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Modi urges investors to explore investment opportunities in India’s energy sector

NEW DELHI — Indian Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country’s energy sector, said a statement issued by the Prime Minister’s Office.

Modi made the call while inaugurating the India Energy Week 2023 at Bengaluru, the capital city of Karnataka state.

Underlining the major role of the energy sector in setting the direction of the future of the 21st-century world, Modi said India was one of the strongest voices in the world for energy transition and for developing new resources of energy.

“Unprecedented possibilities are emerging in India that is moving with a resolution of a developed India,” Modi said.

The prime minister said that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.

Modi said India was working on mission mode to increase the consumption of natural gas in the energy mix from 6 percent to 15 percent by 2030 where all the needed infrastructure will be provided by “One Nation One Grid.”

The Indian Prime Minister said the gas pipeline network has increased to 22,000 km from 14,000 in 2014 and pointed out that the network will expand to 35,000 km in the next four to five years.

Highlighting India’s emphasis on domestic exploration and production (EP), Modi said the sector has shown interest in the areas hitherto considered inaccessible.

“We have reduced the no-go areas. Due to this, one million square kilometre area has been freed from the restrictions of no-go. I would urge all the investors to make use of these opportunities, and increase your presence in the exploration of fossil fuels,” he said.

The India Energy Week 2023 kickstarted Monday with the aim to showcase the country’s rising prowess as an energy transition powerhouse.

According to officials, the event will bring together leaders from the traditional and non-traditional energy industry, governments, and academia to discuss the challenges and opportunities that a responsible energy transition presents.

It will see the presence of more than 30 ministers from across the world. Over 30,000 delegates, 1,000 exhibitors and 500 speakers will gather to discuss the challenges and opportunities of India’s energy future. (Xinhua)

A united South Asia can beat air pollution

By : Martin Raiser

At a recent meeting for the launch of a new World Bank report on air pollution, held in Kathmandu, Pema Gyamtsho, director general of ICIMOD, asked by a show of hands how many people in the room actually saw the peak of Mount Everest on their way to Nepal’s capital. Sadly, and predictably, there were no hands raised. Gyamtsho was of course alluding to Nepal’s air pollution – among the worst in the world – that often keeps the world’s tallest mountain peak hidden from view.

South Asia is a global hotspot of air pollution, home to 37 of the 40 most polluted cities in the world. 60% of its population lives in heavily polluted areas where levels of deadly dust particles called PM2.5 – responsible for chronic respiratory disease and more than two million premature deaths a year in the region – exceed the least stringent WHO air quality standard.

These particles can travel hundreds of kilometres, crossing municipal, state, and even national boundaries. For example, about 30% of air pollution in the Indian state of Punjab comes from neighbouring Pakistan. Further east, an estimated 30% of pollution in Bangladesh’s largest cities originates in India, given the predominant wind direction from the northwest to the southeast. This makes it hard to track the source of particulates and manage air quality using the city-by-city approach prevalent today across South Asia.

The World Bank’s new study, Striving for Clean Air: Air Pollution and Public Health in South Asia, attempts to clear the air on South Asia’s nemesis. The study finds that since air pollution travels long distances and gets trapped in large airsheds – a common geographic area where pollutants are confined, creating similar air quality for everyone – it is only through cooperation at the province, state, and regional levels that South Asia can hope to beat air pollution.

Regional cooperation on air pollution: what’s in it for South Asia?
The new World Bank study uses a regional atmospheric model to simulate the effectiveness of a wide range of technological solutions to reduce air pollution – and by incorporating inter-regional linkages, allows us to analyse the benefits of acting together. It’s important to understand that in recent years, governments across the region have adopted a range of policies to deal with the problem of air pollution. However, our analysis shows that these efforts fall well short of what’s needed. The full implementation of all current air quality policy measures across South Asia would only achieve a 4% decline in PM2.5 between 2018 and 2030. Large parts of the region would still suffer from toxic air quality and miss even the least-ambitious WHO Interim Target I of 35 micrograms per cubic metre (μg/m³) for PM2.5 .

Clearly, more action is needed to clean the air. But the trouble is, even if each city, region, or country were to increase their ambition, they cannot succeed in bringing pollution levels to within safe thresholds by acting alone. For example, if Delhi, the most polluted capital city in the world, were to fully implement all technically feasible air pollution control measures by 2030, the city would not meet the WHO Interim Target I if neighbouring states and countries continue to follow their current policies. This is because the inflow of pollution from these states and bordering countries accounts for more than 50% of air particulate matter in Delhi.

