🧠 TikTok impacts mental health

Good morning. Ratan Naval Tata 💔 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🧠 TikTok impacts mental health?

• 🪷 Amazon India teams up with startup India

• 🗞️ Bite-sized summaries

  • 🥇 Godfather of AI wins the 2024 Nobel Prize

  • 🧑‍🏭 Hiring season

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets experienced a decline. The Reserve Bank of India maintained the repo rate at 6.5% while shifting to a neutral stance, signaling potential future rate cuts amid ongoing inflation concerns and mixed market performance among major companies.

🌍️ International

• U.S. stock futures remained steady after a positive trading day. The Dow, S&P 500, and Nasdaq all saw gains, driven by strong performance in technology stocks. Investors seem optimistic about the Federal Reserve's economic management. However, potential volatility looms due to historical market trends, the upcoming U.S. election, and anticipated economic reports.

MARKETS

🧠 TikTok impacts mental health

TikTok has been banned here for quite some time, but it might have been one of the wisest decisions the government has made as it pertains to the future of this generation.

Why do we say this? Because in a significant legal development, 14 bipartisan attorneys general have filed lawsuits against TikTok, accusing the popular social media platform of harming young users' mental health and fostering addiction.

The lawsuits, led by New York's Letitia James and California's Rob Bonta, target various aspects of TikTok's design and functionality.

Key allegations include:

• TikTok's endlessly scrolling feed and content recommendation system are designed to maximise user engagement, potentially at the cost of users' well-being.

• The platform's "challenges" sometimes encourage risky behaviour among young users.

• Late-night push notifications disrupt children's sleep patterns.

• TikTok's beauty filters may contribute to body image issues and related mental health problems.

The lawsuits also claim that TikTok violates the Children's Online Privacy Protection Act (COPPA) by failing to prevent children under 13 from joining and collecting their data without parental consent.

In response, TikTok has vehemently rejected these claims, labeling them as "inaccurate and misleading." However, the complexities of data privacy and user engagement raise questions about what truly occurs behind the scenes at these tech companies.

Overall: This legal action is part of a broader trend of increased scrutiny of social media platforms' impact on youth. It follows other initiatives, including a New York law regulating social media algorithms and a call from 42 state attorneys general for warning labels on social media apps.

Concurrently, a CDC report reveals that over 75% of high school students use social media several times daily, with frequent users more likely to experience negative emotions and mental health issues.

As this legal battle unfolds, it underscores the ongoing debate about the responsibilities of social media companies in protecting young users' well-being and the potential need for stricter regulation in the digital landscape.

Read more: CNN

E-COMMERCE

🪷 Amazon India teams up with startup India

In a significant move to strengthen India's startup ecosystem, Amazon India has joined forces with Startup India and the Department for Promotion of Industry and Internal Trade (DPIIT).

The collaboration introduces a streamlined process for startups to join Amazon India's marketplace through a dedicated portal on the Startup India platform.

At the heart of this initiative lies a comprehensive support system that includes:

• Direct access to the domestic market through Amazon's established platform

• Personalised mentorship from Amazon's leadership team

• Specialised go-to-market strategies

• Expert guidance on logistics and operations

A standout feature of this partnership is its focus on women entrepreneurs through Amazon's Saheli programme. Women-led startups will gain exclusive access to a suite of Amazon services, including Amazon Pay, AWS, Amazon Advertising, and Mini TV, among others.

The collaboration also promotes the Bharat Startup Knowledge Access Registry (BHASKAR) initiative, which serves as a centralised platform connecting various stakeholders in the startup ecosystem. This includes investors, mentors, service providers, and government bodies, creating a unified network for collaboration and growth.

Overall: The partnership represents a significant milestone in India's startup journey, combining the government's vision through Startup India (launched in 2016) with Amazon's e-commerce expertise. By bridging the gap between traditional retail and digital commerce, this initiative promises to create a more inclusive and dynamic entrepreneurial landscape in India.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🥇 Godfather of AI wins the 2024 Nobel Prize - John Hopfield and Geoffrey Hinton, pioneers in artificial intelligence (AI), won the 2024 Nobel Prize in Physics for their foundational work in machine learning. Hinton, known as the "godfather of AI," and Hopfield, whose earlier research influenced AI advancements, helped develop artificial neural networks that are now integral to science, medicine, and daily life. Despite AI’s benefits, both winners raised concerns about its risks, particularly the potential for systems more intelligent than humans. Hinton's work led to significant breakthroughs, such as the development of backpropagation, pivotal in modern AI advancements.

🧑‍🏭 Hiring season - IT campus hiring is projected to increase by 20-25% this fiscal, led by companies like TCS, Infosys, and Wipro, driven by demand for skills in AI, cybersecurity, cloud computing, and data analytics. Last year, many companies paused campus hiring due to economic uncertainties, but experts now see signs of recovery. Wipro plans to hire 10,000-12,000 freshers, while TCS aims for 40,000 and Infosys 20,000. Tech Mahindra plans to onboard 5,000 freshers and 1,000 interns. Despite the increase, hiring remains below the 2021-2022 levels, as IT companies optimize workforces with automation and AI.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Haryana election result: Congress submits seven written complaints regarding EVM tampering.

• Warner Bros. Discovery aims to deliver over 3,000 hrs of fresh content in India by year-end.

• Carbon tax proposed by EU unilateral, arbitrary to hurt India's export: FM Sitharaman.

• Akasa Air partners with Rolls-Royce for engine leasing deal.

• Hyundai India announces to invest Rs 32,000 Cr. in India over next 10 years.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Reacher lands early season 4 pickup at Amazon.

• TP Madhavan, veteran Malayalam actor and AMMA's first general secretary, dies at 88.

• National Film Awards 2024 highlights: Rishab Shetty wins best actor for Kantara.

• Diljit Dosanjh's Dil-Luminati Tour: tickets for Delhi and Jaipur shows sold out in 9 minutes.

• Fabulous Lives vs Bollywood Wives trailer out now.