India economy & business news in brief for Aug 25: AI will create more jobs in India, says Tata Sons chairman Chandrasekaran
Tata Sons chairman N Chandrasekaran speaks at a press conference on B20 Summit India 2023, in New Delhi on Friday, August 25, 2023. (ANI Photo/Shrikant Singh)
HERE are news in brief related to Indian economy and business for Friday, August 25, 2023:
Artificial intelligence (AI) will create more jobs in India as it will empower more people with little skill or no skill to perform higher level jobs, B20 India chair N Chandrasekaran said in New Delhi on Friday. In a panel discussion at the B20 Summit India 2023 in the capital, Chandrasekaran, who is also the chairman of Tata Sons, said India has made a “fantastic breakthrough” towards data privacy and protection by taking a techno-legal approach. Seeking to address concerns over privacy and jobs with the advent of artificial intelligence (AI), he said, “Actually in a country like us, it (AI) will create jobs because it will empower people with the little skill or no skill, will empower them with information skill so that they can perform a higher level of jobs.”
Adobe CEO Shantanu Narayen on Friday said he is a “massive fan” of digital infrastructure that India has created. Narayen lauded India for its infrastructure, skills, technology, innovation and entrepreneurship. “I am a massive fan of digital infrastructure that India has built…it is infrastructure, it is skills, technology, innovation and entrepreneurship,” Narayen told PTI. He was speaking on the sidelines of B20 Summit India 2023, which has seen global CEOs and corporate honchos converging in the capital for one of the biggest business gatherings this year. The Business 20 (B20) is the official G20 dialogue forum with the global business community.
Adopting an outcome document after a two-day meet in Jaipur in the north-western state of Rajasthan, the G20 trade and investment ministers on Friday arrived at a consensus to map global value chains, spur integration of MSMEs and increase digitalisation of documents with a view to promoting global commerce. However, the meeting concluded without a joint communique due to differences among certain member countries over references to the Russia-Ukraine conflict. “Only one para…which is out of a 17-page (outcome) document, is an area where we could not get consensus for obvious reasons,” Indian commerce and industry Minister Piyush Goyal told reporters.
The Indian defence ministry on Friday sealed a Rs 19,000 crore deal with Hindustan Shipyard Ltd (HSL) for acquisition of five fleet support ships for the Indian Navy. The ships of 44,000 tons category will be the first of its kind to be built in India by an Indian shipyard, officials said. The ministry said the project would be a major boost towards achieving the goal of self-reliance in defence manufacturing as the ships will be indigenously designed and constructed by HSL, Visakhapatnam. “The Ministry of Defence on August 25 signed a contract with HSL, Visakhapatnam for acquisition of five fleet support ships (FSS) for the Indian Navy at an overall cost of approximately Rs 19,000 crore,” it said.
Indian finance minister Nirmala Sitharaman on Friday said the government’s priority is to tame inflation to ensure sustained economic growth. Addressing the B20 Summit India, being hosted by the Confederation of Indian Industry (CII), the minister said the GDP numbers for the first quarter, to be released this month, should be good. Observing that elevated interest rates for considerable time hampers recovery, Sitharaman said, “my priority is to tame inflation.” Retail inflation soared to a 15-month high of 7.44 per cent in July, mainly on account of spiralling prices of tomatoes and vegetables. On growth, she said that India has been able to accelerate the pace of economic reforms and the first quarter GDP numbers “should be good.”
Brazilian aircraft maker Embraer sees a good opportunity to partner with India to develop a strong aerospace industry in both the countries by synergising their strengths, company president and CEO Francisco Gomes Neto said on Friday. The challenges in the global supply chain brought by the pandemic also brings about opportunities to develop new partnerships in order to develop resilience, he said while speaking at a panel discussion at the B20 Summit India 2023. “India has a very competitive labour cost. India has the availability of engineering, design, (and) technical expertise, and we from Embraer, we have knowledge and experience to develop, certify and manufacture aircraft. So it seems to be a good opportunity to have collaboration,” Neto said.
(With agencies inputs)