Business

New Delhi, July 8 (IANS) Artificial Intelligence (AI)-driven interventions and science-led agri-startups have the potential to significantly boost India's agricultural economy by improving farm productivity, increasing farmers' incomes and creating large-scale rural employment, Union Minister Dr. Jitendra Singh said on Wednesday.

He stressed that integrating technology, innovation and entrepreneurship into agriculture will be crucial for achieving the vision of a developed India by 2047.

Addressing a gathering, the Minister said India has witnessed an extraordinary expansion of its startup ecosystem over the past decade, growing from nearly 350 registered startups in 2015 to more than 2.3 lakh today, making the country the world's third-largest startup ecosystem.

However, he said the next phase of this startup revolution must be driven by agriculture, where innovation can directly improve farmers' incomes while creating employment opportunities for rural youth.

Dr. Singh said the perception that startups are limited to the information technology sector or metropolitan cities needs to change, as agriculture presents one of the country's biggest entrepreneurial opportunities.

He noted that practical knowledge, innovation and a willingness to learn are often more important than formal academic qualifications, adding that government support, scientific institutions and digital learning platforms have made advanced technologies increasingly accessible to rural communities.

Emphasising the growing role of AI in agriculture, the Minister said artificial intelligence is becoming an indispensable tool for predictive crop management, precision irrigation, weather-based advisories and efficient utilisation of agricultural resources. Citing estimates, he said AI-driven optimisation alone could help every farmer save nearly Rs 5,000 annually, resulting in an estimated Rs 70,000 crore value addition to the country's agricultural economy.

He said scientific advancements such as satellite technology, weather forecasting systems, drone-based surveys, resource mapping and real-time advisory services are enabling farmers to make better decisions on sowing, irrigation and crop management. Improved weather forecasting, he added, can help farmers prepare for changing monsoon patterns and choose suitable crops, reducing climate-related losses.

Describing climate change as one of the biggest challenges facing global agriculture, Dr. Singh said the Ministry of Science and Technology is supporting extensive research on climate-resilient crops, genomics, crop improvement, pest-resistant varieties, precision farming and resource optimisation to make Indian agriculture more resilient and productive.

--IANS

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New Delhi, July 8 (IANS) Amid growing misinformation about ethanol-blended petrol, the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) -- the apex industry body representing sugar and bio-energy producers -- on Wednesday urged that public discussions on E20 fuel be guided by scientific evidence, verified data and official clarifications rather than unverified claims circulating on social media.

The industry body said recent claims suggesting that E20 petrol causes vehicle damage, attracts insects, invalidates insurance policies or involves the direct mixing of sugarcane juice with petrol are misleading and factually incorrect.

Citing clarifications issued by the Ministry of Petroleum and Natural Gas, ISMA said India's Ethanol Blending Programme has been scientifically validated, rigorously tested and continuously monitored in consultation with oil marketing companies, automobile manufacturers, fuel-testing agencies and other stakeholders.

According to the association, the government has stated that no incidents of engine failure or vehicle breakdown linked to E20 petrol have been reported since the fuel was introduced.

In addition, ISMA noted that fuel-grade ethanol is produced through industrial processes such as fermentation and distillation from feedstocks including sugarcane juice, molasses, broken rice and maize, and complies with stringent fuel-quality standards before being blended with petrol.

Addressing concerns over vehicle performance, the industry said automobile manufacturers, the Society of Indian Automobile Manufacturers (SIAM), the Federation of Indian Petroleum Industry (FIPI), oil marketing companies and the Automotive Research Association of India (ARAI) have maintained that apprehensions regarding E20 are based on misinformation and misunderstanding.

"India's ethanol programme is one of the country's most successful examples of aligning energy security, farmer welfare and cleaner mobility. It is therefore important that public debate is anchored in facts and not fear," said ISMA Director General Deepak Ballani.

The association highlighted that the ethanol blending programme has helped reduce India's dependence on imported crude oil, improve energy security and create additional income opportunities for farmers. It added that, according to official estimates, ethanol blending has enabled the country to save more than Rs 1.4 lakh crore in foreign exchange by reducing crude oil imports.

