Tag: india

Cyberattack is top concern for businesses in India: Aon Survey

Businesses have identified cyberattack/data breach, business interruptions and failure to attract or retain top talent as their main risks in India, says a report by global professional services company Aon.

In Aon’s 2023 Global Risk Management Survey, the businesses surveyed listed cyberattacks or data breaches as their topmost concern, up from being at the seventh position in the company’s 2021 survey.

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In its ninth edition in 2023, the biennial survey gathered inputs from some 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives from 61 countries and territories to identify their most pressing business challenges.

Aon’s report said India’s dependency on technology is increasing as adoption of digital infrastructure like the Unified Payments Interface (UPI), Aadhaar and Open Network for Digital Commerce (ONDC) gets deeper. With increasing digitisation, cybercrimes are becoming rampant and the costs and complexities associated with such breaches are forcing organisations to look at risk mitigation and transfer mechanisms to better manage cyber risks.

The report ranks business interruption as the No.2 concern of enterprises globally. For India, however, only 16.7% of Indian companies have reported suffering a loss as compared with 32.2% globally. This shows the ability of Indian firms to deal with incidents in a manner that minimises the impact of business interruption losses.

The survey reveals that failure to attract or retain top talent is the third biggest risk facing organisations in India. Globally, it is ranked as No.4 on the list of critical risks and is expected to remain so till 2026.“As leaders look to the future of their businesses, the risk landscape

WTCA’s Global Business Forum 2024 to position India as global investment destination

India’s agri and food processing and biotechnology sectors will be among the key focus areas for investors at the World Trade Center’s Association (WTCA) Global Business Forum 2024 to be held in Bengaluru from March 3-6.

WTCA is an international trade organization that connects over 300 World Trade Center locations in nearly 100 countries. The 2024 Global Business Forum (GBF) is making its debut in India, hosted by the WTCA and World Trade Center Bengaluru.

Prashant Gokhale, Managing Director, Buhler India and chair of B2B committee, GBF 2024 said over 100 businesses from 30 countries such as the United States and the United Kingdom will be participating in the four day event that will showcase India as an investment destination.

  • Also read: JCB’s Chairman Lord Bamford backs India as an investment destination

Over 100 Indian companies are expected to participate in the GBF 2024, which will showcase investment opportunities across 12 diverse Indian industry sectors, including agriculture & food processing, automotive, aviation & aerospace, biotech, education, heavy engineering, IT, ITeS & electronics, manufacturing, real estate & construction, tech start-ups, textile & garments, and travel & tourism, said Gokhale, who is also the vice-president of Bangalore Chamber of Industry and Commerce (BCIC).

BCIC is the knowledge partner to conduct B2B meetings and making that connect between the Indian industries and visiting delegates with our network, Gokhale said.

“EPIC: Empowering Progress through Innovation & Collaboration,” is the theme of the event in which several WTC businesses are bringing delegations to participate in the B2B matchmaking aspect.

  • Also read: Gulf nations betting big on India
Deloitte report

Romal Shetty, CEO of Deloitte South Asia, will deliver the keynote address, unveiling the new Deloitte research report “India as an Investment Destination.” Other notable speakers include MR Jaishankar, Executive Chairman, Brigade Enterprises Ltd, and John

WION Business Wrap | UAE’s investment in India, Nvidia’s valuation surge and more

WION’s Business Desk brings you this daily round up of global stories from the world of business and economy. 

RBI keeps interest rates steady at 6.5pc, revises GDP growth outlook for 2023-24

The Reserve Bank of India (RBI) has opted to maintain the status quo on interest rates, keeping the repo rates unchanged at 6.5 per cent. This decision marks a continuation of the RBI’s approach over the past year, where the repo rate has remained at 6.5 per cent since the last increase in February 2023. 

Nvidia’s soaring value nears Amazon amid AI frenzy: Report

Nvidia, the AI chipmaker, is on the verge of surpassing Amazon in market value, fuelled by Wall Street’s fervour for artificial intelligence. 

