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Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

Researchers at the Department of Instrumentation and Applied Physics (IAP), Indian Institute of Science (<keyword id="19910180" type="General" weightage="20" keywordseo="IISc" source="keywords" meta.keywordsubtype="org" meta.entityname="IISc" meta.hostid="83" meta.entityid="IISc">IISc</keyword>), and collaborators have designed a new <keyword id="23052480" type="General" weightage="20" keywordseo="supercapacitor" source="keywords">supercapacitor</keyword> that can be charged by shining <keyword id="19982220" type="General" weightage="20" keywordseo="light" source="keywords">light</keyword> on it. The supercapacitors can be used in various devices, including streetlights and self-powered electronic devices such as sensors, Bengaluru-based IISc said in a press release. "Capacitors are electrostatic devices that store energy as charges on two metal plates called <keyword id="20675368" type="General" weightage="20" keywordseo="electrodes" source="keywords">electrodes</keyword>. Supercapacitors are upgraded versions of capacitors - they exploit electrochemical phenomena to store more energy," Abha Misra, Professor at IAP and corresponding author of the study published in the 'Journal of Materials Chemistry A", was quoted as saying in the release. The electrodes of the new supercapacitor were made of Zinc Oxide (ZnO) nanorods grown directly on Fluorine-doped Tin Oxide (FTO), which is transparent. It was synthesised by Pankaj Singh Chauhan, first author and CV Raman postdoctoral fellow in Misra's group at IISc. Both ZnO and FTO are semiconductors with appropriately aligned energy levels, enabling superior performance of the photo-rechargeable supercapacitor, the release said. FTO, being transparent, allows light to fall on the optically active ZnO nanorods, which charges the supercapacitor. Chauhan explained that two electrolytes -- a liquid and a semi-solid gel -- were used as the conducting medium between the electrodes. The capacity for storing charges (<keyword id="23053496" type="General" weightage="20" keywordseo="capacitance" source="keywords">capacitance</keyword>) is inversely proportional to the distance between the electrodes, it said. "As the distance becomes very small, the capacitance shoots up," Misra stated. "In electrostatic capacitors, maintaining a small distance between electrodes is difficult. However, in a supercapacitor, the electrodes' charges attract the electrolyte's oppositely charged ions, resulting in the formation of a charge layer just atoms away from each other - called an electric double layer or EDL. This results in the high capacitance of supercapacitors," the release stated. When the researchers shined ultraviolet (UV) light on their supercapacitor, they noticed a huge increase in the capacitance, several times higher than previously reported supercapacitors. They also noticed two unusual properties. First, while capacitance generally decreases as the voltage increases, they found the reverse - their supercapacitor's capacitance under light illumination actually increased with increasing voltage. "We call it necking behaviour," said A M Rao, Professor at Clemson University, the USA, and co-author. He explained that this may be due to the high porosity of the electrodes. Second, the energy stored within the supercapacitor typically decreases when it is charged faster, because the ions in the electrolyte do not move fast enough to respond to the increased charging rate, the release said. However, with the liquid electrolyte, the team found that the energy stored in the supercapacitor surprisingly increased upon fast charging under UV light, it was noted. Mihir Parekh, a postdoctoral researcher in Rao's group, developed theoretical models to explain these novel observations. The findings open the doors to developing simultaneously fast-charging and energy-dense supercapacitors, according to him. To design their present supercapacitor, the team explored two key ideas. First, the surface area of the electrodes was increased by combining two optically active semiconductor interfaces in a way that maximises interaction with light, leading to higher charge generation. Second, a liquid electrolyte was used to ensure an effective EDL. Together, these resulted in superior performance. "The ideas were simple - but when combined together, they worked very well," Misra explained. She added that tweaking the design of the supercapacitor can enable its charging with visible and infrared light as well. The IISc-Clemson team aims to further explore and better understand the novel phenomena observed to design better supercapacitors. "Supercapacitors have lots of applications," Misra explains. For example, they can potentially replace solar cells used in streetlights. They have a high power density, so they can release charge more quickly than batteries. They can also be used to power chips in electronic devices like cell phones. "We have miniaturised supercapacitors to the micron scale so that they can be integrated along with these microelectronic chips," Misra added.