ISMA also pointed out that ethanol-blended fuel is widely used globally, including in countries such as the United States, Brazil and Japan, with Brazil adopting E27 as its standard petrol blend.

--IANS

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New Delhi, July 8 (IANS) Households in India’s South region showed the highest multi‑service digital financial services adoption at over 70 per cent, while stark regional differences in access, trust and usage metrics pointed to a need for products that match irregular incomes, a report said on Wednesday.

The report from PwC India and Dvara Research Foundation found that combining digital channels with physical touchpoints — a “phygital” model — produces the strongest enrolment and sustained engagement.

Digital‑only approaches drove enrolments but struggled to convert access into meaningful outcomes, while human touchpoints sustained engagement and trust.

"Informal finance complements formal finance sources as households using both formal and informal sources often show deeper formal engagement," the report said.

The report was prepared from a survey of 4,000 households across 18 districts in seven states.

On regional trends, the report said that in the East, 37 per cent of households never sought financial advice and 23 per cent sought but did not receive it, while 78 per cent of informal loans came from a single source, creating high concentration risk.

The West showed a sharp activation gap — digital financial services acceptance exceeds 95 per cent but 65 per cent of formal credit users reported having faced denial.

Newer customers have the highest access scores but the lowest usage scores, the report added.

The South is network‑driven, where 44 per cent of advice came from third‑party providers and 40 per cent from social networks; formal providers provided only 13 per cent of the financial advice.

The North faces self-exclusion and rural infrastructure gaps as 40 per cent lacked physical access within walking distance, and newer customers showed low trust and conversion was poor from access to engagement.

DFS acceptance in the North is the lowest of all regions at 75.67 per cent, the report said.

The findings suggested that account openings and digital onboarding are necessary but no longer sufficient.

“FSPs must redesign credit, savings, and insurance products around irregular cash flows, pair digital channels with trusted human touchpoints, and measure success through resilience and lived outcomes,” the report said.

"India's financial services ecosystem has made remarkable progress in expanding access. The next frontier is financial health. That means designing products around real household cash flows, combining digital scale with human support, and measuring success through resilience, meaningful usage, and long-term customer outcomes," said Vivek Belgavi, Partner and Leader, Financial Services Advisory, PwC India.

—IANS

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New Delhi, July 8 (IANS) Leading automobile firm Maruti Suzuki India on Wednesday said it has commissioned a 1 MWh Battery Energy Storage System (BESS) at its Kharkhoda manufacturing facility in Haryana as part of its efforts to strengthen renewable energy usage and reduce carbon emissions.

The company said the battery storage system has been integrated into the facility's internal electricity distribution network on a pilot basis to optimise the utilisation of solar power generated at the plant.

It had commissioned a 20 MWp solar power project at the Kharkhoda facility in 2025.

However, during plant holidays and other low-demand periods, the electricity generated by the solar installation could not be fully utilised due to the absence of demand.

The newly commissioned BESS will store surplus electricity generated during such periods and make it available for use when required.

The system is also expected to improve grid stability, the company said.

Announcing the initiative, Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India, said the company remains committed to supporting India's efforts to build a self-reliant green energy ecosystem.

"The introduction of Battery Energy Storage System (BESS) at our Kharkhoda facility is part of these continued efforts. With a lifecycle of about 15 years, BESS will help to reduce nearly 54 tonnes of CO2 emissions annually," he said.

Takeuchi added that while the company's production volumes are expected to increase in the coming years, it remains committed to reducing Scope 1 and Scope 2 emissions, both in terms of carbon intensity as well as absolute emissions from manufacturing operations.

He said the company's approach is aligned with parent Suzuki Motor Corporation's environmental vision, which targets a 42 per cent reduction in Scope 1 and Scope 2 carbon emissions by FY31 compared with FY23 levels.

Earlier in July, the company inaugurated its most advanced vehicle manufacturing facility at IMT Kharkhoda in Haryana, with Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi jointly dedicating the plant through video conferencing during the India-Japan Joint Economic Forum here.

