Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23 at 11 a.m.
Stay tuned for live updates and analysis of union budget 2024:
Govt proposes Rs 26,000 crore for various road projects in Bihar, says FM in Lok Sabha
Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution
Rs 15,000 crore to be allocated for development of Amravati as AP’s capital. Money to be raised from multilateral funding agencies and routed through the Centre.
Government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.
One month wage to all workers newly entering the work cycle. Rs 15,000 to new entrants in EPFO for those with salary of up to Rs 1 lakh per month. This will benefit 210 lakh youth.
Allocation of Rs 1.52 lakh crore for agriculture and allied sector.
Allocation of Rs 1.48 lakh crore for education, employment and skilling.
Financial support for loans upto Rs 10 lakh for higher education in domestic institutions
Budget 2024-25 increased the limit of Mudra loans from Rs 10 lakh to Rs 20 lakh and introduced a new assessment model for MSME credit.
Standard tax deduction proposed to be hiked from Rs 50,000 to 75,000. deduction on family pension from 15,000 to 25,000
Salaried employees stand to save Rs 17,500 in new tax regime, states Nirmala Sitharaman in the budget speech.
Microsoft Outage: Airlines, Banks, Stock Market Among Services Affected by CrowdStrike Blue Screen Error
A widespread Microsoft outage has disrupted several critical services, including airlines, banks, and the stock market, causing significant inconvenience and financial losses. The outage, which began on [specific date], was traced back to a blue screen error linked to CrowdStrike, a leading cybersecurity firm.
Impact on Airlines
Multiple airlines reported disruptions in their booking and check-in systems, leading to flight delays and cancellations. Passengers at major airports experienced long queues and frustration as airlines scrambled to resolve the technical issues. The outage impacted not only domestic flights but also international operations, causing a ripple effect across global travel schedules.
Banking Sector Disruptions
Several banks faced challenges with their online and mobile banking services, leaving customers unable to access their accounts, transfer funds, or perform other essential transactions. ATMs were also affected, resulting in cash shortages at various locations. The banking sector is now assessing the full extent of the disruption, with concerns about potential data breaches and financial losses.
Stock Market Chaos
The stock market experienced significant turbulence due to the outage. Trading platforms and brokerage services faced intermittent downtime, preventing investors from executing trades. This led to volatility in stock prices and created uncertainty among traders and financial analysts. The timing of the outage, coinciding with crucial trading hours, exacerbated the impact on market stability.
Cause of the Outage
The root cause of the outage has been identified as a blue screen error triggered by a recent update from CrowdStrike. The error affected systems running Microsoft Windows, causing widespread crashes and service disruptions. CrowdStrike has acknowledged the issue and is working closely with Microsoft to deploy a fix.
Response and Recovery
Both Microsoft and CrowdStrike have issued statements apologizing for the inconvenience and assuring users that they are taking all necessary steps to resolve the issue. Emergency patches are being rolled out to affected systems, and efforts are underway to restore normal operations as quickly as possible.
In the meantime, businesses and service providers are implementing contingency plans to mitigate the impact on their operations and customers. Airlines are rebooking flights and offering compensation, banks are extending support to affected customers, and financial institutions are monitoring the situation closely to ensure market stability.
What can you do in this Outage?
This incident highlights the critical importance of robust cybersecurity measures and the need for vigilant monitoring of software updates. As businesses and consumers increasingly rely on digital platforms, the potential impact of such outages underscores the necessity for resilient and secure IT infrastructure.
Affected organizations are expected to conduct thorough reviews of their systems and protocols to prevent similar incidents in the future. The collaboration between Microsoft, CrowdStrike, and other stakeholders will be crucial in addressing the current outage and fortifying defenses against future disruptions.
As the situation develops, stakeholders and affected parties are advised to stay informed through official channels and updates from Microsoft and CrowdStrike.
Gujarat Chief Minister Bhupendraji inaugurated the conference in mahatma mandir, Gandhinagar
The Gujarat government will organize the ‘SemiConnect 2024’ conference at Mahatma Mandir in Ahmedabad on Friday, July 19, aiming to promote and facilitate local industries in expanding their product lines while integrating into the state’s burgeoning semiconductor industry, officials said on Tuesday.
The event, which will feature participation from top executives of leading semiconductor supply-chain industries worldwide, will be inaugurated by Gujarat Chief Minister Bhupendra Patel, the officials added.
“Micron Technology, Tata Electronics, and CG Power — the three approved project proponents building their semiconductor manufacturing facilities in Gujarat — are collaborating with the state government as knowledge partners for the conference. Invest India and India Semiconductor Mission are also part of the conference,” stated an official release.
The Vadilal Group, a prominent conglomerate in Gujarat, is currently embroiled in a family feud. After a prolonged hiatus, the National Company Law Tribunal (NCLT) has delivered its verdict on the matter. The group’s valuation stands at approximately 3,400 crores.
The court noted that both parties have misused the legal system and government machinery by repeatedly filing complaints and petitions. Consequently, they have been ordered to deposit 10 lakhs into the PM Relief Fund.
Until the demerger process is complete, all three brothers—Virendra Gandhi, Rajesh Gandhi, and Devanshu Gandhi—retain the right to use the Vadilal Group’s trademark.
The S&P BSE Sensex reached the 80,000 mark for the first time on Wednesday, setting yet another record this year. Impressively, the index added the last 10,000 points in under seven months, having first hit 70,000 on December 11, 2023.
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. undefined
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.
Essar Group has announced a substantial investment of Rs 30,000 crore over the next four years towards establishing a green hydrogen plant in Jamnagar, Gujarat. This move underscores the conglomerate’s strategic pivot towards clean energy as a central driver of its growth trajectory.
In addition to the hydrogen plant, Essar Group, which recently achieved debt-free status post asset sales, aims to expand its renewable energy footprint significantly. The plan includes leveraging 4.5 GW of renewable energy from Essar Renewables to electrolyze water for hydrogen production. This green hydrogen, recognized globally for its minimal environmental impact, will be utilized across various sectors including transportation, electricity generation, industrial applications, and residential heating.
Furthermore, Essar Group is pursuing ventures in green steel manufacturing in Saudi Arabia, decarbonization initiatives for its UK refinery, and developing an LNG and electric vehicle ecosystem aimed at reducing emissions from heavy trucks. The conglomerate also intends to explore opportunities in mining critical minerals essential for electric vehicle batteries, solar panels, and wind turbine magnets.
The ambitious investment plans are part of Essar’s broader strategy to expand its energy portfolio while significantly reducing carbon emissions across its operations.
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:
Bernard Arnault, CEO of LVMH, with a net worth of $207 billion.
Elon Musk, Founder, Chairman, CEO, and CTO of SpaceX, and CEO of Tesla, Inc., with a net worth of $203 billion.
Jeff Bezos, Founder and Executive Chairman of Amazon, with a net worth of $199 billion.
Mark Zuckerberg, Co-founder and CEO of Facebook, with a net worth of $166 billion.
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.
