Deepfakes: Opportunities, Threats, and Regulation

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Tanmay Amritkar, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Recently, a fact-checker website posted that a viral video of an actor coming into a boost became a deepfake. The video sparked tons debate, with different actors calling for the legal law of deepfake movies. In reaction, the Minister of State for Electronics and Information Technology (IT) talked about rules under the IT Act, 2000, which can address the spread of such motion pictures. However, a holistic approach to the law of deepfakes should focus on the interaction among platform and Artificial Intelligence (AI) regulation, and approaches to comprise safeguards for emerging technology greater extensively.

What is Deepfake?

Deepfake is a time period that refers to artificial media that have been digitally manipulated to update one person’s likeness convincingly with that of every other. Deepfakes are created with the usage of powerful techniques from gadget learning and AI, which includes deep studying and Generative Adversarial Networks (GANs). Deepfake technology can be used for numerous functions, including amusement, education, art, and activism. However, it can additionally pose critical ethical and social demanding situations, consisting of growing faux news, spreading misinformation, violating privateness, and harming reputation. It can be used to generate faux videos to trick people into sending money to scammers.

What are the Uses of Deepfake Technology?

Film Dubbing: Deepfake technology may be used to create sensible lip-syncing for actors who communicate distinct languages, making the film more accessible and immersive for international audiences.

Education: Deepfake technology can assist teachers supply enticing instructions through bringing historic figures to existence in the school room, or creating interactive simulations of different scenarios.

Art: Deepfake technology may be used as a creative tool for artists to specific themselves, experiment with extraordinary patterns, or collaborate with other artists.

Amplification of the Message and its Reach: Deepfake technology can assist enlarge the voice and effect of humans who have important messages to percentage, in particular folks who face discrimination, censorship, or violence.

Digital Reconstruction and Public Safety: Deepfake era can help reconstruct missing or broken virtual information, including restoring old snap shots or movies, or improving low-excellent pictures.

It also can assist enhance public safety via growing sensible training substances for emergency responders, law enforcement, or army personnel.

Innovation: Deepfake era can spur innovation in various fields and industries, including amusement, gaming, or advertising. It can allow new styles of storytelling, interplay, prognosis, or persuasion.

What are the Challenges of Deepfake Technology?

Spreading False information: Deepfakes can be used to purposefully spread false records or misinformation, that can create confusion approximately critical problems.

Harassment and Intimidation: Deepfakes may be designed to harass, intimidate, demean, and undermine people.

Fabricating Evidence: Deepfakes can be used to fabricate evidence, which may be used to defraud the general public or damage kingdom security. Deepfake proof can also be used to govern legal complaints or investigations.

Reputation Tarnishing: Deepfakes can be used to create an picture of a person that does not exist, creating a video of someone pronouncing or doing something they have got by no means performed, or synthesizing someone’s voice in an audio report, which may be used to tarnish someone’s popularity.

Financial Frauds: Deepfake generation can be used to impersonate executives, personnel, or clients, and control them into revealing sensitive statistics, shifting cash, or making fake selections.

What Should be performed to Address the Menace of Deepfakes?

Learning from Other Countries: The lifestyles cycle of deepfakes may be divided into three elements – advent, dissemination and detection. AI regulation can be used to mitigate the creation of illegal or non-consensual deepfakes.

Adding Watermarks to all AI-generated Videos: Adding watermarks to AI-generated films is important for powerful detection and attribution. Watermarks display the content’s origin and ownership, serving diverse purposes. They aid in attribution via clarifying the content’s creator or source, specially while shared in distinct contexts.

Deterring Users to Upload Inappropriate Content: Online platforms have to take steps to educate and tell customers approximately their content material regulations, and perhaps enforce measures to discourage the aid of irrelevant content material.

Developing and Improving Deepfake Detection Technologies: This can contain using more sophisticated algorithms, in addition to growing new methods that can perceive deepfakes primarily based on their context, metadata, or other elements.

Strengthening Digital Governance and Legislation: This can contain developing clean and regular laws and policies that outline and limit the malicious use of deepfakes, as well as supplying effective treatments and sanctions for the sufferers and perpetrators of virtual damage.

Enhancing media Literacy and Awareness: This can involve instructing the public and the media about the life and capacity impact of deepfakes, in addition to offering them with the talents and gear to affirm and report suspicious content material.