Spread across 800 acres, the integrated manufacturing complex has been developed with an adjoining supplier park and is designed to become one of the world's largest vehicle manufacturing facilities when fully operational.

--IANS

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Mumbai, July 8 (IANS) Indian benchmark equity indices witnessed their sharpest single-day decline in more than three months on Wednesday as escalating tensions in West Asia dampened investor sentiment and sparked a broad-based selloff across sectors.

The Sensex plunged 1,677.12 points, or 2.15 per cent, to close at 76,503.60, while the Nifty dropped 516.65 points, or 2.12 per cent, to settle at 23,882.05.

Commenting on Nifty technical outlook, experts said that the 24,000 region is now expected to act as the immediate resistance zone, followed by the 24,200 level.

"A sustained move above these levels will be required to improve the near-term technical structure," a market expert stated.

"On the downside, the 23,800 zone remains a crucial support level. A decisive break below this region could intensify selling pressure and drag the index towards the 23,600–23,500 zone," as per the market analyst.

The sharp fall came as risk appetite weakened after renewed geopolitical uncertainty in West Asia rattled global financial markets.

Investor concerns intensified after US President Donald Trump said the ceasefire with Iran was over, although negotiations could continue following an exchange of strikes by both sides in the Strait of Hormuz.

The heightened tensions prompted investors to reduce exposure to equities, resulting in widespread losses across the market.

Among the Nifty constituents, Jio Financial Services, InterGlobe Aviation and Shriram Finance emerged as the biggest laggards. Only four stocks in the benchmark index managed to end the session in positive territory, while the remaining constituents closed lower.

The decline was broad-based across sectors, with banking stocks bearing the brunt of the selling pressure. The Nifty PSU Bank and the Nifty Bank indices were the worst-performing sectoral gauges during the session.

Meanwhile, the Nifty Metal and Nifty Pharma indices outperformed other sectors despite ending lower, limiting their losses compared to the broader market.

--IANS

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New Delhi, July 8 (IANS) Google on Wednesday unveiled the 2026 cohort of its Google for Startups Accelerator: India programme, selecting 20 AI-first startups from nearly 2,500 applications as it marks the 10th anniversary of its accelerator initiatives in the country.

The new cohort reflects the rapid evolution of India's startup ecosystem from traditional large language model (LLM)-based applications to agentic and multimodal AI systems, with startups developing solutions across sectors including healthcare, climate technology, finance, legal services, manufacturing, cybersecurity and developer tools.

According to Google, the selected startups are building next-generation AI products designed to solve complex real-world problems while bringing artificial intelligence into physical environments and enterprise workflows.

As part of the accelerator programme, the startups will receive access to Google's AI technology stack, along with technical guidance, product development support and go-to-market mentorship aimed at helping them scale their businesses globally.

Commenting on the announcement, Preeti Lobana, Vice President and Country Manager, Google India, said the country's startup ecosystem is entering a new phase driven by agentic workflows and physical AI systems capable of addressing high-impact challenges.

"India’s startup ecosystem is moving into a new frontier of agentic workflows and physical AI systems engineered to solve high-stakes, real-world challenges. As we mark a decade of Google Accelerator programs, the 2026 Indian cohort represents the vanguard of this technological shift," Lobana mentioned.

The 2026 cohort includes startups working across a wide range of sectors. Legal technology startup Adalat AI is developing an end-to-end AI-powered justice platform to automate clerical processes and accelerate court case resolution.

Healthcare startups Aikenist and FlexifyMe are using AI to improve radiology workflows and chronic pain recovery, respectively.

Climate-focused startups Aurassure and Fitsol are building AI-driven solutions for hyperlocal climate monitoring, carbon tracking and enterprise sustainability.

Fashion technology startup Ayna is helping brands create AI-powered product catalogues, while finance-focused companies Binocs, Dodo Payments and OnFinanceAI are leveraging AI to automate due diligence, merchant services, compliance and risk management.

