Category Archives: Business & Economy

NATIONAL: Kolkata’s First Underwater Metro starts its trial run below bed of Hooghly

Tunnels under the bed of river Hooghly, running 32 metres below water level, are considered an engineering marvel; Metro station at Howrah too is deepest in the country; commercial services on the stretch expected to begin later this year .

Kolkata Metro on Wednesday achieved a new milestone when a Metro rake completed a journey under the bed of river Hooghly through a tunnel 32 metres below water level.  

“P. Uday Kumar Reddy, General Manager, Metro Railway, travelled from Mahakaran to Howrah Maidan station in Rake No. MR-612 to witness this historic event. This rake crossed river Hooghly at 11:55 hrs. H.N. Jaiswal Additional General Manager, Metro Railway and MD, KMRCL [Kolkata Metro Railway Corporation Limited] as well as other senior officers of Metro Railway and KMRCL accompanied him during this journey,” a press statement by Metro Railway, Kolkata said. General Manager Reddy offered puja at Howrah station once the Metro rake reached there, the statement added.

Describing the development as a “historic event’ Mr. Reddy informed that the trial runs from Howrah Maidan to Esplanade will be conducted for the next seven months and after that regular services on this stretch will begin. It is expected that commercial services on this stretch will begin this year. 

Two Metro rakes had been taken to Howrah Maidan station from Esplanade station, for the trial runs along the 4.8-km underground section from Howrah Maidan to Esplanade. Tunnels under the bed of river Hooghly, 32 metres below the water level, are considered an engineering marvel and are part of East West Metro Project that aims to connect Howrah Maidan with Rajarhat along the 16.6-km route. The process of laying the tunnel was completed in 2017. The underwater tunnels will connect Kolkata and Howrah with a Metro station at Howrah which will be the deepest Metro station (33 metres below surface) of the country. The Metro is expected to cover the 520-metre stretch under the river Hooghly in a span of 45 seconds.

At present about 9.1 km of the East West Metro line from Salt Lake Sector V to Sealdah is operational. Services of East West Metro Railway was started in phases with first phase in February 2020 and the latest in July 2022.

source/content: thehindu.com (headline edited)

NATIONAL: ONLINE BUSINESS : India Records Over 100 million New Online Shoppers between 2020 and 2022

The Covid-19 epidemic has affected consumers’ choices as well as their shopping habits.

Between 2020 and 2022, India’s e-commerce sector saw an extraordinary rise in the number of first-time online customers, and this trend is anticipated to persist in the years to come. Between 2020 and 2022, India saw an increase of 101 million new online shoppers as a result of the rapid adoption of e-commerce.

As a result, by the end of 2022, there were approximately 230 million online shoppers in India, making up almost 36 per cent of all Internet users.

According to a Boston Consulting Group (BCG) and Matrix Partners India report, there are some interesting facts about the rising popularity of e-commerce among Indians, how the Covid-19 pandemic period affected consumers’ shopping habits before and after it, and the top industries that will dominate online retail by 2025.

E-commerce sites like Amazon and Flipkart are doing everything in their power to attract more customers by regularly offering credit/debit card incentives and steep product discounts. By the end of 2025, this would increase the number of online shoppers in India to close to 350–400 million, adding 50 million new customers.

Bain & Company’s projection from the middle of 2020 is slightly higher than the total number of Indians predicted to make online purchases by 2025.

The report also emphasises how social media and other video apps have grown in importance in driving the expansion of online shopping in India.

It is important to note that almost 50 per cent of all online consumers, or 320 million people, are considered to be members of the “Digitally influenced” demographic, which includes people who primarily utilise social media and video apps for both amusement and product research.

Indians spend far more money on average while purchasing online than they did in the past. Prior to the epidemic, between 2016 and 2020, India’s internet retail consumption increased yearly by less than US $ 10 billion. Nonetheless, during the Covid-19 pandemic and afterward, there will be a surge in annual online spending.

Internet spending in India increased by US $ 21 billion from 2020 to close to US $ 32–US $ 40 billion in 2021. In 2022, this amount is projected to rise to US $ 50 to US $ 55 billion, an increase of US $ 16 billion from the current year.

By 2025, it is anticipated that the fashion and apparel category would account for between 25 per cent and US $ 160 billion in online retail sales. However, the percentage of spending in 2025 is a little lower than it was in 2015, when fashion and clothing accounted for 27 per cent of the US $ 10–13 billion in total online retail spending.

