Indian AI, Stripe, Adani group, Tata GenAI projects, RBI Gold, etc.

Author

Vaishali Sharma
June 01, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

Market Briefs

Main Briefs

Indian AI Firms Brace for New EU Regulatory Hurdles

  • EU AI Act will increase compliance burdens and costs for Indian AI startups in the EU.

  • Act applies to all AI systems in the EU market, regardless of the company's location.

  • Compliance timelines vary: general AI systems have a year, high-risk systems up to three years.

  • Immediate risk assessments required, with potential fines for non-compliance.

  • Measures like sandboxing and reduced fees aim to support startups.

  • Indian companies like Yellow AI, Sigtuple, Qure AI, and Cropin AI operate in the EU market.

  • Experts highlight the need for Indian startups to prepare for increased costs and customizations.

  • New Indian regulations, like the Digital India Act, may follow EU’s lead in AI governance.

  • Global implications as other countries observe the EU's regulatory impact on AI innovation.

Briefs, You Can’t Miss:

  1. PhonePe Introduces Comprehensive Loan Services Including Mutual Fund, Gold, and Education Loans.

  2. Talks on Renewable Energy: Gautam Adani Meets with Japanese Envoy Hiroshi Suzuki.

  3. Adani Group’s FY24 Profit Up by 55%, Sets Sights on $90 Billion Investment.

  4. April Brings 6.2% Increase in India’s Core Sector Growth.

  5. $2 Billion Decrease in India’s Forex Reserves from All-Time High.

  6. Adani Group Stocks See 13% Increase Due to Higher Volumes.

  7. Oswal Pumps Prepares Rs 2,000 Crore IPO to Boost Solar Pump Production.

  8. TCS Chairman Highlights Need for Reskilling as AI Boosts Productivity and Causes Job Losses.

  9. Canara Bank Announces 14.50% Stake Dilution in Canara HSBC Life Insurance via IPO.

  10. Massive Gold Transfer: RBI Moves 1 Lakh Kg from UK to India.

  11. Stripe Shifts to 'Invite Only' Model in India Due to Regulatory Changes.

  12. Over 100 GenAI Projects Underway at Tata Group Led by TCS: N Chandrasekaran.

World Briefs

  • Blackstone Plans $1.7 Billion Acquisition of Japanese Manga Company.

  • US Implements Slower AI Chip Exports to Middle East by Nvidia and AMD.

  • WeWork Set to Leave Bankruptcy and Reduce Debt by $4 Billion.

  • Apple May Reveal AI Notification Summary and Conversational Siri Voice at WWDC 2024.

AI Briefs

  • Google’s AI Overviews in Beta Testing, Company Seeks User Feedback for Improvements.

  • ElevenLabs Debuts Innovative AI Tool to Create Sound Effects.

  • Hugging Face Reports Unauthorized Access to AI Model Hosting Platform.

  • AI-Powered Search for Customized Content Recommendations Arrives on Amazon Fire TV.

  • Enhanced Response Accuracy in Claude-3 AI Models with Anthropic’s ‘Tool Use’.

Company Of The Day

Company Name: Stripe

Founder: John Collison, Patrick Collison

Year Of Foundation: 2010

Headquarter: South San Francisco, California, United States

Industry: Stripe is an API technology company that provides online payment processing and commerce solutions for Internet businesses.

Why Is It in the News?

Stripe India closes signup for new businesses, it’s now invite-only.