Technology

New Delhi, June 26 (IANS) Goldman Sachs has raised India's GDP growth forecast to 6.8 per cent for calendar year 2026 from 6.5 per cent earlier, following the US-Iran peace deal that has led to lower global oil prices and eased supply chain disruptions.

The investment bank has also raised its FY27 GDP growth forecast for the country by 40 basis points to 6.5 per cent.

In its latest report, titled ‘India: Improved macro outlook after the US-Iran deal’, the global investment bank said it has revised its forecasts after the sharp decline in crude oil prices reduced risks to the Indian economy.

It has also lowered the headline inflation forecast by 0.2 percentage points to 4.4 per cent year-on-year and lowered the current account deficit forecast by 0.2 percentage points to 1.1 per cent of GDP. The investment bank now expects a balance of payments surplus of 0.7 per cent of GDP for the year.

The Goldman Sachs report said: "The Indian economy remained resilient through the Middle-East shock, as fiscal and quasi-fiscal measures absorbed much of the increase in energy costs and limited pass-through to consumers."

The investment bank said that stronger-than-expected economic activity in the first quarter of CY26, along with lower crude oil prices, prompted it to revise its growth outlook upward. India's real GDP growth in the first quarter came in at 7.8 per cent year-on-year, supported by resilient investment and robust services activity.

While Goldman Sachs expects consumption growth to moderate during the second and third quarters due to the earlier increase in fuel prices, it believes the decline in oil prices has significantly reduced the need for further retail fuel price hikes, limiting additional pressure on household spending beyond the third quarter.

The report added that softer global commodity prices are expected to reduce the government subsidy bill on fertilisers and petroleum products. "The sharp correction in global urea prices should reduce upside risk to the fertilizer subsidy bill versus our earlier expectations... together with lower oil prices, should help ease near-term fiscal pressures," the report states.

On inflation, Goldman Sachs said lower crude oil prices have substantially reduced the risk of further increases in petrol and diesel prices and eased pressure on petrochemical products, leading to lower projections for both core and headline inflation.

The report added that lower oil prices and stronger remittance inflows have improved India's external sector outlook.

Goldman Sachs, however, maintained that weather-related uncertainties and the impact of earlier fuel price increases could remain short-term headwinds for consumption before the economy gathers further momentum later in the year,

--IANS

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Seoul, June 26 (IANS) South Korea's bourse operator on Friday activated a circuit breaker for the benchmark Korea Composite Stock Price Index (KOSPI) as stocks crashed due to a slump in tech heavyweights.

Trading of KOSPI-listed shares was halted for 20 minutes. The Korea Exchange (KRX) triggered the measure after the KOSPI plummeted more than 8 percent from the previous session's close, reports Yonhap news agency.

The benchmark index came under heavy selling pressure as investors dumped large-cap technology stocks on profit-taking. It marked the fifth time this year that the KRX has activated a circuit breaker.

South Korean stocks extended losses as investors dumped tech shares to take profit from the previous session's sharp rally amid lingering woes on artificial intelligence (AI) investment.

A selling spree by foreign and institutional investors weighed heavily on the market following a 5.42 percent spike the previous day.

Wall Street was choppy as tech heavyweights finished in negative territory amid lingering concerns over the future of large-scale investment AI infrastructure.

Latest data showed that U.S. consumer prices rose 4.1 percent in May, far higher than the Federal Reserve's 2 percent target, adding to projections that the central bank will change its monetary approach to tame the inflationary pressure.

In Seoul, semiconductor shares were among the biggest losers. Tech giant Samsung Electronics sank 6.56 percent, and its chipmaking rival SK hynix slumped 7.16 percent.

Hanmi Semiconductor, a leading chip equipment manufacturer, dropped 4.4 percent, and SK Square, the parent of SK hynix, tumbled 9.58 percent.

Major shipbuilder Hanwha Ocean skidded 4.92 percent, and pharmaceutical giant Celltrion dipped 4.04 percent.