One-fifth to one-half of India’s US $ 50 billion to US $ 55 billion in online retail sales in 2021 came from the fashion and apparel sector. This was primarily due to the fact that the country was placed under lockdown in 2021 when the spread of Covid-19 reached its apex. Hence, there was no incentive to buy clothing or other items of fashion.

source/content: apparelresources.com (headline edited)

INTERNATIONAL: SPACE /SCIENCE & TECHNOLOGY: 11 Teams to Represent India at the ‘NASA Human Exploration Rover Challenge 2023’ in the U.S this month.

At the NASA Rover Challenge 2023 these teams will compete against 61 others selected worldwide for the 3-day contest to be held from April 20-22.

11 Indian teams including three high school groups will participate in the prestigious ‘NASA Human Exploration Rover Challenge’ (HERC) 2023 in the  United States this month. These teams are among 61 others worldwide that will represent India at the international level and will travel to the American agency’s space & rocket centre in Huntsville, Alabama, US to take part in the three day competition from April 20-22.

The HERC Challenge demands teams to design, develop, build, and test human-powered rovers capable of traversing challenging terrain and a task tool for completion of various mission tasks, NASA explained, giving an overview about the competition.

The list of Indian teams participating this year:

Amity University, Noida, Uttar PradeshCollege/University
Birla Institute of Technology and Science, Pilani, Pilani, RajasthanCollege/University
Hindustan Institute of Technology and Science, Chennai, Tamil NaduCollege/University
KIET Group of Institutions, Ghaziabad, Uttar PradeshCollege/University
Prayatna Charitable Trust, Ahmedabad, GujaratHigh School
Punjab Engineering College, Chandigarh, PunjabCollege/University
Shiv Nadar University, Gautam Buddha Nagar, Uttar PradeshCollege/University
Tec Mantra Labs, Kurukshetra, HaryanaHigh School
Vellore Institute of Technology, Chennai, Tamil NaduCollege/University
Vellore Institute of Technology, Vellore, Tamil NaduCollege/University
Young Tinker Educational Foundation, Bhubaneswar, OdishaHigh School

Of these, VIT, Vellore, Chennai, HITS, Chennai, BITS Pilani, Rajasthan and Amity Noida, KIET Group of Institutions, Uttar Pradesh featured in the 2022 challenge as well.

Releasing a list of selected teams in October last year(full list here), NASA announced that these teams would be judged based on their ability to design and assemble a rover to traverse a course of approximately half-mile that includes 10 obstacles and 5 tasks with a simulated field of asteroid debris, boulders, erosion ruts, crevasses, and an ancient streambed. “As part of the competition, rover entries are tested to ensure they would fit into a lander storage area, a maximum 5 feet long by 5 feet tall by 5 feet in volume,” NASA said.

The weight and time criteria encourages teams to build their vehicles around its compactness, light weight, high performance, and efficiency. Teams must make real-time decisions on mission objectives – what to attempt or leave behind, driven by limited virtual oxygen supply lasting 8 minutes. The teams earn points on successful completion of these tasks and the one with the highest number of points throughout the project wins the game in each category (high school/college and universities).

Even though Indian teams did not win the overall prize in either category last year, the students are hopeful for international recognition with larger participation this year.

Akanksha Das, a member of one of the participating teams, Young Tinker Educational Foundation, expressing her enthusiasm about the contest, told news agency ANI, “…We sent a proposal to Nasa and they accepted our proposal and we followed all the guidelines. We created a lightweight Rover. In the last edition we got world rank 3, this year we hope to bring 1st position in world rank.”

source/content: hindustantimes.com (headline edited)

INTERNATIONAL AWARD : STATISTICS : Indian-American Calyampudi Radhakrishna Rao (C.R. Rao) Wins Top Statistics Award, the ‘ 2023 International Prize in Statistics ‘ – a look back at his pioneering work

Indian-American statistician Calyampudi Radhakrishna Rao has been awarded statistics’ equivalent of the Nobel Prize.

The Indian-American statistician Calyampudi Radhakrishna Rao has been awarded the 2023 International Prize in Statistics, which is statistics’ equivalent of the Nobel Prize. It was established in 2016 and is awarded once every two years to an individual or team “for major achievements using statistics to advance science, technology and human welfare.”

Prof. Rao, who is now 102 years old, is a ‘living legend’ whose work has influenced, in the words of the American Statistical Association, “not just statistics” but also “economics, genetics, anthropology, geology, national planning, demography, biometry, and medicine”. The citation for his new award reads: “C.R. Rao, a professor whose work more than 75 years ago continues to exert a profound influence on science, has been awarded the 2023 International Prize in Statistics.”

