IIT-Madras Finds Its Googley Mate: A Platinum Consortium for Responsible AI Antics

Tuesday, May 16th 2023

Good Morning ☕

Looks like Google is really taking AI responsibility to the next level by becoming a 'platinum consortium' member! I guess they want to make sure their algorithms don't go 'Karma-lata' on us. With this investment, maybe we can finally ask Google Assistant for some life advice without getting questionable results like, "Have you tried turning off and on your existential crisis?

Important News of the Day

1. Google Grants $1 Million to IIT-Madras New Centre for Responsible AI

Google has become the first 'platinum consortium' member of the Indian Institute of Technology Madras' newly established Centre for Responsible Artificial Intelligence (CeRAI) and will invest $1m. CeRAI will focus on the responsible development of AI-based solutions in the real world, with aim of being a leading national and international research centre. CeRAI conducted its first workshop, titled 'Responsible AI for India', on 15 May 2023, which discussed guidelines, policies, and frameworks for responsible AI in the Indian ecosystem.

2. India wholesale inflation turns negative at -0.92% for April

India's provisional data for April 2023 indicates a negative inflation rate of (-) 0.92%, compared to 1.34% in March 2023, mainly due to the decline in prices of basic metals, food products, mineral oils, textiles, and non-food articles. The month-over-month change in WPI remained constant at 0.0%. The primary articles' index rose by 1.31%, while the manufactured products major group index remains unchanged. The Food Index increased from 172.1 in March 2023 to 173.6 in April 2023, with a decrease in year-over-year inflation based on WPI Food Index from 2.32% to 0.17%.

3. Rs 62,000 crore: Congress victory might cost Karnataka this much every year

The Congress won the Karnataka Assembly Election by offering pre-poll benefits, including 200 units of free power, monthly assistance to women heads of families, free rice to BPL households, and more. The cost of these promises is close to the fiscal deficit of the previous year, but Karnataka's growing economy and high GST collection make it feasible for the government to provide these benefits. However, funding the major freebies of around ₹62,000 crore may remain an issue, along with Congress' promise of creating jobs and filling vacancies, which will affect the state budget.

4. India and EFTA make progress in talks on new trade agreement

India and the European Free Trade Association (EFTA) are negotiating a Trade and Economic Partnership Agreement (TEPA) to boost trade, jobs, and economic growth. The discussions in Brussels covered the way to a comprehensive TEPA, which could lead to resilient supply chains and new business opportunities. Talks will continue to resolve key issues.

5. Indian Automakers Back Zero Duty On Limited UK Imports Under Trade Deal

The Society of Indian Automobile Manufacturers (SIAM) has suggested lowering import taxes on cars to 10% over the next five years, affecting up to 46,200 vehicles. This proposal aims to open up India's automobile market, one of the world's most protected, to greater international access.

6. Infosys announces equity share allotments as rewards for employees

IT giant Infosys has awarded over 511,000 shares to employees under two schemes to reward performance and increase employee ownership. The allotment was done under two employee-related schemes - the 2015 Stock Incentive Compensation Plan and the Infosys Expanded Stock Ownership Program 2019. This move aims to incentivize, retain, and motivate talent, align their interests with the company's, and boost shareholder value.

Breaking News: The Scoop You Can't Miss!

1. India's exports fall 12.7% to $34.66 billion in April

India's exports decreased by 12.7% YoY to $34.66 billion in April 2023, while imports also declined by about 14% to $49.9 billion as compared to the same month last year, as per government data. The drop in imports was mainly led by petroleum, crude, products, and coal & coke. The country's trade deficit for April stood at $15.24 billion. DGFT Santosh Sarangi has revised the trade numbers for 2022-23 upwards.

2. NIA raids across Jammu and Kashmir in Jamaat-e-Islami terror financing probe

The National Investigation Agency (NIA) has conducted searches in Jammu and Kashmir as part of an investigation into terror financing by the banned group, Jamaat-e-Islami Jammu and Kashmir. Despite being outlawed in 2019, the group is still reportedly involved in terror funding. The NIA targeted 16 locations on May 4, which led to charges against four individuals. Jamaat-e-Islami is known for supporting separatist activities in Jammu and Kashmir.

3. Long-terms PPAs, 5-min settlement: Govt panel outlines plan to reduce e-bills

An Indian power ministry panel has proposed several measures to support the country's energy transition and lower electricity bills. These include introducing five-minute-based metering, scheduling, dispatch, and settlement, as well as long-term power-purchase agreements of 12-15 years. The recommendations aim to increase efficiency and reduce costs in the energy sector.

4. Govt aims to curb high-capacity mining equipment imports, boost domestic production

India's Ministry of Coal is forming a committee to increase domestic production of mining machinery and cut import dependence. This supports the Aatmanirbhar Bharat and 'Make in India' initiatives, and it's expected to boost the economy and enhance equipment reliability.

5. Rozgar Mela: PM Modi to distribute 71,000 appointment letters

India's Ministry of Coal is forming a committee to increase domestic production of mining machinery and cut import dependence. This supports the Aatmanirbhar Bharat and 'Make in India' initiatives, and it's expected to boost the economy and enhance equipment reliability.

6. DCB Bank revises interest rates on savings accounts and fixed deposits (FDs), now earn as high as 8%

DCB Bank has raised interest rates on savings accounts and fixed deposits under ₹2 Cr, with savings rates up to 8% and fixed deposit rates between 8% and 8.5% for senior citizens, effective May 8th, 2023. The bank reported a 62% increase in net profit and a 27% rise in net interest income for Q4FY23 compared to Q4FY22.

7. Paytm’s Merchant Payment Leadership Helps the Company Record ₹182 cr in Revenue

Paytm, a top Indian mobile payments firm, gained ₹182 crores in UPI incentives from the government last fiscal year, doubling its previous year's incentive, as reported in its Q4FY23 results. The company leads in UPI merchant transactions, has a merchant base of 3.35 crore, and offers subscription-based payment devices and financial services.

World News

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• Jewellery of a former Nazi Party member's wife sells for a whopping $196 million

• China to promote 'new-era' marriage, childbearing culture amid population decline: Report