Promoting Ethical and Responsible use of Deepfake Technology: This can contain organising and implementing codes of conduct and requirements for the creators and users of deepfake technology, as well as encouraging its high-quality and useful applications.

References:

https://www.drishtiias.com/daily-updates/daily-news-editorials/deepfakes-opportunities-threats-and-regulation

https://indianexpress.com/article/opinion/columns/rashmika-mandannas-deepfake-regulate-ai-dont-ban-it-9017666/

Why Goldman Sachs is bullish on Indian shares

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

I Bala Aditya, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Goldman Sachs, one of the world’s leading investment banks, has recently upgraded its rating on Indian shares to “overweight” from “marketweight”, citing strong economic growth prospects, steady domestic mutual fund inflows and a potential supply chain shift from China. The bank expects Indian shares to outperform the regional average in 12 months. Let’s explore the reasons behind this bullish outlook and what it means for investors.

Strong economic growth prospects

According to Goldman Sachs, India is expected to have the best structural growth prospects in the Asia Pacific region, with real GDP growth of 6.5% in 2023 and 6.3% in 2024. This is slightly below the Reserve Bank of India’s target of 6.5% for fiscal 2024 but still higher than most other large economies in the region. The bank attributes this growth to India’s large domestic market, favourable demographics, reforms in labour and agriculture sectors, and recovery from the COVID-19 pandemic.

Steady domestic mutual fund inflows

Another factor that supports the Indian stock market is the consistent inflow of domestic mutual funds, which have been net buyers of Indian equities for the past 10 months. This reflects the increasing participation of retail investors, who are attracted by the long-term growth potential of Indian companies and the diversification benefits of investing in equities. Domestic mutual funds have also absorbed the outflows of foreign portfolio investors, who have been net sellers of Indian equities for the past six months due to global risk aversion and currency depreciation.

Potential supply chain shift from China

A third factor that boosts the attractiveness of Indian shares is the possibility of a supply chain shift from China to India as global companies look to decrease their dependence on China amid rising geopolitical tensions and trade disputes. India has a strategic advantage in this regard, as it offers a large and growing domestic market, low labour costs, improving infrastructure, and favourable policies such as the production-linked incentive (PLI) scheme, which provides incentives to manufacturers in sectors such as electronics, automobiles, pharmaceuticals, and textiles. Goldman Sachs estimates that the PLI scheme could add 0.5% to India’s GDP growth over the next five years.

Implications for Investors

The upgrade of Indian shares by Goldman Sachs is a positive signal for investors, as it indicates that the bank expects Indian shares to deliver higher returns than the regional average in the next 12 months. However, investors should also be aware of the risks and challenges that the Indian market faces, such as inflationary pressures, fiscal deficit, regulatory uncertainty, and environmental and social issues. Therefore, investors should adopt a balanced and diversified portfolio approach and focus on quality companies with solid fundamentals, competitive advantages, and sustainable growth prospects.

References :

Goldman Sachs loads up on Indian markets: Upgrades to ‘overweight’

Goldman Sachs upgrades India stocks, cuts rating on China’s

Goldman Sachs raises Indian shares to “overweight” on growth, earnings momentum

Taiwan prepares to hire 1 lakh Indian workers, offer attractive salaries

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Shashwat Pravin Bawankule, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Trade between India and Taiwan has increased rapidly in the last few years. There is a plan to send thousands of workers from India to Taiwan soon. However, this may anger Taiwan’s  neighbouring country China. An Employment Mobility Agreement can be signed between India and Taiwan next month.

According to a media report, Indian workers can be employed in factories, hospitals and farms in Taiwan. The number of elderly people in Taiwan’s population is increasing. However, the economy is not growing fast enough to provide employment to crores of youth in India. The number of older people in Taiwan’s population is projected to exceed 20 percent in the next few years. China’s resentment may increase with the agreement regarding employment with Taiwan. Taiwan is a self-governing island and China opposes any official exchanges with it. There is a maritime border between China and Taiwan. Taiwan’s relations with the United States have strengthened over the past few years. It has also been given weapons and other equipment from America. This has increased China’s anger.

India’s imports from China have increased in the last two decades. However, the agreement with Taiwan will not mean that India is ignoring the ‘One India Policy’. Under this policy, Taiwan is considered as a part of China. India has not officially emphasized its position on this policy and has increased trade with Taiwan. Negotiations regarding employment related agreement with Taiwan are in the final stage. A mechanism is being created to certify the health of Taiwanese workers.

