that Goyal was expected to travel to the US towards the end of September as both sides work towards finalising the deal.

"It's great to be with my good friend, the Commerce Minister. The United States and India are working very closely together; a lot is happening," Gor said, adding that Washington looks forward to hosting Goyal for the G20 meetings.

Gor also referred to the progress made by the two countries, including a trade understanding reached by their governments. He said the cooperation between India and the US extends beyond trade in goods and covers a wide range of areas.

"Our two governments are working closely together to build a trade relationship that is fair, reciprocal and mutually beneficial," Gor said.

Highlighting broader cooperation, the ambassador said the two countries are partnering across several areas and pointed to the Pact Silica declaration signed earlier this year. According to Gor, the declaration is aimed at creating a pro-innovation regulatory framework and facilitating greater cross-border investment by American and Indian companies.

He said the initiative would also help empower the next generation of entrepreneurs and builders in both countries.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Union Minister for Rural Development Shivraj Singh Chouhan will chair a high-level meeting with Banks and State Rural Livelihoods Missions (SRLMs) on financing Self Help Groups (SHGs) and individual enterprises on Thursday in Mumbai, according to an official statement issued on Wednesday.

The deliberations will feed into the future plan of action towards implementation of the Financial Inclusion 2.0 vision, aimed at ensuring timely and adequate credit for SHGs, dedicated financing for women-led enterprises and expanded access to higher-order financial services in rural India, the statement said.

The Ministry of Rural Development is implementing the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), one of the flagship programmes of the Government of India for building community-based institutions in rural areas and linking them with sustainable livelihoods.

Over the past one and a half decades, the Mission has mobilised more than 10 crore rural women into over 93 lakh Self Help Groups (SHGs) and their federations. The banking sector has been a key partner in this journey, with cumulative credit disbursement of over Rs 13.67 lakh crore to SHGs, backed by consistently high repayment discipline.

The strong flow of institutional credit has enabled a large number of SHG members to establish and expand livelihood enterprises, with 3.46 crore women emerging as Lakhpati Didis. As many of these enterprises enter a growth phase and new ventures continue to emerge, the Mission's next strategic priority is to nurture women-led enterprises, strengthen their access to finance and support their transition into sustainable rural businesses.

Union Ministers of State for Rural Development Chandra Sekhar Pemmasani and Kamlesh Paswan, and the Maharashtra Minister of Rural Development will also be present at the meeting.

The meeting will be attended by senior representatives from the Reserve Bank of India, the Department of Financial Services, Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks, NABARD, PFRDA, Central Ministries, State Rural Livelihoods Missions and other key stakeholder institutions.

Ahead of the review, the Union Minister for Rural Development will hold an extended interaction with Self Help Group Didis, several of them Lakhpati Didis running established rural enterprises.

Managing Directors and Executive Directors of Public and Private Sector Banks, Chairmen of Regional Rural Banks and Apex Cooperative Banks, and Chief Executive Officers of State Rural Livelihoods Missions will share their reflections on the progress achieved and the way forward.

The discussions will focus, inter alia, on doubling the individual enterprise credit portfolio, enhancing the average quantum of disbursement to SHGs, reducing turnaround time in loan sanction and disbursement, strategies for saturating credit linkage of the remaining SHGs including in difficult regions, and strengthening the role of the cooperative credit structure at the District Central Cooperative Bank (DCCB) and Primary Agricultural Credit Society (PACS) level, the statement added.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) The Ministry of Statistics and Programme Implementation (MOSPI) clarified on Wednesday that a negative inflation in the implicit deflator in manufacturing does not mean that manufacturing prices have fallen, and it is important to distinguish between the price deflators of output and inputs and the implicit Gross Value Added (GVA) deflator.

The explanation came in response to a question: How can the manufacturing sector record a negative inflation in the GVA implicit deflator of "(-)1.5 per cent" in Q1, 2026-27 despite an increase in both manufacturing output and input prices, while the agricultural sector recorded a positive inflation rate of 3.9 per cent?

