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World Environment Council Hosts Successful Online ESG Conference on “The Future of ESG: Trends and Innovations”

by theparliamentnews.com
written by theparliamentnews.com

New Delhi (August 24, 2024) — The World Environment Council successfully hosted its highly anticipated Online ESG Conference on “The Future of ESG: Trends and Innovations,” bringing together global experts, industry leaders, and students to explore the evolving landscape of Environmental, Social, and Governance (ESG) practices. The event took place on August 24, 2024, from 7:00 PM to 9:00 PM IST and was attended by participants from various corners of the world.

The conference was opened by Shri. Prof. Ganesh Channa, Founder and President of the World Environment Council, who delivered the opening remarks, warmly welcoming attendees and setting the tone for the insightful discussions that followed. Mr. Puneet Trehan, Sr. Manager of ESG & Sustainability, served as the host for the event, ensuring a smooth flow of the proceedings.

The keynote address sessions featured distinguished speakers who shared their expertise on various aspects of ESG:

  • Ludwig Oscuro Federigan, EMDRCM, CBP delivered a compelling keynote on “The Evolution of ESG: Past, Present, and Future,” highlighting the transformative journey of ESG practices.
  • Dr. Sukh Dev Singh, IFS presented on “Environmental Initiatives for the Sustainability of ESG,” emphasizing the critical role of environmental stewardship in sustainable ESG frameworks.
  • Ms. Puneeta Puri, Executive Director of the Indian ESG Network, provided an in-depth analysis of the “ESG Landscape in India,” shedding light on the unique challenges and opportunities within the country.
  • Mr. Avadhani Venkat, Partner at Sustina Eco Advisors, spoke on “Human Behavior and Net Zero Goals,” exploring the behavioral shifts required to achieve ambitious environmental targets.
  • Mr. Mukesh Malik, CEO of ProjectGK, concluded the series with a thought-provoking address on “The ESG Relationship with Information Technology,” exploring the intersection of technology and sustainability.

The event concluded with a heartfelt note of thanks from the World Environment Council, expressing gratitude to all the speakers, the host, and the global audience, including ESG experts and students, for their active participation and engagement. The Council emphasized the importance of staying informed and connected in the rapidly evolving field of ESG, as it continues to play a crucial role in shaping sustainable business practices worldwide.

This conference marks another significant milestone for the World Environment Council in its mission to promote sustainability and responsible governance across the globe.

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BlogBusinessFeatured

Breaking Down Barriers: Judge’s Bold Move to Challenge Google’s Monopoly

by theparliamentnews.com
written by theparliamentnews.com

In a landmark legal battle that has put Google’s dominance under intense scrutiny, Judge James Donato has taken a firm stance against the tech giant, vowing to dismantle its monopolistic grip on the Android app ecosystem. This decision comes eight months after a federal jury unanimously found Google’s Android app store to be an illegal monopoly in the high-profile case of Epic Games vs. Google. Now, as Judge Donato prepares to issue his final ruling, the tech world is bracing for what could be a seismic shift in the mobile app market.

During the final hearing, Judge Donato made it clear that the status quo would not stand. “We are going to break down the barriers, that’s how it’s going to happen,” he declared, signaling a bold move toward opening up Google’s tightly controlled Play Store to rival app stores. This shift could empower Android users to choose whether they want Google or another company to manage their applications, potentially altering the landscape of mobile technology as we know it.

The case has been a long and contentious one, with Epic Games pushing for a more open and competitive app marketplace. Their victory in December was just the beginning; the real challenge has been determining how to undo the damage caused by Google’s monopolistic practices. Epic has proposed that Google be forced to allow rival stores to operate within the Google Play Store and to give these competitors access to all Google Play apps—a move that would significantly level the playing field.

Interestingly, both parties agreed in today’s hearing that opening the Play Store to competition is feasible, though they debated the time and cost required to implement such changes. Judge Donato, however, dismissed concerns about the difficulty of the task, emphasizing that “the world that exists today is the result of monopolistic behavior. That world is changing.”

Rather than dictating every detail of the remedy, Judge Donato has decided to take a more hands-off approach. He will establish a “technical compliance and oversight committee” composed of representatives from both Epic and Google, along with a neutral third party. This committee will be tasked with ironing out the technical details and reporting back to the court every 90 days.

As the mobile world watches closely, many are wondering: Is this the beginning of a new era in app distribution? Will we see a more open, competitive marketplace where innovation thrives and consumers have real choices? Only time will tell, but one thing is certain: Judge Donato’s ruling could reshape the future of mobile technology, breaking down the barriers that have long favored the few at the expense of the many.

