According to Harbir K Bhatia, CEO of the Silicon Valley Central Chamber of Commerce, Indians play a crucial role in driving innovation in Silicon Valley, and the tech industry in America heavily relies on their contributions. While specific figures may not be available, Bhatia emphasized the significant impact Indians have as contributors to the tech sector.

“India(ns) are one of the largest leaders of innovation in Silicon Valley. At one point, the data was collected (according to which) 40 per cent of Silicon Valley CEOs or founders were from South Asia or India. That is so huge,” she said.

Located in Santa Clara, the hub of Silicon Valley, the Chamber of Commerce is made up of a group of visionary business leaders from multiple cities that help grow and shape the future of Silicon Valley.

“Here you get to bring your whole self to work and have the opportunity to be creative, to be all that you want to be without the worry of your color, of your skin, the religion you practice, the caste, the culture, anything,” she said.

Bhatia said Indians bring some of the best values like hard work and productivity to the work.

“I can tell you this, if you get a 98 per cent in school, your mom and papa will always tell you, ‘but why didn’t you get a hundred per cent?’ That’s our culture. That’s who we are. It’s never enough, and that craving and that aspiration is what separates us (from others),” Bhatia said.

“I’m not saying other ethnicities don’t believe this way, but as being one of the largest populations on the planet, this is something that is part and parcel of who we are…,” she said.

Bhatia said Indians are heading all the major corporations like Google, YouTube, Google Foundation, and Microsoft.

“They’re either at the CXO (Chief Experience Officer) level or they’re the CEOs. That doesn’t happen by chance,” she said.

More than 185,000 companies were registered in the country last fiscal, higher than the count recorded in the year-ago period, and nearly 16,600 companies were set up in March this year, according to official data. As per the data, 159,524 companies were registered with a collective paid-up capital of Rs 18,132.16 crore in 2022-23.

At the end of March 2024, the country had a total number of 2,663,016 companies and out of them, 1,691,495 companies or 64 per cent were active. As many as 931,644 registered companies were closed, 2,470 were dormant entities and 10,385 companies were under liquidation. A total of 27,022 companies were under the process of being struck off from official records.

During FY 2023-24, a total of 185,312 companies were registered with a collective paid-up capital of Rs 30,927.40 crore, according to the corporate affairs ministry’s information bulletin for March. Out of them, 71 per cent were in the services sector, followed by 23 per cent in the industrial segment and 6 per cent in agriculture. “Broader economic activity-wise classification reveals that community, personal and social services observed the highest rise of 11 per cent in the service sector as compared with FY 2022-23,” it said.

The ministry is implementing the Companies Act, 2013. In terms of states, 17.6 per cent of the new companies were set up in Maharashtra in 2023-24. “There is an increase of 0.10 per cent in the total proportion of active companies w.r.t registered companies when compared to February 2024,” the bulletin said.

As on March 31, 2024, there were a total of 5,164 foreign companies registered in the country and out of them, 3,288 companies or 64 per cent were active. In March, the bulletin said 42,041 Director Identification Numbers were registered.

“Out of the total number of directors registered in India in March 2024, 67 per cent were male and the remaining 33 per cent were female… 43 per cent of newly registered directors belong to the age group of 31-45 years. “Furthermore, 7 per cent of the new director registrations were older than 60 years,” the bulletin said.

Legendary investor and Berkshire Hathaway Chairman and CEO Warren Buffett recently made headlines for his dual focus on India’s economic potential and concerns regarding the ramifications of generative AI.

At Berkshire Hathaway’s annual meeting, Buffett expressed bullish sentiments about India, citing numerous untapped opportunities within the country’s market. While Berkshire Hathaway has yet to make specific moves in India, Buffett hinted at future investments, noting the company’s global reputation and its potential advantage in navigating Indian markets.

Buffett’s optimism aligns with India’s robust economic performance, with GDP growth reaching 8.4% in the latest quarter, maintaining its position as the fastest-growing major economy. Projections from the International Monetary Fund also underscore India’s continued growth trajectory, further bolstering investor confidence.

However, amidst discussions on economic prosperity, Buffett shared apprehensions about the advancement of AI technology. Despite acknowledging its importance, Buffett likened AI to a powerful genie released from the bottle, drawing parallels to the development of nuclear weapons. He highlighted the potential for AI to be misused, recounting an unsettling experience with AI-generated content mimicking his appearance and voice.

Reflecting on historical precedents, Buffett cautioned against the unchecked proliferation of AI, drawing comparisons to the decision to test nuclear weapons during World War II. He stressed the need for regulatory oversight and responsible utilization of AI to mitigate potential risks to society.

