Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance

Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.  

India’s emergence as chip manufacturing hub no longer a distant dream, say experts

Marking a big milestone in India’s decades-old dream of becoming a semiconductor nation, the Centre has approved the proposal for India’s first commercial chip fabrication plant. The development comes two years, two months and 14 days after the government introduced the programme for the Development of Semiconductors and Display Manufacturing Ecosystem in India with a total outlay of Rs. 76,000 crores. Industry hails the development stating this is just the beginning with many more approvals to follow.Of the three proposals approved, the first is of Tata Electronics Private Limited, which will set up a semiconductor fab in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corp (PSMC) in Gujarat’s Dholera. Investment in this fab will be Rs 91,000 crore. The fabs capacity is pegged at 50,000 wafer starts per month (WSPM). The second proposal approved is also of Tata Group but for Assembly and testing. Tata Semiconductor Assembly and Test Pvt Ltd (“TSAT”) will set up a semiconductor unit in Morigaon, Assam with an investment of Rs.27,000 crore. For this, TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies. With the capacity of testing and packaging 48 million per day, the plant will cover automotive, electric vehicles, consumer electronics, telecom, mobile phones and other segments. The third proposal approved was CG Power’s OSAT in partnership with Renesas Electronics Corporation, Japan and Stars Microelectronics, Thailand. This plant will be setup in Sanand, Gujarat with an investment of Rs 7,600 crore. The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive and power applications and will have a capacity of 15 million per day. Pankaj Mohindroo, Chairman of ICEA says, “The emergence of Bharat as a global semiconductor manufacturing destination no longer seems to be a distant dream. By 2027 we will have the FAB and OSAT units producing. By the end of the decade we may have more than 10 fabs and 20 OSAT units in production besides many semiconductor  product design companies.” Satya Gupta, President, VLSI Society echoes the sentiment saying “The announcement of the approval of Tata and CG Power proposals is fantastic. We are on the Fibonacci path, 1 company in 2023, 2 companies in 2024 and hopefully 3 in 2025 and 5 in 2026. Next we need compound semiconductors fabs producing GaN and SiC devices. By 2030, India will become a significant Semiconductor Product Nation.” Approvals aside, what’s even more important is the timeline India is looking at for commencing construction. Ashwini Vaishnaw, Minister, Ministry of Electronics & IT stated that all three units will start construction within next 100 days. “The most important thing that the world has noted as part of first-of-its-kind sweeping approval by Union Cabinet is that, the government of India has committed to get started (i.e. construction) all the Fab and OSAT projects approved within 100 days – that’s a best in class industry benchmark set by India, which was showcased last year with Micron’s approval by Cabinet and in less than 3 months starting construction for Micron’s ATMP site in Gujarat,” says Danish Faruqui, CEO, Fab Economics. “India is now committed to replicate the Micron success with Tata’s Fab, OSAT and CG Power’s OSAT within 100 days – that’s a very important message for the world and players across semiconductor value chain,” he adds. Per Fab Economics Global Semiconductor Policy Council R&A, such speedy regulatory approval benchmark (100 days) has so far been displayed only in India and Japan in the world.      

Sebi moves to restrict inflows into small- and mid-cap mutual funds

India's market regulator has asked money managers to consider restricting one-off investments from clients in small- and mid-cap stock mutual funds and cut commissions offered for their sale, two sources with direct knowledge of the matter said.The Securities and Exchange Board of India (Sebi) communicated this to the money managers in a meeting earlier this month, the sources, who included a regulatory official, said. The regulator did not specify the quantum of flows it wants restricted, they said. Sebi's communication shows heightened regulatory concern on the surging inflows into Indian small- and mid-cap mutual funds and any potential ripple effects on the financial system if investors suddenly started to yank their money from them. In India, small-cap stocks are defined as those with market capitalisation of less than Rs 5,000 crore ($603.05 million) while mid-cap stocks are those with market values of between Rs 50 crore and Rs 20,000 crore. Small- and mid-cap stocks are generally less liquid compared to their large-cap peers. Assets managed by small-cap funds in India vaulted 86.5 per centover a 10-month period to Rs 2.48 trillion ($29.92 billion) as of end-January and mid-cap funds jumped 58.5 per centto Rs 2.9 trillion . Their assets were not much lower than the Rs 2.99 trillion managed by large cap funds. The Nifty small-cap 100 index has surged 74 per centover the past 52 weeks and the Nifty mid-cap 100 index is up 60.86%, as of Wednesday's close. Those gains far exceed the benchmark Nifty's 26.21 per centrise over the same period. "A nudge to institutional investors such as mutual funds will help soothe extraordinary exuberance building up particularly in small and mid-cap stocks," the regulatory official said. Sebi did not respond to an emailed request for comment. The market regulator's communication to money managers about one-off investments is not an official order. The industry has in the past almost always complied with messages from Sebi. India's mutual fund assets have grown significantly over the years as investors have bought systematic investment plans that make regular contributions towards their portfolios. But domestic investors are also increasingly pumping in one-off, or lumpsum, funds to take advantage of the soaring stock market.    

