Tag: Boom

India’s economic boom is obscuring pressures on smaller businesses

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At a recent Mumbai conference about India’s small and medium-sized enterprises, there was much talk over the buffet lunch of pulao and gulab jamun on their prospects.

It did not always match the tone of earlier upbeat speeches at the Confederation of Indian Industries’ summit that praised government initiatives to help small business maximise India’s moment as the world’s fastest-growing major economy.

“For India to grow exponentially, we need more and more of our [small businesses] to mature into large firms in the decade to come,” said Sunil Kant Munjal, president of the confederation and chair of two-wheeler company Hero. But some summit attendees endorsed the view of those economists who say India’s growth and the rapid expansion of the country’s biggest conglomerates has obscured the pressures on smaller businesses.

The IMF is forecasting 6.1 per cent gross domestic product growth this year. But the nation of 1.4bn emerged from the pandemic with a K-shaped recovery: rich people’s incomes and spending has risen while those with fewer resources have struggled. And against that backdrop, some economists worry that behemoth business houses — from Mukesh Ambani’s Reliance Industries to the storied Tata Group — have gained market share and pricing power that could make it harder for smaller groups to compete.

Just 20 companies took 80 per cent of the profits generated by the Indian economy in the 2022 business year, double the profit percentage 10 years earlier, according to analysis by Mumbai-based fund manager Marcellus of data for listed businesses. By contrast, in a February survey of more than 100,000 small business owners by the Consortium of Indian Associations, three-quarters of respondents reported they were not profitable, and one-third claimed

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How the generative A.I. boom could forever change online advertising

Sebastien Bozon | AFP | Getty Images

Shortly after ChatGPT hit the market last year and instantly captured headlines for its ability to appear human in answering user queries, digital marketing veteran Shane Rasnak began experimenting.

As someone who had built a career in creating online ad campaigns for clients, Rasnak saw how generative artificial intelligence could transform his industry. Whether it was coming up with headlines for Facebook ads or short blurbs of ad copy, Rasnak said, jobs that would have taken him 30 minutes to an hour are now 15-minute projects.

And that’s just the beginning.

Rasnak is also playing with generative AI tools such as Midjourney, which turns text-based prompts into images, as he tries to dream up compelling visuals to accompany Facebook ads. The software is particularly handy for someone without a graphic design background, Rasnak said, and can help alongside popular graphic-editing tools from Canva and Adobe’s Photoshop.

While it’s all still brand new, Rasnak said generative AI is “like the advent of social media” in terms of its impact on the digital ad industry. Facebook and Twitter made it possible for advertisers to target consumers based on their likes, friends and interests, and generative AI now gives them the ability to create tailored messaging and visuals in building and polishing campaigns.

“In terms of how we market our work, the output, the quality and the volume that they’re able to put out, and how personalized you can get as a result of that, that just completely changes everything,” Rasnak said.

Rasnak is far from alone on the hype train.

Meta, Alphabet and Amazon, the leaders in online advertising, are all betting generative AI will eventually be core to their businesses. They’ve each recently debuted products or announced plans to develop various tools

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Display Advertising Tool Market 2023-2028 Giants Spending is Going To Boom

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