The ministry said that under the double-deflation approach, output and intermediate consumption of the manufacturing sector are deflated separately and real GVA is obtained as real output minus real intermediate consumption. Therefore, when input prices increase faster than output prices, the relative price movement can result in nominal GVA growing more slowly than real GVA. Consequently, the implicit GVA deflator, which is derived by comparing nominal GVA with real GVA, can show negative inflation even though both output and input prices are rising.

Importantly, a negative GVA deflator does not mechanically imply lower real growth. Real GVA growth depends on the relative movements in real output and real intermediate consumption, the statement pointed out.

In Q1, 2026-27, manufacturing GVA is compiled using the double-deflation approach, under which output and intermediate consumption are separately deflated. During this period, input prices increased faster relative to output prices. As a result, nominal GVA growth for this sector was relatively lower at 7.7 per cent, while real GVA growth was 9.2 per cent. The resulting difference between nominal and real GVA growth produced a negative implicit GVA deflator of 1.5 per cent. For example, some of the activities where the growth of input prices was found to be more than that of output prices are the manufacturing of textiles and cotton ginning; basic metals; rubber and plastic products, etc.

To add further, research papers by the OECD highlight that countries using double deflation frequently experience volatile or negative implicit deflators in manufacturing during global energy and raw material shocks. Advanced economies that depend heavily on imported raw materials regularly experience negative manufacturing deflators when international supply chains fluctuate.

Thus, this does not imply that manufacturing output prices declined. Rather, it reflects the relative movement of output and input prices in the double-deflation framework, the ministry contended.

In contrast, at the quarterly level, Agriculture GVA is compiled at constant price first using the production estimates. Current Price estimates of Agriculture GVA are then derived by inflating the Constant Price estimates using the relevant Producer Price Index.

During Q1, 2026-27, the output Producer Price Index for Agriculture, Forestry and Fishing group rose by approximately 5 per cent. Since the output prices rose and agricultural nominal GVA is heavily driven by these output prices, its implied inflation remained positive at 3.9 per cent, the statement added.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India’s record wheat harvest, comfortable stocks and recent liberalisation of export rules are expected to unlock over $1.5 billion in export opportunities, a report said on Wednesday.

The report from industry chamber ASSOCHAM said the government has shifted specified wheat varieties, wheat flour and related products from “Prohibited” to “Free.”

The shift will expand market access for Indian producers and processors while supporting export earnings in products such as wheat, durum wheat, atta, maida, semolina/rava and related items.

It would support export earnings, expand global market opportunities for Indian producers and processors, and strengthen India’s role in the international wheat trade.

The report said India has strong demand prospects in Egypt, Indonesia, Bangladesh, Algeria and the Philippines, aided by competitive pricing, geographic proximity and comfortable supply position.

India's geographical location offers shorter shipping distances and lower freight costs to major importing countries in South Asia, Southeast Asia and the Middle East. These advantages improve the overall competitiveness of Indian wheat compared with supplies from many other exporting nations.

The global wheat market is changing due to weather disruptions, geopolitical tensions, higher freight costs and fluctuations in production and prices.

The Russia-Ukraine conflict had affected the traditional supply routes while extreme weather is creating uncertainty for major producers. These developments are also pushing large wheat-importing countries to look for more diversified and reliable sources.

The USDA has projected that global wheat production will decline from a record 844 MMT in 2025-26 to around 819 MMT in 2026-27 while demand is expected to remain strong.

The USDA said the primary contributors to this decline in wheat production will be major exporting nations including the United States, the European Union, Argentina and Australia.

India produced a record 121 MMT of wheat in 2025-26 against domestic consumption of around 111 MMT. The wheat stock in the Central Pool stood at 51.3 MMT against the prescribed buffer norm of 27.5 MMT for 1 July as on May 28, 2026.

The report also mentioned India’s strong price advantage, with wheat MSP around $268 per tonne compared with an international wheat price of about $303 per tonne in May 2026.

