India's AI firms not yet ready for stock market listings, says Piyush Goyal
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- ✓Commerce and Industry Minister Piyush Goyal said on Friday that India’s artificial intelligence sector is not ready for stock market listings yet.
- ✓He noted that many investors currently prefer technology stocks in developed markets.
- ✓Goyal added, "The levels at which we have reached in our AI story are still not significant."
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- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
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Commerce and Industry Minister Piyush Goyal said on Friday that India's artificial intelligence sector had yet to reach a scale that would support stock market listings, attributing the slowdown in foreign portfolio inflows to the appeal of technology stocks in developed markets.
"The levels at which we have reached in our AI story are still not significant enough for the listing of our AI companies," Goyal said at a media event. He noted that nine of the 10 largest companies in the United States were technology firms and that the rest of the market, taken together, was in negative territory. Strong gains in South Korea, Taiwan and Japan were also driven by technology stocks, he said.
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