The Korean won was trading at 1,548.75 won against the U.S. dollar at 11:20 a.m., down 6.65 won from the previous session, said the report.

—IANS

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New Delhi, June 25 (IANS) US-based technology giant IBM on Thursday unveiled what it described as the world's first sub-1 nanometre (nm) chip technology, a major breakthrough for the semiconductor industry as it approaches the physical limits of conventional chip scaling.

The new chip is built on a 0.7 nm, or 7-angstrom, process node and features a novel three-dimensional transistor architecture called nanostack, according to the company.

The chip enables continued improvements in performance and energy efficiency at atomic-scale dimensions, it added.

It packs nearly 100 billion transistors onto a device roughly the size of a fingernail, almost doubling the transistor density of its 2 nm chip technology unveiled in 2021.

The new technology is projected to deliver up to 50 per cent higher performance or 70 per cent greater energy efficiency compared to its 2 nm node chips, the company said.

The advancement is expected to support demanding applications such as generative AI, cloud infrastructure and next-generation electronic devices.

"IBM's latest chip breakthrough marks a landmark moment in computing, pushing technology beyond the nanometre era to the scale of atoms," said Jay Gambetta, Director of IBM Research and IBM Fellow.

The company said its nanostack architecture vertically stacks and staggers transistors, allowing more components to be packed onto a chip while enabling different materials to be optimised independently for performance and power efficiency.

Meanwhile, IBM researchers demonstrated that the architecture can significantly improve SRAM scaling, helping chip designers build more efficient processors capable of handling high-bandwidth AI workloads.

The company said it expects the earliest commercial adoption of the technology within the next five years.

In addition, the research was conducted at IBM's semiconductor research facility in Albany, New York, in collaboration with industry partners including ASML, Lam Research, Tokyo Electron and SCREEN Semiconductor Solutions.

--IANS

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Mumbai, June 24 (IANS) India has emerged as a key market for Amazon’s expanding quick-commerce ambitions, with the company’s ‘Amazon Now’ service becoming its fastest-growing ecommerce business unit in the country, Amazon CEO Andy Jassy said on Wednesday.

Sharing his experiences after visiting an Amazon Now micro-fulfillment center in one of Mumbai’s busiest neighbourhoods, Jassy said the service is witnessing exceptional growth as customers increasingly opt for deliveries within minutes of placing orders.

The micro-fulfillment centers are designed to rapidly pick and dispatch everyday essentials such as groceries, shampoo, baby products and household items, enabling customers to receive their orders within minutes.

"Great to be in India and visit an Amazon Now micro-fulfillment center in one of the busiest areas of Mumbai," he said.

"The things you need quickly -- groceries, shampoo, baby products, and more -- get picked and delivered just minutes after ordered," he added.

According to Jassy, Prime members who begin using the service increase their shopping frequency significantly, with their purchase activity tripling after adoption. He added that order volumes have been doubling every quarter since the launch of the service in India.

"Customers are loving it… Prime members triple their shopping frequency once they start using it, and we've seen orders double every quarter since launch," he mentioned.

Calling the business Amazon’s fastest-growing ecommerce segment in the country, Jassy said the company plans to expand the service to more than 300 cities as part of its broader strategy to build India’s largest delivery-in-minutes network.

He noted that the innovations and operational lessons gained from building the quick-commerce model in India are now helping Amazon scale similar services across the United States and other international markets.

Expressing confidence in the company’s future growth in India, Jassy said he was proud of the teams, associates and partners who have contributed to building the business and added that the company is still at the beginning of what is possible in the Indian market.

--IANS

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Dalian (China), June 23 (IANS) Artificial intelligence should move beyond improving productivity and help create space for reflection, creativity and deeper human experiences, experts said on Tuesday at the World Economic Forum's Annual Meeting of the New Champions -- known as Summer Davos -- being held here.

Speaking to IANS, showcasing the convergence of art, neuroscience and AI, researchers and curators highlighted how emerging brain-sensing technologies are enabling more empathetic and personalised interactions between humans and machines.