In balancing optimism for India’s economic future with concerns over AI’s impact, Buffett’s insights underscore the importance of strategic foresight and ethical considerations in navigating the evolving landscape of global investment and technological advancement.

Adani Energy Solutions Ltd (AESL) reported a 13.26% decline in its consolidated net profit to Rs 381.29 crore for the quarter ended March 2024, attributed to increased expenses, down from Rs 439.60 crore in the same period of the preceding financial year. For the entire fiscal year 2024, the company’s net profit stood at Rs 1195.61 crore, down from Rs 1280.60 crore in FY 23. However, AESL witnessed a significant surge in total income during Q4, reaching Rs 4,855.18 crore compared to Rs 3,494.84 crore a year ago. Similarly, for FY 24, total income rose to Rs 17,218.31 crore from Rs 13,840.46 crore in FY 23. Expenses also saw a corresponding increase, reaching Rs 4,358.83 crore in Q4 and Rs 14,978.74 crore for FY 24.

According to AESL, the revenue growth was driven by contributions from newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines, and increased unit sales due to higher energy consumption in the distribution business at Mumbai and Mundra.

AESL’s Managing Director, Anil Sardana, highlighted the company’s progress in commissioning new lines and tapping market opportunities within the energy sector. The company achieved an Environmental, Social, and Governance (ESG) score of 25.3 from Sustainalytics, positioning it among the top 20 electric utilities globally.

In FY 24, AESL commissioned several key transmission projects, including the 765 kV Warora-Kurnool transmission line and the 765 kV KBTL (Khavda Bhuj line). Additionally, the distribution business, AEML, invested over Rs 1,334 crore in capital expenditure and reduced long-term debt by Rs 855 crore through a bond buyback program. AEML’s energy sales increased to 9,916 million units, attributed to an uptick in energy demand. The company also improved its distribution loss, which stood at 5.29% in FY 24 compared to 5.93% in FY 23.

Notably, AESL secured contracts for 21 million smart meters from various DISCOMs, with an under-implementation pipeline of 22.8 million smart meters. In transmission, AESL operationalized 1,244 circuit km during FY 24, ending with a total transmission network of 20,509 circuit km.

As part of the Adani Group, AESL maintains a significant presence across 17 states in India, boasting a cumulative transmission network of 20,509 circuit km and 57,011 MVA transformation capacity. AESL’s strategic investments in transmission and distribution infrastructure, coupled with efforts to enhance operational efficiency, reflect its commitment to meet the evolving energy needs of India.

The company’s focus on expanding its smart metering capabilities and reducing distribution losses underscores its dedication to sustainable growth. Despite facing challenges such as increased expenses and a decline in net profit, AESL remains optimistic about its prospects, driven by a robust revenue growth trajectory. With a strong presence across multiple states and a comprehensive transmission network, AESL continues to play a pivotal role in India’s energy landscape, ensuring reliable power supply nationwide.

Miami-based chief executive Onur Aksoy has been sentenced to over six years in prison for orchestrating a counterfeit Cisco equipment scam. Operating through 19 companies, Aksoy sold fake Cisco products valued at over $1 billion from 2013 to 2022. The scheme involved distributing counterfeit networking gear on online platforms like Amazon and eBay. The fake equipment infiltrated critical infrastructure, including sensitive US government systems used by the military, schools, and hospitals. Despite detection in 2014, Aksoy continued his fraudulent activities, sourcing supplies from Chinese vendors. The sentencing includes a $100 million restitution payment to Cisco and other victims.

Cisco’s challenges with counterfeit operations have been compounded by disruptions in its supply chain, leading to recent layoffs affecting approximately 5% of its global workforce.

The sentencing of Onur Aksoy sheds light on the pervasive issue of counterfeit products infiltrating critical infrastructure and jeopardizing national security. Aksoy’s elaborate scheme, which spanned nearly a decade, underscores the sophisticated nature of modern counterfeit operations and their potential to cause significant harm.

By distributing fake Cisco products valued at over $1 billion, Aksoy not only defrauded customers but also compromised the integrity of vital systems used by government agencies, military branches, schools, and hospitals. The infiltration of counterfeit networking gear into these sectors posed serious risks, ranging from operational disruptions to potential security breaches.

Despite being detected by US authorities and Cisco in 2014, Aksoy brazenly continued his fraudulent activities, highlighting the challenges in combating counterfeit operations effectively. His persistence underscores the lucrative nature of counterfeit trade and the lengths to which perpetrators will go to evade detection and prosecution.

The sentencing of Aksoy sends a strong message about the consequences of engaging in counterfeit activities. With restitution payments totaling $100 million and a prison term exceeding six years, Aksoy is being held accountable for the extensive damage caused by his fraudulent enterprise. This case serves as a warning to other individuals and entities involved in counterfeit operations that they will face severe legal repercussions.