What was Rao’s 1945 paper about?

Rao’s groundbreaking paper, ‘Information and accuracy attainable in the estimation of statistical parameters’, was published in 1945 in the Bulletin of the Calcutta Mathematical Society, a journal that is otherwise not well known to the statistics community. The paper was subsequently included in the book Breakthroughs in Statistics, 1890-1990.

This was an impressive achievement given Rao was only 25 at the time and had just completed his master’s degree in statistics two years prior.

He would go on to do his PhD in 1946-1948 at King’s College, Cambridge University, under the supervision of Ronald A. Fisher , widely regarded as the father of modern statistics.

The Cramér-Rao inequality is the first of the three results of the 1945 paper. When we are estimating the unknown value of a parameter, we must be aware of the estimator’s margin of error. Rao’s work provided a lower limit on the variance of an unbiased estimate for a finite sample. The result has since become a cornerstone of mathematical statistics; researchers have extended it in many different ways, with applications even in quantum physics, signal processing, spectroscopy, radar systems, multiple-image radiography, risk analysis, and probability theory, among other fields.

In an article published in the journal Statistical Science in 1987, the American statistician Morris H. DeGroot set out an intriguing story (corroborated by Rao’s own account) of how Rao arrived at the lower limit. Prof. Fisher had already established an asymptotic (i.e. when the sample size is very large) version of the inequality, and it seems a student had asked Rao, “Why don’t you prove it for finite samples?” in 1944. A then-24-year-old Rao did so in under 24 hours!

The second outcome of the 1945 paper was the Rao-Blackwell Theorem, which offers a method to improve an estimate to an optimal estimate. The Rao-Blackwell theorem and the Cramér-Rao inequality are both related to the quality of estimators.

A new interdisciplinary area called ‘information geometry’ was born as a result of the paper’s third finding. This field integrated principles from differential geometry into statistics, including the concepts of metric, distance, and measure. Erich L. Lehmann, a renowned statistician, said in 2008 that “this work [of Rao’s] was before its time and came into its own only in the 1980s”.

So overall, Rao’s 1945 paper made an outstanding contribution, boosting the development of modern statistics and its widespread application in modern research. In a 2008 book, Reminiscences of a Statistician: The Company I Kept, Lehmann also discussed the generative nature of the paper – i.e. the goldmine of insights that it was – and acknowledged that “several of my early papers grew out of Rao’s paper of 1945”.

How did Rao enter the field of statistics?

The Australian statistician Terry Speed claimed that the “1940s were ungrudgingly C.R. Rao’s. His 1945 paper … will guarantee that, even had he done nothing else – but there was much else.”

Indeed, one of Rao’s papers in 1948 offered a novel generic approach to testing hypotheses, now widely known as the “Rao score test”. In fact, the three test procedures – the likelihood ratio test of Jerzy Neyman and E.S. Pearson (1928), the Wald test (1943) of Abraham Wald, and the Rao score test (1948) – are sometimes called “the holy trinity” of this branch of statistics.

Rao also contributed to orthogonal arrays, a concept in combinatorics that is used to design experiments whose results are qualitatively good, as early as 1949. A 1969 Forbes article described it as “a new mantra” in industrial establishments.

Given the magnitude and relevance of his contributions, it might seem surprising that Rao entered the field of statistics by chance.

Despite scoring first in mathematics at Andhra University, a 19-year-old Rao didn’t secure a scholarship there for administrative reasons. He was also rejected for a mathematician’s job at an army survey unit because he was judged to be too young.

When he was staying at a hotel in Calcutta, he met a man who was employed in Bombay and had been sent to Calcutta to be trained at the Indian Statistical Institute. He asked Rao to apply to the institute as well. Rao did so, for a year-long training programme in statistics, hoping the additional qualification would help him land a job.

P.C. Mahalanobis, then director of the institute, replied promptly and Rao was enrolled. That marked the beginning of a four-decade-long stay at the institute. Rao retired in 1979 and afterwards settled in the U.S.

The first half of the 20th century was the golden period of statistical theory in general, and Rao is undoubtedly one of the reasons for this being the case, thanks to his mathematical ingenuity. In the words of the late mathematician Samuel Karlin, Rao’s contributions to statistical theory have “earned him a place in the history of statistics”.

Indian statisticians also owe Prof. Rao gratitude for his enormous contributions to the growth of statistics in the country, notably at the Indian Statistical Institute (where this author works). As Lehmann wrote, Rao was “the person who did the most to continue Mahalanobis’s work as a leader of statistics in India.”