Jahnavi Phalkey, Director of Bengaluru Science Gallery, said the installation, developed by artist Emmanuel Golab in collaboration with Science Gallery Melbourne, demonstrates how artificial intelligence can interpret signals from the human brain.

"We are from the Science Gallery International Network, and this is an exhibit from my colleagues at Science Gallery Melbourne," Phalkey said.

"The idea behind this sculpture is that it works on principles of artificial intelligence. Visitors wear a device similar to spectacles on their forehead, which detects EEG activity and electrical signals from the brain. The robot then responds to what is happening inside a person's mind," she added.

She said the project illustrates how AI can create more meaningful and human-centred experiences rather than focusing solely on efficiency and productivity.

According to the experts, understanding brain sensations and neural activity can enable intelligent systems to respond more personally and empathetically to people. Such technologies demonstrate how AI can bridge the gap between human emotions and machines.

Ryan Jefferies, a researcher associated with Science Gallery Melbourne, described the installation titled "Doing Nothing with AI" as an interactive artwork that brings together art and science.

"This is an interactive artwork called 'Doing Nothing with AI' by artist Emmanuel Golab. It uses an EEG headset that picks up electrical activity within the brain and connects it to a large robotic sculpture that moves according to that activity," Jeffreys said.

He explained that the central idea of the artwork is to encourage visitors to pause and slow down their thoughts, allowing them to reflect on their own mental state while interacting with an intelligent machine.

--IANS

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Seoul, June 23 (IANS) South Korean stocks tumbled nearly 10 per cent on Tuesday as foreign investors dumped major semiconductor shares and other market heavyweights amid profit-taking, tracking overnight losses in US technology stocks. The local currency weakened against the US dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) plunged 910.71 points, or 9.99 percent, to close at 8,203.84. The index hit an intra-day high of 9,175.45, reports Yonhap news agency.

The Korea Exchange (KRX), the bourse operator, activated a circuit breaker at around 2:33 p.m. after the KOSPI plummeted more than 8 percent from the previous session's close.

It marked the fourth time this year and the 10th time on record that the KRX has halted trading of all stocks for 20 minutes.

Trade volume was heavy at 483.7 million shares worth 59.9 trillion won (US$38.9 billion) with losers outnumbering winners 856 to 46.

Foreign and institutional investors sold a net 4.13 trillion won and 4.55 trillion won, respectively. Meanwhile, retail investors were net buyers, purchasing 8.58 trillion won alone.

Overnight, U.S. Vice President JD Vance said a "very good foundation" had been established for negotiations toward a final agreement with Iran, while mediators also reported progress in the talks.

Despite the diplomatic developments, U.S. stocks closed mixed, with the tech-heavy Nasdaq Composite falling 1.3 percent amid renewed concerns over major technology companies.

Shares of SpaceX tumbled more than 16 percent after reports that the company is selling bonds as part of a major fundraising effort to support its artificial intelligence initiatives.

"Valuation concerns have grown for major South Korean semiconductor stocks after they repeatedly hit record highs in a short period, prompting heavy selling by foreign investors and increasing market volatility," said Seo Sang-young, an analyst at Mirae Asset Securities.

Seo added the almost 1 percent decline in Nasdaq futures further dampened investor sentiment toward domestic chipmakers.

In Seoul, most large-cap shares ended in negative territory. Chipmakers Samsung Electronics and SK hynix tumbled 12.31 percent to 310,000 won and 12.47 percent to 2.55 million won, respectively. Top carmaker Hyundai Motor decreased 12.05 percent to 511,000 won, and leading battery maker LG Energy Solution dipped 6.1 percent to 362,000 won.

The Korean won was quoted at 1,539.1 won per U.S. dollar as of 3:30 p.m., down 2.1 won from the previous session.

--IANS

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New Delhi, June 22 (IANS) Human skeletal remains excavated from the archaeological site of Rakhigarhi in Haryana recently have been formally handed over by the ASI to the Anthropological Survey of India (AnSI), for detailed scientific investigation, an official said on Monday.