Furthermore, Cisco’s experience with counterfeit operations highlights the broader challenges faced by companies in safeguarding their supply chains. Disruptions in the supply chain, whether due to counterfeit products or other factors, can have far-reaching implications for businesses, including financial losses, reputational damage, and regulatory scrutiny.

Cisco’s decision to downsize its workforce, announced earlier this year, reflects the company’s efforts to adapt to evolving market dynamics. Like many other tech companies, Cisco is navigating a rapidly changing landscape shaped by technological advancements and market shifts.

The emphasis on artificial intelligence and other emerging technologies underscores the need for companies to remain agile and innovative in order to stay competitive.

Overall, the sentencing of Onur Aksoy and the broader implications for Cisco underscore the importance of robust measures to combat counterfeit operations and safeguard critical infrastructure. This case serves as a reminder of the ongoing threat posed by counterfeit products and the importance of collaboration between law enforcement agencies, industry stakeholders, and technology companies to address this issue effectively.

As companies continue to innovate and evolve, it is essential to prioritize the integrity and security of supply chains to protect consumers, businesses, and national interests from the risks associated with counterfeit trade. Through concerted efforts and vigilance, stakeholders can work together to mitigate the impact of counterfeit operations and uphold the integrity of global commerce.

CleverTap, a prominent customer engagement and retention platform, has launched Clever.AI, an AI engine aimed at helping brands achieve higher conversion rates and operational efficiency. Built on Predictive, Generative, and Prescriptive AI pillars, Clever.AI enables brands to anticipate customer needs, deliver emotionally resonant content, and provide actionable recommendations in real-time. Brands utilizing Clever.AI have reported a significant increase in conversion rates, operational efficiency, and click-through rates. With endorsements from leading brands like Touch ‘n Go, Swiggy, and Burger King, Clever.AI is set to revolutionize customer engagement strategies.

CleverTap will showcase its new AI capabilities during its Spring Release ‘24 event. CleverTap, a leading player in the customer engagement and retention space, has introduced Clever.AI, an artificial intelligence (AI) engine designed to revolutionize how brands interact with their customers. The launch of Clever.AI marks a significant milestone in CleverTap’s journey towards providing cutting-edge solutions to enhance customer engagement and drive business growth.

Clever.AI is built on three core AI pillars: Predictive, Generative, and Prescriptive. These pillars empower brands with advanced AI capabilities to better understand their customers and deliver personalized experiences at scale.

The Predictive AI capabilities of Clever.AI enable brands to forecast precise business outcomes by leveraging data insights. By analyzing vast amounts of customer data, Clever.AI can anticipate customer needs and behavior patterns, allowing brands to tailor their marketing strategies accordingly. This predictive approach not only enhances the effectiveness of marketing campaigns but also improves overall marketing return on investment (ROI).

With its Generative AI capabilities, Clever.AI brings creativity and emotional intelligence to customer engagement. By crafting content that resonates with customers on a human level, brands can drive higher conversion rates and foster deeper connections with their audience. This empathetic approach to customer engagement is essential in today’s competitive landscape, where personalized experiences are increasingly valued by consumers.

Furthermore, Clever.AI’s Prescriptive AI capabilities provide brands with actionable recommendations to optimize customer interactions throughout the entire customer journey. By identifying the most effective engagement strategies in real-time, Clever.AI helps brands maximize conversions and enhance customer satisfaction.

The launch of Clever.AI has already delivered tangible results for brands across various industries. With Clever.AI, brands have reported a 66% increase in conversion rates, a 35% boost in operational efficiency, and a remarkable 3x improvement in click-through rates (CTRs). These impressive outcomes underscore the transformative impact of Clever.AI on customer engagement and business performance.

Customer testimonials further validate the effectiveness of Clever.AI in driving tangible business outcomes. Peter Takacs, Digital Product Manager at Burger King, praised Clever.AI for its ease of use and versatility in optimizing marketing campaigns. According to Takacs, Clever.AI has enabled Burger King to experiment with multiple possibilities and quickly converge on the most effective strategies, ushering in a new era of continuous experimentation and innovation.

Anand Jain, Co-founder and Chief Product Officer of CleverTap, expressed excitement about the launch of Clever.AI and its potential to reshape the future of customer engagement. He emphasized CleverTap’s commitment to innovation and leveraging the latest technologies to empower brands with intelligent customer engagement solutions.

In short, Clever.AI represents a significant leap forward in the realm of customer engagement, offering brands advanced AI capabilities to deliver personalized experiences and drive business growth. With its predictive, generative, and prescriptive AI capabilities, Clever.AI is poised to revolutionize how brands connect with their customers in the digital age.