Page 12 - BANKING FINANCE APRIL 2024

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India's forex reserves jump telligence through public-private part- foundational models with a capacity of
nerships. more than 100 billion parameters.
$6.55 billion to $625.63 These models will be trained on
Ahead of the general elections, the
billion government also announced the exten- datasets covering major Indian lan-
guages for priority sectors such as
India's forex reserves surged $6.55 bil- sion of Rs 300 per LPG cylinder subsidy health care, agriculture, and gover-
lion to $625.626 billion during the week to poor women under the Ujjwala nance. AI curation units (ACUs) will also
ended March 1, according to the lat- Yojana for the next financial year start- be developed in 50-line ministries.
est RBI data. ing April 1. The move, likely to benefit
nearly 100 million families, will cost the
For the week ended March 1, the for- CCI proposes new norms
government Rs 12,000 crore.
eign currency assets, a major compo- The government had in October last for turnover
nent of the reserves, increased by
year hiked the subsidy from Rs 200 per The Competition Commission of India
$6.043 billion to $554.231 billion, the
14.2-kg cylinders for up to 12 refills per has proposed that indirect taxes, trade
data said.
year to Rs 300 per bottle. The Rs 300 discounts, and intra-group sales will not
Gold reserves increased by $569 million per cylinder subsidy was for 2023-24. be considered while computing the
to $48.417 billion during the week. The Under the India AI Mission, a key fo- turnover of an entity for imposing a
special drawing rights (SDRs) were
cus area is to develop high-end com- penalty for any violation of the rules.
down by $17 million to $18.18 billion, pute capacity within the country, for The fair trade regulator has invited
according to the data. which the government will facilitate stakeholder comments on the pro-
India's reserve position with the IMF the setting up of more than 10,000 posed regulation by January 12 next
was also down by $41 million to $4.798 graphics processing units (GPUs) under year, according to a notice.
billion in the reporting week, the apex the public-private partnership (PPP) The measure is aimed at framing
bank data showed. model. norms for the purpose of imposition of
Additionally, an AI marketplace will be penalties on enterprises and persons
Cabinet nod for India AI created to offer AI-as-a-service and based on turnover or income of such
pre-trained models to innovators. enterprises and persons.
mission with Rs. 10,372
Of the total outlay around Rs 4,500 "The Competition (Amendment) Act,
crore outlay for 5 years crore would be used for building com- 2023, inter alia, amended Section 27,

The Union Cabinet evening approved pute infrastructure and close to Rs 48 and Section 64 of the Act empow-
an outlay of Rs 10,372 crore for five 2,000 crore has been earmarked for ers the CCI to frame regulations for
financing deep-tech startups.
years for the India AI Mission, aimed the purposes of imposition of penalty
at fostering innovation in artificial in- The India AI mission aims to develop on enterprise and/or person based on

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