Tag Archives: mumbai,

Business

Mumbai, Delhi ranked among top 5 prime residential markets in Asia-Pacific

IANS

Mumbai and Delhi have been ranked among top 5 Asia-Pacific prime-residential markets to record higher annual price growth, according to a report on Friday, as India was cited among the emerging markets in Asia-Pacific, along with Vietnam and Thailand, to experience significant growth.

Mumbai ranked third on the annual prime residential price growth index for the APAC region in the report by Knight Frank, recording an 11.5 per cent YoY increase in luxury property prices in Q3 2024.

“Mumbai’s outperformance is in line with the performance of Indian stock markets. The investment sentiment remains very strong in the economy, and this is reflected in the growth of the equity indices which have scaled all-time highs, as well as the prime residential prices in this BFSI sector-dominated city which saw equally strong price growth,” said the report.

Moreover, Mumbai is noted to be the 14th most expensive APAC prime residential market at an average price of $ 953 per square foot. In the city, $1 million can secure approximately 103 square feet of prime real estate property.

Wikipedia Commons

Furthermore, Delhi ranked fifth on the annual prime residential price growth index for the APAC region, reporting a 6.5 per cent increment in luxury property prices. The city is noted to be the 19th most expensive market with an average price of $ 452 sq ft during Q3 2024, the report mentioned.

“India’s residential real estate sector is experiencing remarkable growth, fuelled by economic expansion, infrastructure advancements, and evolving consumer preferences,” Knight Frank India Chairman and Managing Director, Shishir Baijal, said.

With Mumbai, Delhi-NCR, and Bengaluru leading in prime residential price growth, the market is demonstrating resilience and establishing itself as a key hub for prime real estate investments.

“The interplay of a growing economy and evolving lifestyle aspirations positions India as a distinctive and attractive prospect for investment opportunities,” said Baijal.

The Asia-Pacific region’s prime residential sector is one of the region’s most resilient assets, which has withstood the effects of the pandemic and the onslaught of higher interest rates.

Housing markets in the Asia-Pacific are broadly characterised by high home ownership aspirations amid persistent constraints in housing supply and sustained economic growth. India has been cited as the market with the third highest home ownership rate of 87 per cent, just behind Singapore at 90 per cent and Vietnam at 88 per cent.

(With inputs from IANS)

Related

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Business

Novotel Mumbai Juhu Beach Unveils Holiday Season with Time-Honored Cake Mixing Tradition

Novotel

Mumbai, 18thNovember 2024: The poolside at Novotel Mumbai Juhu Beach transformed into a hub of pre-Christmas revelry as the hotel hosted its much-anticipated annual cake-mixing ceremony on the 17th of November, 2024. The event brought together guests and culinary enthusiasts for an afternoon of merriment, marking the onset of the festive season.

The celebration began with an elaborate new market brunch showcasing the culinary prowess of the hotel’s celebrated chefs. Guests savoured an extensive spread featuring freshly baked breads, artisanal pastries, regional delicacies, and international favourites. The specially crafted menu highlighted seasonal ingredients while paying homage to traditional holiday flavours.

Neelabh Sahay, Director of Operations at Novotel Mumbai Juhu Beach, said, “Our cake-mixing ceremony is all about togetherness, marking the start of our holiday preparations with a cherished tradition. It’s heartwarming to see families, friends, and even new faces come together, sharing joy and creating connections. As these festive ingredients are transformed over the coming weeks, they’ll carry the warmth and togetherness of today into the holiday celebrations ahead.”

As the afternoon progressed, participants gathered for the main ceremony, donning chef’s caps, aprons, and gloves. The air was filled with the aromatic blend of premium ingredients, including sultanas, candied ginger, macerated dates, crystallised fruit, and hand-picked nuts. These choice ingredients were lovingly mixed with fine spirits, initiating the months-long maturation process essential for crafting the hotel’s signature Christmas offerings.

