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Will empower Indian developers to build AI products for the world: Nadella

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Bengaluru, Feb 8 (IANS) Microsoft will empower the fast-growing developer community in India to not only build products and services for the country but also for the world, Microsoft Chairman and CEO Satya Nadella said on Thursday.

Addressing the developers’ community here, Nadella said that Microsoft, at the end of the day, is a developer company and India holds the biggest promise in creating AI-based products on the company’s AI-powered platform GitHub.

“India which is currently second to the US will have the largest developer community on GitHub by 2027. The country is currently second among the top 10 global communities creating the most generative AI projects on GitHub,” Nadella told the gathering.

Last November, Github said it had 13.2 million developers in India, with 3.5 million joining the platform from the country in 2023 alone.

Developers in India are the second biggest contributor to generative AI projects on GitHub globally. With this sustained and significant growth, GitHub forecasts that India will surpass the US in total developer population by 2027.

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India’s developer community has experienced consistent YoY growth, including a 36 per cent increase in 2023.

Nadella said that 10 per cent of India’s $5 trillion economy goal by 2025 will be led by AI.

On Wednesday, Nadella said that Microsoft is going to provide AI skilling opportunities to 2 million people in India by 2025.

The 2023 edition of GitHub’s State of the Octoverse report showed that generative AI is driving a significant and global spike in individual contributors to generative AI projects with 148 per cent year-over-year (YoY) growth.

Notably, the US, India and Germany are leading the way among developer communities, with other regions, including the UK, Japan, Hong Kong, and France following.

–IANS

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No one will lecture India about 'WTO norms' anymore: Zoho's Vembu

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New Delhi, May 20 (IANS) Zoho Founder and CEO Sridhar Vembu on Monday said that no country will lecture India about World Trade Organisation’s (WTO) norms anymore after the US imposed hefty tariffs on Chinese electric vehicles (EVs).

In March, China started dispute settlement proceedings against the US at the WTO, accusing Washington of “discriminatory” EV subsidies.

Last week, US President Joe Biden unveiled plans to quadruple tariffs on Chinese EVs.

“The US has imposed big new tariffs on Chinese EVs. Trade frictions, particularly between the US and China, are escalating rapidly,” Vembu posted on social media platform X.

“At least, no one will lecture India about “WTO norms” anymore. More seriously, this is the inevitable outcome of decades of extreme monetary madness, which gave rise to exploding trade deficits and debt,” he elaborated.

The Biden move plans to hike tariffs this year on Chinese EVs from 25 per cent to 100 per cent and on lithium-ion EV batteries from 7.5 per cent to 25 per cent.

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“Conventional wisdom has been that ‘deficits don’t matter.’ We don’t have to balance any book, we can let trade imbalances go on forever. It is this flawed idea that is undermining global trade now,” said Vembu.

The Biden administration also plans to hike tariffs on solar cells from 25 per cent to 50 per cent, on certain steel and aluminum products from up to 7.5 per cent to 25 per cent.

–IANS

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GenAI emerges as key theme in firms’ discussions in Q1 this year: Report

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New Delhi, May 20 (IANS) Generative artificial intelligence (GenAI) has emerged as a key theme in companies’ discussions in the first quarter (Q1) of this year, a new report said on Monday.

According to the data analytics and consulting company GlobalData, S&P 500 companies in their Q1 2024 earnings call transcripts had discussions about GenAI adoption, products/solutions on offer, strategic partnerships, investments, and application areas.

“Companies are looking at GenAI tools for better productivity, increased sales, brand awareness, and an enhanced customer experience. They are investing, collaborating, and leveraging to make use of this new and emerging opportunity,” said Misa Singh, Business Fundamentals Analyst at GlobalData.

According to the report, companies are applying GenAI to help customers and increase productivity.

Biotech firm Thermo Fisher Scientific is leveraging GenAI as part of its PPI (Practical Process Improvement) business system toolkit to help customers, on the other hand, management services company Automatic Data Processing is using GenAI to proactively deliver actionable insights in plain language to enhance HR productivity, aid decision-making, and streamline day-to-day tasks for clients and their employees, the report mentioned.

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Moreover, the report showed that companies are also teaming up to improve their AI capabilities.

