The Department of Science and Technology, Government of Gujarat has signed a Memorandum of Understanding (MoU) on Saturday with IBM to launch and develop an Artificial Intelligence Cluster that uses IBM’s Watson to accelerate innovation and create innovation and engagement across the financial industry in Gujarat International Finance Tec (GIFT) City.

The agreement stipulates that the financial institutions in GIFT City will be getting access to AI Sandbox, help in generating PoC, AI literacy, and Digital Assistant Solutions.

On the occasion, Gujarat Chief Minister Bhupendrabhai Patel stated that “This MoU with IBM will help Gujarat to be on the front line of the country when it comes to implement AI.

Under this MoU, IBM will deliver SW technologies and platforms in a cloud environment that allows the fin. institutions to enhance, tune and experiment with large language AI models in a sandbox environment. IBM will also strive to design a Digital assistant-based solution that enables the onboarding and integration of such customized large language models for the financial institution.

‘Applying AI for business is one of the most crucial business objectives among enterprises today in order to edge out from competitors by offering enhanced productivity, innovation and customer service,’ added Sandip Patel, Managing Director, IBM India & South Asia.

He also said, “This collaboration is a step in our further engagement with the Government of Gujarat for making the digital transformation of the state faster. With the creation of this AI cluster, our objectives are to make the latest in AI solutions more available for the growing number of financial institutions in GIFT City.
IBM also noted that it would design an AI curriculum to teach the schools and universities in Gujarat making it in line with the IBM’s mission of skilling 30 million people by 2030 and training one million learners in AI by the end of 2026.
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Mona Khandhar, the Principal Secretary of the Department of Science and Technology, mentioned the following: “These MoUs are very detailed We are also trying to fasten the AI adoption in MSMEs It is our endeavour to bring this futuristic technology to the people.

Gandhinagar: The Gujarat government has signed a Memorandum of Understanding (MoU) with Microsoft to establish an Artificial Intelligence (AI) Center of Excellence at GIFT City. This agreement was formalized during a program hosted by the Science and Technology Department, with Chief Minister Bhupendra Patel in attendance.

The collaboration between Microsoft, NASSCOM, and IBM aims to enhance AI capabilities across the state, positioning Gujarat as a global leader in technological advancement. The AI Center of Excellence at GIFT City will serve as a hub for innovation, research, and development in AI technologies.

NASSCOM has also partnered with the state to bolster AI model development in both the government and private sectors. IBM, through its Watson-X platform, will focus on applying AI in the banking, financial services, and insurance sectors at GIFT City.

Several leading companies, including IBM, NVIDIA, AWS, TCS, and L&T Edutech, have joined as course providers for institutions like GTU, IITRAM, PDPU, and Ganpat University in Gujarat, further supporting the state’s educational and technological growth.

Chief Minister Bhupendra Patel remarked, “This partnership with IBM will enable Gujarat to lead in AI adoption and drive digital transformation.” Sandip Patel, Managing Director of IBM India & South Asia, expressed confidence in the collaboration’s potential to enhance Gujarat’s digital transformation, providing advanced AI solutions for the financial sector at GIFT City.

Billionaire Gautam Adani has reclaimed the title of Asia’s richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Ambani’s $109 billion.

Gautam Adani, the Founder and Chairman of the Adani Group, has overtaken Mukesh Ambani, Chairman of Reliance Industries, as Asia’s richest person, according to the Bloomberg Billionaires Index. As of June 2, Adani ranks 11th on the list of the world’s top 50 richest people with a net worth of $111 billion, while Ambani is 12th with a net worth of $109 billion.

Ambani had previously overtaken Adani after the Adani Group’s valuation dipped following the 2023 Hindenburg report, which alleged accounting fraud and stock market manipulation by the Adani Group. However, Adani has now surpassed Ambani again as the shares of Adani Group rose by 14% on May 31st, following a Jefferies report stating the group’s plans for aggressive expansion, including a capital expenditure of $90 billion over the next 10 years.

Here are the top 5 richest people in the world as of June 2, 2024, according to the Bloomberg Billionaires Index:

1. Bernard Arnault, CEO of LVMH, with a net worth of $207 billion.
2. Elon Musk, Founder, Chairman, CEO, and CTO of SpaceX, and CEO of Tesla, Inc., with a net worth of $203 billion.
3. Jeff Bezos, Founder and Executive Chairman of Amazon, with a net worth of $199 billion.
4. Mark Zuckerberg, Co-founder and CEO of Facebook, with a net worth of $166 billion.
5. Larry Page, Former CEO of Google, with a net worth of $153 billion.

Other Indians on the latest Bloomberg Billionaires Index’s top 50 richest people in the world include Shapoor Mistry at number 44 with a net worth of $36.1 billion, and Savitri Jindal at number 49 with a net worth of $32.6 billion.