The convivial atmosphere was enhanced by carefully curated holiday melodies, whilst the seaside setting provided a distinctive backdrop for this time-honoured tradition. Families and friends came together, sharing in the joy of this unique pre-Christmas ritual.


Joseph Andrew

Business

Prime office rents in Delhi-NCR, Mumbai, Bengaluru to stay stable for 12 months

Middleton Active Shooter: Police Respond To Active Shooter Reports At Wisconsin Office Building

Prime office rents in Delhi-NCR, Mumbai, Bengaluru to stay stable for 12 monthsIANS

The prime office rents in Delhi-NCR, Mumbai and Bengaluru remained stable in the July-September period, while Mumbai and Bengaluru saw year-over-year (YoY) increases of 5 per cent and 3 per cent, respectively, driven by strong occupier demand and limited new supply, according to a report on Saturday.

Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru remained robust year-on-year, and rental rates are expected to stay stable over the next 12 months. Delhi-NCR currently is the sixth most expensive office space rental market across the Asia-Pacific region, according to a Knight Frank report.

In Q2 and Q3 2024, combined transaction volumes across these three markets hit consecutive all-time highs. This growth is largely attributed to global capability centres (GCCs) and India-focused businesses.

The surge reflects optimism about India’s economic future, its rich talent pool, business-friendly regulations, and the ongoing growth of its vast consumer markets., said the report.

“The resilience of the Indian economy continues to attract strong global corporate interest, as reflected in the sustained demand across India’s major office markets,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

mercer survey 2017 salary increase jobs recruitment hiring india

Bengaluru saw the largest volume growthReuters file

“This positive outlook, supported by consistent physical occupancy, steady rent levels since 2022, and rising demand in 2024, underscores our confidence in the sustained strength of the Indian office market in the near to medium term,” he added.

In Q3 2024, Bengaluru saw the largest volume growth, up 158 per cent (on-year). Bengaluru’s standing as a GCC hub was further supported by the fact that 62 per cent of the space traded in the city was from GCCs. The majority of Mumbai and NCR’s business volume was made up of companies that dealt with India.

In Mumbai, the prime office rent was recorded at Rs 317 per square feet per month. In Bengaluru, it was Rs 138 per sqft per month and in Delhi-NCR, it was Rs 340 per sq ft per month.

(With inputs from IANS)

Edutech & Education

Festival of Australia showcases Australia’s Excellence in Education and Premium F&B products in Mumbai

Festival of Australia Highlights Excellence in Education and Premium F&B Products in MumbaiMumbai, 15th November 2024: The Australian Trade and Investment Commission (Austrade) organised first-of-its-kind 4-city showcase titled “Festival of Australia” in Mumbai that brought together Australia’s top-quality institutions, universities, retail and other trade partners on a single platform and showcased Australia’s premium F&B products to Indian consumers.

After Mumbai, Austrade will hold the festival in Hyderabad (16 November), Bengaluru (18 November) and Kochi (20 November).

The showcase in Mumbai provided an opportunity for Indian students and parents to engage directly with representatives from Australian universities and discuss course offerings that will help them achieve their career and learning goals.

As a part of the showcase, the Indian students attended a masterclass on “Not-so-natural disasters and how to prevent them” presented by Prof David Sanderson, Inaugural Judith Neilson Chair of Architecture, University of New South Wales.

The showcase also featured a panel discussion with senior representatives from Indian schools, Australian Universities and industry partners to understand what prospective students really want from a foreign university to make their decision better to study abroad.

The Festival of Australia featured an Australian Food Pavilion showcasing Australia’s finest offerings ranging from honey, nutrition bars, sauces, cheese, pastas, seafood, lamb meat and other exceptional produce.

Austrade has collaborated with Jio Mart to set up an ‘Australia Pavilion’ on their e-commerce platform and a Mumbai based retailer Food Square to showcase a range of Australian products at the Festival of Australia event.