IISc researchers, collaborators design supercapacitor that can be charged by shining light on it

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic landscape, shedding light on the recent GDP surge and providing projections for the future. The report highlights the unprecedented growth witnessed in India's economy during the third quarter of FY24, defying all estimates and expectations. India's GDP expanded by a remarkable 8.4 per cent during this period, following consecutive quarters of over 8 per cent growth. This surge has been attributed to effective policy frameworks and perspectives, which have surpassed irrational market expectations. The buoyancy in indirect tax collection, marked by a 32 per cent year-on-year growth amounting to Rs 3.9 lakh crore, further underlines the robustness of the economy. As a result, projections for FY24 indicate a GDP growth of 7.6 per cent and Gross Value Added (GVA) growth of 6.9 per cent. The report suggests that the GDP growth for the fourth quarter could be around 5.9 per cent, indicating a potential attainment of 8 per cent growth for the fiscal year. Significant revisions in both annual and quarterly numbers have led to upward adjustments in the GDP figures for FY22 and FY24. This revision has propelled the Year-to-Date (YTD) GDP growth rate above the 8 per cent mark. However, downward revisions in FY23 GDP numbers have implications for the fiscal deficit, necessitating an upward revision to 5.9 per cent of GDP for FY24. Delving into sectoral performances, the report highlights stellar performances in <keyword id="20788019" type="General" weightage="20" keywordseo="manufacturing-and-services" source="keywords">Manufacturing and Services</keyword>, buoyed by significant growth in industry, manufacturing, and construction sectors. However, the agriculture sector witnessed a decline of -0.8 per cent in Q3, attributed to uncontrollable factors. Moreover, the report underscores remarkable milestones achieved in terms of per capita GDP, with current prices crossing the Rs 2 lakh mark in FY24. Decadal Compound Annual Growth Rate (CAGR) stands at 8.9 per cent, with notable increases observed even in constant prices. Notably, post-pandemic recovery has seen a substantial jump in per capita GDP. The report also analyzes investment and savings trends over the past decade, revealing an increase in Gross Capital Formation (GCF) and gross savings. <keyword id="19964112" type="General" weightage="20" keywordseo="noteworthy" source="keywords">Noteworthy</keyword> is the improvement in the <keyword id="20788020" type="General" weightage="20" keywordseo="incremental-capital-output" source="keywords">Incremental Capital Output</keyword> ratio (ICOR), indicating increasing efficiency of capital utilization and laying the groundwork for sustained economic growth. In conclusion, the findings of the SBI report suggest a promising outlook for India's economy, with the potential for sustained growth at 8 per cent in FY25. (ANI)

