Page 2 - Spending

AI spending in India may triple to $5 bn by 2027; $1,703 mn spent in 2023

Spending on Artificial Intelligence (AI) in the country may triple to USD 5 billion by 2027, an Intel-IDC report released on Tuesday said. According to the report, entities in India spent USD 1,703.8 million on AI in 2023. "AI spending in India is expected to increase to USD 5 billion with CAGR (compound annual growth rate) of 31.5 per cent between 2023 to 2027. By 2027 AI will be everywhere," Sharath Srinivasamurthy, Associate Vice President, IDC said. He said that in 2023, major spending of USD 209 million was driven by AI infrastructure provisioning and related software. It was followed by augmented customer service agents at USD 168.8 million, digital assistance USD 113.1 million, augmented threat intelligence USD 100.1 million and program advisors recommendation systems USD 97.1 million. "The infrastructure provisioning will continue to be the biggest contributor in overall spent," Srinivasamurthy said. Intel India Region Vice President and Managing Director, Santhosh Viswan

Mastercard March quarter results: Net revenue rises 10% to $6.35 billion

The payments processor earned $3.31 per share on an adjusted basis, beating estimates of $3.24 a share, according to LSEG data

Accenture fans IT industry spending gloom with annual forecast cut

Accenture now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%

Food weighting in CPI may be cut as spending shifts, says official

Food's weighting in the consumer price index could be lowered in the next revision of the basket of goods due to be completed by next year, the official who declined to be identified told Reuters

Rural non-food spend over 50% for first time: Consumer expenditure survey

Spending share increased on intoxicants, toilet articles, entertainment

Govt seeks Parliament nod for Rs 78,673 cr more as spendings this fiscal

The government on Monday sought Parliament's nod for a net additional spending of Rs 78,673 crore in the current financial year, including Rs 10,798 crore expenditure towards MGNREGA. The second batch of supplementary demands for grants for 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman also provides for additional spending of Rs 9,231 crore and Rs 3,000 crore towards food and fertiliser subsidy, respectively. The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore. The proposal involves net cash outgo aggregating to Rs 78,672.92 crore, said the document tabled in Parliament. The Interim Budget for 2024-25 has pegged the government's total expenditure in the current financial year at Rs 44.90 lakh crore, up 7.1 per cent from 2022-23. Other major spending heads include Rs 9,162 crore for payments to defence services and Rs 3,890 crore towards defence ...

Gen Z, millennials 'doom spending' to cope with economic uncertainty

For younger generations, financial goals like buying a house and saving for retirement can feel out of reach - so they are splurging on $2,500 Chanel bags and more

How spend, spend is giving state-owned companies diminishing returns

The private sector has been going slow in adding fixed assets but squeezing out more

Gates Foundation announces budget of $8.6 bn to fund health innovations

The Bill & Melinda Gates Foundation on Monday announced its largest annual budget of USD 8.6 billion for 2024, a part of which will go towards advancing health innovations. With global health budgets in decline overall, a portion of the additional funding will go towards advancing global health innovations that will save and improve lives of some of the world's most vulnerable people, including newborn babies and pregnant women living in low-income communities, it said. The budget, which represents an increase of 4 per cent over last year and is a USD 2 billion increase over the 2021 budget, comes as global contributions to health in the lowest-income countries are stalling, the foundation announced here ahead of the start of the World Economic Forum. The foundation also committed to increasing its annual spending to USD 9 billion by 2026. "We can't talk about the future of humanity without talking about the future of health," said Bill Gates, co-chair of the Gates ...

Underspending by key ministries may help govt achieve FY24 deficit target

According to latest data released by the Controller General of Accounts (CGA) the 15 departments have cumulatively spent only 17.8 per cent of the Rs 1.45 trillion allocated in the Budget

Weekend spending in India rose 150% in Jan-Nov 2023 as compared to 2022

Most weekend transactions were recorded during noon between 1-3 pm and evenings between 7-9 pm: Simpl 2023 Yearly Checkout Scan

India needs to increase R&D spending to 3% of GDP: Kris Gopalakrishnan

Private sector must contribute 1.5% to such spending, he says in speech urging educational institutions to teach new technologies

Japan's economy sinks into contraction as spending, investment decline

Japan's economy slipped into a contraction in the third quarter, decreasing at an annual pace of 2.1% as consumption and investments shrank, the government reported Wednesday. Real gross domestic product, which measures the total value of a nation's products and services, fell 0.5% in the July-September period for the world's third largest economy, the Cabinet Office said. That would produce a 2.1% drop if the quarter's performance continued for a full 12 months. The downturn came after the economy grew a revised 3.7% in the first quarter and a revised 4.5% in the second quarter on an annualized basis, according to the government figures. The third quarter's performance was far worse than what had been expected, according to the financial services company ING, which had forecast an annual contraction of 0.5%. Most of the miss in the consensus forecast came from weaker-than-expected domestic demand items, such as consumer spending, business investment and inventory accumulation, Rob

Delhi budget: Govt begins preparing revised estimates for 2023-24

The Delhi government has begun preparing the budget estimate for the 2024-25 fiscal and the revised estimate for 2023-24 and directed all departments to furnish realistic targets. In a circular to all the departments on September 25, the Finance Department said that the departments should send the estimates by October 13 in prescribed format. "The Finance Department has initiated the process of preparation of the Revised Estimates (RE) for 2023-24 and Budget Estimates (BE) for 2024-25," read the circular. It also said meetings regarding budget estimates and revised estimates will start from the last week of October. "Revised Estimates/Budget Estimates should be formulated taking a realistic assessment of the requirement of funds which can be utilized by the department during the financial year," it said while highlighting some of the discrepancies which have continued to occur in framing of Budget Estimates by the departments. According to the circular, it has been noticed earlier

Shoppers need not stop: Dynamics of in-store payments is being rewritten

The dynamics of in-store payments are fast changing, and this will impact retailing in a big way

DMart retail chain slumps nearly by 5% on profit miss, margin drop

Shares of Avenue Supermarts Ltd, which operates the DMart retail chain, fell 4.7% after the company's fourth-quarter profit missed estimates and core profit margin contracted

Netflix to cut $300 mn in spending with delay in password sharing crackdown

Streaming giant Netflix is reportedly slashing its spending by $300 million this year, including related to hiring

Power rating to maintenance: What to consider when you buy an AC

As India braces for a scorching summer, here is how you should do when you get this necessary device

Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Net card addition fell substantially in December to 580,000

Cheers to coffee: How to pick up the best brew for your home pleasure

Instant, special, or traditional blends: Indians' choice for their daily cup keeps increasing