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India needs 'economic engines' at district level for balanced regional development: Zoho CEO

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New Delhi, May 25 (IANS) India needs economic engines at every district level for a balanced regional development, cloud software major Zoho’s CEO Sridhar Vembu said on Saturday.

Calling himself an “experimental economist”, he said that the idea of the “economic engine” could be for a city or a district.

“I always ask ‘what do we sell to the rest of the world from this region, to balance against all the things we buy from the rest of the world?’ — that stuff we sell from our region is the economic engine,” Vembu posted on X social media platform.

We then take the revenue from that economic engine and consider the “value added in the region” which includes all the labour income as well as the profits paid to people in the region.

“Now regional prosperity is very easily understood: what is the value added per person (including all the population of the region) by our ‘economic engine’? If that measure is high, we have a prosperous region,” he explained.

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For example, Zoho adds an economic value of $100 million a year to the Tenkasi region in Tamil Nadu.

With a population of about 1.4 million in the district, Zoho’s own contribution to regional prosperity would be about $70 per person at the entire district level.

“We need such economic engines at every district level in India, in all our 800+ districts. That is the key to balanced regional development,” the Zoho founder emphasised.

If a rural district in India is able to achieve even $1,000 per capita value added in its economic engines, it would be prosperous.

This would be a measure of “value added per capita by what the region exports to the world outside this region”.

–IANS

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Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

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Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

New Delhi, July 22 (IANS) Terming the Economic Survey 2023-2024 a ‘bold’ document, leading industry chamber Assocham on Monday said the way it has emphasised the need for creating 78.5 lakh jobs annually till 2030, signals the government’s resolve to leverage the fourth global industrial revolution, taking advantage of new-age technologies like Artificial Intelligence (AI).

Calling the Survey a morale-booster India growth story, projecting 6.5-7 per cent economic expansion for the fiscal 2024-25 supported by robust services sector, Assocham said it promises manufacturing and investor enthusiasm as reflected in encouraging rise in Gross Fixed Capital Formation (GFCF).

“The Survey’s promising GDP projections for the current financial year come in the backdrop of 8.2 per cent economic growth in 2023-24. Growth is well spread across different sectors like manufacturing, real estate and construction,” said Deepak Sood, Secretary General.

He said a stellar increase of 19.8 per cent in GFCF in the private sector non-financial corporations in FY23 would have contributed immensely to overall impressive performance in the subsequent year.

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“The trend is expected to continue this fiscal as well and appears to be secular in nature,” said Sood.

The chamber noted that the Survey has aptly emphasised the importance of deregulation and the catalyst role of the private sector in boosting investment.

Specific stress on expanding the Indian manufacturing sector for generation of employment for ”semi -skilled” workforce needs to be complimented, it added.

“The role of MSMEs and its formalisation into the economy through various government initiatives like Udyam Registration Portal, different schemes on credit guarantees has been well-recognised in the Economic Survey,” said the chamber.

–IANS

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Wipro shares nosedived over 9 pc after missed earnings expectations

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Wipro shares nosedived over 9 pc after missed earnings expectations

Wipro shares nosedived over 9 pc after missed earnings expectations

Mumbai, July 22 (IANS) Shares of IT major Wipro nosedived on Monday by nearly 9.3 per cent over missed expectations in its April-June quarter results and a weak guidance for the next quarter.

Wipro’s stock closed Rs 51.85 down at Rs 505.35, after it reported a one per cent quarter-on-quarter (QoQ) decline in its consolidated revenue in the results declared on Friday.

According to brokerages, the early recovery in discretionary demand could potentially boost Wipro’s future performance.

For the September quarter, Wipro expects revenue growth to be between minus one per cent to one per cent in constant currency terms.

Nuvama expects Wipro to continue underperforming its peers. It has maintained its ‘Hold’ rating on Wipro.

Meanwhile, Citi has maintained its ‘Sell’ rating on the stock with a price target of Rs 495.

On the other hand, Morgan Stanley is ‘underweight’ on Wipro with a price target of Rs 459.

Wipro reported a 4.6 per cent rise in net profit at Rs 3,003 crore for the first quarter of the current fiscal (FY25), as revenue dropped 3.8 per cent to Rs 21,964 crore.

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The company added 337 employees during the quarter, reversing the trend of declining headcount after six quarters.

–IANS

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SC asks IIT Delhi panel to give opinion on contentious Physics question in NEET-UG exam

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SC asks IIT Delhi panel to give opinion on contentious Physics
 question in NEET-UG exam

SC asks IIT Delhi panel to give opinion on contentious Physics
 question in NEET-UG exam

New Delhi, July 22 (IANS) The Supreme Court on Monday asked IIT Delhi to form an expert panel to give its opinion on the decision of the National Testing Agency (NTA) to treat two options as the correct answers to a Physics question in the NEET-UG examination.