—IANS

aar/pk

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Civil Aviation Minister Ram Mohan Naidu on Wednesday emphasised the need to make the issuance of no objection certificates (NOCs) process hassle-free, transparent, automated and time-bound, with minimal manual intervention.

The proposed reforms are aimed at facilitating members of the general public, societies, builders and industry while ensuring that the regulatory requirements related to aviation safety continue to be duly addressed, the minister said during a meeting with senior officers of the Ministry of Civil Aviation and the Airports Authority of India (AAI) here.

The meeting was organised to review measures for promoting Ease of Doing Business in the civil aviation sector, with particular emphasis on simplifying and streamlining the process for issuance of NOCs.

Naidu directed the concerned officers to examine and work out the modalities for simplifying, automating and decentralizing the NOC process, including the above measures, and to take necessary action for their implementation within a timeline of 15 days.

According to an official statement, the minister also discussed the feasibility of providing the permissible/identified building height to applicants at the initial stage itself, particularly in major metropolitan cities such as Delhi, Mumbai and Hyderabad.

Such an approach would enable applicants and other stakeholders to take informed decisions and plan their building development in accordance with the applicable height restrictions from the outset, he mentioned.

The overall objective of these reforms is to ensure expeditious and time-bound clearance of proposals, with relevant data and permissible height information made transparently available in the public domain, including through the website, without in any manner compromising aviation safety.

The existing geographical coverage of the No Objection Certificate Application System (NOCAS) was also reviewed.

NOCAS presently covers areas within 20 kms for VFR (Visual Flight Rules) operations and 56 kms for IFR (Instrument Flight Rules) operations.

The meeting considered the feasibility of issuing NOCs at the Urban Local Body (ULB) level, wherever feasible, thereby reducing the need for individuals and industries to approach AAI directly for obtaining NOCs.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India will need to more than double electricity's share in its total energy consumption by 2047 as the country moves towards its net-zero ambitions and a developed economy status, Central Electricity Authority (CEA) Chairperson Ghanshyam Prasad said on Wednesday.

Addressing the Bharat Electricity, POWERGEN India & Indian Utility Week 2026 conference here, Prasad said electricity currently accounts for about 22 per cent of India's total energy consumption and will need to rise up to 50 per cent over the next two decades to accommodate growing demand from industry, transport and digital infrastructure.

"The power sector is tasked with expanding this share to 45-50 per cent by 2047, taking on the growing loads of industry, mobility and digital infrastructure," he said.

Highlighting the pace of expansion in the sector, Prasad said India added a record 64,000 MW of generation capacity last year with renewable energy accounting for more than 50,000 MW. Capacity additions are expected to rise further this year with the country targeting up to 70,000 MW of fresh generation capacity.

"We are likely to surpass last year's addition this year and are targeting up to 70,000 MW of fresh capacity," Prasad said and added that India is aiming for 100 GW of pumped hydro storage capacity by 2035-36 and 100 GW of nuclear power by 2047.

Meanwhile, speaking at the event, Dr D Sai Baba, Additional Secretary in the Ministry of Power, said India has already crossed 300 GW of non-fossil fuel-based installed power capacity and is now focused on ensuring that renewable generation translates into reliable and affordable electricity.

"Our challenge is to convert this renewable capacity into reliable, affordable power at the right place and time, building a grid that is resilient, flexible and ready for the future," he said.

Additionally, the CEA chief said around Rs 4 lakh crore worth of transmission projects are currently under implementation to evacuate 266 GW of generation capacity, alongside plans to create 600 GVA of transformation capacity.

He added that efforts are underway to provide grid connectivity to new renewable energy projects within 24-36 months.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) The Central Consumer Protection Authority (CCPA) on Wednesday imposed a penalty of Rs 10 lakh on Dial4Trade Technologies Private Limited for allowing the online listing, hosting, advertising and sale of ammonium nitrate on its e-commerce platform without the mandatory regulatory safeguards prescribed under law.