SBI report deciphers India's GDP surge and economic projections

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 28 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The State Bank of India's Economic Research Department has released its analysis projecting the GDP growth for the third quarter of the financial year 2023-24. According to their report, the GDP growth is likely to be at 6.8 per cent, based on an unchanged base, but could potentially hit 7 per cent due to expected downward revisions in the estimates for Q3 FY23. As per a report by <keyword id="20407500" type="General" weightage="20" keywordseo="soumya-kanti-ghosh" source="keywords">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, the global economic landscape, as outlined in the report, presents a mixed picture with several significant developments impacting the trajectory. The International Monetary Fund (IMF) has upgraded its global growth forecast to 3.1 per cent in 2024 and 3.2 per cent in 2025, indicating a brighter outlook. However, challenges persist, with countries like the UK and Japan slipping into recession, alongside concerns over the German economy. Additionally, China's marked slowdown, driven by deflationary concerns and declining industrial profits, adds further complexity to the global scenario. In contrast, India's domestic economic indicators show signs of resilience and optimism. Consumer confidence has strengthened, supported by positive sentiments regarding the economic situation and employment conditions. Various enterprise surveys also reflect strong business optimism. The Composite Leading Indicator (CLI) Index, comprising 41 leading indicators across sectors, suggests a slight moderation in economic activity in Q3 FY24. Based on this data, the SBI Economic Research Department estimates GDP growth in the range of 6.7-6.9 per cent, with a Gross Value Added (GVA) growth of 6.6 per cent. Corporate India continues to exhibit robust performance, driven by accelerating consumption patterns across urban and rural areas. Corporate results for Q3FY24 indicate significant growth in <keyword id="20140796" type="General" weightage="20" keywordseo="ebidta" source="keywords">EBIDTA</keyword> and PAT (Profit After Tax), with a notable improvement in margins. Corporate GVA, measured by EBIDTA plus employee expenses, recorded strong growth compared to the previous year. The agricultural sector, however, faces some challenges, with a decline in the estimated production of major Kharif crops for 2023-24 compared to FY23. While the sowing season for Rabi crops suggests a slight increase in overall acreage, concerns arise over the decline in the sown area under cereals. Despite these challenges, the inland fish production has shown rapid growth, reaching 131.13 lakh tonnes in 2022-23. The fisheries sector's contribution to the national GVA and agricultural GVA indicates potential support for the Agri &amp; Allied sector's growth in FY24. (ANI)

SBI Eco Research forecasts Q3 FY24 GDP growth at 6.8% amid global complexities

With <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> unemployment rates jumping from 4.1% to 4.3% in July 2024, the highest ever since October 2021, global markets fear an impending <keyword id="19950649" type="General" weightage="100" keywordseo="recession" source="keywords">recession</keyword> and a slowdown hitting the world's largest economy. Amidst a weakening labor market, even as <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> remain consistent at a 23-year peak range of 5.25-5.5%, the number of unemployed people in the US inched up to 7.9 million in July. Between January and June this year, the US economy added an average of 2,22,000 new jobs every month, which were significantly lower than the monthly average of 2,51,000 in 2023, and 3,77,000 in 2022. However, in July, the economy only managed to generate 1,14,000 new jobs. Even Goldman Sachs economists have upped the probability of recession hitting the US by 2025 to 25%, from its previous estimate of 15%. And while they maintain that there still remain "several reasons to not fear a slump", it is hard to overlook the fact that July's employment figures have already breached the Sahm rule, which is considered a tipping point for foreseeing economic slowdowns. But is that indication enough, or are we reading too much into short-term market developments? Lets find out. First, what is this Sahm rule? Named after formed Fed