Page 12 - Banking Finance January 2024

ROUNDUP

Government deploys 5G The ranking is based on statistics from and livelihood, enabling them to earn
the International Monetary Fund. an additional income of at least Rs. 1
technology in 738 districts.
According to S&P's report, "Global lakh annually. The scheme will help in-
The government stated in the fuse advanced technology in agricul-
Credit Outlook 2024: New Risks, New
LokSabha that as of November 24, ture for improved efficiency, enhance
Playbook," "India is set to become the
2023, 5G networks had been rolled out crop yield, and reduce cost of opera-
third-largest economy by 2030, and we
in 738 districts across the nation, with tion for the benefit of farmers."
expect it to be the fastest growing
a total of 3,94,298 base stations in-
major economy in the next three At least 23 drones are needed to cover
stalled and approximately 100 million years. An immense opportunity awaits a village with roughly 2,000 acres be-
subscribers using 5G services. Accord-
India in terms of its potential to be- cause they require 45 rounds of spray-
ing to Minister of State for Communi-
come the next big global manufactur- ing per crop season. Currently, drone
cations Devusinh Chauhan, India has
ing hub. Developing a strong logistics service providers in the North charge
experienced one of the fastest 5G
framework will be key in transforming Rs. 300600/acre as rent, depending on
rollouts in the world.
India from a services-dominated the crop and chemical sprayed.
The minister stated, "Telecom service economy into a manufacturing-domi-
providers have committed a total in- nant one." Google releases the three-
vestment in excess of Rs 2 lakh crore, After the United States, China, Ger-
including a commitment of Rs 1.5 lakh size multimodal AI model
many, and Japan, India has the fifth-
crore for spectrum acquired through Gemini.
largest economy in the world, with a
auction in July-August 2022. India has GDP of $3.73 trillion at the conclusion Global customers will have access to
seen one of the fastest 5G rollouts in
of the 2022-2023 fiscal year. Gemini, Google's most powerful,
the world." adaptable, and all-around AI model,
The minister credited the Centre to give 15,000 which will be incorporated into both
government's numerous structural and Bard and the newest Pixel 8 Pro
procedural reforms, which have been women's self-help groups smartphones.
put into place in recent years to sup- Rs. 8 lakh apiece to pur- "These are the first models of the
port healthy competition, inject liquid- Gemini era and the first realisation of
ity, stimulate investment, lessen regu- chase drones the vision we had when we formed
latory burden on telcos, and safeguard The Cabinet has approved a scheme Google Deep Mind earlier this year.
consumer interests, for the telecom that will cost Rs. 1,261 crore over two This new era of models represents one
sector's success. years and will give women's self-help of the biggest science and engineering
groups (SHGs) access to drones for up efforts we've undertaken as a com-
S&P Global projects that to Rs. 8 lakh each. This comes more pany," Google CEO Sundar Pichai said
than three months after Prime Minis- in his note, underscoring Gemini's
by 2030, India's economy ter Narendra Modi announced that he "state-of-the-art performance across

will rank third globally. would provide drones to SHGs. many leading benchmarks."
According to S&P Global's projections, During 2024-2026, the programme will Gemini was developed to be
India's GDP is expected to rise to the assist in supplying drones to 15,000
multimodal and can therefore
third rank in the world by 2030. women-only self-help groups so they "generalise and seamlessly under-
With an economy worth over $3.7 tril- can rent them out to farmers for agri- stand, operate across and combine dif-
lion, India is now ranked fifth on the cultural purposes. ferent types of information including
list, with the US at the top with an "The Agriculture Ministry stated that text, code, audio, image, and video."
estimated $27 trillion, followed by the approved initiatives under the In one of the demos, Google demon-
China at $17.7 trillion, Germany at scheme are expected to support strated how Gemini can see like a hu-
$4.4 trillion, and Japan at $4.2 trillion. 15,000 SHGs with sustainable business man eye, understand and evaluate in

BANKING FINANCE | JANUARY | 2024 | 11