The Guests at the Festival of Australia got an opportunity to taste dishes prepared using premium Australian ingredients during the live cooking demonstrations.

Speaking about the festival in Mumbai, Mr. John Southwell, Senior Trade and Investment Commissioner – South Asia, Australian Trade and Investment Commission said, “We are excited to organise this festival to highlight the unique experiences that Australia has to offer in both education and cuisine. With this event, we hope to increase awareness and open new opportunities for Indian students, families, and food enthusiasts to discover Australia as a premier location for top-notch education and fine dining experiences. We are delighted to showcase the Australian premium F&B products to cater to the increasing demand from Indian consumers and we have started seeing Australian products featuring more and more in Indian cuisine, from dals to lamb biriyani.”

Australia – India ties in education have strengthened over the past few years and both countries are nurturing stronger economic and cultural connections that promise sustained growth. This festival of Australia not only strengthens Australia’s presence in India but also celebrates a shared commitment to cross-cultural appreciation and advancement.

Edutech & Education

BITS Law School, Mumbai commences Admissions Process for 2025

Applications invited for 5-year integrated B.A. LL.B. (Hons.) and B.B.A. LL.B. (Hons.) residential programmes at the BITS Pilani, Mumbai Campus

Mumbai, 11th November 2024 – BITS Law School, established under BITS Pilani, an Institution of Eminence, is accepting applications from 11th November 2024 for its five-year integrated law programmes for admissions in 2025. The admissions process has commenced for the B.A. LL.B. (Hons.) programme and the B.B.A. LL.B. (Hons.) programme, with 120 and 60 seats respectively, at the BITS Pilani, Mumbai Campus. Prospective students can apply on the school’s website (www.bitslawschool.edu.in).

BITS Law School, Mumbai commences Admissions Process for 2025

Both programmes are designed to the specifications of the Bar Council of India and are recognised by it. The curriculum, with the advantage of being designed afresh, is contemporary and lays an emphasis on trans-disciplinary thinking. The programme offers four in-demand specialisations – Technology & Media Law, Corporate & Financial Law, Entertainment & Sports Law, and Alternate Dispute Resolution & Mediation that prepare graduates for a rapidly evolving legal landscape.

“After the spectacular success of our first two batches of students, I am delighted that we are already at the forefront of legal education in India.” said Prof. (Dr.) Ashish Bharadwaj, Founding Dean of BITS Law School. “We are committed to offering the most contemporary and multi-disciplinary law programmes in India. Our approach is based on assisting students to discover new ideas, problems, and solutions in law and beyond. BITSLAW is advancing research and thought leadership in upcoming and unresolved issues in technology & media law, which is one of the four specialisations we offer.” he said.

BITS Law School’s curriculum is grounded in an innovative 5-tier learning pyramid which includes (1) ‘Readiness at the Workplace’ to master data skills, time management, and professional ethics; (2) ‘Learning Beyond the Curriculum’ for cultural enrichment and exposure to fine arts; (3) ‘Mentor-Mentee Program’ for dedicated mentorship for each student to navigate their residential campus life; (4) ‘Writing Centre’ to learn skills of critical thinking, interpretation, and legal writing; and (5) Remedial Classes for Academically Adrift students to help overcome academic challenges in a customised manner.

As one of the most diverse law schools in India, students of BITSLAW represent 23 States of India. 75% of all students (and 50% of all faculty) are women. The students are engaged in more than 10 student committees, societies and clubs for deep extra-curricular engagement.

Admissions are based on the following parameters for a thorough evaluation and personalized attention given to each candidate:

● Academic records (10th and 12th grade scores)

● Law entrance exams scores of CLAT, LNAT, AILET, SLAT, MHCET LAW, or BLAT (BITS Law Admission Test)

● Co/extra-curricular achievements

● Personal interview

The approach of BITS Law School to internationalization is strategic and thematic. Some of the partners include University College Dublin’s Sutherland School of Law, Pace University’s Elisabeth Haub School of Law, and University of New Hampshire’s Franklin Pierce School of Law.