Why don’t India’s air pollution policies work?
Working together is thus imperative. It would also be much cheaper. If the jurisdictions of the entire South Asia region were to implement all technically feasible solutions to reduce air pollution separately, the average exposure would fall to 17 μg/m³ by 2030. But the cost would be enormous at USD 2.6 billion per μg/m³. However, if there were full coordination, and governments in pollution hotspots were to operate under a common pollution reduction strategy that leverages more cost-effective abatement measures upstream, the average exposure to PM2.5 in South Asia could be cut to 30 μg/m³ at a cost of just USD 278 million per μg/m³.

In a cost-effective pollution reduction scenario, policy would focus much more on low-cost measures outside city centres. For example, in parts of the Indo-Gangetic plain, 30% of air pollution comes from household biomass burning. Therefore, reducing sources of household air pollution through business models to promote clean cooking – as demonstrated in a successful pilot in Bihar – should be one of the highest priorities to improve ambient air quality. Other critical interventions include an increased focus on sources of secondary particulate matter, including agriculture and vehicle emissions.

While cooperative air pollution abatement will require some investment in both time and money, the economic benefits far outweigh the costs. In the full coordination scenario mentioned above, more than 750,000 lives would be saved annually, at a cost of just USD 7,600 per life saved. Other direct economic benefits from lower air pollution include reduced health expenditure and increased workplace productivity.

Helping South Asia breathe easier
The following measures could facilitate cooperation across local and national administrative boundaries:

Start with better data. South Asian countries could collaborate to install monitors at critical points throughout an airshed to generate credible scientific data, and work together to build the institutional capacity to analyse it. This has been done in other parts of the world, including ASEAN countries, Europe, China, and the United States.
Once the monitoring systems have been created, countries could establish joint airshed targets to track emissions within and across countries and encourage the adoption of cost-effective solutions. This could include sharing experiences in tackling key sources of air pollution in South Asia, including household burning of biomass fuel; brick kilns and ovens; burning of agricultural residue; and open burning of municipal waste, as well as sources of secondary particulate matter like fertiliser, vehicle emissions, and large industry stacks.

With good tracking mechanisms and joint targets in place, the region could begin to mainstream air quality in the economy by establishing emissions trading schemes so that cleaner and greener technologies become more competitive. The city of Surat in Gujarat, India, reduced particulate matter emissions by 24% through an innovative local emissions trading scheme. Much more would be possible if such schemes were extended across an airshed.

We take one breath every three seconds – around 38,000 breaths per day. Clean air is essential for our health, and tackling air pollution is imperative to passing on a better world for future generations. As people across South Asia demand cleaner air, their leaders will need to work together to deliver results.

This work was originally published on the third pole. The article is part of a collaborative editorial series between the World Bank, ICIMOD and The Third Pole that brings together climate experts and regional voices on “Regional Cooperation for Climate Resilience in South Asia”. The views and opinions expressed by the author are their own. The series has been funded by the United Kingdom’s Foreign, Commonwealth and Development Office through the Program for Asia Resilience to Climate Change – a trust fund administered by the World Bank.

Nepal thrash Bhutan by 4-0 in SAFF U-20 Women’s Championship

On Sunday, Amisha Karki scored three goals in Nepal’s 4-0 victory against Bhutan in the SAFF U-20 Women’s Championship at the Bir Shrestha Shaheed Shipahi Mostafa Kamal Stadium in Dhaka. Karki began the scoring in the 19th minute and added another goal before the first half injury time.

Captain Preeti Rai increased the lead to 3-0 in the 61st minute and Karki completed her hat-trick two minutes later. In their opening match, Nepal lost 3-1 to the host team Bangladesh, while India defeated Bhutan 12-0.

The tournament includes four teams and the top two after the league round will advance to the final. Nepal will play against India in their final league match on February 7th.

Pakistan’s former President Musharraf dies aged 79

ISLAMABAD: Pakistan’s former president General Pervez Musharraf, who seized power in a coup in 1999, passed away aged 79 on Sunday.

Musharraf, who was Pakistan’s President between 2001 and 2008, died in Dubai after a long illness, BBC reported.

The former general was suffering from amyloidosis – a rare disease that causes organ damage. He had long been bedridden and wheelchair-bound.

In a brief statement released by the military’s media wing, senior military personnel expressed their “heartfelt condolences” on the demise of the former military ruler.

“May Allah bless the departed soul and give strength to [his] bereaved family.”

Pakistan Prime Minister Shehbaz Sharif offered his condolences to Musharraf’s family on social media. “May the departed soul rest in peace,” he tweeted.