Developer-focused startups such as CraftifAI, H2Loop AI, CreateOS by NodeOps, Pipeshift and TartanHQ are building AI infrastructure, coding models, software development platforms and enterprise integration tools.

Manufacturing startup Jidoka is developing AI-powered computer vision systems for automated inspection, while wearable technology company Proxgy combines AI, IoT and SaaS to digitise enterprise operations.

The cohort also includes Soundverse AI, which is building AI tools for music creation, SuperBryn, which focuses on improving the reliability of voice AI systems, and cybersecurity startup Zeron, which develops AI-powered security agents for identifying and addressing software and cloud vulnerabilities.

--IANS

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New Delhi, July 8 (IANS) Public sector giant Steel Authority of India Limited (SAIL) has signed a Memorandum of Understanding (MoU) with Indonesia's PT Krakatau Steel (Persero) Tbk to explore the possibility of setting up a joint venture for manufacturing stainless steel slabs in Indonesia during the high-level engagements between the Indian and Indonesian governments, as part of Prime Minister Narendra Modi's visit to Jakarta, a SAIL statement said on Wednesday.

The proposed collaboration brings together the complementary strengths of the two companies. Indonesia offers access to one of the world's richest reserves of nickel - an essential raw material for stainless steel and SAIL brings over five decades of experience in steelmaking, project execution and operating large integrated steel plants.

This MoU marks an important step in the growing industrial partnership between India and Indonesia, reflecting the shared vision of both countries to build stronger and more resilient manufacturing value chains, the statement said.

The proposed joint venture is expected to support the increasing demand for stainless steel in India and the ASEAN region while promoting value addition to Indonesia's mineral resources. It also opens new avenues for technology exchange, industrial collaboration, skill development and sustainable economic growth for both countries.

Further details regarding the proposed joint venture, including project capacity, investment structure, implementation schedule and technology configuration, will be finalised following completion of the feasibility studies and receipt of the necessary approvals from both organisations and the respective governments.

This collaboration is another milestone in SAIL's journey towards becoming a globally competitive steel company with a diversified product portfolio and a stronger international presence, the statement said.

SAIL Chairman & Managing Director Ashok Kumar Panda said: "This partnership reflects SAIL's commitment to looking beyond conventional boundaries and building capabilities for the future. As demand for stainless steel continues to grow across sectors such as infrastructure, mobility, renewable energy and manufacturing, access to reliable raw materials and strategic partnerships becomes increasingly important."

"We believe this collaboration with PT Krakatau Steel has the potential to create long-term value for both companies while strengthening the economic partnership between India and Indonesia," he added.

--IANS

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Mumbai, July 8 (IANS) Indian benchmark equity indices witnessed a sharp selloff on Wednesday, with the Sensex and Nifty falling more than 2 per cent each, as rising crude oil prices, weak global cues and renewed geopolitical tensions dented investor sentiment.

The market decline gathered pace during the second half of the trading session after US President Donald Trump said that an interim agreement with Iran to end the conflict was "over", triggering fresh concerns over escalating tensions in the Middle East and their potential impact on global energy supplies.

During noon trade, the Nifty was down nearly 500 points, while the Sensex had declined more than 1,600 points. Broad-based selling was evident across the market, with 45 of the 50 Nifty constituents trading in the red.

The sharp correction erased nearly Rs 4 lakh crore in investor wealth, with the combined market capitalisation of all companies listed on the BSE falling below Rs 476 lakh crore.

The spike in crude oil prices, coupled with uncertainty surrounding developments in the Gulf region, added to the risk-off mood in global markets, prompting investors to pare exposure to equities.

Meanwhile, during morning trade, Sensex opened 364.27 points or 0.46 per cent lower at 77,816.45, while Nifty slipped 139.15 points or 0.57 per cent to 24,259.55.

Among sectoral indices, Nifty Oil & Gas led the losses, declining more than 1 per cent during the opening session.

Nifty Media, Nifty PSU Bank, Nifty Realty, Nifty Cement, Nifty Metal, Nifty Auto and Nifty FMCG also declined by up to almost 1 per cent during early trade.