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BlogBusinessFeaturedIndia

RBI Holds Repo Rate Steady: A Positive Signal for Homebuyers and Real Estate Investors

by theparliamentnews.com
written by theparliamentnews.com

In a move that bodes well for the real estate sector, the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the ninth consecutive time. This decision, announced on August 8, aligns seamlessly with the recent announcement on August 7 regarding indexation benefits on the sale of property, offering a double boost to the real estate market.

The RBI’s choice to maintain the current policy rate offers much-needed stability to the housing market, particularly at a time when food inflation remains a concern. With the repo rate holding steady, home loan EMIs will remain manageable for both current and prospective homeowners, a development that could drive an uptick in home sales, especially in the price-sensitive affordable housing segment.

“The monetary policy committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%,” said RBI Governor Shaktikanta Das during the policy announcement.

Real estate experts are optimistic about the potential impact of this decision. Anuj Puri, Chairman of ANAROCK Group, noted, “Maintaining interest rates offers consistency in borrowing costs, which will prompt more aspiring homebuyers to consider taking the plunge—thus driving demand in the housing market. With interest rates staying steady, EMIs will remain manageable, potentially leading to increased home sales.”

The RBI’s decision also coincides with the recent announcement of indexation benefits, which is expected to have a positive impact on the property market. The indexation benefits allow for adjustments to the purchase price, taking inflation into account, which in turn reduces capital gains tax upon the sale of property. This tax advantage makes real estate investments more appealing, further spurring demand and capital flow into the housing sector.

Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, emphasized the significance of the RBI’s steady approach: “The RBI’s intention in keeping rates unchanged is to ensure a stable interest rate environment and price stability, which is crucial for sustained growth. However, future rate cuts in India will primarily be influenced by domestic factors.”

Looking ahead, experts believe that the sentiment in the real estate sector is likely to remain positive throughout the upcoming festive season. The combination of stable interest rates and recent government initiatives, such as the rationalization of stamp duty charges and concessions for women homebuyers, is expected to further support this momentum.

Vimal Nadar, Senior Director and Head of Research at Colliers India, remarked, “Strong visibility in financing charges should help homebuyers and developers alike in the upcoming festive season. The partial withdrawal of the applicability of the revised LTCG tax arising out of the sale of land and buildings retrospectively provides elbow room to affect housing sales with minimal tax outgo. This is likely to buoy investor and homeowner sentiment, benefiting the real estate sector at large.”

Real estate developers have welcomed the RBI’s decision, viewing it as a positive signal for the industry. G Hari Babu, National President of NAREDCO, expressed confidence in the stable environment created by the unchanged repo rate and the RBI’s forecast of 7.2% GDP growth for FY25. “With steady borrowing costs, home loans become more affordable, which is likely to boost demand in the housing market, especially during the upcoming festive season,” he said.

The RBI’s balanced approach to economic management, amidst global economic uncertainties, has reassured investors and provided a stable backdrop for the real estate sector to thrive. As the festive season approaches, the current status quo on the repo rate is expected to further support the momentum in the housing market, creating a conducive environment for both homebuyers and developers.

In conclusion, the RBI’s decision to keep the repo rate steady is a welcome development for the real estate sector, offering stability and predictability in borrowing costs. Combined with recent government initiatives, this move is likely to boost demand in the housing market, particularly in the affordable segment, and position real estate as a strong avenue for long-term wealth growth.

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BlogBusinessFeatured

Indian IT Giants Poised for Growth as Microsoft’s Cloud and AI Revenues Soar

by theparliamentnews.com
written by theparliamentnews.com

In a promising development for the domestic IT sector, leading Indian companies such as Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies Ltd, and Tech Mahindra are in the spotlight following Microsoft’s robust Q4 performance. Microsoft’s revenue slightly surpassed US analyst estimates, with its operating margin aligning closely with Wall Street expectations. The tech giant hinted at increased infrastructure investments in FY25, aiming to meet the rising demand for its AI and cloud products.

Under the leadership of Satya Nadella, Microsoft projected a Q1FY25 revenue growth of 13.5-15.3% year-over-year (YoY), driven by an impressive 19.2-20.5% YoY growth in its Intelligent Cloud segment. This growth is further bolstered by a remarkable 28-29% constant currency (CC) YoY increase in Azure.

Nuvama Institutional Equities observed that Microsoft’s Azure business has been accelerating for five consecutive quarters, a significant turnaround after experiencing a six-quarter deceleration. “AI contributed 8% to Azure growth, and the overall pickup in cloud services is encouraging, signaling positive prospects for Indian IT services companies. We anticipate a surge in cloud spending in FY25, following a modest FY24, leading to higher overall growth,” Nuvama stated.

