Context: A team of scientists from IISc has completed pre-clinical trials and is now gearing up for human testing of the heat-tolerant Covid-19 vaccine

About:

• The Indian Institute of Science (IISc) has developed a heat-tolerant vaccine called RS2 against COVID-19, which can be stored at high temperatures for extended periods of time, making it easier to transport and distribute to remote areas
• The vaccine has been tested on animals and has shown promising results, triggering a potent immune response and providing superior protection compared to other vaccines

Significance:

• The significance of this vaccine lies in its potential to address the issue of cold storage, which is a major challenge in India, especially during the hot summer months when temperatures can reach up to 50°C
• The warm vaccine could also be a game-changer for other countries facing similar challenges in vaccine distribution
• The way forward involves further testing and approval of the vaccine, as well as scaling up production and distribution to ensure equitable and accessible vaccination
• Overall, the development of a heat-tolerant vaccine is a significant step towards combating the COVID-19 pandemic and potentially future viral threats, making vaccination more accessible and affordable for all.

Context: False and misleading information supercharged with cutting-edge artificial intelligence that threatens to erode democracy and polarise society is the top immediate risk to the global economy, the World Economic Forum said in a report on Wednesday.

About the report:

• The World Economic Forum (WEF) report identifies misinformation and disinformation  as the most severe risk over the next two years, particularly due to rapid advances in technology, including generative AI chatbots like ChatGPT.
• The proliferation of AI-powered misinformation and disinformation is a growing concern, especially as billions of people in various countries are set to participate in elections, where such content could be used to manipulate public opinion and impact democratic processes.
• The rise of AI also brings other risks, such as empowering malicious actors to carry out cyberattacks more easily and embedding biases into AI models through poisoned data scraped off the internet.
• The report highlights that societies could become further polarized as it becomes harder to verify facts, and the potential for AI to erode trust, fuel questions about the legitimacy of elected governments, and drive societal polarization is a significant concern.

There are several ways to detect AI-generated misinformation, including:

• Repetitive words and phrases: AI-generated content may repeat the same words and phrases throughout the content when better alternatives exist
• Incoherence: AI-generated content may have a hard time with interpretive analysis, placing things in context, and making a coherent argument
• Incorrect grammar and punctuation: AI-generated content may have questionable grammar or misplaced commas
• Lack of sourcing: If a notable lack of credible Sources is cited, especially linking to online content, chances are AI-generated
• Skepticism: A bit of skepticism can help determine if a piece of content is AI-generated
• AI tools: There are AI tools available to detect misinformation content created by AI, but they're not up to par yet
• Assessment guidelines: Existing assessment guidelines for spotting misinformation can be used to detect AI-generated misinformation
• Human expertise: Experts and the general public can help detect AI-generated misinformation

Context: Recently ILO has released its ‘World Employment and Social Outlook: Trends 2024’ report.

Key findings:

• The International Labour Organisation (ILO) released the 'World Employment and Social Outlook: Trends 2024' report, indicating a projected increase in the global unemployment rate in 2024.
• Both joblessness and the jobs gap have fallen below pre-pandemic levels, but concerns persist about growing social inequalities and stagnant productivity.
• In India, real wages are considered positive compared to other G20 countries, according to the ILO.
• The macroeconomic environment deteriorated in 2023, with geopolitical tensions, inflation, and aggressive moves by central banks affecting global industrial activity, investment, and trade.
• Despite the economic slowdown, global growth in 2023 exceeded expectations, and labor markets demonstrated surprising resilience.
• The global unemployment rate in 2023 was 5.1%, showing a modest improvement from 2022, while the jobs gap remained high at close to 435 million.
• Labour market participation rates mostly recovered from pandemic lows, but concerns are rising that imbalances may be structural rather than cyclical.
• Real wages declined in the majority of G20 countries due to wage increases lagging behind inflation.
• In 2023, the number of workers living in extreme poverty (earning less than $2.15 per day per person in PPP terms) grew globally by about one million.
• China, the Russian Federation, and Mexico experienced positive real wage growth in 2023, with China and Russia having the highest labor productivity growth.
• India and Türkiye also saw positive real wage growth, but the available data refer to 2022 relative to 2021.