Atanu Biswas is professor of statistics, Indian Statistical Institute, Kolkata.

source/content: thehindu.com (headline edited)

GLOBAL: ECONOMY: India, China to Account for Half of Global Economic Growth in 2023: International Monetary Fund (IMF)

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth.

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.

International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia’s military invasion of Ukraine would continue this year.

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, “our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades,” she said.

“Some momentum comes from emerging economies — Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb,” she explained.

“After a strong recovery in 2021 came the severe shock of Russia’s war in Ukraine and its wide-ranging consequences — global growth in 2022 dropped by almost half, from 6.1 to 3.4 per cent,” Georgieva said.

Georgieva said slower growth would be a “severe blow,” making it even harder for low-income nations to catch up.

“Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,” she explained.

Her comments come ahead of next week’s spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy’s most pressing issues.

The annual gathering will take place as central banks around the world continue to raise interest rates to tame galloping inflation rates.

About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said.

For low-income countries, higher borrowing costs come at a time of weakening demand for their exports, she said.

Georgieva added that while the global banking system had “come a long way” since the 2008 financial crisis, “concerns remain about vulnerabilities that may be hidden, not just at banks but also non-banks.

“Now is not the time for complacency.”

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: India Elected to ‘UN Statistical Commission’ for 4-year Term Beginning January 01, 2024

External Affairs Minister said the country’s expertise in the field of statistics, diversity and demography had earned it the seat .

India has been elected to the highest statistical body of the United Nations for a four-year term beginning January 1, 2024.

External Affairs Minister S. Jaishankar tweeted, “Congrats Team @IndiaUNNewYork for coming through so strongly in a competitive election,” he said. India secured 46 out of 53 votes in the election to the UN Statistical Commission election.

Mr. Jaishankar said India’s expertise in the field of statistics, diversity and demography had earned it the seat on the UN Statistical Commission.

source/comment: thehindu.com (headline edited)

INTERNATIONAL: INDIA GLOBAL: AUTOMOBILE:  TVS Motor Company arm to buy 25% stake in Germany’s Killwatt GmbH

The shares are acquired at cash consideration of €235.29/share, translating to a total of nearly €2 mn or ₹18 cr.

TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components start-up Killwatt GmbH.

TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing. The shares are acquired at cash consideration of €235.29 per share, translating to a total of nearly €2 million (nearly ₹18 crore).

Killwatt’s business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.

“Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions,” TVS Motor Company said.

The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.

TVS Motor recorded a 1.97 per cent decline in sales in February with 2,76,150 units sold. The company had sold 2,81,714 units during the corresponding month of last year.

source/content: thehindubusinessline.com (headline edited)

NATIONAL: MANUFACTURING / DEFENCE EXPORTS: India’s defence exports rise ten-fold in six years, reach all-time high of Rs 15,920 crore

The Ministry of Defence in a statement said India is now exporting to over 85 countries.

India’s exports of arms and equipment have touched a new high with an increase of more than Rs 3,000 crore in the last financial year.

Defence Minister Rajnath Singh on Saturday tweeted, “India’s defence exports have reached an all-time high of Rs 15,920 crore in FY 2022-2023. It is a remarkable achievement for the country.”

Defence exports have risen by over 10 times since 2016-17. India’s defence exports in the FY 2021-22 were Rs 12,814 crore. The figures for exports in FY 2017-18 were Rs 4,682 crore and it rose to Rs 10,745 crore in 2018-19. Exports in the year 2019-20 and 2021-22 were Rs 9,115 crore and Rs 8,434 crore respectively.

Prime Minister Narendra Modi applauded the rise in defence exports. “Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our government will keep supporting efforts to make India a defence production hub,” Modi tweeted.

The Ministry of Defence in a statement said India is now exporting to over 85 countries. “Indian industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present,” it said.

Enumerating the systems, equipment, missiles and ammunitions being exported, the MoD listed “major platforms like Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms. There is growing global demand of LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities etc.”

To give a push to defence exports, the MoD said, “The government has taken a number of policy initiatives and brought reforms over the last 5-6 years. Export procedures have been simplified and made industry friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business. The government has notified three Open General Export License (OGEL) for export of Parts and Components/Transfer of Technology/Major Platforms and Equipment.”

OGEL is a one-time export license, which permits the industry to export specified items to specified destinations, without seeking export authorisation during the validity of the OGEL.

The export figures are significant given India’s dependence on imported arms and equipment.