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

  India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world's most populous nation.  Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake. Disney will hold about 37%, the companies said in a joint statement.  For Disney, the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments, in another example how foreign businesses can struggle to grow in India.  The merger values the India business of the US entertainment giant at just around a quarter of the $15 billion valuation when Disney acquired it as part of its Fox deal in 2019, sources have said. The companies said the transaction values the merged venture at around $8.5 billion on a post-money basis. They did not explain how they arrived at such valuation.  Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani eclipse rivals such as Japan's Sony, India's Zee Entertainment and Netflix in the country's $28 billion media and entertainment sector.  Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity, and former top Disney executive Uday Shankar would serve as vice chair.  "The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment," the companies said in a joint statement.  The deal comes when Disney is facing pressure globally to streamline its businesses. Bob Iger returned as Disney chief executive in November 2022, less than a year after he retired, and has since restructured the company to make the business more cost effective.  Still, Disney is up against activist billionaire investor Nelson Peltz who is pushing the home of Mickey Mouse to cut costs, create a profitable streaming business globally, improve the performance of its movie studio, and clean up its succession planning.  Iger in November said the company would like to stay in India, but it was considering its options. "Reliance has a deep understanding of the Indian market and consumer," Iger said in the statement on Wednesday, adding the deal will allow "us to better serve consumers with a broad portfolio of digital services and entertainment and sports."  

Survey Says RBIs Paytm Action Won Affect Merchants Trust

Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.

Vodafone Idea set for Rs 20,000 crore fundraise; shareholders nod awaited

Vodafone Idea Ltd is set to raise Rs 20,000 crore through a mix of equity and equity-linked instruments after having received the go ahead from the company's board.In an official statement filed with the exchange, the company stated, "The Board has also authorised the management to appoint various intermediaries, including bankers and counsels to execute the fund raise." To get the green light for the fundraising, the telecom company plans to hold an extraordinary general meeting with its shareholders on April 2.If shareholders give their nod, the company aims to wrap up the equity fundraising in the upcoming quarter. Alongside the fundraising, Vodafone Idea is actively working with its lenders to secure debt funding, which will complement the equity fundraising.Notably, the promoters have pledged to join in the equity raise, as previously committed, Vodafone Idea confirmed. "The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion. These investments will enable the company to improve its competitive positioning and offer an even better customer experience," the company stated, explaining the purpose behind the fundraising. As of the end of December, Vodafone Idea's gross debt amounted to Rs 2.15 lakh crore. This includes deferred spectrum payment obligations, AGR liability due to the government, optionally convertible debentures, and dues towards banks and financial institutions. Despite its financial challenges, Vodafone Idea has been steadily growing its 4G subscriber base and average revenue per user (ARPU) for the past 10 quarters.Currently, Vodafone Idea's bank debt is relatively modest, standing at less than Rs 4,500 crore.    

Rajnath lays down ambitious defence production target

Defence Minister Rajnath Singh, speaking at a media seminar on defence production on Saturday, laid down an annual target of Rs 3,00,000 crore in aerospace and defence services and production by 2028-29. The annual export target for aerospace and defence services and production was also raised to Rs 50,000 crore in the same time frame. "Efforts towards jointness and integration have made our military ready to deal with every challenge together," said the defence minister. "The government is focusing on long-term gains and not short-term outcomes to make India 'Viksit Bharat' (Developed India) by 2047". "The aim is to manufacture high-end systems like aero-engines and gas turbines in India in the next five years," he said.Over the preceding years, indigenous defence production growth has been based on a 2018 Ministry of Defence (MoD) roadmap titled the Defence Production Policy of 2018, or DPrP 2018. The 2018 policy set out an annual target of Rs 1,70,000 crore (then $26 billion) in aerospace and defence services and production turnover by 2025. This would be achieved through an additional investment of nearly Rs 70,000 crores (then $10 billion), creating employment for nearly 2 to 3 million people. The 2018 policy also targeted exports of defence goods and services worth Rs 35,000 crores ($5 billion) by 2025. Rajnath said no military could protect its nation with imported weaponry. He said the "government's persistent efforts" towards self-reliance have increased defence production to Rs 1 trillion. "Earlier, India was known to be an arms importer. But today, under the leadership of the prime minister, we have come out of our comfort zone and found a place in the list of ttop 25arms-exporting nations. Seven-eight years ago, defence exports did not even touch Rs 1,000 crore. Today, it has touched Rs 16,000 crore. By 2028-29, annual defence production is expected to touch Rs 3 trillion and defence exports Rs 50,000 crore," said Rajnath. This was to be achieved by creating a tiered defence industrial ecosystem in the country that would achieve self-reliance by 2025 in the development and manufacture of fighter aircraft, medium lift attack and utility helicopters, warships, land combat vehicles, missile and gun systems, small arms, ammunition and explosives, surveillance systems, electronic warfare (EW) and communications systems, night fighting enablers, submarines, unmanned aerial vehicles (UAVs) and training systems such as simulators.  