economist Claudia Sahm, the rule says that a recession is almost certain, and more likely already underway, if the <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> (based on a three-month moving average) inches up by 0.5% from its lowest point in the past year. It has been failsafe so far, proving right for every US recession since 1970. But even as Sahm herself, and other economists believes that a recession is not imminent this time around, despite weak employment figures, the ongoing shockwaves in the global markets are hard to ignore. Japan's Nikkei 225 plunged 4,451 points today, and closed the day around 12.4% lower, registering one of the worst losses it has seen since 1987. Closer home, Sensex fell sharply from the 80,000 mark it had previously breached by about 2,500 points to trade at around 78,400.21. Nifty also dipped around 2.5%, and was trading at about 24,098 points. Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services Ltd notes, the significant domestic equities sell-off has been primarily driven by weak global sentiments following disappointing U.S. economic data, particularly non-farm payrolls, manufacturing PMI, and jobless claims, which have raised concerns about a potential economic slowdown in the world’s largest economy. Additionally, the yen carry trade has further dampened global sentiment. "However, given the prevailing bullish trend, it is unlikely that prices will remain low for an extended period. A recovery from these lower levels is a probable scenario", he continued. Even Anup Kurup, CIO at InCred Global Asset Management sees this as short-term, largely because of the "positioning in the derivative markets with many players selling volatility across many asset classes. A big move up in VIX on Friday after the disappointment in the jobs report would have likely triggered margin calls on the short volume strategies, which were mushrooming off late", he explained. So, what exactly is a recession? This is when a country experiences a temporary decline in its overall economic activity, which has a cascading effect on lowering its GDP, income, sales and employment numbers. Generally, if the a country's GDP continues to fall for two successive quarters, it is said to have entered recession. When there is a recession, individuals and businesses tend to spend less, which further hinders wealth creation, industrial activity and trade, perpetuating the cycle. However, in the first three months of 2024, US household wealth skyrocketed to a record $160 trillion, while household net worth touched $5.1 trillion, largely driven by the significant exposure of Americans to the stock markets, and the subsequent gains. Notably, last recession (2008-09) was marked by ballooning household debt, which grew just 2.19% in the last quarter. So, while a recession might not be immediately on the cards, the upcoming months of September and December, where the Fed is likely to announce significant rate cuts, will be tracked intently. A rate cut would increase money circulation in the economy, thereby boosting spending and countering recession. Transfer Pricing and International Economics subject matter expert Akash Kalra notes that this crash indicates a shift from rapid growth to a slower growth trajectory, rather than an immediate recession. Despite recent weak economic indicators such as higher unemployment claims and soft data in construction, durable goods orders, home sales, and manufacturing, the overall assessment is that the U.S. economy is transitioning to a slower growth rate, which is more vulnerable but not necessarily indicative of a recession. "It is important to note that consumer spending has been growing at a moderate rate. In addition, capital spending remains strong due to robust corporate balance sheets and interest in AI technology. The housing market is subdued but stable, and government spending continues to rise. Trade positions are unfavorable but not deteriorating. The <keyword id="19904332" type="General" weightage="20" keywordseo="Federal-Reserve" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve" meta.hostid="261" meta.entityid="Federal Reserve">Federal Reserve</keyword> has signaled a potential rate cut in September due to softer economic data and diminishing <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>. Accordingly, the U.S. GDP growth is expected to slow down for the rest of 2024 before picking up again in 2025", he continues.