For the quarter, Microsoft reported revenue of $64.7 billion, marking a 16% YoY increase in CC terms. The Intelligent Cloud segment emerged as the fastest-growing area, with its revenue surging 20% YoY in CC to $28.5 billion, meeting the company’s guidance. Notably, Azure’s revenue grew by 30% CC YoY, including 800 basis points from AI services.

Microsoft’s management highlighted that the Azure consumption business is outpacing the overall Azure growth. The number of Azure AI customers has risen by 60% YoY, with the company now boasting over 60,000 Azure AI customers. The demand for Azure continues to exceed the available capacity, underscoring the platform’s robust market position.

“Productivity and business process revenue reached $20.3 billion, up 12% CC YoY. Office consumer revenue grew by 4% CC YoY, driven by sustained momentum in Microsoft 365 subscriptions, while Office commercial licensing saw a 7% CC YoY decline due to the ongoing shift to cloud offerings,” Microsoft reported.

The positive outlook for Microsoft’s cloud and AI segments bodes well for Indian IT giants, suggesting a fertile ground for growth as global demand for these technologies continues to rise. The increased investment in infrastructure and the steady rise in Azure’s customer base highlight a thriving market landscape, promising significant opportunities for Indian IT service providers in the coming fiscal year.

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BlogBusinessFeatured

Meta Unveils the Largest Open AI Model Ever: Why It Matters for the Future of AI

by theparliamentnews.com
written by theparliamentnews.com

Meta, the parent company of Facebook, has launched a new collection of large AI models, including Llama 3.1 405B, touted as the “first frontier-level open-source AI model.” This development marks a significant shift in the ongoing battle between open- and closed-source AI, with Meta firmly advocating for the benefits of open-source AI.

The Battle of Open-Source vs. Closed-Source AI

The AI industry is divided into two camps: those who keep their datasets and algorithms private (closed-source) and those who make them publicly accessible (open-source). Closed-source AI models, such as OpenAI’s ChatGPT, Google’s Gemini, and Anthropic’s Claude, protect intellectual property but lack transparency and public trust. Open-source AI, on the other hand, promotes innovation, accountability, and collaboration by making code and datasets available to all.

Why Open-Source AI is Crucial

Meta’s commitment to open-source AI is a significant step towards democratizing AI. By making models like Llama 3.1 405B accessible, Meta is fostering an environment where innovation can thrive through community collaboration. This transparency allows for the identification of biases and vulnerabilities, which is crucial for ethical AI development.

Open-source AI also benefits small and medium-sized enterprises, which often lack the resources to develop large AI models from scratch. With access to powerful models like Llama 3.1 405B, these organizations can compete on a more level playing field.

The Risks and Ethical Concerns

While open-source AI has many advantages, it also poses risks. The open nature of the code and data can lead to quality control issues and potential misuse by malicious actors. Ensuring that open-source AI is developed and used responsibly requires robust governance and ethical frameworks.

Meta as a Pioneer in Open-Source AI

Meta’s release of Llama 3.1 405B represents a commitment to advancing AI in a way that benefits humanity. Although the model’s dataset has not been fully disclosed, its open-source nature still levels the playing field for researchers and smaller organizations.

Shaping the Future of AI

To ensure that AI development remains inclusive and beneficial, we need to focus on three key pillars:

  1. Governance: Establishing regulatory and ethical frameworks to ensure responsible AI development.
  2. Accessibility: Providing affordable computing resources and user-friendly tools for developers.
  3. Openness: Ensuring datasets and algorithms are open source for transparency and collaboration.

Achieving these goals requires a concerted effort from governments, industry, academia, and the public. The public can support this by advocating for ethical AI policies, staying informed about AI developments, and using AI responsibly.

Meta’s launch of the largest open-source AI model is a significant step towards democratizing AI and ensuring it serves the greater good. However, we must address the ethical and practical challenges associated with open-source AI to create a future where AI is an inclusive tool for all. The future of AI is in our hands, and it is up to us to ensure it is used responsibly and ethically.

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BlogBusinessFeaturedIndiaLifestyle

Gartex Texprocess India New Delhi witnesses a grand opening today. Hon’ble Minister of Textiles, Shri Giriraj Singh graced the inauguration

by theparliamentnews.com
written by theparliamentnews.com

New Delhi,1st August 2024: The 11th New Delhi edition of Gartex Texprocess India commenced today with a grand opening at the state-of-the-art expo centre, Yashobhoomi, IICC, Dwarka, New Delhi. Chief Guest, Shri Giriraj Singh, Minister of Textiles highlighting FDIs and joint venture as huge opportunities in the sector.