Professor B.V. Sharma, Director of AnSI, said that the transfer, carried out under a recently signed Memorandum of Understanding (MoU) between the two institutions, is expected to significantly advance multidisciplinary research into one of the most important urban centres of the Indus-Saraswati Civilisation.

Researchers believe the remains present a rare opportunity to apply modern scientific techniques, including ancient DNA analysis, stable isotope studies, osteological assessments, palaeopathological investigations, and environmental reconstruction, said a statement.

These approaches are expected to provide valuable insights into ancestry, migration patterns, diet, disease prevalence, adaptation strategies, and human-environment interactions during the Harappan period, it said.

Rakhigarhi, spread across approximately 550 hectares in Haryana, is widely recognised as the largest known settlement of the Indus-Saraswati Civilisation.

Archaeological excavations have revealed evidence of continuous habitation from the Early Harappan to the Mature Harappan periods, including planned settlements, drainage systems, craft production centres, trade networks, and burial grounds.

During excavations conducted by the Archaeological Survey of India’s (ASI) Excavation Branch-II, Greater Noida, in the 2025–26 field season, archaeologists uncovered eight burials at Mound No. 7, an area previously identified as a cemetery.

Three complete human skeletons, along with skeletal fragments recovered from other burials, have now been transferred to AnSI’s ancient human skeletal repository and laboratory in Kolkata for detailed examination, said an official statement.

The remaining skeletal materials obtained at these sites are also expected to be transferred in a few days.

Professor Vijay Prakash, a former faculty member of Andhra University, described the transfer of skeletal materials as an important step toward ensuring that biological heritage recovered through archaeological excavations is scientifically analysed and preserved by national institutions for the benefit of future generations.

Professor Udai Pratap Singh of Lucknow University similarly said the transfer marks an important milestone in strengthening India’s palaeoanthropological research tradition. He noted that AnSI’s expertise in human biology and osteology places it in a strong position to reconstruct aspects of population history, health, lifestyle, and cultural adaptation in the Indus Saraswati Civilisation.

Anthropologist Professor Subhash Walimbe, formerly of Deccan College, Pune, emphasised the importance of intensive anthropological examination of the remains to understand how urbanisation influenced human biological and pathological responses, said the statement.

Officials said the collaboration between ASI and AnSI represents a significant effort to integrate archaeology, anthropology, genetics, and environmental sciences in the study of India’s ancient past.

The findings from the Rakhigarhi remains are expected to contribute substantially to understanding the origins, health, mobility, and biological history of one of the world’s earliest urban civilisations, said the statement.

--IANS

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New Delhi, June 19 (IANS) The video game industry’s layoff crisis continues unabated, with Bungie among the latest major developers to announce cuts and around 3,700 verified job losses recorded globally in the industry in 2026 so far, a report said on Friday.

The report from TradingPlatforms said that the total layoff in gaming studios worldwide certainly exceeds 4,000 when unverified cuts, undisclosed reductions and studio closures are added to verified layoffs.

It cited data showing that layoffs across the wider technology sector had reached at least 1,43,378 in June.

The United States remains the epicentre of video game industry layoffs in 2026, accounting for 2,153 confirmed job cuts or about 58.2 per cent of the global total.

The largest reductions were announced by Epic Games, the developer behind Fortnite and Unreal Engine, which cut around 1,000 roles in one of the biggest layoffs ever seen in the video game industry.

Bungie, the studio behind Halo and Destiny, announced plans to lay off roughly 400 people this summer, while a number of other established developers and publishers have announced smaller rounds of redundancies throughout the year.

France was also hard hit, with four French game companies accounting for hundreds of job cuts. Ubisoft announced around 680 layoffs across multiple studios as part of a sweeping restructuring.

Canada has recorded at least 257 video game industry layoffs, with nearly half coming from Eidos-Montréal.

Canada recorded at least 257 gaming layoffs, including 124 at Eidos‑Montréal after the cancellation of a major AAA project. Several of 2026's gaming layoffs have escalated beyond workforce reductions and resulted in studios being shut down altogether.