With stock markets crashing worldwide, are fears of a recession loading in the US pre-mature?

<ul class="summary-list"><li>OpenAI researchers Daniel Kokotajlo and William Saunders recently left the company behind ChatGPT.</li><li>Kokotajlo said on a forum he doesn't think OpenAI will "behave responsibly around the time of AGI."</li></ul>Two <a target="_blank" href="https://www.businessinsider.com/openai-employees-did-not-want-to-work-for-microsoft-2023-12">OpenAI employees</a> who worked on safety and governance recently resigned from the company behind ChatGPT.Daniel Kokotajlo left last month and William Saunders departed <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/openai-destroyed-ai-training-datasets-lawsuit-authors-books-copyright-2024-5">OpenAI</a> in February. The timing of their departures was confirmed by two people familiar with the situation. The people asked to remain anonymous in order to discuss the departures, but their identities are known to Business Insider.Kokotajlo, who worked on the governance team, is <a target="_blank" href="https://openai.com/contributions/gpt-4">listed</a> as an adversarial tester of GPT-4, which was launched in March last year. Saunders had worked on the Alignment team, which became the Superalignment team, since 2021.Kokotajlo <a target="_blank" href="https://www.lesswrong.com/users/daniel-kokotajlo">wrote</a> on his profile page on the online forum LessWrong that he quit "due to losing confidence that it would behave responsibly around the time of AGI."In a separate post on the platform in April, he partially explained one of the reasons behind his decision to leave. He also weighed in on a discussion about pausing AGI development."I think most people pushing for a pause are trying to push against a 'selective pause' and for an actual pause that would apply to the big labs who are at the forefront of progress," Kokotajlo wrote. He added: "The current overton window seems unfortunately centered around some combination of evals-and-mitigations that is at IMO high risk of regulatory capture (i.e. resulting in a selective pause that doesn't apply to the big corporations that most need to pause!) My disillusionment about this is part of why I left OpenAI."Saunders said in a <a target="_blank" href="https://www.lesswrong.com/posts/GFc2G5Lda6TpzwsLr/william_s-s-shortform?commentId=DwSTNg24oaGsPSAu8">comment</a> on his LessWrong profile <a target="_blank" href="https://www.lesswrong.com/users/william_s">page</a> that he resigned that month after three years at the ChatGPT maker.The <a target="_blank" href="https://www.businessinsider.com/ai-openai-chatgpt-tackle-superintelligence-human-extinction-sam-altman-2023-7">Superalignment team</a>, which was initially led by Ilya Sutskever and Jan Leike, is tasked with building safeguards to prevent artificial general intelligence (AGI) going rogue.Sutskever and Leike have previously predicted that AGI could arrive within a decade. It's not clear if Sutskever is still at OpenAI following his <a target="_blank" href="https://www.businessinsider.com/openai-cofounder-ilya-sutskever-deeply-regrets-participating-ousting-sam-altman-2023-11">participation in the brief ousting</a> of Sam Altman as CEO last year.Saunders was also a manager of the interpretability team, which researches how to make AGI safe and examines how and why models behave the way they do. He has <a target="_blank" href="https://openai.com/index/critiques">co-authored</a> several papers on AI models.Kokotajlo and Saunders' resignations come amid other departures at OpenAI. Two executives, Diane Yoon and Chris Clark, <a target="_blank" class="" href="https://affiliate.insider.com?h=26685ccf2bd4c3ec51c643045544e20f406a46ad05410ee79109490218a7cf27&amp;postID=663bab1340541db660c50b57&amp;postSlug=openai-safety-researchers-quit-superalignment-sam-altman-chatgpt-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftwo-senior-openai-executives-leave-company">quit last week</a>, The Information reported. Yoon was the VP of people, and Clark was head of nonprofit and strategic initiatives. OpenAI also parted ways with researchers Leopold Aschenbrenner and Pavel Izmailov, according to another <a target="_blank" class="" href="https://affiliate.insider.com?h=dc3c9e2ea524d0776413c606b4a4b8a6b6c6f4dd9d9a9af43f9cb0edbb6de368&amp;postID=663bab1340541db660c50b57&amp;postSlug=openai-safety-researchers-quit-superalignment-sam-altman-chatgpt-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fopenai-researchers-including-ally-of-sutskever-fired-for-alleged-leaking">report</a> by The Information last month. OpenAI, Kokotajlo, and Saunders did not respond to requests for comment from Business Insider. Do you work for OpenAI? Got a tip? Contact this reporter at jmann@businessinsider.com for a nonwork device.