Cognizant Technology Solutions is collaborating with ServiceNow to enhance its Work NEXT modern workplace services solution with GenAI capabilities.

Cognizant also discussed its plan to invest approximately $1 billion in GenAI capabilities over the next three years.

–IANS

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Global cybercrime cost insreased 12x faster than total cybersecurity spending: Report

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New Delhi, May 20 (IANS) As organisations continue to spend billions of dollars on cybersecurity each year to prevent their businesses from losing sensitive data and important figures, a new report on Monday revealed that the global cybercrime cost has increased 12 times faster than total cybersecurity spending in the past six years.

According to data presented by Stocklytics.com, the total cybersecurity spending has grown by 78 per cent since 2018 and the cybercrime cost soared by 972 per cent in this period.

In 2018, companies and organisations globally spent $102.7 billion on cybersecurity measures. Two years later, this figure increased to more than $150 billion.

As per Statista, the annual spending on cybersecurity solutions and services is to hit $183 billion this year, or 78 per cent more than the figure reported six years back.

Cyber attacks, including ransomware, data breaches, cyber espionage, and phishing, will inflict damages totalling $9.2 trillion in 2024, $1.1 trillion more than last year and a shocking 972 per cent more than six years ago.

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“This cost includes stolen money, damage and destruction of data, lost productivity, theft of intellectual property, theft of personal or financial data, post-attack disruption to the ordinary course of business, restoration and deletion of hacked data and systems, and reputational harm,” the report mentioned.

Moreover, the report said that global cybersecurity spending is expected to hit $200 billion in 2025 — 50 times less than the annual cybercrime cost.

By 2028, cybercrime will cost businesses a shocking $13.8 trillion, or 49 per cent more than this year, the report noted.

–IANS

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TRAI move on new broadcasting policy to make India a global content hub: BIF

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New Delhi, May 20 (IANS) Broadband India Forum (BIF) on Monday commended the initiative by the Telecom Regulatory Authority of India (TRAI) to gather public input for the National Broadcasting Policy (NBP).

The BIF said an enabling policy framework can provide the much-needed fillip for the broadcasting sector to unlock its full potential and position India as a global leader in broadcasting.

“Coming on the footsteps of the recently announced Indian Telecommunications Act 2023, the proposed National Broadcast Policy could serve as a great enabler of reforms in the broadcasting sector and likely to give a big boost to the entire media and entertainment sector while making India a global content hub,” said T. V. Ramachandran, President of BIF.

In its submission, BIF has addressed four key areas, including bridging the viewership gap, tariff forbearance, OTTs are not broadcasting services and market-driven innovation for choice of direct-to-mobile (D2M) technology.

“Private DTH operators should be empowered to introduce innovative services akin to DD Free Dish to increase television penetration in rural and remote areas where Pay TV services might not be prevalent,” said the forum.

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It also advocated the need for permitting tariff forbearance like for telecom (where effectively only three operators available) so that private operators can optimise customer benefits and marketing strategies.

BIF stated that OTTs and broadcasting services are distinct from each other.

OTT is a sunrise sector with growth potential and is already contributing immensely to the growth of India’s digital economy.

According to a recent study by BIF, the economic value of the app economy estimated at the current rate of growth is expected to reach up to 12 per cent of India’s economy by 2030.

“Traditionally, OTT services have not been a part of the broadcasting ecosystem since they are functionally distinct from TV and radio broadcasting that involves a combination of carriage and content,” according to the submission by the BIF.

–IANS

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Pine Labs gets nod from Singapore court to shift base to India

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New Delhi, May 20 (IANS) Leading merchant commerce platform Pine Labs has received approval from a Singapore court to amalgamate its local entity with its Indian unit and transfer all its assets and properties, effectively allowing the company to move its operations to India.

The company disclosed the court order in a recent regulatory filing, reports TechCrunch.

Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital. The company is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, and is valued at over $5 billion.

In the court filing, the startup mentioned that the transfer is expected to help Pine Labs “achieve business synergies and more economies of scale.”

It will also help the company “achieve cost savings” and “simplification of the shareholding structure”, the report mentioned.

Pine Labs has become the third fintech company, after PhonePe and Groww, to relocate its domicile to India from overseas. Currently, several fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India.

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Most recently, Flipkart made headlines for shifting its base to India from Singapore.

–IANS

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