President Arif Alvi prayed “for eternal rest of the departed soul and courage to the bereaved family to bear this loss”, his office said in a statement.

He had survived numerous assassination attempts, and found himself on the front line of the struggle between militant Islamists and the West, according to the report.

Indian finance chief shrugs off effects of row over Adani Enterprises

NEW DELHI — Indian Finance Minister Nirmala Sitharaman on Saturday denied that the country’s position in the global finance market was affected in the wake of Adani Enterprises’ Follow on Public Offer (FPO) pull-out and the subsequent prevailing financial condition of the private conglomerate.

The FPO pull-out was followed by a steep decline in Adani Enterprises’ shares value, and a report by U.S.-based “Hindenburg Research”.

The Adani Enterprises, owned by Gautam Adani, has lost over 118 billion U.S. dollars over the past few days, ever since the report by “Hindenburg Research” rocked the Indian economy, alleging “improper use” by the company of offshore tax havens, while flagging concerns about high debt and the valuations of its seven listed companies.

Till a few days ago Gautam Adani was the second richest person in the world, but ever since the controversies rocked his company he fell out of the list of top 20 richest persons.

Commenting on the row surrounding Adani Enterprises, the finance minister cited the country’s growing foreign reserves to support her argument.

“Don’t think so. Foreign Exchange Reserve in the last two days has gone up by 8 billion U.S. dollars. Our macroeconomic fundamentals or economy’s image haven’t been affected,” she told media(Xinhua)

Two Stones From Nepal Reach Ayodhya

Ayodhya — Two stones from Nepal, believed to be used for the construction of Lord Ram’s idol, arrived in Ayodhya.
Priests and locals welcomed the holy stones and performed rituals before handing them over to the Shri Ram Janmabhoomi Teerth Kshetra Trust.

The stones, known as Shaligrams, were found in the Kali Gandaki River in Nepal and are expected to be used for the idols of Lord Ram and Janaki.

The stones, weighing 18 tons and 16 tons, have been approved both technically and scientifically for use in the construction. The stone convoy passed through Pipraun Girjasthan in Madhubani, Bihar, and made night stops in Muzaffarpur and Gorakhpur before reaching Ayodhya.

A bow is also expected to be sent from the Janaki Temple in the future, as specified by the Ram temple Trust.

India reduces grant to Nepal to Rs 8.8 billion

Kathmandu: The government of India has reduced its annual grant to Nepal.

The Indian government, announcing the annual budget for the Fiscal Year 2023-2024, reduced the annual grant to Nepal to INRs 5.50 billion [8.8 billion Nepali rupees]. Last year, India provided INR 7.50 billion in grants to Nepal.

Indian Finance Minister Nirmala Sitharaman presented the budget in Parliament on Wednesday.

In the Fiscal Year 2021-22, the southern neighbor allocated a total of INR 4.46 billion in grants for Nepal.

Bhutan stands at the top of countries receiving grants from India. 

Presenting the union budget, Indian Finance Minister Sitharaman the Indian government has allocated INRs 24 billion for Bhutan, INRs 2 billion for Bangladesh, INRs 2 billion for Afghanistan, INRs 1 billion for Sri Lanka, Rs 4 billion for the Maldives. ( From : Nepal live today)

Chinese envoy voices readiness to promote cooperation with SAARC

KATHMANDU — Chen Song, Chinese Ambassador to Nepal and the South Asian Association for Regional Cooperation (SAARC), on Tuesday voiced readiness to promote mutually beneficial cooperation between China and the regional bloc.

As an observer in the SAARC, China appreciates the group’s role in advancing regional cooperation and values bilateral ties, Chen said while presenting his letter of appointment to Esala Ruwan Weerakoon, the SAARC’s secretary general.

“I’m ready to strengthen exchanges and communications with the SAARC Secretariat during my tenure and advance mutually beneficial cooperation between China and the SAARC in each field,” he added.

For his part, Weerakoon appreciated China’s efforts to develop relations with South Asian countries as well as the valuable support and help offered to the SAARC by China.