2 OpenAI researchers working on safety and governance have quit 

New Delhi [India], June 23 (ANI): The <keyword id="19915130" type="General" weightage="20" keywordseo="Indian-Space-Research-Organisation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Space Research Organisation" meta.hostid="153" meta.entityid="Indian Space Research Organisation">Indian Space Research Organisation</keyword> (<keyword id="19915124" type="General" weightage="100" keywordseo="ISRO" source="keywords">ISRO</keyword>) on Sunday achieved another success in the <keyword id="21046346" type="General" weightage="20" keywordseo="Reusable-Launch-Vehicle" source="keywords">Reusable Launch Vehicle</keyword> (RLV) landing experiment (LEX). The third and final test in the series of LEX (03) was conducted at 07:10 IST at the <keyword id="22149303" type="General" weightage="20" keywordseo="Aeronautical-Test-Range" source="keywords">Aeronautical Test Range</keyword> (ATR) in Chitradurga, Karnataka. Following the success of the RLV LEX-01 and LEX-02 missions, <keyword id="22149668" type="General" weightage="20" keywordseo="RLV-LEX-03" source="keywords">RLV LEX-03</keyword> re-demonstrated the <keyword id="21054893" type="General" weightage="20" keywordseo="autonomous-landing" source="keywords">autonomous landing</keyword> capability of the RLV under more challenging release conditions (cross range of 500 m against 150 m for LEX-02) and more severe wind conditions. The winged vehicle, named '<keyword id="21046350" type="General" weightage="20" keywordseo="Pushpak" source="keywords">Pushpak</keyword>', was released from an <keyword id="19992067" type="General" weightage="20" keywordseo="Indian-Air-Force" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Air Force" meta.hostid="153" meta.entityid="Indian Air Force">Indian Air Force</keyword> Chinook Helicopter at an altitude of 4.5 km. From a release point 4.5 km away from the runway, Pushpak autonomously executed cross-range correction manoeuvres, approached the runway, and performed a precise horizontal landing at the runway centerline. Due to this vehicle's low lift-to-drag ratio aerodynamic configuration, the landing velocity exceeded 320 kmph, compared to 260 kmph for a commercial aircraft and 280 kmph for a typical fighter aircraft. After touchdown, the vehicle's velocity was reduced to nearly 100 kmph using its brake parachute, after which the landing gear brakes were employed for deceleration and stop on the runway. During this ground roll phase, Pushpak utilises its rudder and nose wheel steering system to autonomously maintain a stable and precise ground roll along the runway. This mission simulated the approach and landing interface and high-speed landing conditions for a vehicle returning from space, reaffirming ISRO's expertise in acquiring the most critical technologies required for the development of a RLV. Through this mission, the advanced guidance algorithm catering to longitudinal and lateral plane error corrections, which is essential for the future Orbital Re-entry Mission, has been validated. Notably, the RLV-LEX uses multisensor fusion, including sensors like an Inertial sensor, Radar altimeter, Flush air data system, Pseudolite system and NavIC. Notably, the RLV-LEX-03 mission reused the winged body and flight systems as such without any modification, from the LEX-02 mission, demonstrating the robustness of ISRO's capability of design and reuse flight systems for multiple missions. The mission, led by VSSC, was a collaborative effort involving multiple ISRO centres (SAC, ISTRAC, SDSC-SHAR), with significant support from the Indian Air Force (IAF), Aeronautical Development Establishment (ADE), Aerial Delivery Research and Development Establishment (ADRDE), Regional Centre for Military Airworthiness (RCMA) under the Centre for Military Airworthiness and Certification (CEMILAC), National Aerospace Laboratories (NAL), Indian Institute of Technology, Kanpur, Indian aerospace industrial partners, Indian Oil Corporation of India, and Airport Authority of India. S Somanath, Chairman, ISRO/Secretary, Department of Space, congratulated the team for their efforts in maintaining the success streak on such complex missions. Dr S Unnikrishnan Nair, Director of VSSC, emphasised that this consistent success boosts ISRO's confidence in the critical technologies essential for future orbital re-entry missions.

'Pushpak' aces test: ISRO achieves yet another success in Reusable Launch Vehicle (RLV) landing experiment