RBI asks NPCI to look into One97 Communications plea to become TPAP for UPI usage 

The Reserve Bank of India on Friday said it has advised the National Payments Corporation of India (NPCI) to examine the request of One97 Communications Ltd (OCL), the parent of Paytm, to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms. Unified Payments Interface is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.It said that in case, NPCI grants TPAP status to OCL, it may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner. "In the event of NPCI granting TPAP status to OCL, it may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle," the RBI said in a notification on Friday. A TPAP license will ensure that Paytm users can continue to make digital payments via the Unified Payments Interface (UPI). NPCI is entrusted with the supervision with the regulation and the supervision of UPI and related financial services that work on the network. PSPs need to obtain a TPAP license from NPCI to run UPI services and facilitate merchant transactions through partner banks. "For seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions. This is in line with NPCI norms for minimising concentration risk1. For the merchants using PayTM QR Codes, OCL may open the settlement accounts with one or more PSP Banks (other than Paytm Payments Bank)," the bank said. The cenytra bank further added for seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks.On the other hand, 22 entities, including Amazon Pay, Google Pay, Mobikwik, PhonePe, and WhatsApp, currently have a TPAP licence.  

Govt allows onion exports to Bangladesh, Mauritius, Bahrain and Bhutan

The government on Thursday permitted traders to export 54,760 tonnes of onion to Bangladesh, Mauritius, Bahrain and Bhutan till March 31.  We have allowed export of 50,000 tonnes of onion to Bangladesh, 1,200 tonnes to Mauritius, 3,000 tonnes of Bahrain and 560 tonnes to Bhutan with immediate effect," Consumer Affairs Secretary Rohit Kumar Singh told PTI. Traders are allowed to export this quantity till March 31. The modalities are being worked out, he said.  Singh said the decision has been taken following a recommendation from the external affairs ministry. Currently, there is a ban on onion exports till March 31. The ban was imposed on December 8, 2023, in order to boost the domestic supply and check price rise.   

Govt hits 79% of revised EV targets under FAME II as of February 18

The Ministry of Heavy Industries has achieved 79 per cent of its revised target for the number of electric vehicles (EVs) — in two-, three-, and four-wheelers — that it had to support under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India II (FAME II) as of February 18 (including vehicles under processing for subsidy). The revised number of vehicles across the three segments was pegged at 1.73 million in the five years of the scheme (previously 1.5 million) which ends on March 31. Based on segments, the target achieved in electric two-wheelers is 78 per cent, for electric three-wheelers 88 per cent, and for electric four-wheelers much lower at 56 per cent. The details were divulged by the ministry in a FAME II conclave held on February 20 with EV original equipment manufacturers (OEMs) from these three segments.However, the government has to process 514,064 EVs, accounting for 37 per cent of the total number of vehicles under the scheme whose application for subsidy under FAME II is still pending until February 18. Since 2019-20, as many as 1.36 million EVs have applied for subsidy under the scheme. The revised outlay for subsidy for the three segments for five years was at Rs 7,048 crore — which includes Rs 5,311 crore for electric two-wheelers, Rs 987 crore for electric three-wheelers, and Rs 750 crore for electric four-wheelers. Of this, the government has spent and distributed Rs 4,047 crore until February 18, or 57 per cent of the total money earmarked. In 2023-24 (FY24), the disbursements until February 18 have been Rs 2,167 crore.The scheme’s total funding was enhanced from Rs 10,000 crore to Rs 11,500 crore, which includes electric buses, charging stations, and grants for creating capital assets.The ministry said that the subsidies for demand incentive would be eligible for two-, three-, and four-wheelers until March 31, 2024, or until the funds are available.   

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. 

Onion export ban to continue till Mar 31 to keep prices under check: Govt

The ban on export of onion will continue till its previously announced deadline of March 31 as the government is keen to keep prices under check and ensure domestic availability, a top official said on Tuesday. On December 8, 2023, the government had banned export of onion till March 31. Ban on onion exports has not been lifted. It is in force and there is no change in the status," Consumer Affairs Secretary Rohit Kumar Singh told PTI. The government's supreme priority is to ensure enough domestic availability of onion at reasonable prices to consumers, he added. On reports of lifting of the export ban on the commodity, the modal wholesale onion prices shot up 40.62 per cent to Rs 1,800 per quintal on February 19 in Lasalgoan, the country's largest wholesale onion market, from Rs 1,280 per quintal on February 17. Ahead of general elections, the ban is unlikely to be lifted even after March 31 as rabi (winter) onion production is expected to be lower due to less coverage of area especially in Maharasthra, sources said. In the 2023 rabi season, onion production was estimated to be at 22.7 million tonnes. The Agriculture Ministry officials will assess the rabi onion coverage in key growing states of Maharsthra, Madhya Pradesh and Gujarat in the coming days. Meanwhile, the export of onion to friendly countries is allowed on a case-to-case basis after approval from the inter-ministerial group.