The final order was passed by the CCPA under Sections 10, 20 and 21 of the Consumer Protection Act, 2019. The Authority is headed by Chief Commissioner Nidhi Khare, along with Commissioner Anupam Mishra.

The CCPA has also directed Dial4Trade to immediately stop listing, hosting, advertising or facilitating the sale of ammonium nitrate and any other substance classified as an explosive under the Explosives Act, 1884, on its platform.

During its examination, the Authority found that ammonium nitrate had been made available for purchase without adequate safeguards. These included disclosure of the seller's valid licence details issued by the Petroleum and Explosives Safety Organisation (PESO), verification of the buyer's identity and licensed status, and mechanisms to ensure transaction traceability as required under the Ammonium Nitrate Rules, 2012.

The CCPA also found that the listing did not adequately caution users about the legal restrictions governing the possession and use of ammonium nitrate or the consequences of unauthorised possession.

The product listing was accompanied by images depicting explosions and blast effects. According to the CCPA, such imagery was more likely to attract attention to the product than to communicate its hazardous and strictly regulated nature.

The authority held that a product listing hosted on a digital marketplace and communicated to the public through the internet qualifies as an "advertisement" under the Consumer Protection Act, 2019.

It further observed that presenting a regulated explosive substance as an ordinary consumer product, without informing users that its lawful purchase requires the prescribed licence, amounts to a misleading advertisement and an unfair trade practice.

Dial4Trade had argued that it operates as a business-to-business marketplace intermediary and therefore should not be held responsible for listings uploaded by third-party sellers. The CCPA rejected the argument, noting that the platform allowed the substance to be purchased in quantities as low as a single unit and did not have minimum-order requirements or institutional-buyer verification mechanisms typically associated with a B2B marketplace.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India’s auto‑component industry has grown at a 17 per cent compound annual growth rate to reach $86 billion in FY26 and is targeting roughly $200 billion by FY30, but the sector must build resilience to withstand recurring shocks, a report said on Wednesday.

A joint report by Boston Consulting Group (BCG) and the Automotive Component Manufacturers Association of India (ACMA) said the sector has achieved about 70 per cent localisation and a net trade surplus even as it absorbed multiple disruptions and global shocks.

Multiple shocks range from the 2019 slowdown and COVID to commodity spikes and, more recently, rare-earth curbs.

Around 90 per cent of industry leaders surveyed believe they are "in the right place at the right time," even as nearly 78 per cent say business is riskier than it was a few years ago, the report noted.

The report flagged that the value pool is fragmenting across internal combustion engines and electric vehicles, mechanical and electronic systems, and domestic and export markets, forcing firms to choose between "investing ahead versus waiting, diversifying versus deepening, and automating versus investing in people."

Resilient auto-component companies gained a margin advantage of nearly 1.4 percentage points, built up over a decade of disruption, with the gap widening most in the toughest years.

The report identified five axes of resilience, people and talent, supply chain, demand mix, value-add capability, and technology enablement, to help companies convert resilience into a repeatable advantage.

Deeper localization, greater value addition, stronger engineering capabilities and sustained export competitiveness are necessary to reach the $200 billion goal, said Vikrampati Singhania, President, ACMA.

“Resilience must now become a strategic capability that enables us to anticipate change and seize new opportunities,” he added.

Saurabh Chhajer, Managing Director and Partner, BCG predicted that companies pulling ahead will be the ones moving from isolated pilots to at-scale deployment, using automation for continuity, digital and AI for decision-making, and connected systems for visibility.

—IANS

aar/ag

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) Commerce and Industry Minister Piyush Goyal said on Wednesday that the government expects investments in the data centre sector to reach around $200 billion, reflecting the scale of the opportunity created by India’s rapidly growing digital economy and AI ecosystem.

India is the world’s best location for setting up data centres, said the minister during a CEO roundtable on “Ease of Doing Business (EoDB) for Scaling India’s Data Centre Ecosystem” here.

Goyal expressed confidence in India’s growth prospects amid global uncertainty and volatility and highlighted the country’s 7.8 per cent growth in Q1.

