The Central government’s debt is estimated to moderate to 57.2% of gross domestic product (GDP) in FY24 from 61.5% in FY21 when pandemic-related spending to provide succour to people and businesses led to a spike in its loan profile, the finance ministry said on Tuesday. Minister of state for finance Pankaj Chaudhary, in a written … Read more
Rural fintech firm Navadhan has raised $5 million (about ₹40 crore) in a pre-Series A round led by Prime Venture Partners. Existing investors Gemba Capital and Varanium NexGen Fintech Fund also participated. The new funds will be used to enhance the company’s AceN tech platform, which connects small, rural businesses with NBFCs and banks, and … Read more
Banks having direct and indirect ties to the fossil fuel sector are at risk under tightening climate policies The Data Point published on November 29 showed how India is progressing — albeit slowly — towards cleaner energy sources to generate power. While clean energy in the electricity mix has increased to about 23%, over 55% … Read more
The global space economy is currently around $447 billion, according to estimates by McKinsey. India’s share of the pie is about $8 billion, a measly two per cent. The Indian National Space Authorization Centre (IN-SPACEe) has set a target to increase this to 8% by 2033 and 15% by 2047, the 100th year of Independence. … Read more
Treasury Secretary Janet Yellen said she sees a good chance of the US economy achieving a soft landing, with the unemployment rate — which has ticked up in recent months — averting a sharp increase. “Signs are very good that we’ll achieve a soft landing, with unemployment stabilizing more or less where it is, or … Read more
In an interesting development, Sam Altman and OpenAI‘s board have opened discussions to bring back the former CEO of the artificial intelligence startup, Bloomberg News reported. The future of OpenAI was thrown into jeopardy after more than 700 of its 770 employees signed a letter on Monday saying they may leave the company for Microsoft … Read more
Federal Reserve policymakers at their most recent meeting united around a strategy to “proceed carefully” on future interest-rate moves and base any further tightening on progress toward their inflation goal. “All participants agreed that the committee was in a position to proceed carefully and that policy decisions at every meeting would continue to be based … Read more
The Enforcement Directorate (ED) on Tuesday issued showcause notices to troubled edtech startup Byju’s and its founder and group CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362 crore. The ED, which had initiated investigation against the startup earlier this year, has accused … Read more
Mira Murati is the new interim CEO and CTO of OpenAI, a research organization that aims to create and ensure the safe and beneficial use of artificial intelligence. She is also one of the leading developers of ChatGPT, a conversational chatbot that can generate realistic and engaging texts on various topics. Murati was born in … Read more