The unemployment rate in Taiwan has fallen to its lowest level in more than two decades and the government needs workers to keep the economy growing. Taiwan has also offered Indian workers the same salary and insurance as the local people. In India, the central government is emphasizing on making employment related agreements with such countries which are facing shortage of workforce. Trade between India and Taiwan has increased rapidly in the last few years. There is a plan to send thousands of workers from India to Taiwan soon. However, this may anger Taiwan’s neighbouring country China. An Employment Mobility Agreement can be signed between India and Taiwan next month.

According to a media report, Indian workers can be employed in factories, hospitals and farms in Taiwan. The number of elderly people in Taiwan’s population is increasing. However, the economy is not growing fast enough to provide employment to crores of youth in India. The number of older people in Taiwan’s population is projected to exceed 20 percent in the next few years. China’s resentment may increase with the agreement regarding employment with Taiwan. Taiwan is a self-governing island and China opposes any official exchanges with it. There is a maritime border between China and Taiwan. Taiwan’s relations with the United States have strengthened over the past few years. It has also been given weapons and other equipment from America. This has increased China’s anger.

India’s imports from China have increased in the last two decades. However, the agreement with Taiwan will not mean that India is ignoring the ‘One India Policy’. Under this policy, Taiwan is considered as a part of China. India has not officially emphasized its position on this policy and has increased trade with Taiwan. Negotiations regarding employment related agreement with Taiwan are in the final stage. A mechanism is being created to certify the health of Taiwanese workers.

The unemployment rate in Taiwan has fallen to its lowest level in more than two decades and the government needs workers to keep the economy growing. Taiwan has also offered Indian workers the same salary and insurance as the local people. In India, the central government is emphasizing on making employment related agreements with such countries which are facing shortage of workforce.

Reference-

https://www.businesstoday.in/latest/in-focus/story/taiwan-plans-to-hire-around-1-lakh-indian-workers-deal-likely-to-happen-next-month-405427-2023-11-10

India Needs 8% Growth for More Employment Generation

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Yash Pramod Pilliwar, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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It is said that India has begun to move in the direction of becoming the world’s third-largest economy. Prime Minister Modi has also provided assurance in this regard on the sidelines of the upcoming parliamentary elections. However, as inflation and unemployment, among other issues, continue to rise in the country, there is growing concern. While many industries globally are eager to invest and produce in India, if the country needs to generate more employment, a reserve of 8% growth is necessary, according to former Reserve Bank Governor Raghuram Rajan.

Speaking at an event, Raghuram Rajan stated that to compete with leading countries in the manufacturing sector like China and Vietnam, India needs to train its workforce well. India is making efforts to advance in value systems, and there are some signs of this. However, Rajan also pointed out that it will take time for all components of a smartphone to be manufactured in India, referencing the production of iPhone parts.

We have a large number of young people who need employment, India’s current economic growth of 6 to 6.5 percent is stronger compared to other countries. However, in comparison to the need for employment, it still seems insufficient. Considering the country’s population and the demand for local employment, there is a requirement for an economic growth of 8 to 8.5 percent. When discussing the need for employment in this context, Raghuram Rajan mentioned that even though there is a substantial youth population with a need for employment, this is still somewhat low.

Meanwhile, the high rate of unemployment is also a matter of concern for Prime Minister Narendra Modi. India’s GDP is higher than that of other major economies, but it cannot generate sufficient employment for millions of people. In October, the unemployment rate increased to 10.05 percent, the highest in the past two years. According to estimates by HSBC, India needs to create 70 million new jobs in the next 10 years, and by achieving a 7.5 percent growth, only a third of the unemployment problem can be solved, as stated in a report.

#YashPramodPilliwar

#RaghuramRajan

#IndianEconomy

Reference-

https://economictimes.indiatimes.com/news/economy/indicators/raghuram-rajan-says-indias-current-growth-isnt-enough-to-create-ample-jobs/articleshow/105117130.cms

Taiwan prepares to hire 1 lakh Indian workers, offer attractive salaries

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Shashwat Pravin Bawankule, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Trade between India and Taiwan has increased rapidly in the last few years. There is a plan to send thousands of workers from India to Taiwan soon. However, this may anger Taiwan’s  neighbouring country China. An Employment Mobility Agreement can be signed between India and Taiwan next month.