The show floor is packed with more than 180 exhibitors presenting 600+ brands from countries like India, China, Italy, Japan, Singapore, Taiwan, USA and to showcase the advancements from the world of textiles and garment manufacturing industry.

The 11th edition of the show was inaugurated today in the presence of the esteemed dignitaries of the textile industry, which included:

  1. Chief Guest: Shri Giriraj Singh, Minister of Textiles, Government of India
  2. Mr. Elgar Straub, Managing Director, VDMA Textile Care, Fabric & Leather Technologies
  3. Mr. Sharad Jaipuria, President, Denim Manufacturers Association & Chairman & Mnaging Director of Ginni International Ltd
  4. Mr Simon Lee, Managing Director of Hyosung Group ( Hyosung corporation India Pvt Ltd & Hyosung India Pvt Ltd)
  5. Mr Aamir Akhtar, Group President & CEO Textiles, Jindal Worldwide Limited

Addressing the gathering the Chief Guest, Shri Giriraj Singh, Hon’ble Minister of Textiles, expressed: “I see a very good programme organised with the knowledge sessions, product display and B2B networking opportunities. I thank all the companies associated with garment, machinery, fabrics and denims industry for this.” His address emphasised on encouraging the joint ventures, FDI and collaborative progress within the textile manufacturing between suppliers and manufacturers and brands. He also mentioned that that after agriculture, if there is any sector that has employment potential then it is textiles. Indian government will work in collaboration with the agriculture and textile department to drive the sector ahead. He also emphasised that ‘handlooms’ is one significant sustainable fabric.

Gartex Texprocess India has consistently been at the forefront of showcasing innovations and emerging trends in the textile and garment industry. This edition is featuring an array of innovative product launches from various brands catering to denims, machinery manufacturing, sewing machines, fabrics, trims, accessories and more.

Mr. Raj Manek, Executive Director and Board Member of Messe Frankfurt Asia Holdings Ltd, expressed his enthusiasm on the inauguration of the 11th New Delhi edition. He said: “We are thrilled with the overwhelming response to the 11th edition of Gartex Texprocess India from the industry stakeholders. The Indian government’s focus has been on manufacturing and it gives us the immense pleasure to witness the advancements in textiles and garment manufacturing solutions, denims and more from 200+ exhibitors. This reflects the vibrant and dynamic spirit of this sector.”

Mr. Gaurav Juneja, Director of MEX Exhibitions Pvt Ltd, added: “The impressive turnout and participation from leading brands and international exhibitors highlight the significance of Gartex Texprocess India in driving the future of the textile and garment manufacturing industry. We look forward to positive and successful show with business discussions, networking, knowledge sharing and innovations across three days. “

Day two dedicated to denims will present knowledge rich sessions from Denim industry experts who will discuss everything right from denim manufacturing to its sustainable solutions. The sessions will touch upon areas like laundry automation, sustainability, innovations in denims and how can AI tools be utilized to identify the denim trends as well as lifecycle assessment of denims. These discussions will offer the attendees a lot of crucial insight on denims that will help professionals explore their knowledge, practices and processes.

Organized by MEX Exhibitions Pvt Ltd and Messe Frankfurt Trade Fairs India Pvt Ltd, the three-day trade fair will continue to showcase industry trends and innovations till 3rd August 2024.

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BlogBusinessFeatured

Elon Musk Unveils Project Colossus to Train AI Competitor to ChatGPT

by theparliamentnews.com
written by theparliamentnews.com

Elon Musk has announced the launch of Project Colossus, a monumental supercomputer based in Memphis, designed to train xAI’s latest artificial intelligence, Grok. Musk revealed that the data center, which he refers to as a “gigafactory of compute,” is now operational, housing an impressive array of 100,000 Nvidia H100 chips.

The primary purpose of this state-of-the-art facility is to develop Grok, an AI model poised to compete directly with OpenAI’s ChatGPT. This ambitious project underscores Musk’s continued commitment to pushing the boundaries of AI technology.

However, the project has not been without its challenges. Local officials have raised concerns about the impact on Memphis’s infrastructure. Project Colossus requires 50 megawatts of electricity—enough to power about 50,000 homes—and 1.3 million gallons of water daily for cooling. Despite assurances from Musk about infrastructure improvements, some city council members are wary, given Musk’s history with similar promises.

As Project Colossus powers up, the tech world eagerly watches to see how Grok will perform against established AI giants, setting the stage for the next big leap in artificial intelligence.

