Zoho cofounder Sridhar Vembu argues that the primary concern with AI and automation isn't job loss, but equitable wealth distribution. He envisions two potential solutions: drastically reduced costs of goods or increased compensation for human-centric roles. Vembu stresses the importance of regulatory oversight to prevent monopolies and ensure automation benefits are widely shared.
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T Rabi Sankar, RBI Deputy Governor, has been appointed as a part-time member of the 16th Finance Commission, replacing Ajay Narayan Jha. Sankar's term will last until the Commission submits its report or October 31, 2025. The Commission, chaired by Arvind Panagariya, is responsible for recommending the distribution of tax revenues between the Union and the States.
Ola Electric's stock prices plunged following the release of disappointing quarterly results. The electric vehicle company reported a substantial net loss for the fourth quarter and the full financial year. Revenue from operations also experienced a sharp decline. Despite these challenges, Ola Electric expresses optimism about achieving profitability in the coming financial year.
Indian Railways is constructing its first dedicated Vande Bharat Express maintenance depot in Bhagat Ki Kothi, Jodhpur, expected to be operational by the end of 2025. This facility, the first of four planned nationwide, will service Vande Bharat trains from across the country.
Asia's factory activity experienced a decline in May, impacted by weak demand from China and the lingering effects of US tariffs. Manufacturing operations in Japan and South Korea continued to contract, while concerns over potential US automobile tariffs created uncertainty. China's manufacturing sector also showed contraction, signaling a broader economic slowdown in the region.
Asian markets displayed caution amid tech-driven Wall Street gains, with trade headlines and geopolitical risks influencing investor sentiment. The US extended tariff exclusions on Chinese goods, while the Trump administration sought renewed trade proposals and a call between presidents.
NeoLiv, a Mumbai-based realty developer, has successfully sold all 263 residential plots in its inaugural project, 'NeoLiv Grand Park' in Kundli-Sonipat, Haryana, generating over Rs 300 crore in sales. The project, spanning 19.46 acres, experienced demand nearly four times the available inventory, highlighting strong buyer confidence.
UBS has revised India's FY26 GDP growth forecast upwards to 6.4% from 6%, citing resilient domestic demand and potential trade benefits. This adjustment considers factors like eased tariffs on Chinese imports and a possible US-India trade deal. While anticipating robust household consumption, UBS foresees a slight slowdown in capital expenditure due to global uncertainties.
India's Ministry of Heavy Industries has launched the “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI) to attract EV manufacturing investments. The scheme offers reduced customs duties on imported EVs for approved applicants who meet minimum investment and localization targets.
Adani Group announced a significant 29% surge in its tax contributions, reaching nearly Rs 75,000 crore in FY2024-25. This substantial contribution, encompassing direct and indirect taxes along with employee social security, underscores the group's commitment to nation-building. Key contributors among the listed companies include Adani Enterprises, Adani Cement, Adani Ports, and Adani Green Energy.
A public feud between Trump and Musk triggered a significant drop in Tesla shares, impacting major US indexes like the S&P 500 and Nasdaq 100. Tesla's decline highlighted concerns about index concentration in large-cap stocks, particularly the 'Magnificent Seven,' and its wide market exposure through numerous ETFs, affecting funds like the Consumer Discretionary Select Sector SPDR Fund.