China faces its biggest deflation threat since 2009 as consumer prices plummet

China encountered its deepest deflationary threat since 2009 as consumer prices witnessed a severe decline in January, highlighting the persistent challenges for the world’s second-largest economy in its struggle for recovery.

Mexico surpasses China as top source of US imports amid global economic shifts

In a significant economic shift, Mexico has emerged as the leading source of goods imported to the United States, overtaking China for the first time in more than two decades.

Uncertainty looms over US treasury market as Fed signals caution

In a twist for the fixed-income market, uncertainty is making a comeback after the Federal Reserve’s recent statements and robust economic data threw a curveball into expectations.

UAE’s ADIA unveils ambitious $4-5bn investment plan in India via Gujarat’s finance hub

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is preparing to launch a substantial $4-5 billion fund aimed at investing in India through the tax-neutral finance hub in Gujarat, known as Gujarat International Finance Tec-City (GIFT City).

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India Government Official Involved in US, Canada Assassination Plots: DOJ

  • An Indian government official was involved in an attempted assassination on US soil, the Justice Department says.
  • The official also appeared to be involved in the earlier killing of a Sikh separatist in Canada, according to the indictment.
  • Any involvement from India in the assassination scheme threatens US-India relations.

A member of the Indian government directed a foiled plot to assassinate a US citizen on American soil, according to a newly unsealed federal indictment.

The indictment, brought by federal prosecutors in Manhattan Wednesday, identifies the Indian official only as “CC-1” and describes them as a “Senior Field Employee” within India’s government with responsibilities in “Intelligence.”

The allegations are included in an updated criminal indictment against Nikhil Gupta, an Indian national who, according to a previous indictment first filed in June, hired a hitman for the assassination plot.

The victim in the plot was meant to be Gurpatwant Singh Pannun, according to the Washington Post. Pannum, a lawyer and citizen in the US and Canada, is a leader of a Sikh separatist movement that calls for an independent Sikh state in Punjab.

In May, the Indian government employee recruited Gupta to orchestrate the plot to kill Pannum, according to the Justice Department indictment. The two met in person in New Delhi at the time, prosecutors say.

Gupta, in turn, contacted another person to broker a deal with a hitman to carry out the plot in New York City, according to prosecutors. The two found another person who agreed to accept $100,000 to kill Pannum, the indictment says.

The Indian government employee also said he had another “target” in California, according to the indictment.

“We will

Google Search, Maps, News now recognises ‘Bharat’ as ‘India’

Google has recently updated its search algorithms to recognise both ‘Bharat’ and ‘India’ as the same country in South Asia. This change is reflected across Google’s products, including Google Maps, Search, Translator, and News. If you go to Google Search and type in ‘Bharat’ you’ll see the icon of the Indian flag and the description- ‘India- Country in South Asia’.

When users search for ‘Bharat’ on Google Maps, it now displays the same results as a search for ‘India’. This is consistent across both the Hindi and English versions of Google Maps. Similarly, if you search ‘Bharat’ on Google News, you’ll see the search result as ‘India’. 

The central government of India has been gradually pushing the use of ‘Bharat’, even for its official communications. In line with this, Google has also started to prefer the use of ‘भारत’ over ‘इंडिया’ in its Hindi language services. For instance, the English-to Hindi-translation now displays ‘India’ in English as ‘भारत’ in Hindi. Other nouns for ‘India’, such as ‘हिंदुस्तान’ and ‘भारतवर्ष’, are also offered by Google Translate.

This change can also be seen as a part of a broader trend toward recognising and respecting local languages and terminologies on digital platforms. It also aligns with recent governmental changes. Last week, a railway ministry proposal to the union cabinet completely replaced “India” with “Bharat” in its entire document. 

Earlier last week, a National Council of Educational Research and Training (NCERT) committee recommended the revision of ‘India’ as ‘Bharat’ in all textbooks.  This also led to political controversy.  So far, no decision has been taken on the use of ‘Bharat’ instead of ‘India’ in CBSE textbooks. 