BITSLAW faculty are alumni of leading universities, including the IITs, JNU, National Law Schools, Delhi University in India; Warwick, Cambridge, Manchester, Leicester, Liverpool, Essex, SOAS in the U.K.; Goethe Frankfurt, GIDS Geneva, Tilburg, Munich, Max Planck Institute in Europe; Toronto, NYU, Columbia, Louisiana State, Queen’s University in North America; and Deakin, Monash in Australia.

The dedicated Office of Industry Interface & Career Advancement (IICA) offers each BITSLAW student internships, skill-building workshops for professional development, and guest lectures with counsels, lawyers, judges, and legal scholars.

BITS Law School offers generous scholarships for merit, merit & means, and diversity. Additionally, there are three special Birla Endowment Scholarships for Legal Studies. More than 50% of BITSLAW students are on some form of scholarship ranging from 15% to 100% tuition fee waiver. The School has partnered with leading public and private banks for educational loans at interest rates that are among the lowest available in the country.

Edutech & Education

IIM Mumbai lauds government landmark initiative PM Vidyalaxmi Scheme

Mumbai, November 7, 2024: The Union Cabinet has approved the PM-Vidyalaxmi Scheme, a landmark initiative aimed at providing collateral-free and guarantor-free loans to financially constrained students seeking to pursue higher education. With an estimated Rs. 3600 crore allocation for the period from 2024-2025 to 2030-31, the scheme is designed to support 2.2 million students annually by offering loans of up to Rs. 7.5 lakh at concessional interest rates.

“This initiative is a major step in making higher education more inclusive and accessible for all students, particularly those from economically disadvantaged backgrounds. We applaud Prime Minister Modiji’s vision to create a skilled, educated workforce that will drive growth and create a better future for the youth of this country.,” said Prof. Manoj Tiwari, Director, IIM Mumbai.

The scheme is targeted at students from families with an annual income of up to Rs. 8 lakh, offering a 3% interest subvention on loans up to Rs. 10 lakh. This will benefit around 100,000 students every year, enabling them to access higher education without the burden of high-interest rates, collateral, or a guarantor. The scheme covers 860 institutions across India, including both public and private universities listed in the NIRF rankings.

By breaking down financial barriers, the PM-Vidyalaxmi Scheme aims to reduce the dropout rate, currently at 38%, due to financial constraints, and ensure that talented students from underserved communities can pursue their academic dreams. The loans will be repaid after students secure employment, creating a sustainable revolving fund that will support future students and contribute to the nation’s economic growth.

The PM-Vidyalaxmi Scheme is set to play a transformative role in shaping the future of India’s education system, fostering social equity, and driving national development.

Business

New Flight Service: Now Indigo flights will also begin flying from this airport to Delhi and Mumbai from this day

Airport: JDU MP Sanjay Jha has given good news to the people of Mithila. In a post on the social media platform X, he said that now Indigo’s flight will also fly from Darbhanga Airport in Bihar to Delhi and Mumbai.

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Indigo Airlines has got the slot for this. Now Indigo’s flight will fly between Darbhanga and Delhi daily, while to Mumbai four days a week. This service will start from December 1.

What did Sanjay Jha write in the post?

JDU’s National Executive President and MP Sanjay Kumar Jha said that the sale of tickets for this is going to start soon. Sharing this information through his X handle, he wrote, “Due to the sudden cancellation of flights from Darbhanga Airport, passengers were facing a lot of trouble and their confidence in this airport was decreasing.

In this regard, I met Union Civil Aviation Minister Ram Mohan Naidu in New Delhi on September 21 and submitted a memorandum regarding removing the problems of passengers traveling from Darbhanga Airport and making it an international level airport by expanding the runway. He also cooperated in providing time slot to Indigo.