He complimented the people of India and Prime Minister Narendra Modi for his decisive leadership and for instilling confidence among every Indian to contribute towards Amrit Kaal and the vision of Viksit Bharat 2047.

Goyal further highlighted the potential of the data centre and semiconductor industries, India’s growing presence in AI and its expanding manufacturing base for global quality products, noting that these sectors would power India’s growth in the coming years and contribute towards achieving a $30 trillion economy by 2047.

He said the interaction with stakeholders was marked by positivity and that discussions between different departments of the government and states had already helped resolve several issues.

The roundtable was convened as a follow-up to the inaugural CEO Roundtable to further strengthen the enabling ecosystem for the rapid and sustainable expansion of India’s data centre sector.

According to an official statement, discussions focused on Ease of Doing Business and faster deployment of data centre infrastructure, particularly in the areas of power, land, regulatory and fiscal issues.

Stakeholders discussed measures to ensure adequate and reliable power availability, including cluster-based transmission and substation planning, Day-1 sanctioned load, dual power feeders and facilitation of renewable energy procurement across State boundaries.

The need for DC-ready land banks and pre-identified power-ready parcels was also highlighted.

Hyperscalers accounted for more than 80 per cent of data centre absorption in the first half of 2026, underscoring India’s emergence as an AI infrastructure destination.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) The Ministry of Statistics and Programme Implementation (MOSPI) refuted the claim that last year's current GDP for Q1 has been revised down from Rs 86 lakh crore to Rs 80 lakh crore, to make current year's GDP for the first quarter to look better and if this was not done, the growth would have been 2.6 per cent in current prices.

According to an FAQ issued by the Ministry, the Q1 GDP for 2026-27 has been estimated with the new series based on 2022-23 as the base year and therefore cannot be compared with the Rs 86 lakh crore figure for the Q1 of 2025-26, which formed part of the old series that has 2011-12 as the base year. A valid comparison can be made only with the Rs 80 lakh crore figure based on the new series data with 2022-23 as the base year, it said.

The comparison of the Q1 GDP estimates needs to be understood in the context of the revisions made to the GDP series. The change in the estimate of Q1 2025-26 does not represent a downward revision made to make the current year’s growth appear higher. It reflects successive methodological and data revisions to the GDP series, the MOSPI said.

The Quarterly GDP estimates are compiled using the benchmark-indicator approach, under which the movement in the quarterly estimates is guided by the movement in relevant high-frequency indicators. A revision in the previous-year benchmark does not, by itself, create an artificial increase in the current year’s underlying economic activity or the indicators used for estimation. In the quarterly series, more than a hundred volume or value indicators are used, such as growth in crop production, growth in cement production index, growth in finished steel consumption, growth in sales in commercial vehicles, the statement said.

Giving a step-by-step explanation, the statement said:

First, the Q1 2025-26 GDP estimate was initially released on August 29, 2025 under the then prevailing 2011-12 base-year series. Under that series, GDP at current prices for Q1 2025-26 was estimated at Rs 86.05 lakh crore.

Second, in February 2026, the Ministry introduced the new GDP series with 2022-23 as the base year. As part of a base-year revision, the GDP estimates for the entire time series are comprehensively revised to incorporate updated data sources, improved methodologies, revised coverage and other relevant information. Accordingly, the estimate of Q1 2025-26 GDP at current prices under the new series was Rs 80.32 lakh crore.

Third, at the time of release of the Provisional Estimates of GDP for 2025-26 on 05.06.2026, the Q1 2025-26 estimate was further updated to Rs 80.44 lakh crore, reflecting the availability and updation of indicators and data.

Fourth, subsequently, the new series of IIP and PPI became available and were incorporated into the GDP compilation. Their incorporation necessitated updating the relevant GDP estimates from 2022-23 onwards. As a result, the Q1 2025-26 GDP at current prices was revised to Rs 80.00 lakh crore.