The inclination towards the use of ‘Bharat’ was highlighted during the G20 Summit held in the month of September, raising speculations about the renaming of ‘India’. An invitation

How India is slowly moving into the American orbit

Before he became Indian prime minister in 2014, Narendra Modi could not get a visa to visit the US over claims about communal violence in his home state of Gujarat.

US lawmakers this week gave Modi multiple standing ovations when he joined the small pantheon of leaders, alongside Nelson Mandela and Winston Churchill, who have addressed Congress more than once. 

The reception, one of the high points in a three-day state visit by Modi, reflected the seismic shift in US-India relations that has occurred over the past 25 years — and which has accelerated under President Joe Biden. 

“In the past few years, there have been many advances in AI — artificial intelligence,” Modi joked to members of Congress. “At the same time, there have been even more momentous developments in another AI — America and India.”

For a country that co-founded the Non-Aligned Movement at the height of the cold war in 1961, and whose diplomats today take every opportunity to voice New Delhi’s policy of neutrality, both the optics and substance of Modi’s visit were extraordinary.

The two sides signed defence and technology agreements, including deals to sell US drones to New Delhi and to co-produce fighter jet engines in India. They also did deals to help jump-start India’s nascent semiconductor industry, train Indian astronauts at Nasa, and open US consulates in Bengaluru, India’s IT capital, and Ahmedabad. 

But one of the most telling lines in Modi’s speech was an oblique reference to what experts say is the main reason India is diluting its traditional non-aligned status and moving slowly but surely into the US orbit: China.

“The dark clouds of coercion and confrontation are casting a shadow in the Indo-Pacific,” Modi declared. “The stability of the region has become one of the central concerns of our partnership.”

Sequoia Capital to split apart U.S., China, India businesses

Sequoia Capital Partner Roelof Botha (L) and Neil Shen, founding and managing partner of Sequoia China (R)

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Sequoia Capital, one of the world’s largest venture firms, told investors Tuesday morning it would divide its global partnership into three separate and independent geographic units, splitting off its Sequoia China venture from the marquee Europe and U.S. partnership, citing an “increasingly complex” dynamic.

Sequoia China and Sequoia’s Southeast Asian arms will become independent businesses by next year.

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Sequoia partners Roelof Botha, Neil Shen and Shailendra Singh delivered the update to their limited partners via a joint message. Botha is managing partner for Sequoia’s U.S. and Europe business, while Shen and Singh run Sequoia’s China and Southeast Asia businesses, respectively.

“To deliver on our mission, we have decided to fully embrace our local-first approach,” the three partners told their investors.

The move will be completed no later than March 31, 2024, the partners said. A source familiar with the matter who spoke on condition of anonymity said that the timing was decided in a “gradual” process and that the idiosyncratic nature of each market molded how each geographic unit approached investments.

The restructuring comes as geopolitical tensions between China and the United States have risen and American businesses approach Chinese investment with greater apprehension. Venture investment in the U.S. is also down significantly compared with 2021 or 2022, according to PitchBook data.

Sequoia’s Chinese wing has reportedly made successive, lucrative investments in TikTok parent ByteDance, which has been under mounting scrutiny from U.S. regulators and lawmakers.

Fundraising and investment approaches varied between businesses, the person familiar said, noting that Sequoia China opted to divide its investment strategy between multiple funds while Sequoia’s U.S. and European business restructured to focus on the Sequoia Capital Fund.

The U.S. firm will

India News: India top destination being explored by MNCs as alternative to China, finds global CEO survey

India is the top destination being explored by multinational corporations as an alternative to China, according to a survey of 100 CEOs who primarily represent foreign B2B-focused firms.

The CEOs also consider Vietnam, Thailand and their own home countries as potential options.

Amid China’s increasing geopolitical assertiveness, questionable trade and business practices, and rising labour costs, 88% of the CEOs who participated in research firm IMA India’s 2023 Global Operations Benchmarking Survey opted for India as their primary alternative to China. The survey was run among companies with a presence in India.