A report released by Sweden-based Stockholm International Peace Research Institute (SIPRI) in March found that India was on top among the five largest arms importers during 2018–22, followed by Saudi Arabia, Qatar, Australia and China.

source/content: newindianexpress.com (headline edited)

WORLD RECORD: TRANSPORTATION INFRASTRUCTURE: World’s Tallest Pier Railway Bridge to be part of Jiribam-Imphal railway project

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project.

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project which has already achieved physical progress of 93.30 per cent, officials said on Sunday.

With the completion of the 111-km-long Jiribam-Imphal railway project by December this year, Manipur capital would come onto the Indian Railways network, making Imphal the fourth capital city in the northeastern region to have a rail link.

Northeast Frontier Railway’s (NFR) Chief Public Relations Officer Sabyasachi De said that the Rs 14,322 crore project is one of the crucial connectivity projects for the northeastern region and it is at an advanced stage of completion.

He said that construction of the railway project involves multiple tunnels and bridges in tough terrain with the total length of tunnels in this project being 61.32 km, out of which 59.11 km of tunneling work has already been completed.

The project would have total 11 major bridges and 137 minor bridges, out of which work for five major bridges and 101 minor bridges have been completed so far.

The section from Jiribam to Khongsang has already been commissioned earlier for train service.

After completion of the entire project, the present road journey time of about 10 hours to reach Imphal from Jiribam would be reduced to 2.5 hours by railways.

The NFR has been putting their full effort by working 24X7 for the completion of this project dealing with all the challenges including heavy rainfall and other logistic hindrances, De said.

The CPRO said that the Jiribam-Imphal rail project would provide enhanced connectivity to the people of Manipur, help grow small scale industries in the area and boost tourism of the state.

It would also help in receiving essential commodities faster by the state and help the state local producers to export their products outside the state faster.

The economy of the state would receive a boost, the official stated.

Assam’s main city of Guwahati (adjoining capital Dispur), Tripura capital Agartala and Arunachal Pradesh’s Naharlagun (adjacent to capital city Itanagar) are already on the railway network.

source/content: maritimegetaway.com (headline edited)

NATIONAL: SCIENCE & TECHNOLOGY / COMMUNICATIONS: For the 1st time in India, Raman Research Institute Researchers Successfully Demonstrate Secure Communication between Stationary Source and Moving Receiver using Quantum Key Distribution (QKD)

The technology could help India design secure communication channels, especially for defence and strategic purposes, enhance cyber security and make online transactions safer.

For the first time in India, researchers at the Raman Research Institute (RRI) have successfully demonstrated secure communication established between a stationary source and a moving receiver using Quantum Key Distribution (QKD).

Prof. Urbasi Sinha, who led the team of researchers, said that this breakthrough demonstration could pave the way for ground-to-satellite-based secure quantum communication.

The successful experimental demonstration, which was performed at the institute in March, could also help India design and provide secure communication channels, especially for defence and strategic purposes, enhance cyber security and make online transactions safer.

In order to achieve this feat, Prof. Sinha and her team at the Quantum Information and ComputingI (QuIC) lab deployed an indigenously deployed Pointing, Acquisition and Tracking (PAT) system.

This PAT system assisted the ground-based source in tracking the moving receiver, in this case, a terrestrial vehicle, a few metres apart.

Prof Sinha added that the present demonstration is in continuation to the QuIC lab’s February 2021 demonstration of QKD between two buildings using an atmospheric free space channel.

“Just like our team achieved the first secure quantum communication between two buildings for the first time in India, we are equally delighted to be the first Indian team to achieve secure quantum communication between a stationary source and a moving platform, a critical milestone in our quest towards satellite-based quantum communications,” Prof Sinha added.

Relevance of quantum technology

While present-day classical cryptography follows the encryption and decryption of messages, its security gets challenged by quantum computers and other revolutionary algorithmic breakthroughs.

According to RRI, the obvious solution then is to use quantum cryptography.

“Security based on laws of quantum mechanics is a paradigm change from the current means of security based on mathematical hardness of problems. Quantum Key Distribution is currently the most secure means of facing any threats from algorithmic breakthroughs in classical computing as well as the advent of quantum computers,” Prof Sinha said, sharing the relevance of quantum technology in the increasing online mode of transactions.

This research by Prof Sinha’s team is part of Quantum Experiments using Satellite Technology (QuEST), for which RRI has been collaborating with the U.R. Rao Satellite Centre of Indian Space Research Organisation (ISRO) since 2017.

source/content: thehindu.com (headline edited)