Thus, the movement from Rs 86.05 lakh crore to Rs 80.00 lakh crore is the result of successive revisions to the GDP series arising from the change in base year, incorporation of improved data sources and methodologies, and updation of available indicators. It is therefore incorrect to interpret the difference as a deliberate downward revision of last year’s GDP to mechanically increase the current year’s growth rate, the statement added.

Source: IANS

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New Delhi, Sep 2 (SocialNews.XYZ) India's economy grew a stronger-than-expected 7.8 per cent year-on-year in real terms and 10.3 per cent in nominal terms during the first quarter of FY27, a report from SBI Research said on Wednesday.

As the official growth figures have sparked a debate after the latest GDP release incorporated a revised base year and updated historical estimates, a report by SBI Research pushed back against criticism of the data and said that comparisons being used to question the growth rate are based on mismatched statistical series.

It termed attempts to derive a much lower nominal growth rate of around 2.6 per cent as fallacious, saying such calculations compare GDP estimates drawn from two different base-year series.

The controversy arose after the NSO's latest GDP release under the revised 2022-23 base year lowered the nominal GDP estimate for Q1FY26 to about Rs 80 lakh crore, compared with the earlier estimate of Rs 86.1 lakh crore under the previous base.

The report further argued that some commentators have incorrectly compared the latest Q1FY27 figure with the older Q1FY26 estimate.

A comparison using the revised base year would yield nominal growth of nearly 9.7 per cent which is broadly consistent with the official estimate of 10.3 per cent.

Even under this alternative calculation, the implied real GDP growth would be around 7.4 per cent, it added.

SBI Research emphasised that revisions are an integral part of the GDP compilation process and occur in both directions as more comprehensive data become available.

The report said the alignment was undertaken to improve consistency between price indicators, production measures and GDP deflators, while also enhancing transparency by incorporating revised historical data alongside the latest quarterly estimates.

Highlighting the nature of GDP revisions, SBI Research noted that the Q1FY27 figures released now will only be finalised by February 2029 after multiple rounds of revisions based on additional information.

In addition, SBI Research also rejected suggestions that the latest base-year revision artificially inflated India's economic size.

On the contrary, it noted that the base revision has resulted in a lower nominal GDP estimate compared with the earlier series.

However, SBI Research further observed that historical data show revisions are common and often move in both directions.

Source: IANS

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Mumbai, Sep 2 (SocialNews.XYZ) Indian benchmark equity indices extended their losses for the third consecutive session on Wednesday, as a spike in oil prices heightened concerns over the inflation outlook, while rising bond yields further dampened investors' risk appetite.

The Sensex declined 373.93 points, or 0.49 per cent, to close at 76,570.35. The Nifty also remained under pressure, falling 141.35 points, or 0.59 per cent, to settle at 23,914.45.

Commenting on Nifty technical outlook, experts said that the current bearish sentiment is likely to continue in the short term, and a sell-on-rise strategy may remain the preferred approach as long as the index remains below 24,000.

"On the lower end, the correction may extend towards 23,700–23,730," an analyst stated.

The continued weakness in the domestic market came amid growing concerns that higher crude oil prices could put renewed pressure on inflation and corporate costs. Rising bond yields also added to the cautious mood among investors, making equities relatively less attractive.

Among the Nifty constituents, Eicher Motors, Wipro India and Bajaj Auto emerged as the biggest losers, contributing to the broader weakness in the benchmark index.

The broader market also remained subdued. The Nifty MidCap index ended 0.53 per cent lower, while the Nifty SmallCap index declined 0.33 per cent.

Sectoral performance was largely negative, with the Nifty Auto index emerging as the worst performer after falling more than 2 per cent. The Nifty IT and Nifty Media indices also underperformed during the session.

In contrast, the Nifty Oil and Gas index bucked the broader trend and emerged as one of the better-performing sectoral indices.

Market experts said that the market remained under pressure as investors weighed the potential economic impact of elevated oil prices and higher bond yields, keeping sentiment firmly cautious.

Source: IANS

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