Author: News Desk

The prominent technology conglomerates comprising the ‘FAAMNG’ group in India, recognized for setting benchmarks in the tech industry, are presently undergoing a substantial deceleration in their hiring activities due to prevailing macroeconomic challenges and global workforce downsizing, according to an ET report. Noteworthy entities such as Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet) collectively experienced a remarkable 90% reduction in active job postings within India throughout 2023 when compared to the previous year. This analysis is based on data compiled by the specialized staffing firm Xpheno, revealing that the cohort’s current active hiring numbers have plummeted by…

The Bharatiya Janata Party’s Maharashtra unit initially scheduled the opening of the Mumbai Trans Harbour Link (MTHL), India’s longest sea bridge, for December 25. However, despite reaching approximately 97% completion, recent updates indicate a potential delay in the inauguration until January 2024. Originally planned to reduce peak-hour travel by 30-45 minutes, the inauguration faces delays due to pending tasks such as electrification, pole installation, toll booth setup, and system integration, all yet to be finalized by the implementing agency. One significant obstacle to the MTHL’s opening is the completion of works related to traffic control mechanisms and automatic toll collection,…

Google has decided to use artificial intelligence (AI) technology to replace 30,000 employees who left their jobs. This move comes after Google had already laid off 12,000 workers using AI. The company aims to streamline jobs through the implementation of AI and has issued statements suggesting that the use of AI in the workforce will be a significant factor in the coming year. Global companies are increasingly focusing on utilizing machine learning and AI technology across various platforms to make informed decisions. Acquiring AI-driven companies and incorporating their technology is seen as a strategic move by companies like Google to…

In a significant stride towards sustainable and eco-friendly public transportation, the Karnataka government has revealed plans to introduce 1,400 electric buses. The initiative, led by the Bangalore Metropolitan Transport Corporation (BMTC), is slated to commence operations in April next year, with the aim of improving connectivity and curbing environmental impact. The formal inauguration of this groundbreaking project took place at the Vidhana Soudha, where Chief Minister Shri. Siddaramaiah flagged off the first batch of 100 electric buses, including both non-AC and AC variants. These buses, equipped with advanced features like panic buttons, wheelchair ramps, and digital destination boards, underscore a…

In a recent interview on Raj Shamani’s “Figuring Out” podcast, former Reserve Bank of India (RBI) Governor Raghuram Rajan unveiled details about his salary during his tenure. Rajan stated that he earned INR 4 lakh per year as the RBI governor and acknowledged that he was unaware of the current governor’s salary. Speaking about the perks of the position, Rajan emphasized that the most significant benefit was the provision of a spacious residence in proximity to Dhirubhai Ambani’s house in Mumbai’s Malabar Hill. He clarified that during his term from 2013 to 2016, his annual salary was on par with…

The subscriber count for the Prime Minister Narendra Modi’s personal YouTube channel surpassed 20 million, making him the sole world leader to achieve this milestone, significantly outpacing his global counterparts. Modi’s channel boasts over 4.5 billion views, a substantial lead over other world leaders. Former Brazilian president Jair Bolsonaro ranks second in terms of subscribers, with approximately 6.4 million, which is less than a third of Modi’s count. In terms of views, Ukrainian President Volodymyr Zelenskyy comes second to the Indian prime minister with 224 million, only a fraction of Modi’s viewership. In comparison, US President Joe Biden has 789,000…

The Uttar Pradesh (UP) government has commenced the development of an ‘Artificial Intelligence (AI) City’ in Nadarganj, Lucknow, aiming to elevate the state capital into a prominent IT hub, according to a government spokesperson. Implementation by UPLC: The UP Electronics Corporation Limited (UPLC) is executing a comprehensive action plan for the AI City’s establishment. Expression of interest has been invited from real estate developers under the ‘UP Electronics Manufacturing Policy (UPEMP)’ for city design, development, and operation. Potential Site: The IT and Electronics department has identified a 40-acre land parcel in Nadarganj, approximately three kilometers from Lucknow international airport, as…

On Tuesday, SCOPE, an exclusive networking platform for startups, unveiled a $45 million venture capital fund dedicated to driving innovation in the dynamic fintech and gaming sectors. This strategic move underscores SCOPE’s commitment to nurturing innovation, collaboration, and growth within the startup community. The VC arm, operating independently under SCOPE, aims to discover, nurture, and accelerate promising startups demonstrating disruptive potential. The announcement highlighted the recognition of significant opportunities in fintech and gaming, both experiencing unprecedented growth due to technological advancements and evolving consumer behaviors. The venture capital arm aspires to lead this revolution by offering strategic capital, mentorship, and…

InCred, the fintech firm, has achieved unicorn status, securing $60 million in a Series D funding round from both new and existing investors. With a valuation of $1.04 billion post-investment, InCred is the second company to attain unicorn status in the current year. The Series D round was spearheaded by Ranjan Pai of MEMG, who contributed $9 million. Noteworthy investments also came from Ravi Pillai, Chairman at RP Group of Companies, with $5.4 million, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, with $1.2 million. The funding round witnessed…

One 97 Communications, the parent company of Paytm, has strategically laid off over 1,000 employees, targeting a 15% reduction in staff costs. This initiative, executed over the past months, affects various departments, including payments, lending, operations, and sales, impacting around 10% of Paytm’s workforce. The move, driven by performance-related concerns, aligns with the company’s goal to enhance profitability in the face of financial challenges observed in the new economy sector. The sector, characterized by technologically advanced businesses, has witnessed over 28,000 job cuts in the first three quarters of the year due to increased difficulty in securing funding. While a…