India's Financial Intelligence Unit (FIU) has operationalised an advanced 2.0 version of its information technology system. Armed with artificial intelligence and machine learning tools, the system is designed to check money laundering and terrorist financing crimes in the country's economic channels.

Meanwhile, more than 1.85 lakh companies were registered in the country last fiscal, higher than the count recorded in the year-ago period, and nearly 16,600 companies were set up in March this year, according to official data.

Speaking of business in India, billionaire investor Warren Buffett said that the Indian market has “unexplored” opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore “in the future". He was speaking at Berkshire's annual meeting on Saturday.

In other news, it’s been a long and brutal summer in India, however, some regions could soon get a breather. Indian Meteorological Department has predicted light to moderate rainfall and thunderstorms in Odisha, Gangetic West Bengal, Bihar, and Jharkhand from May 5 to 9.

Light to moderate rainfall is expected in east Uttar Pradesh, Haryana-Chandigarh-Delhi, Madhya Pradesh, Vidarbha, and Chhattisgarh during this period.

ICYMI: The undersea cable repair industry that keeps global internet infrastructure up and running.

Did you know that over 1.2 million kilometeres of cables crisscross the Earth’s oceans, carrying as much as 99% of the world’s data?

In today’s newsletter, we will talk about

GenZ in the workplace
Building tech for the public

Here’s your trivia for today: Pago Pago is the capital of which country?

In-depth

GenZ in the workplace

Gen Z—individuals born between 1997 and 2012—are one of the primary drivers of change in today's workplace, a 2023 research by Deloitte says.

They are digital natives, having grown up with smartphones and social media, and are often the ‘trendsetters, trend enders, the influenced, and the influential’. YS Life takes a look at how GenZ is shaping India’s workspace.

Trendsetters:

As individuals who are exposed to technology at a young age, Gen Z is tech-savvy and seamlessly integrates advanced tools into their work lives. It helps with improved efficiency and eventually their desire to achieve a healthy work-life balance.
Gen Z also walks the talk when it comes to diversity and inclusion—which is why they are on the lookout for organisations that align with this mindset.
While there are many pluses to hiring Gen Z, their casual attitude and vocabulary can mislead colleagues from other generations to consider them unprofessional.

DevSparks

Building tech for the public

In the last couple of years, the country has produced milestone apps and technology for the population at large—ranging from Aadhaar, UPI, to Digi Yatra and Namma Yatri (a product of Juspay).

Vimal Kumar, Founder of payment infrastructure company Juspay, and Ram Kunchur, Head of Product Innovation at Digi Yatra Foundation spoke about building these apps at DevSparks 2024.

Key takeaways:

The conversation revolved around the importance of digital public infrastructure, privacy, and security in the fintech sector.
Kunchur emphasised the safety of Digi Yatra app. “None of data is stored centrally. It (the data) is all in your mobile device. If someone has to hack your Digi Yatra app, they have to hack all four million mobile users,” he said when asked about the recent controversy surrounding the platform.
According to Kumar, developers need to go beyond the stack when it comes to app building. “Building blocks of public infrastructure are essentially the scientific fundamentals and mindset, along with the participation of the government,” he said.

News & updates

Optimism: Taiwan's Foxconn, the world's largest contract electronics maker and the biggest assembler of Apple's iPhone, reiterated on Sunday it expects a rise in second-quarter revenue. Foxconn said in a statement that this year's second quarter "remains a traditional off-peak season, and major products are entering a period of transition between old and new products".
Madonna: More than a million people thronged Brazil’s Copacabana beach for a free Madonna concert, braving the heat to see the end of her Celebration world tour. The sand and oceanfront boulevard around Rio de Janeiro’s famed beach were filled for several blocks on Saturday night by a crowd the city estimated at 1.6 million.

What you should watch out for

Lok Sabha: The market will closely watch the elections as on May 7, as 94 Lok Sabha seats across 12 states and Union territories go to polls in the third phase. In the third phase, two seats of Goa, 26 seats of Gujarat, 7 seats of Chhattisgarh, and 14 seats in Karnataka will be up for the contest.
Apple event: At the “Let Loose” event on May 7 (Tuesday), Apple will likely release an OLED iPad Pro and new iPad Air, as well as updated peripherals.

Pago Pago is the capital of which country?

Answer: American Samoa

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