A bench, headed by CJI D.Y. Chandrachud, said: “We request the Director of IIT Delhi to constitute a team of three experts of the subject concerned. The expert team is requested to formulate its opinion on the correct option and to remit its opinion to the registrar of this court by 12 noon on July 23.”

The bench, also comprising Justices J.B. Pardiwala and Manoj Misra, directed that a copy of its order may be forwarded on Monday itself to the Director, IIT Delhi for expeditious action.

In the batch of petitions alleging irregularities in the conduct of the NEET-UG exam, petitioners questioned the award of grace marks in respect of a contentious Physics question, adding that as many as 44 candidates were able to secure full marks on account of the ambiguous question. They contended that the NTA’s decision to award compensatory marks contradicts its own instruction asking students to follow the latest NCERT textbook.

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The matter will be taken up for further hearing on Tuesday.

In the previous hearing, the apex court had sought a copy of the report of Bihar Police and its Economic Offences Unit (EOU) in relation to the NEET question paper leak case.

Solicitor General Tushar Mehta undertook that he will place on record the copy of the report filed by Patna police as well as the report filed by EOU of Bihar Police.

The NEET question paper leak case was cracked by Patna police on May 5, the day of the examination and an FIR was registered at the city’s Shastri Nagar Police Station. The case was later transferred to the EOU of Bihar Police for investigation. On June 23, the Centre decided to transfer the investigation to the Central Bureau of Investigation (CBI).

The SC also asked the NTA to release on its website centre-wise results after redacting personal information, including the roll number of the candidates. During the hearing, the apex court had asked the petitioners to illustrate that the leak was so systematic that the exam must be cancelled in its entirety and conducted afresh. It reiterated that if tainted cases cannot be segregated from untainted ones, the entire examination has to go.

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Earlier, the top court had directed the NTA to make full disclosure regarding the nature of the paper leak, the places where leaks took place, and the lag of time between the occurrence of the leak and the conduct of the examination. It also asked the CBI to file a status report indicating the status of the investigation and the material collected during the course of the probe.

–IANS

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YouTube app and website down for some users in India: Report

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YouTube app and website down for some users in India: Report

YouTube app and website down for some users in India: Report

New Delhi, July 22 (IANS) Some YouTube users in India reportedly experienced trouble uploading videos on the app and website of the Google-owned platform on Monday.

This comes after a major global outage of Microsoft and its services on Friday, following a Crowdstrike application update.

According to the DownDetector app, YouTube faced issues since 1.30 p.m. on Monday.

While 43 per cent of users reported an issue with the app, 33 per cent faced trouble uploading the video. About 23 per cent also had issues with the YouTube website.

YouTube has yet to make an official statement on the issue.

While many netizens took to X.com to report the matter “#youtube is down. It’s not uploading videos,” said a user. “YouTube is Down … uploaded videos are not showing in the feed,” said another. Meanwhile, some users also made humorous comments on it. “Youtube uploads down. Is that Microsoft behind?” said one user on X.com

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–IANS

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AI, machine learning job roles see 433 pc rise since 2022: Study

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AI, machine learning job roles see 433 pc rise since 2022: Study

AI, machine learning job roles see 433 pc rise since 2022: Study

New Delhi, July 22 (IANS) According to global hiring platform Indeed, the exponential rise for this sector demonstrates the rising reliance on artificial intelligence (AI) and machine learning (ML) technology across a variety of industries.

“The rapid rise in AI/ML engineer roles highlights the critical importance of technological innovation in today’s job market,” said Sashi Kumar, Head of Sales at Indeed.

While the service sector is gaining, it is AI that tops the list, although it is worth noting that on a sectoral level, the sanitation and construction industries are seeing maximum increase, with job posts jumping by 160 per cent and 121 per cent respectively.

Electricians are in high demand, with job posts up by 258 per cent, indicating a boom in infrastructure projects and real estate expansions that require trained craftsmen. Education and medical research are two other areas that are experiencing significant job growth, indicating increased demand for services pertaining to healthcare and education.

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The fastest growing sectors are AI/ML engineer (433 per cent), BPO executive (313 per cent), Receptionist (309 per cent), Travel Consultant (284 per cent) and Electrician (258 per cent).

“These trends offer valuable insights for job seekers and employers alike, illustrating how both high-tech and service-oriented roles are essential to the evolving job landscape,” said Kumar.

–IANS

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