SOCH 8th March

SOCH Synopsis of Current Headlines
23 January 2024
Synopsis of Current Headlines

SOCH is a daily PDF publication that simplifies current affairs
news articles, breaks down complex theories into easy-to-
understand explanations, and offers analysis. The content is
sourced from reputable newspapers like The Hindu, Business
Standard, and Business Line, providing readers with
comprehensive and summarized information.
Copyright Notice:
Please note that we do not hold the copyright for the
newspapers mentioned above. The content from these
newspapers is utilized solely for educational purposes, and we
do not claim ownership or copyright over their materials.
Join Our Telegram Channel:

For real-time updates, insights, and engaging discussions, join
our Telegram channel at t.me/studymaterialsace.
Page No 1
t.me/studymaterialace @StudyMaterials’Ace
23 January 2024
Krutrim Ventures into AI Race with Unique

Indian Data
Incorporating Indian Data for Enhanced Generative AI
- Introduction of Krutrim:
Krutrim, an AI venture co-founded by Bhavish Aggarwal of Ola, has entered the
competitive AI landscape dominated by tech giants like Google, Microsoft, and
OpenAI. What sets Krutrim apart is its extensive use of Indian data, particularly in
various Indian languages, for its Generative AI (GenAI) applications.
- Addressing Linguistic Diversity:

Unlike existing AI models primarily trained in English, Krutrim emphasizes India's
multicultural and multilingual context. By incorporating diverse datasets specific to
India, Krutrim aims to overcome the challenge of capturing the country's linguistic
richness.
- Ravi Jain's Insights:

Ravi Jain, head of strategy at Krutrim, highlights the significance of data diversity in
training AI models. He emphasizes how Krutrim's differentiation lies in the richness
and depth of languages incorporated, which will define the quality of its output
applications.
- Krutrim Models and Capabilities:

Krutrim encompasses a family of Large Language Models (LLMs), including Krutrim
Base and Krutrim Pro. These models boast multimodal capabilities, larger
knowledge bases, and technical advancements for inference. Trained on over 2
trillion tokens of text, Krutrim aims to deliver advanced conversational AI solutions
across multiple Indian languages.
Page No 2
23 January 2024
- Data Sources and Training Process:

Jain mentions that Krutrim's initial models were built using significant
representations of publicly available Indian data, including various languages found
on the web and in PDF formats. He underscores the importance of digitizing non-
digitized data, particularly in Indian languages, to enrich Krutrim's corpus and
improve model performance.
- Public Beta Testing and Future Plans:

Krutrim recently entered public beta testing, offering an AI chatbot accessible in
both English and Hindi. Bhavish Aggarwal highlights Krutrim's readiness to assist in
over 10 Indian languages, reaffirming its commitment to Indian values and data
integrity.
- Challenges and Improvements:

Despite its promising features, Krutrim has faced challenges, including occasional
incorrect responses. Aggarwal assures users of Krutrim's ongoing efforts to rectify
errors, acknowledging that generative models can make mistakes due to diverse
views present in public domain data.
- Ongoing Development:
Jain emphasizes Krutrim's continuous development, promising significant
improvements as the platform evolves. Despite occasional errors, Krutrim remains
committed to refining its AI capabilities to better serve users in Indian contexts.
Moody's Raises India's GDP

Growth Forecast to 8% for FY24
Government Expenditure and Domestic Consumption Drive
Growth
- Moody's Ratings revises India's GDP growth forecast for FY24 to

around 8% from the previous estimate of 6.6%, citing increased
government capital expenditure and strong domestic
consumption as key drivers.
- India stands to benefit from enhanced global trade and

investment opportunities, particularly as companies look to
diversify away from China.
- RBI Governor Shaktikanta Das expresses optimism about India's

economic growth surpassing the National Statistical Office's
Page No 3
23 January 2024
estimate of 7.6% for FY24, citing positive high-frequency indicators and momentum
in economic activity.
- Moody's report also projects an improved operating environment for banks in

India in 2024, supported by government capital expenditure and robust domestic
demand, which will bolster credit growth in the banking system.
- The report highlights expectations for banks' asset quality to continue improving,
driven by companies' deleveraging efforts and healthy credit metrics.
- Moody's maintains an overall stable outlook on the Asia-Pacific's banking systems,

with a negative outlook specifically on the banking systems of China and South
Korea.
- Banks in India are expected to maintain sufficient levels of loan-loss reserves,

ensuring stability and resilience in the banking sector.
Page No 4
23 January 2024
India's GDP Growth Driven by Intrinsic

