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MARKETS

Markets: On Monday, the Indian market witnessed a decline, with a majority of sectors ending the day in negative territory. Notably, heavyweight sectors such as Finance and IT registered losses, whereas the Public Sector Undertaking (PSU) Bank sector experienced a notable increase.

BUSINESS

Air India Rolls the Dice on AI Charm

What happened

Air India is taking customer service to new heights by introducing advanced features to its Generative Artificial Intelligence virtual agent, 'Maharaja.' The airline, now under the Tata Group, is leveraging ChatGPT and Microsoft's Azure service to enhance its AI capabilities. Since its pilot launch in March 2023, 'Maharaja' has successfully addressed over half a million customer queries. 

Why it matters

Air India's deployment of 'Maharaja' marks a groundbreaking achievement, making it the world's first airline to successfully implement a Generative AI virtual agent. The AI agent has streamlined customer interactions by managing queries across 1,300 areas, including flight status, baggage allowances, check-in procedures, and more. 

• What sets 'Maharaja' apart is its ability to handle complex questions, using ChatGPT to analyze and improve responses over time.

•  The airline reports an impressive success rate, with over 80% of queries answered in seconds.

Automating tasks such as booking and cancellation not only streamlines operations but also empowers human agents to handle more intricate and value-driven interactions. This shift caters to the growing preference among customers for quick information and support through chat interactions.

Zoom out

As 'Maharaja' continues to handle thousands of queries daily, Air India is set to raise the bar in customer service through further innovations. Air India's commitment to enhancing AI capabilities and introducing data-driven deep personalisation reflects its dedication to staying ahead in the competitive airline industry. 

BIG MONEY MOVES

Govt allows Patanjali to ship 20 MT rice to Nepal for quake victims

The Indian government grants a one-time export exemption to Patanjali Ayurved, allowing the shipment of 20 tonnes of non-basmati white rice to Nepal for earthquake victims. This exception, amid a ban on such rice exports, reflects India's commitment to aiding Nepal's food security needs in the aftermath of a recent earthquake.

India's ₹80B Bid to Energize EV Market

India is set to invite bids for a ₹80 billion ($960 million) incentive program to boost electric vehicle (EV) battery production. Winners must establish advanced chemistry battery plants with a total output of 20 gigawatt-hours. The government plans to incentivize locally manufactured batteries over a five-year period. The move aligns with India's goal to increase EV adoption and local production, including a $3.1 billion incentive program launched in 2021.

BUSINESS

Made in India shines bright, sales skyrocket to Rs 3.75 lakh crore

What happened

PM Narendra Modi's "Made in India" push paid off big this Diwali, with local products stealing the spotlight and retail sales hitting a whopping Rs 3.75 lakh crore. The Confederation of All India Traders (CAIT) predicts an additional contribution of Rs 50,000 crore from upcoming festivals like Goverdhan Pooja, Bhaiya Dooja, Chhath Pooja, and Tulsi Vivah.

Why it matters

This Diwali wasn't just about lighting lamps; it was about shining a light on Indian products. Thanks to PM Modi's call, the consumption narrative saw a remarkable shift, and the exclusive sale of Indian goods left Chinese competitors licking their wounds with losses exceeding Rs 1 lakh crore. Traditionally holding a 70 percent share during Diwali, Chinese goods took a back seat this festive season.

CAIT's 'Bhartiya Utpad-Sabka Ustad' campaign echoed Modi's "vocal for local" sentiment, resonating well with consumers. The spending breakdown is equally fascinating: 13 percent on food and grocery, 9 percent on jewellery, 12 percent on textiles, and garments, and a range of percentages on items from electronics to confectionery. The packaging sector also had its time in the sun with significant business growth.

• Local sales contribute to the growth of the local economy by keeping money within the community.

• Secondly, it often involves shorter transportation distances, reducing the carbon footprint associated with the transportation of goods. This is beneficial for environmental sustainability.

Zoom out

Diwali 2023 wasn't just a festival of lights; it was a celebration of 'Made in India.' With record-breaking retail sales, local products took centre stage, leaving Chinese competitors in the shadows. PM Modi's vision of supporting local businesses found resonance, and CAIT's campaign added the right notes to the festive melody.

Meanwhile, Chinese producers looking at shoppers buying Indian products

BIG PICTURE

👗 Chaos sets in the Bangladeshi garment industry  

15,000 workers confronted police on a vital highway, wreaking havoc on Tusuka, a leading plant, and a dozen other factories. Responding to the chaos, Bangladeshi garment manufacturers shuttered 150 factories indefinitely, issuing blanket charges against 11,000 workers involved in violent protests demanding a higher minimum wage. This unrest highlights the plight of the four million sector workers, mostly women, facing dire conditions despite the recent 56.25% wage increase to 12,500 taka.


🧑‍💻 Apple stands out against EU's Digital Dominance Rules

Apple Inc. gears up for a showdown against the European Union's recent assault on Big Tech's dominance, particularly challenging the inclusion of the entire App Store in the new digital antitrust list. Apple contends its iMessage service shouldn't face increased scrutiny. This potential clash adds to existing legal battles, including disputes over unpaid taxes and antitrust probes. 

✈️ Emirates and Boeing  wheels up for a sky-high jet pact

Boeing's 777X eyes a major boost with a potential Emirates order, set to be the largest yet. The deal, rumoured to include FlyDubai taking on 787 Dreamliners, could spell success for Boeing's struggling program. With 115 777X in backlog, this accord at the Dubai Air Show would be a game-changer for the aircraft giant. Widebody sales are soaring after a narrowbody rebound post-Covid.

BUSINESS

ONGC's $5B deep-water project sets sail

What happened

Oil and Natural Gas Corporation (ONGC) is set to break the silence in the Krishna Godavari basin with the launch of its long-awaited Cluster-2 project. After numerous delays, the state-controlled giant is gearing up to kick off oil production from the KG-DWN-98/2 block, located in the treacherous KG deep-sea.
The flagship project, initially scheduled for November 2021, faced setbacks due to the pandemic, but ONGC is now optimistic about reversing the years of declining output. The plan is to start production from 3 to 4 wells initially, with an expected initial output of 8,000 to 9,000 barrels per day. 

Why it matters

The Cluster-2 project is critical for ONGC's ambitions to revitalize crude oil production. The KG deep-sea poses challenges, and ONGC aims to navigate them carefully. While gas production is relatively less complex, potential issues like sand and water ingress are on the radar.

•  The successful initiation of oil production from the $5 billion deep-water project promises a significant boost in revenue for ONGC.

• Increased oil production contributes to India's energy security enhancing national energy independence.

Zoom out

Despite initial delays and a shift in production estimates, ONGC's Cluster-2 project marks a significant milestone. The careful approach, testing, and gradual increase in production underscore the company's commitment to avoiding pitfalls seen in similar ventures. 
As ONGC prepares for the first oil flow, eyes are on the anticipated peak oil production of 45,000 barrels per day by 2024-25. The successful execution of the Cluster-2 project not only holds promise for ONGC but also contributes to India's energy landscape, potentially turning the tide on declining oil production.

MIRCH MASALA

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• 🏋️ Revitalize your body using the power of mindful and low-impact exercises

• 🌌 Hopes  realized on Mars, but a haunting call echoes from the deep space