The SAARC comprises eight member states, namely Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. (Xinhua)

India to remain fastest-growing large economy in 2023 and 2024: IMF

Washington [US], January 31 (ANI): The International Monetary Fund (IMF) on Tuesday projected India’s growth to be 6.1 per cent in 2023 from 6.8 per cent in 2022, though the country will remain the fastest-growing large economy in 2023 and 2024.
The international agency on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.
The IMF in its note said: “Growth in India is set to decline from 6.8 per cent in 2022 to 6.1 per cent in 2023 before picking up to 6.8 per cent in 2024, with resilient domestic demand despite external headwinds.”
According to the report, growth in emerging and developing Asia is expected to rise in 2023 and 2024 to 5.3 per cent and 5.2 per cent, respectively, after the deeper-than-expected slowdown in 2022 to 4.3 per cent attributable to China’s economy.
“Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 per cent growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1 per cent in fiscal year 2023. And that is largely driven by external factors,” Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department, IMF, told reporters here.
According to the update, growth in China is projected to rise to 5.2 per cent in 2023, reflecting rapidly improving mobility, and to fall to 4.5 per cent in 2024 before settling at below 4 per cent over the medium term amid declining business dynamism and slow progress on structural reforms.
The Chief Economist and Director also said “Overall, I want to point out that emerging market economies on the whole and developing economies seem to be already on their way up. We have a slight increase in growth for the region from 3.9 per cent in 2022 to 4 per cent in 2023.”
The January update also said growth in the ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, Thailand) is similarly projected to slow to 4.3 per cent in 2023 and then pick up to 4.7 per cent in 2024.
“Another relevant point here is that if we look at both China and India together, they account for about 50 per cent of world growth in 2023. So a very significant contribution,” Olivier Gourinchas said.
On inflation, IMF in its report said, “About 84 per cent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8 per cent in 2022 (annual average) to 6.6 per cent in 2023 and 4.3 per cent in 2024 –above pre-pandemic (2017-19) levels of about 3.5 per cent.”
IMF said the projected disinflation partly reflects declining international fuel and nonfuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9 per cent in the fourth quarter of 2022 (year over year) to 4.5 per cent by the fourth quarter of 2023.
“Still, disinflation will take time: by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82 per cent and 86 per cent of economies,” IMF said in its January update. (ANI)

Nepal should take decision to safeguard its interest, US Under-Secretary says

Kathmandu — US Under-Secretary of State for Political Affairs, Victoria Nuland, said that the US wants Nepal to take sovereign decision on the issues of its national interests.     

At a press conference organised here on Monday, the US Under-Secretary, who arrived here on Sunday on a two-day Visit, shared that the US wants to make its collaboration and strong economic relation in Nepal, mentioning that the US would welcome Nepal’s friendly relations with its neigbhouring countries.     

On the occasion, she informed that various issues of bilateral interests were discussed during the meeting with Prime Minister Pushpa Kamal Dahal ‘Prachanda’, Nepali Congress President Sher Bahadur Deuba, CPN (UML) Chair KP Sharma Oli and Foreign Minister Dr Bimala Rai Poudel.     

Similarly, discussions were held on the issues including next step of the implementation of MCC, transitional justice process, and building environment to increase US investment in Nepal, mentioned the US Under-Secretary Nuland.     

Saying that the US has been supporting and collaborating for Nepal’s education, health, agriculture, tourism and economic sectors as well as strengthening democracy, she expressed the view that she felt proud to inform about the US support in Nepal’s green energy, electrification, small and middle-scale women enterprises for next five years.     

She visited different cultural heritages located at Patan Durbar Square of Lalitpur on Monday.(RSS)

2022 CORRUPTION PERCEPTIONS INDEX REVEALS NEGLECT OF ANTI- CORRUPTION EFFORTS IN ASIA PACIFIC

Nearly 90 per cent of countries have made no significant progress since 2017
Berlin, 31 January 2023 – The 2022 Corruption Perceptions Index (CPI) released today by Transparency International shows that leaders have ignored anti- corruption efforts, with levels of corruption stagnating across the region for a fourth straight year.
The region was home to a number of important diplomatic summits this year, including the G20, but leaders emphasised economic recovery at the expense of corruption and other priorities. To make matters worse, governments maintained and in some cases expanded restrictions on civic space and basic freedoms imposed during the pandemic, escalating a worrisome trend toward authoritarianism.
Ilham Mohamed, Asia Regional Advisor of Transparency International said:
“In some of the world’s most populous countries, corruption is worsening and governments are restricting basic rights and freedoms that allow the people to hold those in power accountable. Leaders across Asia Pacific must acknowledge that inclusive growth must come with efforts to curb corruption. With elections coming up across the region in 2023, it’s time for public voices to be heard and governments to recommit to stopping the rot of corruption everywhere.”
ASIA PACIFIC HIGHLIGHTS
The CPI ranks 180 countries and territories by their perceived levels of public sector corruption on a scale of zero (highly corrupt) to 100 (very clean).
The Asia Pacific average holds at 45 for the fourth consecutive year, and over 70 per cent of countries rank below 50.
• New Zealand (87), Singapore (83), Hong Kong (76) and Australia (75) lead the region.
• Afghanistan (24), Cambodia (24), Myanmar (23) and North Korea (17) are the lowest in the region.
• Singapore (83) and Mongolia (33) are at historic lows this year.