After this, in a meeting with the Special Director of Indigo at our residence in Delhi on September 23, the issue of starting the company’s flight service from Darbhanga Airport was discussed in detail. He told that Indigo Airlines has got the slot. Now Indigo aircraft will fly between Darbhanga and Delhi daily, while to Mumbai four days a week. This service will start from December 1. He said, “With the start of Indigo flights, passengers travelling from Darbhanga Airport will get more options for flights to Delhi and Mumbai.”

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Finance

Coldplay Mumbai concert: PIL in Bombay HC seeks guidelines against ticket scalping, black marketing

A PIL has been filed in the Bombay High Court seeking guidelines to curb black marketing and ticket scalping at major events, in the backdrop of alleged foul play during the online ticket sale for British band Coldplay’s highly anticipated concert in Navi Mumbai in January 2025.

Coldplay band members (clockwise) Chris Martin, Will Champion, Guy Berryman and Jonny Buckland. Photo courtesy: www.instagram.com/coldplay and @annaleemedia
Coldplay band members (clockwise) Chris Martin, Will Champion, Guy Berryman and Jonny Buckland. Photo courtesy: www.instagram.com/coldplay and @annaleemedia

The plea was mentioned on Monday for urgent hearing before a division bench of Chief Justice D K Upadhyaya and Justice Amit Borkar.

The public interest litigation (PIL), filed by advocate Amit Vyas, said there are several irregularities and illegalities during the sale of tickets for major events, such as concerts, live shows and so on.

Such irregularity and illegality was witnessed last month when tickets for the Coldplay concert were made available on the BookMyShow platform, he claimed in the petition.

ALSO READ: Coldplay Mumbai concert: BookMyShow’s purchased 120,000 tickets, confirms COO Anil Makhija amid fraud allegations

An advocate appearing for Vyas informed the HC that certain secondary websites are still selling tickets for the Coldplay concert at exorbitant prices. The bench noted that a police inquiry was on and posted the matter for hearing in November after the Diwali vacation.

The plea sought the court to lay down stringent guidelines for prevention of black marketing, ticket touting and scalping of online tickets of such major events. Such illegal means were rampant during the IPL matches, the cricket world cup matches in 2023 and the concerts of singers Taylor Swift and Diljit Dosanjh, the PIL claimed.

During such events, the organisers and ticketing partners exploit fans by listing the tickets on secondary ticket websites for exorbitant prices, it alleged. Such irregularities were recently seen when tickets were being sold last month on the online ticketing website BookMyShow for the Coldplay concert to be held in January 2025, the petition claimed.

“The sale of online tickets was apparently manipulated by BookMyShow platform in such a manner that even before mid-noon on the day the tickets were made available, people got logged out and were not allowed to access the website for purchase of tickets,” the PIL alleged. Within minutes, tickets of all three shows were shown as sold out on the BookMyShow portal even as tickets were later found available on a secondary website at exorbitant prices.

ALSO READ: BookMyShow crashes as Coldplay Mumbai concert tickets go live, leaves fans unhappy

Vyas last month filed a police complaint against the same with the city police’s Economic Offences Wing and an inquiry is on into it. In the plea, Vyas said such illegal practices have deprived people of their fundamental right to have an equal opportunity to access public entertainment.

“The Consumer Protection (E-Commerce) Rules, 2020 mandate e-commerce entities to ensure fair and non-deceptive practices. However, in the absence of effective regulations in the ticketing sector, entities such as BookMyShow are not complying with the rules,” the PIL claimed.

Business

Odisha Unveils Bold Industrial Vision at Mumbai Summit, Attracts Global Investors

Mumbai, October 19, 2024 – Odisha’s ambitious plans for industrial growth and investment took center stage during a successful roadshow in Mumbai, the second stop of its global investment roadshow following Delhi. Led by Hon’ble Chief Minister Shri Mohan Charan Majhi, this high-profile event further advanced preparations for the marquee Utkarsh Odisha – Make in Odisha Conclave 2025, scheduled for January 28-29, 2025, in Bhubaneswar.

