Will AI save smartphones? Municipal corporations and the tyranny of backdoor governance
After Monday's steep climb, prepare for more volatility
Can AI ring in a change for smartphones?
What Bibek Debroy thinks of jobs, taxes, and the economy
Municipal corporations and the tyranny of backdoor governance
Why airlines may not offer you free accommodation for delayed flights
Good morning, listeners and welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, January 30, 2024. My name is Nelson John. Let's get started:
Bulls were on parade at Dalal Street on Monday. Indian markets kicked off the budget week on a high note with key indices Nifty 50 and Sensex both surging more than 1.75 percent. The Nifty saw its biggest intraday jump in two months, closing at 21,737 points. The Sensex closed at 71,941 points. Reliance Industries, which is India's single most valued company by market cap, contributed 37 percent to the Nifty’s overall jump. Its shares surged 7 percent to reach an all time high of 2,896 rupees per share!
Last week India surpassed Hong Kong to become the fourth largest equities market in the world. With the Red Sea crisis on, there is excitement in the market about potentially better margins in refining, coupled with optimism around the Reliance-Disney deal. However, the Nifty volatility index rose 13 percent on Monday. This is a sign for caution in a crucial week. Mint's Mark to Market analysts Harsha Jethmalani and Dipti Sharma write about why the upcoming week could be risky for investors. The reasons range from potential rate cuts by the US Federal Reserve, to the December quarter earnings announcements by industry big names. And of course, there is the possibility of a few populist announcements in the interim union budget on Thursday.
India loves to wear the democracy tag on its sleeve. The nation is often called 'the world's largest democracy'. But how democratic are India's mega cities? What you're about to learn is not unknown in a sense: but it is shocking! Mumbai, a city of well over 20 million people, is dependent on central and state bodies called the Finance Commission for its administration. Most of the taxpayer revenue generated in India's big cities goes to the state they are a part of or to the central government. Another startling fact: Maharashtra’s 27 municipal corporations entered 2024 without any of them being controlled by an elected body. They were all being run by state-appointed administrations. There are many other major cities without locally elected representatives to decide their future. The Finance Commissions and their work may seem distant from the daily concerns of many urban citizens, but what they do affects people directly. Their work is subject of debate and contention. This article by how India lives dot com, explains how Indian cities, despite generating a lot of wealth, are dependent on handouts to survive.
Does the smartphone market need a saviour? It might sound surprising, but this product category has, in fact, hit a saturation point. Smartphone manufacturers are turning to AI to breathe new life into their products. A good example is Samsung’s latest offering, the S24 model, which is supposed to use AI for live translation, photo enhancements and search.However, this is not the first time AI has been deployed in smartphones. AI algorithms have been working behind the scenes in smartphones for some time, in features like battery optimisation. Samsung has just turned the spotlight on it in its latest model. Shouvik Das, Mint's technology editor, explains what’s driving the rise of AI in smartphones. He also looks at the brands featuring AI, the features it brings to the table, and whether it will come at an additional cost for phone buyers.
If you are interested in artificial intelligence and how it's shaping the world around us, check out the 'AI Rising Podcast' by Mint's Leslie D'Monte and Jayant N. Kolla, who have jointly authored a book by that very name.
The government needs to create more jobs. This is a big need in a growing economy, especially for the urban youth. It also needs to reduce taxes to make the income tax regime more attractive for taxpayers. These are the suggestions of Bibek Debroy, the chairman of the Prime Minister's Economic Advisory Council. In a crucial interview with Mint’s Gireesh Chandra Prasad and Utpal Bhaskar ahead of the budget, top technocrat Debroy talks about the challenges being faced by India's economy. He also discusses geopolitical volatility, and how fiscal tightening should be a priority for the government.
You can keep a track of Mint's budget-related coverage at our dedicated budget page. Log on to livemint dot com slash budget (livemint.com/budget). Find comprehensive coverage about the upcoming budget, including its impact on you and your sector.
Earlier this month, the Indian aviation industry was in chaos. Flying became a nightmare for several passengers across the country as airlines were hit by flight delays and cancellations. This resulted in distress for flyers. You would think that airlines would be working hard to provide travellers some respite, right? Wrong. Airlines often fail to adequately prepare for predictable weather delays, while their staff training is insufficient. When you buy a flight ticket, the terms and conditions, including the Passenger Charter, outlines your rights. This includes compensation and assistance, including meals, refreshments, and accommodation for long delays. However, airlines frequently don't adhere to these guidelines. Mint Money’s Shipra Singh examines the reasons behind this apathy from Indian airlines. She also examines if travel insurance can provide you relief. But the charter's special clause often exempts airlines compensating passengers during adverse weather.
To read any of these articles, please click the links in the show notes.
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We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day!