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India posts record-breaking data for GDP growth of 6.1% in Q4 and 7.2% in FY23.

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New Delhi: With all engines firing, India keeps up its run of consistently outpacing global economic growth. The GDP for the March quarter outperformed forecasts with a 6.1% growth, which helped raise the annual growth rate to 7.2%.The Indian economy is currently worth USD 3.3 trillion as a result of this.

In the final quarter of the 2022–23 fiscal year, January–March, Asia’s third-largest economy outperformed all forecasts by expanding by 6.1 percent, up from the previously reported 4.5 percent.

Agriculture grew by 5.5%, while manufacturing increased by 4.5%, both of which contributed to the rise. Other economic sectors, including mining, services, and construction, also had strong development.

The economy grew by 6.1% in the quarter ending in March 2023, 6.2% in the quarter ending in July-September 2022, and 4.5% in the quarter ending in October.

According to figures supplied by the National Statistical Office (NSO), growth between April and June 2022 was 13.1%.

The growth has been updated to 7.2% for the entire 2022–23 fiscal year (April 2022–March 2023), which is higher than the original prediction of 7.2% but lower than the 9.1% expansion in 2021–22.

This enabled it to keep its title as the rising economy with the quickest growth. In the first three months of 2023, China had growth of 4.5%.

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High-frequency indications indicated that the economy picked up steam in April as a result of increased tax receipts and a thriving services sector. However, a drop in imports and exports clouded the outlook. India’s economy may grow faster than the initial prediction of 6.5% for the current fiscal year (April 2023 to March 2024), barring monsoon and geopolitical uncertainties.

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Despite global constraints, Sunil Sinha, Principal Economist, India Ratings and Research, stated that the Indian economy’s resilience is demonstrated by the growth momentum seen in FY23.

“However, as long as private final consumption expenditure (PFCE) does not fully recover and become broad-based, the road ahead will not be straightforward. In fact, due to strong inflation, real pay growth became almost flat or even turned negative in some months of FY23.

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ShareChat Secures Nearly $49 Million from Key Investors: Report

ShareChat

ShareChat Secures Nearly $49 Million from Key Investors: Report

SharingChat, a social media site, has secured $48.8 million from its current backers, Temasek and Lightspeed, through convertible debentures.

Citing ShareChat’s regulatory filings, startup news website Inc42 stated on Wednesday that the fundraising round will assist ShareChat in “navigating the path to profitability in the next 12 to 15 months.”

The report also stated that the company is supposedly in talks with investors for a larger equity investment round.

To date, ShareChat has raised more than $1 billion in investment.

It was reported in December of last year that ShareChat planned to raise as much as $65 million from current investors.

The investment round was expected to include participation from current investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others.

As part of a strategic reorganization, ShareChat let go of 200 workers in December, representing around 15% of its total employment.

Also Read: Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer

The decision, according to Mohalla Tech, the parent company of ShareChat and the short video entertainment app Moj, indicates the firm’s commitment to attaining profitability within the next four to six quarters and simplifying its cost base.

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ShareChat’s sales increased by 62% to Rs 540.21 crore in FY23, but its net loss increased to Rs 4,064.3 crore from Rs 2,941.5 crore in FY22.

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Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer

Sergey Brin

Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer

According to reports, Sergey Brin, one of Google’s cofounders, personally called a worker who was contemplating switching to OpenAI. The Information said, claiming a “longtime AI researcher” as its source, that Sergey Brin offered more money on the call to persuade the worker to remain in the position. The anonymous source stated that they were friends with the Google employee and that Sergey Brin’s action, in competing with other Big Tech companies for AI expertise, is indicative of a wider trend. The poll, however, is still quite small. However, in the Big Tech, there is an unprecedented demand for superior AI expertise.

Mark Zuckerberg’s AI plan

Not only is Google trying to steal top personnel from each other with huge compensation, but so are other big tech businesses. CEO of Meta Mark Zuckerberg allegedly offered employment at Google’s DeepMind to AI researchers via personal correspondence, without requiring them to do an interview. Mark Zuckerberg revealed in January that Meta was holding a cache of Nvidia’s extremely desirable H100 chips. By the end of 2024, Meta will have over 340,000 Nvidia H100 GPUs, he told The Verge.

Also Read: Flipkart and IIT Delhi Collaborate to Enhance Personalized Recommendations Through Persona-Based Research

What Perplexity CEO said on AI jobs

Earlier, Aravind Srinivas, the founder and CEO of Perplexity, said that his company’s lack of GPUs was the reason he was unable to hire a Meta employee. “When I attempted to recruit a very experienced researcher from Meta, you know what they said? “Return to me once you’ve acquired 10,000 H100 GPUs,” he said.

Aravind Srinivas previously stated, “Don’t look at markets and decide, you know, don’t see, oh, the market wants a sales analyst product,” when discussing working in AI. I am going to construct it. Why design an AI for sales if you don’t even care about sales? The first person to use your product must be you, therefore create what you would use and what matters to you.”

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Flipkart and IIT Delhi Collaborate to Enhance Personalized Recommendations Through Persona-Based Research

IIT Delhi

Flipkart and IIT Delhi Collaborate to Enhance Personalized Recommendations Through Persona-Based Research

The Indian Institute of Technology, Delhi (IIT-D) industry interface organization, the Foundation for Innovation and Technology Transfer (FITT), and e-commerce giant Flipkart signed a Memorandum of Understanding (MoU) on Tuesday to collaborate on persona-based research aimed at improving personalized recommendations.

As part of the agreement, Flipkart will provide FITT with market intelligence and research funding so that the latter may create detailed user segments with data that are associated with various e-commerce categories based on factors like demographics and purchasing habits.

“We are hoping to find a data-driven solution through our collaboration with IIT Delhi that will enable us to better understand our customers’ requirements and preferences, enabling us to provide persona-based suggestions and enhance the buying experience,” Flipkart’s Chief Data Scientist, Mayur Datar, said in a statement.

The company states that the research attempts to learn from a user activity graph that includes details about the different personas connected with each user and to overcome the shortcomings of current persona development technologies.

“This partnership has the potential to impact many areas by developing machine learning models that can handle real-world data that is large-scale and efficient, as well as persona-based product recommendations,” stated Sayan Ranu from IIT Delhi’s Department of Computer Science and Engineering.

Also Read: Low-Light Revolution: Redefining Smartphone Cameras in a New Era of Photography

Together, Flipkart and FITT will also work on several other projects, like seminars, conference travel grants, and company-sponsored research to help an e-commerce major, and IIT Delhi researchers will work on a project that interests both parties.

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