Odisha Unveils Bold Industrial Vision at Mumbai Summit, Attracts Global Investors

Building on the momentum of the Delhi roadshow, the Mumbai event attracted top industry leaders and influential business figures, who engaged in strategic discussions centered on Odisha’s burgeoning investment landscape. Chief Minister Majhi, in his keynote address, outlined Odisha’s rapid transformation into a hub for skill-driven industries, emphasizing sectors such as IT, textiles, renewable energy, plastic, chemicals and petrochemicals.

The Chief Minister’s engagements included one-on-one meetings with leading industrialists. These discussions explored potential collaborations in key sectors, solidifying Odisha’s position as a preferred investment destination for both national and international investors. 

Key Highlights from the Mumbai Roadshow:

  • High-level business engagements with top leaders across IT, chemicals, petrochemicals, manufacturing, plastic and renewable energy sectors.
  • Highlighted ongoing initiatives such as food processing parks, garment manufacturing clusters, and the expansion of multimodal logistics hubs.
  • Odisha’s alignment with national growth strategies such as the Purvodaya Yojana, ensuring it plays a pivotal role in India’s overall economic development.

The roadshow, which followed the Delhi event, positioned Odisha as a critical player in India’s industrial growth narrative. Shri Manoj Ahuja, Chief Secretary of the Government of Odisha, set the context with an opening address, followed by a detailed presentation by Shri Hemant Sharma, Principal Secretary of Industries, outlining the state’s industrial strengths and opportunities. Odisha’s comprehensive infrastructure plan, world-class Skilling Ecosystem, and strategic location were key talking points.

Odisha’s Ambitious Industrial Growth Plan Showcased in Mumbai, Ignites Global Investor Interest

Reflecting on Odisha’s growing industrial might, Hon’ble Chief Minister Shri Mohan Charan Majhi said, “ Odisha offers immense opportunities with its business-friendly environment, demonstrated through recognition in the BRAP 2022. With initiatives like the Single Window Clearance System and GO-SWIFT, the state ensures streamlined investment processes. Its strategic location on India’s eastern coast, robust infrastructure, and access to global markets make it a hub for industrial growth. Odisha’s skilled workforce, combined with strong governance, invites investors to join a vibrant ecosystem and participate in the Utkarsh Odisha Conclave 2025.”

Hon’ble Shri Sampad Chandra Swain, Minister of Industries, emphasized Odisha’s strategic advantages,“ Odisha, with its rich heritage and strategic location on India’s eastern coast, is poised for transformation into a modern industrial hub. Under the leadership of Prime Minister Narendra Modi and aligned with the “Purvodaya Yojana,” Odisha is central to India’s growth. The state offers a seamless business environment through initiatives like garment manufacturing clusters, food processing parks, and logistics hubs. Odisha invites industries to leverage its robust infrastructure, skilled workforce, and supportive government policies. The upcoming Utkarsh Odisha – Make in Odisha Conclave 2025 in Bhubaneswar will be a vital platform to explore partnerships and drive Odisha’s industrial progress.

On the second day of Chief Minister Majhi’s visit to Mumbai, the roadshow concluded with an interactive session where he shared insights into Odisha’s transformative vision for industrial growth. He underscored the state’s investor-friendly policies and laid out the roadmap for the Make in Odisha Conclave 2025, inviting global investors to explore the unique opportunities that Odisha offers.

With the successful completion of the Mumbai roadshow, more than 500 attendees, including business leaders, witnessed Odisha’s potential to attract investment. Odisha has laid a strong foundation for what is expected to be a landmark investment summit. The Make in Odisha Conclave 2025 promises to attract top global businesses and secure major investments across key sectors, cementing Odisha’s reputation as a premier industrial and innovation hub.