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BlogBusinessEducation & TechFeatured

OpenAI Developing Breakthrough Reasoning Technology Code-Named ‘Strawberry’

by theparliamentnews.com
written by theparliamentnews.com

OpenAI, led by CEO Sam Altman, is reportedly working on a new advanced reasoning technology for its large language models (LLMs), internally code-named ‘Strawberry’. This initiative, as revealed by Reuters on Friday through internal company documents and sources familiar with the matter, aims to significantly enhance the reasoning capabilities of OpenAI’s AI models.

Why is Strawberry Important?

The project Strawberry is shrouded in secrecy, known to only a select few within the organization. Previously referred to as Q, it represents a potential breakthrough for OpenAI. Demonstrations of Q shown to some staff indicate that the LLMs could solve complex science and math problems that current commercial models struggle with.

According to the documents, Strawberry is designed to go beyond generating simple answers. The models are being developed to plan ahead and autonomously navigate the internet to conduct what OpenAI terms “deep research.”

What is Strawberry?

Strawberry represents a specialized method of post-training OpenAI’s generative AI models, aiming to fine-tune their performance even after initial training on large datasets. This post-training process involves adapting the models to enhance their capabilities in specific tasks.

One of the key goals for Strawberry is to enable the AI models to perform long-horizon tasks (LHT). These tasks require the AI to plan and execute a series of actions over an extended period. OpenAI envisions its models using Strawberry’s capabilities to autonomously browse the web, supported by a “computer using agent” (CUA). This agent would be able to take actions based on the information it discovers, effectively conducting research independently.

As OpenAI continues to push the boundaries of AI technology, Strawberry is poised to be a significant advancement, potentially transforming how AI models reason and interact with complex information.

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BlogBusinessFeatured

Meta Halts Generative AI Tools in Brazil Following Government Concerns

by theparliamentnews.com
written by theparliamentnews.com

Meta Platforms announced on Wednesday its decision to suspend the use of its generative artificial intelligence (AI) tools in Brazil. This move comes in response to the Brazilian government’s objections to Meta’s new privacy policy regarding the handling of personal data and AI.

Significance of the Decision

Brazil is a vital market for Meta, boasting a population of over 200 million people. The country is home to the second-largest user base for Meta’s WhatsApp, second only to India. In June, Meta unveiled its first AI-driven ad targeting program for businesses in Brazil at an event in São Paulo, highlighting the importance of the Brazilian market for the company’s AI initiatives.

Regulatory Context

Earlier this month, Brazil’s National Data Protection Authority (ANPD) intervened by suspending the implementation of Meta’s new privacy policy related to the use of personal data for training generative AI systems. The ANPD ruled that Meta must revise its privacy policy to exclude any clauses pertaining to the processing of personal data for AI training purposes.

Official Statement

In a statement, Meta explained its decision: “We have chosen to suspend our generative AI tools in Brazil as we engage in discussions with the ANPD to address their concerns and ensure compliance with local data protection regulations.”

Future Implications

Meta’s decision to halt its AI tools in Brazil highlights the critical role of regulatory compliance in the deployment of advanced technologies. The outcome of Meta’s negotiations with the ANPD could set a significant precedent for how tech companies handle data privacy issues in major markets around the world.

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BlogBusinessFeatured

Ola Founder: Tesla’s Withdrawal from India a Strategic Blunder

by theparliamentnews.com
written by theparliamentnews.com

Ola founder and CEO Bhavish Aggarwal has commented on Tesla’s exit from the Indian market, asserting that the loss is Tesla’s, not India’s. Aggarwal emphasized that the Indian EV market is expanding rapidly, presenting significant opportunities that Tesla will miss out on.

“While the Indian EV and lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years,” Aggarwal posted on X (formerly Twitter).

This statement follows a Bloomberg report indicating that Tesla has not pursued discussions with officials in New Delhi, leading to the expectation that the company will not invest in India. The report comes shortly after Elon Musk postponed his visit to India. The government, aware of Tesla’s financial challenges, does not anticipate fresh investments from the EV maker.

Tesla, which has recently faced a second consecutive decline in global deliveries and increasing competition from China, has made several strategic adjustments. In April, Musk announced job cuts, sold the automaker’s flagship Cybertruck stall, and delayed the construction of its Mexico plant.

With Tesla’s pullback, the Indian government may shift focus to domestic players like Mahindra & Mahindra and Tata Motors to drive EV production in the country.

Ola, a leading Indian EV startup, is poised for a significant market debut. In June 2024, the Securities and Exchange Board of India (SEBI) approved Ola Electric’s IPO, featuring a primary issuance of ₹5,500 crore and a secondary sale of ₹1,750 crore. This approval marks Ola Electric as the first EV startup to receive such clearance from the market regulator.

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