Spelade
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In today’s episode, we look at 3 big stories:
1. Will Swiggy hit a sixer like Zomato?
2. Are India’s semiconductor dreams becoming a reality?
3. Will our groceries become expensive?
4. Tidbits
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Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, September 30, 2024. My name is Nelson John. Let's get started.
WhatsApp groups are full of people pretending to be legitimate advisors offering stock market advice. These groups promise unrealistic returns and insider information, and have caught the attention of market regulators. Stockbrokers are also raising alarms to such practices. The scams have not only duped investors, but also posed significant reputation risks to the impersonated firms. Dipti Sharma, Neha Joshi, and Shayan Ghosh bring you the details of how the authorities are fighting back to regain the public's trust.The subsidies provided by the Indian government keep dwindling. Now, the focus has shifted towards incentivising players to set up their manufacturing facilities in India. Alisha Sachdev reports that from next April, manufacturers will be required to locally source even the smallest components, otherwise known as child parts. The new phased manufacturing plan also outlines detailed processes for each component to ensure that key steps are performed domestically.
Accenture's recent earnings report has sparked optimism within the 260 billion dollar Indian IT sector. Accenture has forecasted a better financial year moving head, especially in the Generative AI-related space. Shelley Singh writes that the Indian IT sector is using Accenture's report as a bellwether and hoping for better revenues moving forward. In particular, there are hopes that banking and the financial sector at large are likely to also spend more towards IT.
In November 2010, then-Gujarat Chief Minister Narendra Modi visited Chennai to invite Tamil Nadu textile entrepreneurs to set up spinning units in Gujarat. In a state where cotton was plentiful, and power was reliable, this invitation meant big savings on transport and energy. Despite his compelling argument, Tamil Nadu's textile industry, with its robust workforce and deep-rooted infrastructure, chose to stay put. Over a decade later, the textile industry in Tamil Nadu faces even greater challenges, from heavy reliance on migrant labour to increased operational costs. N Madhavan examines how this has prompted some units to consider relocation to states like Madhya Pradesh and Odisha for better proximity to labour and lower wages. Despite Tamil Nadu resolving its power issues, the textile sector's future in the state remains uncertain due to these compounded challenges.
IBM and Accenture are making significant strides in the generative AI sector. IBM has reported over $2 billion in GenAI bookings and sales, with Accenture close behind at $3 billion for the fiscal year. Both companies attribute much of their success to their robust consulting services, a strategy not fully embraced by India’s top IT firms like Tata Consultancy Services, Infosys, and HCL Technologies, which do not report their AI or consulting revenues separately. This approach isn't just about leveraging AI technology; it's integral to their business development strategies. Jas Bardia reports on how both firms are proactive in integrating AI into their client engagement processes, often starting with proof of concepts at early sales stages.
Stockbrokers raise alarm against fake WhatsApp groups
India's local sourcing rules for EV subsidies to tighten
Will Accenture’s gain have a ripple effect on Indian IT?
Why texpreneurs are unable to capitalize on the shift from China & Bangladesh
Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge
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In today’s episode for 30th September 2024, we tell you why India ― the largest mango producer, struggles with exports and how Uttar Pradesh is trying to change that.
Buy our Debut Book, The Little Book of Indian Business here - https://amzn.to/4egs9Nl
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We have unlocked the full and unedited subscriber version of episode six which we released on August 29 for Premium subscribers of The Ken on The Ken’s app and on Apple Podcasts. Now you can stream the full episode on Spotify, Amazon Music , Apple Podcasts or wherever you get your podcasts for free for a few weeks.
Google Pay is India’s second largest UPI app with a market share of 38%, with 500+ crore transactions a month. It’s one of the world’s mightiest companies, and yet, we argue that it’s possibly in a vulnerable, strange position. By this, we don’t mean that it will disappear overnight, but that all kinds of competitors are coming for it. Already it’s market share has declined from 44% to 37%. It’s an outpost of an empire that’s fighting a global war. And most importantly, the first wave of UPI is over, and the second phase is starting. UPI itself is changing and going through some transitions, and there are questions on whether signs that Google Pay won’t be able to keep up.
Joining hosts Praveen Gopal Krishnan and Rohin Dharmakumar in the discussion were two guests with incredible experience in the area of UPI and payments – Abhishek Madan, Vice President of Product at Paytm and Vasisht S Ravichandran, COO at Pop, a new UPI app which is inverting the way we’re looking at UPI and commerce. Vasisht previously also had a stint at Flipkart where he was Senior Director of Customer Loyalty and Retention before leaving Flipkart to start to Pop.
And while the conversation was centered around Google Pay, the discussion also went in the direction of understanding the infrastructure on top of which most of India’s most valuable fintechs are built upon – UPI.
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This episode of Two by Two was produced by Anushka Mukherjee. Hari Krishna is the lead writer and researcher for the episode. Rajiv C N, our resident sound engineer is the audio producer.