Neel Achary

Business

Mumbai Set to Make History with Unprecedented Innovation

19th October 2024 Mumbai, Maharashtra, India Mumbai is poised to lead the next wave of Gen AI innovation as the Tech Entrepreneurs Association of Mumbai (TEAM) and Made in Mumbai, in partnership with NVIDIA, Meta, Quantiphi and ATLAS SkillTech University, is set to host India’s largest Gen AI Hackathon-‘MumbaiHacks’. The event will be held at ATLAS SkillTech University in BKC, Mumbai, on October 25th and 26th, 2024. Building on the excitement, Mumbai will host a landmark AI Week this month, starting with NVIDIA’s flagship AI Summit-one of just three global conferences, alongside Washington D.C. and Japan-followed by the eagerly awaited ‘MumbaiHacks’.

Marking its two years of operations, TEAM has consistently pushed boundaries in positioning Mumbai as a global tech hub, and ‘MumbaiHacks’ will significantly reinstate the efforts. TEAM is committed to democratizing the advancement of Gen AI innovation, by bringing together not only engineers and developers but also key stakeholders from policy, politics, civil society, law, non-profits, business, the creative arts, film, and journalism to ensure a holistic approach to AI innovation that is informed by a broad range of perspectives, to drive solutions that are both impactful and far-reaching.

In its third edition, ‘MumbaiHacks’ continues to elevate the city’s tech dominance, growing in scale and impact with each passing year. This year, the hackathon debuts an enhanced and elevated format, with a distinguished jury of industry leaders including Siddharth Roy Kapur, Founder & MD, Roy Kapur Films; Faye Dsouza, Journalist; Aakrit Vaish, Advisor, IndiaAI; Naiyya Saggi, Co-Founder, Good Glamm Group; Vivek Khemani, Co-Founder, Quantiphi; Aakash Kumar, MD, Z47; Sumeet Mehta, Co-Founder, LEAD School;; Sameer Nath, CIO & Head, 360 ONE AMC; Deepti Shibad, Director, Crisil; Sanjiv Bhatia, President & Head, New Economy Group, Axis Bank; Raj Aradhyula, CDO, Fractal; Abhishek Ravi, CIO, Dream Sports; Harshjit Sethi, MD, Peak XV & Priti Rathi Gupta, Co-Founder, Lxme.

MumbaiHacks will challenge developers to innovate with purpose, focusing on four key tracks that reflect the most impactful opportunities in AI-driven transformation:

  • Social Good: economic development, science & innovation, public services & education & skills
  • Finance: fintech, investments, banking & wallets
  • Entertainment: art, games, movies & AR/VR
  • Saas: platform, productivity, marketing & CRM

“MumbaiHacks is set to become the world’s largest gen AI hackathon, with over 2,000 developers pushing the boundaries of technology and setting new benchmarks. As Gen AI’s impact expands, this event will bring together the brightest minds to tackle today’s most pressing challenges. Positioned at the heart of one of India’s most dynamic tech ecosystems, MumbaiHacks will be a catalyst for cutting-edge innovation and a game-changer for the future of technology. This year’s edition promises not just to meet expectations but to redefine them. Adding to the excitement, Mumbai will host a landmark AI Week featuring NVIDIA’s flagship AI Summit—one of only three held globally alongside Washington D.C. and Japan—followed by the highly anticipated MumbaiHacks. This week will firmly establish Mumbai as a key player in the global AI landscape,” said Aakrit Vaish, Co-Chair, Tech Entrepreneurs Association of Mumbai (TEAM), Advisor to the India AI Mission and Co-Founder, Haptik.

“At Meta, we believe that AI should be open and accessible to everyone, especially in India. We support partners like TEAM to foster innovation and empower developers, researchers, and entrepreneurs to create solutions for societal challenges. Our vision is to democratize AI, driving impact for communities across India. Through collaboration and transparency, open-source AI can serve as a force for good, amplifying tech-driven social transformation. We are excited to see how ‘MumbaiHacks’ can harness the power of GenAI to tackle real-world challenges and further India’s status as a global hub for AI innovation,” said Shivnath Thukral, Vice President and Head of Public Policy, Meta India, while commenting on Mumbai Hacks.

