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Real-time News
On September 17th, ING stated that as India moves up the value chain into service sectors that are harder to automate, there are few signs that its outsourcing industry is being replaced by artificial intelligence. Economist Deepali Bhargava wrote that software services exports as a percentage of GDP have risen from 3.3% before the pandemic to approximately 5.2%. During the same period, business services, including finance, accounting, engineering, research, and analytics, more than doubled their share of GDP to 3.3%. This performance challenges concerns that generative AI could weaken one of Indias most important industries by automating traditional outsourcing work. According to ING data, India accounts for more than half of the global outsourcing industry, earning approximately $205 billion annually from software services exports and supporting about 5.8 million workers. Software and business services exports combined account for about 8.5% of GDP and are a significant source of foreign exchange.Nokia: Expanding its partnership with Microsoft to accelerate network automation and build a unified data foundation.On September 17, the Shanghai Stock Exchanges bond project information platform showed that Chongqing Longfor Enterprise Development Co., Ltd. plans to publicly issue corporate bonds to professional investors, with a proposed issuance amount of 2.73 billion yuan. The project has been accepted.Volvo Cars shares rose 3.3% on plans to launch new models and new financial targets.ING: As artificial intelligence reshapes the job market, Indias outsourcing business is shifting towards high-end markets.