--IANS

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New Delhi, July 8 (IANS) Tata Motors on Wednesday unveiled an ambitious five-year roadmap for its passenger vehicle business, targeting annual sales of more than 1.2 million units by FY30, a 20 per cent share of the domestic passenger vehicle market and revenues of Rs 1.4 lakh crore, backed by investments of nearly Rs 40,000 crore in products and manufacturing.

Speaking at the company's 81st annual general meeting held virtually on Wednesday, Tata Motors Chairman Natarajan Chandrasekaran said the automaker aims to achieve a tenfold increase in passenger vehicle volumes over the decade from FY20 to FY30.

"Looking ahead in the next five years, the company has a big ambition. Basically, the decade between FY20 and FY30, the company wants to achieve a 10x growth in volumes with an ambition of 1.2 million plus vehicles and achieve a market share of 20 per cent from the current 14.2 per cent," Chandrasekaran said.

The company plans to strengthen its product portfolio with six new nameplates and more than 20 product refreshes over the next five years, while focusing on improving profitability. It is targeting double-digit EBITDA margins, with electric vehicles expected to contribute more than 30 per cent of its passenger vehicle sales volumes by the end of the decade.

Managing Director and CEO Shailesh Chandra said the passenger vehicle business is aiming to achieve revenues of Rs 1.4 lakh crore by FY31, supported by double-digit EBITDA margins and an EBIT margin of more than 5 per cent.

"By FY31 TMPV aspires to Rs 140,000 crore revenues, double-digit EBITDA margins and over 5 per cent EBIT margin, driving PBT to over five times the current level," Chandra said.

He added that the company's growth strategy will be supported by investments of around Rs 40,000 crore in new products and manufacturing capacity, while also targeting free cash flows of Rs 10,000 crore.

--IANS

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New Delhi, July 8 (IANS) Scientists at the Indian Institute of Technology (IIT) Mandi have developed a fully operational Landslide Early Warning System (LEWS) for the Indian Himalayan Region (IHR), aiming to improve disaster preparedness by providing daily forecasts of landslide risks during the monsoon season through a web-based platform, it was announced on Wednesday.

The Indian Himalayan Region is among the most landslide-prone regions in the country, with changing climate patterns increasing the frequency of slope failures that result in heavy loss of life and property.

The research was led by Prof. Dericks Praise Shukla from the School of Civil and Environmental Engineering at IIT Mandi, along with research scholars Ankit Singh and Nitesh Dhiman.

The Landslide Early Warning System forecasts and monitors the probability of landslides by combining information on terrain susceptibility with real-time rainfall data. It issues location-specific warnings to help authorities and disaster management agencies take timely preventive measures.

Speaking about the initiative, Prof. Shukla said the system provides daily landslide forecasts through a web-based application from the beginning of the monsoon season, helping identify high-risk areas in advance and enabling authorities and communities to undertake timely evacuation and preparedness measures.

He said satellite-based early warning systems are among the most effective investments in disaster risk reduction as they convert scientific data into timely, actionable information. According to him, a region-wide forecasting platform has the potential to strengthen preparedness, improve emergency response and enhance coordination among disaster management agencies during periods of high landslide risk.

Unlike several existing landslide warning systems in India that are limited to smaller geographical areas, the IIT Mandi-developed LEWS covers the entire Indian Himalayan Region, making it one of the country's most extensive operational landslide forecasting systems.

The researchers developed the system using a multi-stage methodology. They first identified nearly 26,000 historical landslides from the Geological Survey of India (GSI) database to prepare a landslide susceptibility map. Multiple landslide-triggering factors were then integrated using ensemble machine learning models.

The team also developed the Probability of Rainfall-Induced Landslides (P-RIL) model using data from NASA's Global Landslide Catalogue and seven rainfall parameters obtained from IMERG satellite datasets. Since rainfall patterns change continuously, the model dynamically analyses rainfall recorded over the previous 15 days.

--IANS

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