Cloud & SaaS companies have cut nearly 31,900 jobs in 2026, while E-commerce firms have eliminated almost 21,000 positions and IT services companies more than 16,700. Social media platforms, enterprise software providers, and fintech firms have each shed over 10,000 workers.

—IANS

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New Delhi, June 19 (IANS) Union Minister for Electronics and Information Technology Ashwini Vaishnaw on Friday said the global semiconductor industry is facing a talent shortage of around 10 lakh professionals, presenting a major opportunity for India to emerge as a key supplier of skilled manpower for the sector.

Speaking at the Software Technology Parks of India (STPI) centre in Patna, the minister said the global semiconductor industry is currently valued at around $800 billion and is expected to cross the $1 trillion mark within a year.

"By 2032, around 10 lakh jobs are expected to emerge in the semiconductor sector globally. At the same time, the industry is facing a shortage of nearly 10 lakh skilled professionals," Vaishnaw said.

He further stated that India must capitalise on this opportunity through a two-pronged strategy focused on semiconductor design and manufacturing.

According to the minister, the government is working towards establishing world-class semiconductor design capabilities in the country and ensuring that Indian graduates are among the best-trained talent globally.

"When students graduate with semiconductor design skills, they should be considered among the top talent in the world and should immediately find opportunities in the industry," he said.

Vaishnaw said nearly 75,000 students have already received attractive opportunities through semiconductor design-related programmes and initiatives.

"Our target is to increase this number from 75,000 to 5 lakh students," he added.

In addition, the minister stated that semiconductor manufacturing activities have already commenced in India and training programmes for manufacturing-related skills will be developed as production capacities scale up.

India has been actively promoting semiconductor design, fabrication and packaging under its semiconductor mission, with several projects currently under implementation across the country.

Moreover, during his visit to STPI, Vaishnaw highlighted the government's efforts to expand India's startup ecosystem beyond major metropolitan centres.

He said STPI centres are being strengthened across Tier-2 and Tier-3 cities to support innovation and entrepreneurship.

Additionally, the minister interacted with young entrepreneurs, heard their experiences and discussed ways to further enhance government support for startups and technology-led enterprises.

--IANS

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New Delhi, June 18 (IANS) Cumulative energy storage system (ESS) installations in India’s commercial and industrial sector are projected to skyrocket over 30-fold from less than 1 GWh in 2025 to between 23 and 31 GWh by 2032, a statement said on Thursday.

The industry body India Energy Storage Alliance (IESA) industry and Customized Energy Solutions (CES) in a report, attributes the rapid increase to rising electricity tariffs, demand for reliable high‑quality power, rapid adoption of renewable energy, cost‑optimisation demands and India’s ambitious decarbonisation goals.

The report will be showcased at 12th India Energy Storage Week 2026, scheduled for July 8–10, 2026, at Yashobhoomi (IICC), here.

India Energy Storage Week (IESW) 2026, a global platform for clean energy transition, will unite the entire value chain of e-mobility, battery manufacturing, recycling, stationary storage, and green hydrogen, the statement from IESA said.

The event will host over 200 exhibitors and more than 10,000 industry leaders from over 30 countries enabling high-impact networking, policy advocacy, and technical exchange.

“India’s C&I energy storage market is at a pivotal moment. The sector is transitioning from backup and peak shaving to a strategic asset for energy optimisation, resilience, and decarbonisation. The insights from this report will help stakeholders shift from reactive power management to proactive energy leadership,” said Debmalya Sen, President of IESA.

The report details two growth scenarios: a Business-as-Usual (BAU) path, with ESS reaching 22-23 GWh by 2032, and a Rapid Adoption (RA) scenario, in which market-friendly reforms and technological advances could propel installations to 31 GWh.

Vinayak Walimbe, Managing Director of CES said that C&I consumers can now make smarter, data-driven decisions that drive both cost savings and sustainability, with regulatory clarity, proven business models, and advanced storage technologies.

—IANS

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