New generation ballistic missile 'Agni Prime' was successfully flight-tested by the <keyword id="152819" type="General" weightage="50" keywordseo="defence-research-and-development-organisation" source="Orion">Defence Research and Development Organisation</keyword> (<keyword id="6355142" type="General" weightage="80" keywordseo="drdo" source="Orion">DRDO</keyword>). The Ballistic missile 'Agni Prime' was tested from Dr APJ Abdul Kalam Island off the coast of Odisha. During the flight test, all objectives were successfully demonstrated, a defence ministry official said on Thursday. According to the Ministry, this was the first pre-induction night launch conducted by the users after three successful developmental trials of the missile, validating the accuracy and reliability of the system. The test was conducted in the night hours of June 7. Range Instrumentation like Radar, Telemetry and Electro-Optical Tracking Systems were deployed at different locations, including two down-range ships, at the terminal point to capture flight data covering the entire trajectory of the vehicle, the ministry added. Senior officials from DRDO and Strategic Forces Command witnessed the successful flight-test, which paved the way for induction of the system into the <keyword id="3790" type="General" weightage="50" keywordseo="armed-forces" source="Orion">Armed Forces</keyword>. The Defence Minister, <keyword id="6355121" type="General" weightage="50" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> congratulated DRDO and the Armed Forces for the success as well as the copy-book performance of the 'Agni Prime'. Secretary <keyword id="17644809" type="General" weightage="50" keywordseo="department-of-defence-research" source="Orion">Department of Defence Research</keyword> and development, and Chairman DRDO Dr Samir V. Kamat appreciated the efforts put in by the teams of DRDO laboratories and the users involved in the test launch. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-maps-is-finally-getting-offline-navigation-just-like-google-maps/articleshow/100840434.cms">Apple Maps is finally getting offline navigation, just like Google Maps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/its-a-pause-not-a-pivot-by-rbi-rate-cut-hopes-pushed-out-for-now/articleshow/100841720.cms">It’s a pause, not a pivot by RBI: Rate cut hopes pushed out for now</a>

India successfully fight tests 'Agni Prime' ballistic missile with a range of 2,000 kms

<ul class="summary-list"><li>CFRA recommends investing in insurance stocks ahead of what's expected to be a busy hurricane season.</li><li>Scientists at Colorado State University have predicted 23 named storms, 11 hurricanes, and 5 major hurricanes.</li></ul>The prospects for a highly active US hurricane season means investors should snap up shares in a quiet corner of the stock market: insurance companies. That's according to CFRA, which highlighted in a recent note a handful of insurance stocks that stand to gain amid the 2024 hurricane season.Forecasters at Colorado State University's Department of Atmospheric Science have predicted a "very active" hurricane season this summer with expectations for 23 named storms, 11 hurricanes, and five "major" hurricanes that range from category three to five.The hurricane season <a target="_blank" href="https://www.businessinsider.com/hurricane-beryl-caribbean-storm-weather-jamaica-record-category-2024-7">kicked off earlier this week with Hurricane Beryl,</a> which turned into a category four storm and hit several Caribbean Islands as it made its way into the Gulf of Mexico towards the Yucatan peninsula."If this grim forecast comes to fruition, it will likely buoy pricing for many lines of property-casualty insurance and reinsurance, providing certain underwriters' shares with a catalyst," CFRA said.At the same time, an active hurricane season could be disruptive to the homeowners and commercial property markets.Therefore, CFRA recommends investors focus on five insurance and reinsurance companies that have limited or manageable catastrophe and hurricane exposure.Those five companies include <a target="_blank" href="https://markets.businessinsider.com/stocks/aig-stock">American International Group</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/acgl-stock">Arch Capital Group</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/ajg-stock">Arthur J. Gallagher</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>, and <a target="_blank" href="https://markets.businessinsider.com/stocks/pgr-stock">Progressive</a>."We view the five names highlighted… as well positioned to benefit from the likely ongoing industry-wide pricing power, or from other company-specific catalysts, while having a manageable level of exposure to catastrophes," CFRA said.For Berkshire Hathaway, CFRA reiterated its $472 price target for Class B shares, representing potential upside of 16% from current levels.Berkshire Hathaway's insurance and reinsurance operations include GEICO, Berkshire Hathaway Primary Group, General Re, National Indemnity, and Alleghany."Thanks mainly to the acceleration in reinsurance top-line growth, we expect all of Berkshire Hathaway to post operating revenue growth of between 10% and 15% in 2024 and between 12% and 15% in 2025, versus operating revenue growth of nearly 21% in 2023," CFRA said.CFRA added that Berkshire Hathaway offers investors diversification and optionality via acquisitions <a target="_blank" href="https://markets.businessinsider.com/news/stocks/warren-buffett-record-cash-pile-stock-market-crash-signal-berkshire-2024-5">thanks to its near-$200 billion pile of cash,</a> which CFRA called "ample 'dry powder' for future deals that will enhance growth."

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