India Leads Global AI Adoption with 30% of Companies Leveraging AI: BCG Report
India is emerging as a leader in artificial intelligence (AI) adoption, with 30% of companies leveraging AI to maximize value, surpassing the global average of 26%, according to a recent report by Boston Consulting Group (BCG). Key industries such as fintech, software, and banking are increasingly integrating AI into their operations, as businesses shift from pilot projects to achieving measurable returns. The report, “Where’s the Value in AI?”, highlights that only 26% of companies globally have developed the capabilities to move beyond AI pilots and generate real value, with just 4% implementing advanced AI across all functions.
In contrast, India stands out as all surveyed companies in the country are actively experimenting with AI, reflecting a high readiness to unlock its potential. BCG’s India leader, Saibal Chakraborty, noted that India’s rapid AI adoption is enhancing its global competitive edge. The country is not only leading in AI usage but is also generating significant, measurable outcomes across both traditional and digital sectors, driving new business models and creating tangible value from AI initiatives.
Editor’s Note: India is emerging as a global leader in AI adoption, with 30% of companies leveraging AI to drive value, surpassing the global average of 26%, according to a Boston Consulting Group report. The country’s rapid adoption, especially in fintech, software, and banking, is delivering measurable outcomes and enhancing its global competitive edge by generating significant value from AI initiatives.
Vedanta to Invest $500 Million in AvanStrate Inc. to Drive Innovation in Display Glass Technology
Vedanta Limited is set to invest nearly $500 million in AvanStrate Inc. (ASI), a global leader in display glass manufacturing. The strategic investment aims to boost ASI’s research and development (R&D) capabilities, expand manufacturing processes, and diversify its product offerings to meet the increasing global demand for advanced display glass solutions. ASI, which is fully managed by Vedanta after the company secured a 98% stake earlier this year, has operations and R&D centers in Taiwan, South Korea, and Japan. The focus will be on developing next-generation glass products with applications in sectors such as semiconductor, biotechnology, automotive displays, and beyond.
Akarsh Hebbar, Global Managing Director of ASI, expressed confidence that the investment would help the company lead in technological advancements and market innovation, positioning ASI as a key player in the high-tech glass sector. Additionally, ASI’s newly launched Super Green SaiSei high-recycle rate display glass is already setting new industry standards. The global specialty glass market, estimated to reach $60 billion by 2030, is expected to benefit from ASI’s continued growth, supported by Vedanta’s investment and its focus on sustainability and long-term expansion in high-growth sectors.
Editor’s Note: Vedanta Limited is investing nearly $500 million in AvanStrate Inc. (ASI) to enhance its R&D capabilities and expand manufacturing processes for advanced display glass solutions. With ASI already holding a 98% stake, the investment will focus on next-generation glass products for industries like semiconductors, biotechnology, and automotive displays. This strategic move positions ASI for leadership in the $60 billion specialty glass market, with a strong emphasis on sustainability and innovation, highlighted by the launch of their Super Green SaiSei high-recycle display glass.
Apple Sets Record Revenue in India, Sees Strong Growth in iPad Sales
Apple achieved an all-time revenue record in India, driven by strong sales growth in the September 2024 quarter, including a notable double-digit increase in iPad sales. The company reported a 6% rise in total net sales, reaching USD 94.93 billion compared to USD 89.49 billion a year earlier. CEO Tim Cook highlighted significant growth in regions including the Americas, Europe, and Asia Pacific, with India playing a key role in the company’s expansion. Apple also opened two new stores in Mumbai and Delhi and plans to open four more in the country in the near future.
In the product segment, iPhone sales grew by 5.5%, generating USD 46.22 billion, while iPad revenue rose 8% to USD 6.95 billion. Apple’s services business also saw a significant boost, increasing 12% year-on-year to reach an all-time high of USD 24.97 billion. Despite a slight drop in annual iPad sales and flat quarterly results in China, Apple’s overall annual revenue increased by 2% to USD 391 billion for the financial year ending September 28, 2024. The company continues to make strong inroads in emerging markets, including India, with ongoing expansion efforts.
Editor’s Note: Apple set a record revenue in India for the September 2024 quarter, driven by strong iPad sales and continued expansion, including the opening of new stores in Mumbai and Delhi. With a 6% increase in total net sales and a 12% boost in services revenue, the company saw significant growth across regions, particularly in India, contributing to an overall rise in annual revenue to USD 391 billion.
