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New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

New Delhi: <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19956271" type="General" weightage="20" keywordseo="ola-electric-mobility" source="keywords">Ola Electric Mobility</keyword> Ltd surged nearly 16 per cent on Friday morning after the <keyword id="21622893" type="General" weightage="20" keywordseo="Ola-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Group" meta.hostid="261" meta.entityid="Ola Group">Ola Group</keyword> announced its foray into the <keyword id="20314533" type="General" weightage="20" keywordseo="electric-motorcycle" source="keywords">electric motorcycle</keyword> segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25. The stock jumped 15.77 per cent to Rs 128.09 on the BSE. At the NSE, it soared 15.59 per cent to Rs 128.20. <keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords">Ola Electric</keyword> Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal. The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> said in a post-earnings call. Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer, announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing and Edge by 2026 under its Krutrim venture. Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment. "We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said. Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company so showcased its all-new Gen-3 platform for two-wheelers. "Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.

Ola Electric shares surge nearly 16 percent

Mumbai, <keyword id="21027898" type="General" weightage="20" keywordseo="indian-real-estate-investment-trust" source="keywords">Indian Real Estate Investment Trust</keyword> (REIT) industry on Wednesday pitched for the entities to get access to direct bank lending and classification as equities. At present, such vehicles can issue bonds or borrow from non-bank lenders or mutual funds, but are prohibited to borrow from banks, said the <keyword id="21027897" type="General" weightage="20" keywordseo="indian-reits-association" source="keywords">Indian REITs Association</keyword> (IRA), a newly formed umbrella body for the five-year-old sector, which comprises four listed entities. The body's Chairman and Embassy REIT's Chief Executive <keyword id="21027895" type="General" weightage="20" keywordseo="arvind-maiya" source="keywords">Arvind Maiya</keyword> told reporters it is in touch with the RBI (<keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>) for allowing banks to lend to such vehicles. The real estate industry is asset-heavy and needs funds regularly to buy assets for which it should be allowed to borrow directly from banks, he added. Typically, banks have access to deposits which brings down the cost of funds, and hence, the cost of borrowing can become softer for a borrowing entity. <keyword id="21027894" type="General" weightage="20" keywordseo="alok-aggarwal" source="keywords">Alok Aggarwal</keyword>, the Managing Director and Chief Executive of Brookfield India Real Estate Trust, said, at present REITs are classified as a "hybrid" instrument which creates confusion in the minds of the investors. <keyword id="21027896" type="General" weightage="20" keywordseo="maiya" source="keywords">Maiya</keyword> said classification as equities will lead to passive money coming into REITs as the instrument gets included in indices. Other geographies like Singapore, which has inspired the Indian REIT regulations, as well as the US, treat the instrument as equity, he said, stressing that all the features of the instrument are similar to equity. An industry participant said the tax advantages which it gets courtesy of the hybrid status will continue even if it is classified as equity, while another hoped that it can also get gains from a taxation front courtesy of the Long Term Capital Gains (LTCG) which is applicable for equity. The IRA said there are lots of opportunities for the REITs sector to grow in the country, both from a supply side, where the demand for real estate is bound to keep growing and also on the demand for such instruments as Indians look for newer asset classes. <keyword id="20375329" type="General" weightage="20" keywordseo="ramesh-nair" source="keywords">Ramesh Nair</keyword>, the Chief Executive of Mindspace REIT, said the <keyword id="20069427" type="General" weightage="20" keywordseo="global-capability-centres" source="keywords">Global Capability Centres</keyword> (GCCs) of multinationals alone present a very handsome opportunity for the REITS story in the country. Citing the experience in the US, industry executives said there will be dedicated REITs for specific aspects like warehousing and residential properties. When asked about the lack of demand in the residential space till now -- three Indian REITs are in commercial space while the fourth is in retail -- an industry executive said the yields are very low at 2-3 per cent which prevents REITs' play. Nair said the sector wants to reach out to mutual funds' lobby grouping Amfi to learn and partner with them, given that the REIT's current priority is also to create awareness among the investors.

Real estate investment trust pitch for direct bank lending, classification as equity

Only human trials will help understand the efficacy of the new Rs 100 pill developed to prevent recurrence of cancer, said doctors on Wednesday. According to a report by NDTV, researchers at the Tata Memorial Centre (<keyword id="19942089" type="General" weightage="20" keywordseo="tmc" source="keywords">TMC</keyword>) in Mumbai claimed to have discovered a treatment to prevent relapse of cancer that would cost only Rs 100. The study on mice showed that the pill, named 'R+Cu', containing a pro-oxidant combination of resveratrol and copper, generated oxygen radicals in the stomach to curb cancer recurrence. The experimental mice study "is not a substitute for established treatments, which continue to result in cures in a substantial proportion of cancer patients," Dr <keyword id="20763261" type="General" weightage="20" keywordseo="shyam-aggarwal" source="keywords">Shyam Aggarwal</keyword>, Chairman, Department of Medical Oncology, at Sir <keyword id="20162656" type="General" weightage="20" keywordseo="ganga-ram-hospital" source="keywords">Ganga Ram Hospital</keyword> told IANS. In a post on X, Dr. <keyword id="20763262" type="General" weightage="20" keywordseo="rajeev-jayadevan" source="keywords">Rajeev Jayadevan</keyword>, Co-Chairman National IMA Covid Task Force called it "an exaggerated claim". While calling the research "interesting, praiseworthy", he said it cannot be seen as "cancer cure." Dr Shyam Aggarwal explained that the research shows the effect of cell-free chromatin (fragments of chromosomes released from cancer cells after chemotherapy) on normal tissues causing a cascade of inflammation leading to side effects such as mucositis, low blood counts, etc. "Use of a combination of copper and resveratrol (a commercially-available nutraceutical) has been shown to degrade circulating cell-free chromatin, leading to reduction of toxicity in some human studies. Other human studies are underway," he said. The study claims that the pill can halve the side effects caused by chemotherapy, while also reducing the odds of getting cancer by 30 per cent. The researchers "used a pro-oxidant combination of copper and resveratrol (found in peanuts, cocoa, grapes) known to damage DNA by generating oxygen radicals," Dr. Rajeev Jayadevan wrote in his post on X. "Whether this will translate into real world outcomes for people with cancer (beyond mice), what toxicities could occur from its pro-oxidant, DNA-damaging effect, is yet to be determined," he said. However, Dr. <keyword id="20763263" type="General" weightage="20" keywordseo="rahul-bhargava" source="keywords">Rahul Bhargava</keyword>, Principal Director &amp; Chief BMT, Fortis Memorial Research Institute, Gurugram, called it "a great breakthrough in the field of medical research. Indian researchers are creating history. If the drug works, it will be a great benefit for cancer patients." "The tablet is promising and shows potential to be effective, but human trials are yet to be completed, which could take about five years," he told IANS. The tablet is awaiting approval from the Food Safety and Standards Authority of India (FSSAI) and is expected to be available in the market by June-July. --IANS rvt/rad

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India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

PTI

Ola Electric shares surge nearly 16 percent

PTI

Real estate investment trust pitch for direct bank lending, classification as equity

PTI

Human trials may reveal efficacy of new Rs 100 cancer pill: Docs

IANS

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