According to a media report, Indian workers can be employed in factories, hospitals and farms in Taiwan. The number of elderly people in Taiwan’s population is increasing. However, the economy is not growing fast enough to provide employment to crores of youth in India. The number of older people in Taiwan’s population is projected to exceed 20 percent in the next few years. China’s resentment may increase with the agreement regarding employment with Taiwan. Taiwan is a self-governing island and China opposes any official exchanges with it. There is a maritime border between China and Taiwan. Taiwan’s relations with the United States have strengthened over the past few years. It has also been given weapons and other equipment from America. This has increased China’s anger.

India’s imports from China have increased in the last two decades. However, the agreement with Taiwan will not mean that India is ignoring the ‘One India Policy’. Under this policy, Taiwan is considered as a part of China. India has not officially emphasized its position on this policy and has increased trade with Taiwan. Negotiations regarding employment related agreement with Taiwan are in the final stage. A mechanism is being created to certify the health of Taiwanese workers.

The unemployment rate in Taiwan has fallen to its lowest level in more than two decades and the government needs workers to keep the economy growing. Taiwan has also offered Indian workers the same salary and insurance as the local people. In India, the central government is emphasizing on making employment related agreements with such countries which are facing shortage of workforce. Trade between India and Taiwan has increased rapidly in the last few years. There is a plan to send thousands of workers from India to Taiwan soon. However, this may anger Taiwan’s neighbouring country China. An Employment Mobility Agreement can be signed between India and Taiwan next month.

According to a media report, Indian workers can be employed in factories, hospitals and farms in Taiwan. The number of elderly people in Taiwan’s population is increasing. However, the economy is not growing fast enough to provide employment to crores of youth in India. The number of older people in Taiwan’s population is projected to exceed 20 percent in the next few years. China’s resentment may increase with the agreement regarding employment with Taiwan. Taiwan is a self-governing island and China opposes any official exchanges with it. There is a maritime border between China and Taiwan. Taiwan’s relations with the United States have strengthened over the past few years. It has also been given weapons and other equipment from America. This has increased China’s anger.

India’s imports from China have increased in the last two decades. However, the agreement with Taiwan will not mean that India is ignoring the ‘One India Policy’. Under this policy, Taiwan is considered as a part of China. India has not officially emphasized its position on this policy and has increased trade with Taiwan. Negotiations regarding employment related agreement with Taiwan are in the final stage. A mechanism is being created to certify the health of Taiwanese workers.

The unemployment rate in Taiwan has fallen to its lowest level in more than two decades and the government needs workers to keep the economy growing. Taiwan has also offered Indian workers the same salary and insurance as the local people. In India, the central government is emphasizing on making employment related agreements with such countries which are facing shortage of workforce.

Reference-

https://www.businesstoday.in/latest/in-focus/story/taiwan-plans-to-hire-around-1-lakh-indian-workers-deal-likely-to-happen-next-month-405427-2023-11-10

#Shashwat Bawankule

#IndiaTaiwanEmploymentAgreement #OneChinaPolicy #TaiwanChinaRelations #IndiaChinaTrade

THE BURMESE EXODUS

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Debadyuti Sarkar, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Approximately 2,000 refugees have entered Mizoram’s Champhai from Myanmar’s Rikhawdar due to intense clashes between the Chin Defence Force guerrillas and the Myanmar military near the Indo-Myanmar border. Zokhawthar, an Indian town near Rikhawdar, has become a focal point for cross-border movement. Amid ongoing gunfire, one refugee has been reported dead, and around 20 Myanmar nationals have been hospitalized in Mizoram for injuries sustained in Myanmar. The Champhai district hospital has admitted 20 injured individuals, with an additional eight referred to Aizawl hospitals. The Local Refugee Relief Committee chairman noted that people from Rikhawdar and Khawmami villages have sought refuge in India. The movement has temporarily ceased, and those injured in Indian territory had crossed over earlier. Since 2021, it has been common for people to seek shelter in Mizoram during tumultuous times in Myanmar, typically returning when the situation improves.

