Govt using AI to determine price movement of various products: Union Minister Piyush Goyal

New Delhi, July 24 (KNN) Union Minister for Commerce and industry Piyush Goyal on Sunday said that the government is using Artificial Intelligence to assess the price movements of different products during the year and startups are being engaged for that.

The union minister said this in regards to the tomato prices, which shot up above Rs 200 per kg in some parts of the country.

Speaking at an event organised by CareEdge Ratings, Goyal highlighted the interest of companies like Micron and Foxconn in India’s semiconductor sector. Many companies are already looking at different levels of engagement.

On the suspended operations by spinning units in South India, Goyal said that the issue is not only about cotton prices because they equate themselves.

“Internationally because of the recessionary trend that many market are facing, discretionary spending is down. Therefore, prices and demand are also down,” he said.  (KNN Bureau)