Momentum, Says Chief Economic Adviser
Underlying Economic Strength Fuels Growth Despite One-off Factors
- Chief Economic Adviser V Anantha Nageswaran asserts that India's 8% growth last
quarter reflects more than just temporary factors, contrary to some economists'
concerns about slowing momentum.
- The unexpected 8.4% GDP surge was partly attributed to base effects related to
subsidies, particularly impacting the net indirect tax category, according to
Nageswaran.
- Despite the influence of these one-off boosts, sustained growth of around 8% in

the previous quarters, combined with positive high-frequency indicators, suggests
underlying momentum in the economy.
- Economists highlight the distortion in GDP data, pointing out that gross value
added, excluding net indirect taxes, provides a clearer picture of underlying
economic activity, showing a slowdown to 6.5% in the quarter.
- Nageswaran emphasizes that India's "optimal" GDP growth rate is 7%, but the
"desirable" rate is 8%, achievable through various economic reforms, including
labor and land policies.
- He believes that implementing these reforms, some of which are low-hanging

fruit, can sustainably push India closer to 8% growth.
- Nageswaran suggests that the government's official growth forecast of 7.6% for
the current financial year ending in March may be too conservative, indicating that
growth is likely to surpass this estimate, particularly challenging the 5.9% expansion
projected for the current quarter.
Page No 5
23 January 2024
Page No 6
23 January 2024
Federation of Indian Chambers of Commerce

and Industry (FICCI) and EY on the media and
entertainment sector provides valuable
insights into the industry's current state and
future trends. Here are some key
observations and trends highlighted in the
report:
1. Sector Growth: The media and entertainment sector in India continues to grow,
with a growth rate of over 8 percent, reaching a size of about ~2.3 trillion in 2023.
However, not all segments have grown at an even pace, with television, print, and
radio segments still below pre-pandemic levels. Digital media, online gaming, and
filmed entertainment are driving growth in the industry.
2. Driving Segments: Projections for 2023-26 suggest that segments like online
gaming, digital media, animation, and music will be key revenue drivers for the
industry. This trend reflects changing consumer preferences and increased internet
penetration in India.
3. Internet Penetration: Internet penetration increased by 8 percent to 938 million

subscriptions in December 2023. Indians are estimated to spend 4.8 hours daily on
their phones, with 50 percent of the time spent on social media and 28 percent on
entertainment and news.
4. Online Gaming: Online gaming experienced significant growth, expanding by 22

percent in 2023 and becoming the fourth-largest segment in the industry. The
number of online gamers exceeded 450 million, with 83 percent of revenue coming
from real money gaming.
5. Advertising Revenue: Advertising revenue in India remains low compared to

developed markets, estimated at 0.33 percent of GDP, compared to 0.6 to 1
percent in large developed markets. New-age media is driving revenue growth, with
digital advertising becoming increasingly popular among small-scale businesses.
6. Digital Dominance: Digital media is expected to overtake print and television in

terms of revenue by 2026. Large technology firms are projected to corner
incremental revenue in the industry.
Page No 7
23 January 2024
7. Challenges for Traditional Media: Traditional media faces the challenge of

remaining relevant in the digital age. Leveraging digital and social media platforms
effectively while maintaining reach is crucial for attracting revenue.
8. Policy Challenges: Policymakers need to ensure that digital platforms, including

social media giants, do not exploit user vulnerabilities and biases to push content
and advertising. Such practices can have negative long-term consequences for
society and the nation.
In summary, while the media and entertainment industry in India is experiencing

growth driven by digitalization and changing consumer preferences, there are
challenges such as low advertising revenue and the need for traditional media to
adapt to the digital landscape. Policymakers must also address issues related to
digital platforms to ensure a fair and transparent media environment.
Telegram Channel: @studymaterialace
Page No 8

SOCH 8th March

Uploaded by

Copyright:

Available Formats

SOCH 8th March

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

SOCH 8th March

Uploaded by

Copyright:

Available Formats

SOCH Synopsis of Current Headlines

Synopsis of Current Headlines

Join Our Telegram Channel:

Krutrim Ventures into AI Race with Unique

- Addressing Linguistic Diversity:

- Ravi Jain's Insights:

- Krutrim Models and Capabilities:

- Data Sources and Training Process:

- Public Beta Testing and Future Plans:

- Challenges and Improvements:

Moody's Raises India's GDP

- Moody's Ratings revises India's GDP growth forecast for FY24 to

- India stands to benefit from enhanced global trade and

- RBI Governor Shaktikanta Das expresses optimism about India's

- Moody's report also projects an improved operating environment for banks in

- Moody's maintains an overall stable outlook on the Asia-Pacific's banking systems,

- Banks in India are expected to maintain sufficient levels of loan-loss reserves,

India's GDP Growth Driven by Intrinsic

- Despite the influence of these one-off boosts, sustained growth of around 8% in

- He believes that implementing these reforms, some of which are low-hanging

Federation of Indian Chambers of Commerce

3. Internet Penetration: Internet penetration increased by 8 percent to 938 million

4. Online Gaming: Online gaming experienced significant growth, expanding by 22

5. Advertising Revenue: Advertising revenue in India remains low compared to

6. Digital Dominance: Digital media is expected to overtake print and television in

7. Challenges for Traditional Media: Traditional media faces the challenge of

8. Policy Challenges: Policymakers need to ensure that digital platforms, including

In summary, while the media and entertainment industry in India is experiencing

Telegram Channel: @studymaterialace

You might also like