Tata Sons to Partner with Singapore for Semiconductor Ventures, Says Minister
Tata Sons is set to choose Singapore as a key partner in its ambitious semiconductor manufacturing plans, according to K Shanmugam, Singapore’s Minister for Home Affairs and Law. Following a meeting with Tata Sons Chairman N Chandrasekaran, Shanmugam emphasized that while the Tata Group could collaborate with any country, Singapore’s established presence in the global semiconductor industry, with a 20% share in semiconductor equipment production, makes it an ideal partner. The Tata Group has long had operations in Singapore and is planning significant investments in semiconductor facilities in India, including projects in Gujarat and Assam.
Shanmugam highlighted that Singapore’s semiconductor sector, despite its small size, is home to 25 semiconductor foundries, contributing to its global stature in the industry. The partnership between Tata and Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) marks a critical step in expanding India’s semiconductor capabilities. Shanmugam also noted that Singapore’s strong ties with India are expanding beyond trade to include strategic sectors like energy, semiconductors, and security, with the potential for future collaborations in infrastructure and investments.
Editor’s Note: Tata Sons is set to partner with Singapore for its semiconductor manufacturing ventures, with Singapore’s established position in the global semiconductor industry making it an ideal collaborator. The partnership will support Tata’s plans to invest in semiconductor facilities in India, including projects in Gujarat and Assam, and expand India’s semiconductor capabilities. Singapore’s robust semiconductor sector, along with strong ties to India, opens up opportunities for further collaborations in key sectors such as energy, security, and infrastructure.
Trump 2.0 Administration Could Boost India-US Trade Relations and Investments, Say Experts
With Donald Trump’s return to the White House, experts are optimistic about the potential for stronger India-US trade relations and a surge in investments, particularly in the Indian startup ecosystem. During Trump’s previous term, US-based investors significantly contributed to India’s startup growth, which has expanded from 450 startups in 2016 to 140,000 in 2024. Industry leaders expect Trump’s tax policies, including proposed cuts to the corporate tax rate, to encourage US investment in India. However, some analysts caution that the Indian market’s maturity and robust local demand may keep it resilient to global political shifts, with domestic policies and the thriving digital economy continuing to drive growth.
A key element of Trump’s election rhetoric, the “US-first” approach, is expected to intensify the China+1 strategy, potentially increasing investment in India’s manufacturing sector as US companies move production away from China. Experts believe that sectors such as manufacturing, electronics, and chemicals will benefit from this shift. However, the Trump administration’s likely reduced focus on clean energy could prompt a surge in investments in Indian industries like healthtech and biotech, where India’s innovation could attract greater attention. With these potential developments, India stands to see significant capital inflows as the new administration reshapes its global economic strategy.
https://inc42.com/features/trump-2-0-whats-in-store-for-the-indian-startup-ecosystem
Editor’s Note: Experts believe that a Trump 2.0 administration could strengthen India-US trade relations, particularly boosting investment in India’s startup ecosystem and manufacturing sectors. While Trump’s tax policies may drive capital inflows, his “US-first” approach and reduced focus on clean energy could spur growth in industries like healthtech and biotech in India, despite the country’s growing market resilience.
Government Explores Solutions for Uninterrupted Power Supply to Data Centres Amid AI Boom
The Indian government is exploring options to ensure uninterrupted power supply to large data centre parks, especially as demand surges due to the increasing use of artificial intelligence (AI) and graphic processing units (GPUs). Officials are considering dedicated power lines from producers or even the possibility of setting up small nuclear plants near these data hubs. With AI-driven technologies expected to escalate energy needs, the government is studying the feasibility of separate power grids for data centres to ensure high-quality, reliable electricity. This initiative aims to meet the power demands of data centre parks, expected to grow significantly in the coming years.
India’s data centre capacity is projected to more than double by 2026-27, reaching up to 2,100 MW, with investments of up to Rs 55,000 crore. Much of this growth will be driven by hyperscalers’ demand for colocation services, which are expected to generate 85% of data centre revenues in the next three years. Factors such as low data tariffs, rising smartphone usage, and the growing adoption of AI technologies are contributing to the rapid expansion of India’s data ecosystem, presenting significant opportunities for the industry.
Editor’s Note: The Indian government is exploring solutions to ensure an uninterrupted power supply to data centres, driven by the growing demand from AI and GPU technologies. Options under consideration include dedicated power lines and small nuclear plants near data hubs, as energy needs are expected to surge with the rise of AI applications. India’s data centre capacity is projected to more than double by 2026-27, with investments of up to Rs 55,000 crore, driven by hyperscalers’ demand and the rapid expansion of AI-driven technologies.