“In the last five years foreign MNCs have increased their onground presence in India, partly as a result of diversification away from China. In particular, the IT & ITES companies are ramping up the share of their global workforce that is based in India,” said Suraj Saigal, Research Director, IMA India.

graph

According to a report based on the survey, nearly 70% of the firms saw substantial changes to their business strategies and onground operations in China in the past three years. The industrial sector shows a more prominent pull-back compared to the services sector. Among those implementing changes 56% have decreased their sourcing from China and 41% reduced investments.

While a minority completely exited, 6% of the surveyed companies have scaled back their market engagement.

The research also examined how businesses are perceiving and capitalising on the opportunities presented by India, taking into account the recent shifts in commercial and geopolitical strategies.

From FY18 to FY23, India’s estimated global share in workforce has increased from 22.4% to 24.9% in mean percentage terms, while revenue share has risen from 14.8% to 15.8%. These figures demonstrate incremental growth for India on the global stage during this period.

As per the study, a larger proportion of manufacturing companies, in comparison to

India, EFTA trade pact to boost commerce, investment, job creation

A free trade agreement between India and four-nation bloc EFTA will help enhance two-way commerce, investment flows, job creation and economic growth, an official statement said on Monday.

Commerce and Industry Minister Piyush Goyal, who is in Brussels, has discussed modalities of engagement for working towards a comprehensive Trade and Economic Partnership Agreement (TEPA) with representatives of European Free Trade Association (EFTA) states – Iceland, Liechtenstein, Norway, and Switzerland.

On April 26 here, both sides discussed ways to resume negotiations for the agreement.

“India and the EFTA states…discussed the modalities of engagement for working towards a comprehensive TEPA,” a press communique issued after conclusion of the talks said.

It said the delegations agreed to ramp up their efforts and continue discussions at a steady pace, with several more meetings planned over the coming months, to arrive at a common understanding on critical issues pertaining to TEPA.

Both sides emphasised on the importance of building their discussions on principles of trust and respect for each other’s sensitivities to achieve a fair, equitable and balanced agreement, it added.

“Indeed, a TEPA between EFTA and India could bring significant economic benefits, such as integrated and resilient supply chains and new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation, and economic growth,” it said.

Goyal held meetings with Guy Parmelin, Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research; Einar Gunnarsson, Ambassador, Permanent Representative at the Permanent Mission of Iceland in Geneva; Kurt Jäger, Ambassador, Permanent Representative at the Permanent Mission of Liechtenstein to EFTA; and Erik Andreas Underland, Specialist Director at the Norwegian Ministry of Trade, Industry, and Fisheries.

A free trade agreement between the two regions is officially dubbed as TEPA.

Under such pacts, two trading partners

Business News | Google-backed Seed Fund to Sponsor India Innovators of AI-based Solutions for Climate Change

New Delhi [India], May 5 (ANI): APAC Sustainability Seed Fund on Friday said it selected two India-based organisations — Gujarat Mahila Housing Sewa Trust and Villgro Innovation Foundation — to receive funding for exploring new use-cases for innovative technology, such as AI, ML, that addresses threats of high water scarcity and excessive flooding across India.

The seed fund was founded by Asian Venture Philanthropy Network (AVPN).

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Gujarat Mahila Housing Sewa Trust will use the funding to develop an AI-enabled model for building climate resilience in Amalner, Maharashtra, pioneering the mapping of land use and catchment areas to predict susceptibility to floods and inundation, according to a statement from Google.org.

Villgro Innovation Foundation will support their partnership with CultYvate to develop a mobile and browser-based application and artificial intelligence (AI)/Machine Learning (ML) models that provide India’s farmers real-time insights for efficient irrigation management and water conservation.

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Sanjay Gupta, Country Head and Vice-President of Google India, said, “At Google, we are deeply committed to building sustainability into everything we do, and to supporting organisations that have taken up the cause of positive climate action. India’s susceptibility to adverse climate impact is an important concern for us all, and there is an urgent need to support every effort to overcome threats.”

According to the statement, AVPN is the world’s largest social investor network in Asia-Pacific, and founded the APAC Sustainability Seed Fund with support from Google.org and Asian Development Bank to enable local organisations developing solutions for sustainable practices and combating the effects of climate change across APAC, be it heat waves, rising sea levels