International Labour Organization:

• It  serves as the United Nations agency dedicated to the global realm of employment.
• Mandate: Its primary purpose is to promote social and economic justice by establishing international labor standards.
• Motto: The ILO's commitment to achieving peace is currently articulated as the pursuit of "Decent Work for all."
• HQ: Located in Geneva, Switzerland.
• Parent organization: Affiliated with the Economic and Social Council of the United Nations.
• Additionally, it is a participant in the United Nations Development Group (UNDP), a collective effort of UN organizations striving to address the Sustainable Development Goals.
• History: Established in 1919 under the Treaty of Versailles, concluding World War I, the ILO originated from the belief that enduring and global peace is achievable through the foundation of social justice. In 1946, it attained the status of a specialized agency within the newly established United Nations.
• Members: The ILO boasts 187 member states, encompassing 186 out of 193 UN member states along with the Cook Islands.
• Structure: It stands as the singular tripartite U.N. agency, uniting representatives from governments, employers, and workers of 187 member states.

Context: Funding slowed, jobs were lost, and only 2 unicorns were created in 2023. A number of firms cropped up hoping to ride the ongoing generative AI wave.

Background:

• Indian start-ups experienced a significant drop in funding, reaching $8.3 billion in the past year, marking the lowest since 2016.
• The compound annual growth rate (CAGR) of funding in the last three years witnessed a substantial 72% decline, signaling the end of the venture capital-fueled boom that followed the Covid-19 pandemic.
• In 2022, India added 23 unicorns, but this number plummeted in 2023, with only two start-ups achieving unicorn status.
• More than 20,000 employees across various start-ups faced job losses in 2023, indicating challenges within the ecosystem.
• According to a report by Nasscom and Zinnov, tech start-up founders highlighted cashflow issues, funding availability, and low customer demand as their primary challenges in 2023.
• Despite the challenges, a new trend emerged with the rise of firms focusing on generative artificial intelligence (AI), anticipating increased traction in 2024 as AI continues to become more mainstream.

Which firms were impacted by fundraising issues:

• Older firms faced greater challenges amidst the sharp decline in fundraising in 2023.
• Mega deal rounds saw a significant drop from 42 in 2022 to only 12 in 2023.
• Funds struggled, prompting caution among investors who became more discerning with their investments in emerging businesses.
• Start-ups cutting corners on corporate governance added to investor hesitancy.
• Initial funding, crucial for young start-ups in streamlining processes and devising go-to-market strategies, became more elusive.
• Seed-stage funding witnessed a notable struggle in 2023, with only $700 million raised compared to $1.2 billion in 2022.

Sectors in which startups did better in 2023:

• Some sectors outperformed in 2023, with a 16% growth in funding observed in Indian automotive tech start-ups.The automotive tech sector's share of total funding saw a significant 4.5X increase compared to 2022.
• Supply chain and logistics start-ups experienced a surge in deal value, driven by funding from unicorns or nearly-unicorns.
• Investors showed confidence in the growth potential of the Open Network for Digital Commerce (ONDC) ecosystem, anticipating positive impacts on logistics start-ups.
• Despite the challenges in 2023, tech start-ups prioritized business fundamentals, with nearly 60% of founders reporting increased revenue and profitability.
• India's start-up ecosystem saw over 100 active generative AI start-ups, focusing on both horizontal and vertical applications.

Comparison of Indian startups with other countries

• India ranks third in the world in terms of the number of startups, after the United States and China.
• In 2023, India was fourth on the list of countries where businesses raised money, after the United States, the United Kingdom, and China.
• In 2023, 18 start-ups hit the bourses in India, including Honana Consumer Limited, the parent company of beauty and wellness brand Mamaearth, and drone manufacturer ideaForge.
• In the US and China, 34 start-ups each went public in 2023.
• India has strengths in IT and biotech, which bode well for the country’s entrepreneurial prospects.
• The Indian government has launched the “Startup India” initiative in 2016 to encourage entrepreneurship.
• The Indian startup ecosystem is expected to witness YoY growth of a consistent annual growth of 12-15%.

Potential Solutions:

• Diversifying Funding Sources: Startups should explore government-backed initiatives, crowdfunding, and strategic partnerships in addition to traditional venture capital and angel investors
• Staying Informed and Proactive: Startups must stay informed about the latest regulations, establish a proactive relationship with legal experts, and engage with government bodies to contribute to the regulatory framework.
• Building Strong Customer Relationships: To overcome a lack of market understanding, startups can focus on building strong customer relationships.