References :

https://indianexpress.com/article/india/2000-people-from-myanmar-cross-over-to-india-as-intense-gunfight-rock-chin-state-9025414/

#Debadyuti Sarkar #Myanmar #Conflict

Rohit Sharma’s Forward Focus for World Cup Semifinal Rematch

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Rushikesh Magar, MBA 2023-35, Vinod Gupta School of Management, IIT Kharagpur —————————————————————————————————————-

Indian cricket captain Rohit Sharma, addressing the press on November 14, emphasized the need for his team to concentrate on the present and look ahead, particularly in light of the haunting memory of their 2019 World Cup semifinal loss to New Zealand. The Men in Blue are gearing up for a critical rematch with the Kiwis on November 15 at Mumbai’s Wankhede Stadium, and Sharma highlighted the team’s dedication to ongoing improvement. In the pre match press conference, Sharma downplayed reflections on the 2019 World Cup, stating that What you can do today and tomorrow is what we usually talk about. I don’t think there is much debate or talk about what happened 10 years ago or the last World Cup. This underscores the team’s forward-looking mindset. Sharma dismissed comparisons to India’s previous World Cup victories in 1983 and 2011, noting that the current players are more focused on the present context. He highlighted that many weren’t even born when India won in 1983, and half the squad wasn’t actively playing in 2011. The captain emphasized continuous improvement, with a primary focus on the ongoing campaign.

The 2019 semifinal loss against New Zealand marked the final international match for MS Dhoni. Despite the defeat, Sharma expressed the team’s determination to use the upcoming semifinal as an opportunity for redemption. India enters the semifinal as the favorite, with an undefeated record in the current World Cup—nine wins in as many league-stage matches, securing the top position in the points table. New Zealand, led by Kane Williamson, finished fourth on the points table, with five wins out of nine games. In their previous encounter on October 22, India emerged victorious, comfortably chasing down the target of 276 runs set by the Black Caps. As the cricketing world anticipates the rematch, Rohit Sharma’s leadership and the team’s unwavering focus on the present suggest a determined outlook as they aim for redemption and a coveted spot in the World Cup final.

References:

https://zeenews.india.com/cricket/live-updates/live-cricket-score-ind-vs-nz-1st-semifinal-icc-odi-world-cup-2023-cricket-match-today-india-vs-new-zealand-cricket-live-score-updates-wankhede-stadium-mumbai-rohit-sharma-kane-williamson-2687988

https://www.aljazeera.com/sports/2023/11/14/india-cricket-mohammed-siraj-icc-cricket-world-cup-2023-semifinal

Indian Rupee Hits Record Low Against US Dollar

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Adil Abdulraheman Inamdar, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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In a concerning development, the Indian rupee has plunged to a new record low against the US dollar, highlighting the challenges faced by the country’s currency amidst a backdrop of weakened demand and falling oil prices. The rupee reached an alarming exchange rate of 83.42 to the dollar, signaling a significant depreciation .

The falling value of the Indian rupee can be attributed to a combination of factors. One key factor contributing to its decline is the weakened demand for the rupee. This decline in demand has been accompanied by a regional trend, with other Asian currencies also experiencing depreciation .

Another significant factor influencing the rupee’s depreciation is the impact of falling oil prices. As oil prices continue to decline, the import costs for India rise, putting further pressure on the rupee’s value in relation to the US dollar .

To prevent excessive falls in the rupee, the Reserve Bank of India (RBI) has intervened by implementing measures to stabilize the currency. The RBI’s actions have played a crucial role in providing much-needed stability during these challenging times .

While this situation presents concerns for the Indian economy, it is important to note that the RBI’s intervention has had a mitigating effect on the rupee’s decline. The central bank’s efforts have aimed to strike a balance between maintaining stability and addressing inflation concerns .

It is crucial to monitor the ongoing developments surrounding the Indian rupee, as its trajectory remains uncertain. Factors such as global economic trends, trade relations, and geopolitical events may continue to impact the rupee’s movement in the coming months .

As the Indian rupee faces a record low against the US dollar, it is evident that a multi-faceted approach is required to address the challenges it currently faces. Government agencies, banking authorities, and policymakers must work together to identify strategies aimed at bolstering the currency’s strength and stability in the long term.

References:
https://www.reuters.com/world/india/indian-rupee-drops-record-low-tracking-asian-peers-2023-11-10/#:~:text=MUMBAI%2C%20Nov%2010%20(Reuters),83.2800%20in%20the%20previous%20session.
https://economictimes.indiatimes.com/markets/forex/indian-rupee

40 workers trapped in tunnel collapse in Uttarakhand

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Homraj Khobragade, MBA 2023-25, Vinod Gupta School of Management, IIT Kharagpur

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Forty workers are trapped in a tunnel collapse in Uttarakhand, a state in northern India. The tunnel is being built for a highway project that will connect the Hindu pilgrimage sites of Uttarkashi and Yamunotri.

