Espresso: Core industries grow in May, and tech predictions

Your daily shot of news in business and technology.

Espresso: Core industries grow in May, and tech predictions

Thursday July 01, 2021 , 4 min Read

Six core sectors grow in May 2021

The combined Index of Eight Core Industries (ICI) in May 2021 grew by 16.8 percent over the corresponding month last year.

The ICI measures combined and individual performance of production in selected eight core industries: coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.

Six of the eight core industries showed a provisional increase in May 2021, with only crude oil and fertilisers showing a decline in production. The growth is attributed to the low base effect in May 2020 because of the nation-wide lockdown.

The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

AstraZeneca Pharma India partners with health-tech firm

Biopharmaceutical company AstraZeneca Pharma India, which clocked revenue of Rs 826 crore in 2020-21, has partnered with Bengaluru-based Docon Technologies to digitise 1,000 clinics across 30 Indian cities. 

Docon Technologies operates digital consultation and practice management app Docon. It will equip the selected clinics with customised Electronic Medical Record (EMR) systems. This will enable clinicians to access complete patient history while treating chronic patients and managing long-term complications of non-communicable diseases like diabetes and cardiovascular diseases.

Government IoT market will grow 22 percent in 2022: Gartner

Technology advisory Gartner expects the government Internet of Things (IoT) endpoint electronics and communications market to touch $21.3 billion in 2022. This marks a 22 percent increase over its 2021 global forecast of $17.5 billion. 

Outdoor surveillance cameras will represent over 75 percent of the government’s global 5G connections through 2022, according to Gartner.

“Local governments worldwide are increasingly using IoT to monitor infrastructure and assets more effectively and improve citizens’ safety and living environments, including controlling the spread of COVID-19, and checking quarantine compliance,” said Kay Sharpington, Gartner’s senior principal research analyst.

Another washout fiscal for Vodafone Idea

Leading telecom service provider Vodafone Idea (VI) reported an annual decline of 8.4 percent in consolidated revenue for the financial year (FY) 2020-21 at Rs  42,216.4 crore, compared to Rs. 45,996.8 crore last fiscal.

Despite reporting lower net loss, at Rs. 44,233. 1 crore compared to a loss of Rs. 73,878.1 crore in FY 2021-20, the pain is far from over. Its reported negative net worth was Rs 38,228 crore and total debt in excess of Rs 1.86 lakh crore at the end of FY 2021. 

In the notes to accounts, VI said there is material uncertainty relating to its ability to continue as a going concern, which would depend on its ability to raise funds, negotiations with lenders, and refinancing of debts among various other factors.

Tech Mahindra partners with TAC Security

Mid-sized technology services firm Tech Mahindra has partnered with cyber-risk management company TAC Security to mitigate cyber threats by enabling next-generation enterprise security for customers globally, according to a statement. 

With the collaboration, Tech Mahindra will use TAC’s patented vulnerability management platform Enterprise Security in One Framework to design better safety management protocols for its customers. By using analytics and artificial intelligence, they will work to reduce vulnerable points across the IT stack

In the past year, cybersecurity threats have increased exponentially.

With increasing concerns, “comprehensive risk and vulnerability management platform to efficiently reduce risk postures becomes a necessity,” said Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader - APAC and EMEA, Tech Mahindra.  

Organisations to spend $656 billion on ‘Future of Work’: IDC

International Data Corporation (IDC) Worldwide Future of Work (FoW) Spending Guide pegs expenditures to touch $656 billion in 2021— an increase of 17.4 percent over 2020.

The pandemic has accelerated the adoption of platform technologies like cloud and mobile computing as more people and organisations work remotely. Hardware is expected to be the largest investment area with an outlay of $228 billion, while services could see a spend of $123 billion.

Traditional work models do not provide the agility, scalability, and resilience required by the future enterprise, said Holly Muscolino, Research Vice-president - content strategies and the future of work, IDC.

Edited by Rajiv Bhuva