Some of the leading generative AI companies that are members of the Tech Entrepreneurs Association of Mumbai (TEAM) include Haptik, Fractal, Invideo, Gupshup, Quantiphi, Pepper Content, Consumr.ai, Netcore, Neysa Networks, CleverTap, Sifthub and Babblebots.AI, among others. These innovators are shaping Mumbai’s reputation as a key hub in the global AI landscape, driving advancements across conversational AI, content creation, data analytics, and automation.

Talking about the milestone initiative in the city, Shiv Sena UBT leader and former Maharashtra cabinet minister, Aaditya Thackeray earlier tweeted, “It’s incredible to witness one of the world’s biggest hackathons unfold right here in Mumbai. The fusion of innovation, creativity and technology has the potential to shape the future in ways we can’t yet imagine.”

According to an EY report, Gen AI could boost India’s GDP by $359-438 billion by 2030, representing a 5.9-7.2% increase. Over seven years, the cumulative impact could reach $1.2-1.5 trillion, adding 0.9-1.1% to annual growth. The impact will vary across sectors, with business services, finance, transportation, education, retail, and healthcare expected to benefit most. Projected to become the third-largest economy by 2027, India’s path to a $26 trillion future hinges on General AI.

The Tech Entrepreneur’s Association of Mumbai (TEAM’s) areas of focus center around creating a supportive environment for cementing Mumbai as a global hub for the venture and startup ecosystem and to support India’s potential to be a trillion-dollar digital economy. The operating principles it is built on are in creating macro and micro communities of founders, CXOs, teams, institutionalised inclusive mentorship opportunities for younger ventures and teams along with building infrastructure and skilling capabilities with strategic government, venture and corporate partnerships.

Key tracks & problem statements:

Social Good:

  • Economic Development: The vast majority of our population is underserved and not catered to. Can we use AI to promote their financial inclusion and economic empowerment?
  • Science and Innovation: Implement AI-based systems to detect food adulteration, ensure food safety, and enhance quality control.
  • Public Service: Our country needs to make public spaces safer. Can an AI powered system solve for reducing the rate of crimes against women?
  • Education and Skills: Classroom learning ignores diversity in people. How can AI help bridge the gap between teaching at scale and individual needs?

Finance:

  • Fintech: India needs its own way to assess creditworthiness beyond just credit scores. Can AI look at alternative data sources and predict it instead?
  • Investments: There’s a million sources of financial advice and investment recommendations on the internet. Can people have their own personalized AI-powered one?
  • Banking: AI is getting better and better at impersonation and fraud. How do we keep people safe?
  • Wallets: Temperatures globally are on the rise. Can AI use our transaction data to intelligently track and then suggest ways to reduce our carbon footprint?

Entertainment:

  • Art: India’s heritage is full of vibrant and unique art, but many have been damaged or degraded. Can AI undo the effects of time?
  • Games: Games are for everyone, with varying ability and skill sets. How can AI personalize game content and difficulty to match the player?
  • Movies: One trailer per movie doesn’t quite cover everyone’s favorite parts. Can AI generate trailers with different highlights for varying demographic needs?
  • AR/VR: AI has a lot of potential in healthcare training and surgical simulation. How can we make this happen in AR or VR?

SaaS:

  • Platform: Hyperlocal has taken off in India, but demand prediction remains a challenge. Can AI help with inventory management?
  • Productivity: Work from home culture is here to stay. How can we use AI to make the new normal easier for managers and employees alike?
  • Marketing: India is diverse and marketing needs to adapt. How can AI help with Indian consumer behavior patterns, cultural nuances, and regional preferences?
  • CRM: CRM segmentation typically overlooks a lot of Indian-specific nuances, like culture, region and socio-economics. Can AI help bridge those gaps


Joseph Andrew