AI, Jio Financial, and other big announcements from Reliance's AGM; And, a student slapping incident at a UP school sparks outrage

Market Watch

• Indian benchmark indices ended the day in the green, with the Sensex increasing 110 points at 64,996 and the Nifty rising 40 points at 19,306.
• Sectorally, Nifty IT (-0.46%) and FMCG (-0.23%) shed the most, while Realty (+0.94%) and Pharma (+0.91%) gained the most.

Three things:

• How does Jio Financial Services stack up against rivals?
• Mankind Pharma’s strong brand recall leads to consistent outperformance in sales.
• FPIs’ investment in Indian equities stood at Rs 10,689 crore in August, slowing amidst macroeconomic concerns.

Mukesh Ambani outlines Reliance Jio’s huge AI push: “AI to everyone, everywhere”

Reliance?Jio Platforms is seeking to spearhead the development of AI in India, promising to make the technology available to “everyone, everywhere” the company stated at its annual general meeting (AGM).

• “A global AI revolution is reshaping the world around us. Jio Platforms wants to lead in developing India-specific AI models and AI-powered solutions across domains, thereby delivering benefit of AI to Indians, businesses and government,” said the company’s chairman Mukesh Ambani.?

Meanwhile, Nita Ambani has resigned from the Reliance Industries Ltd board of directors to focus on her role as Chairperson of Reliance Foundation.

• Additionally, Mukesh Ambani will head the firm as its chairman and managing director for another five years.
• Meanwhile, Isha, Akash, and Anant Ambani have been appointed as non-executive directors, upon recommendation from the Human Resources, Nomination and Remuneration Committee. The appointments will take effect after approval from shareholders.
• Despite her resignation, Nita Ambani will continue to attend all RIL board meetings as a permanent invitee, allowing the company to continue benefitting from her advice.

The big picture: Reliance’s 46th AGM also included several other major announcements, including the announcement of Jio SmartHome Services.

• The company’s telecom arm also stated that it would launch its wireless broadband device Jio AirFibre on Ganesh Chathurthi, i.e., September 19.
• Furthermore, Reliance’s newly-launched finance arm, Jio Financial Services, will venture into the insurance business.?It will also leverage new-age technologies like blockchain-based platforms and Central Bank Digital Currency (CBDC) for its products.
• Reliance is expected to spend Rs 60,000 crore over the next three years to build four ‘giga factories’ in Jamnagar to manufacture integrated solar PV modules, electrolyzers, fuel cells, and batteries to store energy from the grid. Additionally, Rs 15,000 crore is expected to be used for new energy company investments across the value chain, technology, and partnerships.

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UP teacher asks students to slap Muslim boy in class, sparks row

A teacher in Uttar Pradesh’s Muzaffarnagar was caught on camera instructing students to slap a Muslim boy for his inability to recite mathematics tables, sparking outrage.

The details:?The teacher reportedly made derogatory comments, suggesting that the mothers of Muslim children who do not pay attention to their studies are responsible for their academic decline.?

• The boy’s father, while speaking to reporters, mentioned that he has reached a compromise with the school authorities and will not press charges.?
• However, he has decided not to send his child to that school anymore. The school has refunded the fee, and the boy’s father expressed his desire not to pursue the matter further.

The response: The school has been ordered to shut down until the case is investigated, while an investigation is underway and a case has been filed against the teacher.

• The students will now be admitted to other nearby schools while the recognition of the school has been withdrawn.
• However, other reports indicate the school was operating without recognition.

The other side:?The teacher, Tripta Tyagi, stated that she is not ashamed of her actions, and claimed the video was edited to give the incident a communal angle, accusing the media of blowing the incident out of proportion.

• She said she asked some students to slap him because of pressure from the child’s parents to be strict with him, adding that it’s important to “control” children.
• At one point, she also said, “I am handicapped, so I made some students slap him so that he would start doing his homework.”
• Tyagi, who is also the principal of the school, said, “I have served the people of this village as a teacher. They all are with me.”

Meanwhile, Uttar Pradesh Police have filed an FIR and charged Mohammed Zubair, the co-founder of Alt News, under Section 74 of the Juvenile Justice Act, 2015, for allegedly sharing a video that revealed the identity of the minor who was slapped.

• Zubair had removed the video from his social media account after the National Commission for Protection of Child Rights (NCPCR) urged people not to disclose the identity of the minor involved in such incidents.
• The case has been registered at the Mansurpur police station.

ICYMI

• The opposition bloc INDIA is expected to reveal a new logo and discuss strategic issues, including seat-sharing, at a two-day conclave in Mumbai on August 31.
• Neeraj Chopra has become the first Indian to win gold at the World Athletics Championships in the men’s javelin event, with a record throw of 88.17 m.
• A company backed by elite Silicon Valley investors has spent over $800 million acquiring land for a ‘mega-city’ project outside San Francisco.
• Gautam Adani’s plan to redevelop Dharavi faces doubts over his ability to deliver amid financial setbacks and allegations of favourable treatment.
• Over 2,000 artefacts have been stolen from British Museum, resulting in the resignation of its director and deputy director over investigation lapses.
• A UK MP has called for an investigation into a 1969 study where radioactive rotis were given to 21 Indian-origin women without consent.
• After the 2021 coup in Myanmar, an IT professional developed a mobile game to raise funds for the anti-military resistance.
• A Hindu seer has demanded the Indian government to declare the Moon as a ‘Hindu Rashtra’ with Chandrayaan-3’s landing site as its capital.