The collapse happened early on Sunday morning, November 12, 2023. A portion of the tunnel’s roof caved in, trapping the workers inside. Rescue teams from the State Disaster Response Force, the National Disaster Response Force, and the Indo-Tibetan Border Police are working to clear the debris and reach the trapped workers. They are using excavators and other heavy machinery to remove the rocks and dirt.

The rescue operation is being hampered by the presence of loose rocks and boulders in the tunnel. There is also a risk of further collapse. As of Tuesday morning, November 14, the rescue teams have cleared about 21 meters of debris from the tunnel. However, another 19 meters of debris still needs to be cleared. The workers are being provided with oxygen and food through pipes that have been inserted into the tunnel. They are also being monitored by rescuers using cameras.

The Chief Minister of Uttarakhand, Pushkar Singh Dhami, has visited the site and assured the families of the trapped workers that the rescue operation will be carried out at all costs. The tunnel collapse is a major setback for the All Weather Road Project, which is aimed at improving connectivity to the Chardham pilgrimage sites in Uttarakhand. The project is expected to be completed by February 2024.

Reference- https://english.mathrubhumi.com/news/india/uttarakhand-at-least-40-people-feared-trapped-in-uttarkashi-tunnel-collapse-rescue-ops-underway-1.9068582

#HomrajKhobragade

#Uttarakhandtunnelcollapse #40workersTrapped #rescueoperation

60% of Businesses Struggling to Meet Sustainability Goals

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Praful Shrikant Brahmankar, MBA 2023-35, Vinod Gupta School of Management, IIT Kharagpur

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In a recent report by Bain & Company, a stark reality has come to light: over 60% of businesses globally are falling short of their sustainability goals. The findings, based on a survey of 23,000 consumers across the world, not only signal a wake-up call for corporations but also unveil a significant shift in consumer behavior, especially in burgeoning markets like India.

The report illuminates a troubling trend: a significant majority of businesses are off track in meeting their current sustainability goals. With environmental concerns escalating globally, the study suggests that a triad of technology, policy changes, and shifts in consumer behavior is crucial for making progress in sustainability initiatives.

Consumers Willing to Pay Premium for Green Choices:

In a surprising turn, consumers are demonstrating a remarkable willingness to embrace eco-friendly practices. The report indicates that consumers in fast-growing markets, including India, are ready to pay a premium ranging from 15 to 20%. This willingness surpasses that of consumers in more established markets like the US and the UK.

India’s Heightened Environmental Concerns:

India emerges prominently in the survey as a country where environmental concerns have reached new heights. Soaring pollution levels in major cities and an increased frequency of flash floods have pushed sustainability to the forefront of public consciousness.

Consumer Behavior in India: A Gap Between Intent and Action:

While Indian consumers express a growing interest in sustainability, the report suggests a noticeable gap between intent and action. Factors such as high prices, limited product information, and availability hinder the transition to sustainable choices, presenting a unique opportunity for businesses to educate consumers and innovate to offer sustainable products at attractive prices.

Motivations Behind Sustainable Choices:

The study reveals that consumers worldwide, including India, are primarily motivated by direct benefits such as savings and health when making sustainable choices. Quality, reusability, durability, and waste minimization are key factors influencing consumer preferences.

Barriers to Sustainable Choices:

Despite consumer willingness to pay a premium for sustainable products, barriers persist. In the US, for example, consumers are willing to pay an average premium of 11%, while the average premium for products marketed as sustainable is 28%. Similar trends are observed globally, with fast-growing markets displaying a higher willingness to pay.

Conclusion: Shaping a Sustainable Future

As global concerns about climate change and environmental sustainability intensify, the Bain & Company report emphasizes the imperative for businesses to actively align with consumer preferences. The findings not only highlight the challenges faced by businesses but also underscore significant opportunities for innovation and education in the consumer market, particularly in countries like India. Bridging the gap between intent and action, businesses can play a pivotal role in shaping a sustainable future by offering accessible and affordable eco-friendly products for all.

References: https://www.news18.com/business/60-businesses-off-track-to-meet-sustainability-goals-bain-company-report-8661988.html

https://www.business-standard.com/industry/news/60-pc-of-businesses-off-track-to-meet-sustainability-goals-bain-company-report-123111400629_1.html