While many countries have stagnated, countries in Asia Pacific made up nearly half of the world’s significant improvers on the CPI since 2017.
• The significant improvers are: South Korea (63), Vietnam (42) and the Maldives (40).
• Three countries declined over this time: Malaysia (47), Mongolia (33) and Pakistan (27).
CORRUPTION PERVASIVE IN ASIA PACIFIC
Across Asia Pacific, governments have claimed they would tackle corruption, but few have taken concrete action. Pervasive corruption and crackdowns on civic space leave the situation dire.
• Malaysia (47) has been declining for years as it struggles with grand corruption in the wake of the monumental 1MDB and other scandals implicating multiple prime ministers and high-level officials. The current prime minister has promised to clean up but still appointed a deputy prime minister with serious corruption allegations as part of efforts to stabilise his unity government.
• In India (40), considered the largest democracy in the world, the government continues to consolidate power and limit the public’s ability to demand accountability. They detain more and more human rights defenders and journalists under the Unlawful Activities Prevention Act (UAPA).
• Massive protests erupted in Sri Lanka (36) as the government’s financial mismanagement resulted in an economic meltdown in the country. Noting the link between pervasive corruption among the country’s leadership and the crisis, Sri Lankans demanded anti-corruption reforms and refused to leave the streets despite brutal police crackdowns.
• After years of decline, Australia (75) is showing positive signs this year. Most notably, the government elected last year fulfilled its promise to pass historic
legislation for a new National Anti-Corruption Commission. Yet there is still more work that needs to be done, including more comprehensive whistleblower protection laws, and caps and real time disclosure on political donations. Greater transparency and longer cooling off periods to reduce the ‘revolving doors’ of lobbying must also be prioritised.
• In parts of the Pacific, governments have interfered in elections, denying the public the opportunity to have their voices heard. Even with its history of electoral strife, Papua New Guinea’s (30) August election was called its worst ever amid numerous irregularities, stollen ballot boxes and even bouts of violence. In the Solomon Islands (42), frustration with reported collusion between politicians and foreign companies boiled over into violent civil unrest late last year. Now, the government has delayed elections scheduled for until 2024 raising further concerns over the abuse of executive power.

Transparency International calls on governments to prioritise anti-corruption commitments, reinforcing checks and balances, upholding rights to information and limiting private influence to finally rid the world of corruption – and the instability it brings.
Daniel Eriksson, Chief Executive Officer of Transparency International, said:
“Governments must open up space to include the public in decision-making – from activists and business owners to marginalised communities and young
people. In democratic societies, the people can raise their voices to help root out corruption and demand a safer world for us all.”

At least 47 people killed in Pakistan blast

At least 47 people have been killed by a bomb that apparently targeted policeman praying in a mosque in Peshawar, Pakistan.

The mosque is within the tightly-guarded police headquarters area.

Prime Minister Shehbaz Sharif said “terrorists want to create fear by targeting those who perform the duty of defending Pakistan”.

No group has said it carried out the attack, but it has been linked to the Pakistan Taliban.

The group ended a ceasefire in November, and violence has been on the rise since.

Presidential election of Nepal to be held on March 9

Kathmandu — The Election Commission of Nepal has set the date for the election of the President on March 9th and the Vice President on March 17th.

The Commission will announce the election program and send a written message to the Council of Ministers through the Chief Secretary of the government.

The current President’s term is ending on March 12.

Chief Election Commissioner Dinesh Kumar Thapaliya said that based on the decision, the Commission will announce the election program today.

The Commission will send a written message to the Council of Ministers through the Chief Secretary of the Government of Nepal. 

Deputy Secretary of State for Political Affairs of the US Department of State arrived in Nepal

Kathmandu — Victoria Nuland, Deputy Secretary of State for Political Affairs of the US Department of State, has arrived in Nepal. This is the first high-level visit from America after the formation of the new government in Nepal.

According to the Ministry of Foreign Affairs, Nuland is scheduled to stay in Nepal for two days. According to information provided by the American Embassy in Nepal, during her visit, she will meet with senior political leaders in Nepal. She will conduct political meetings with leaders including Prime Minister Pushpa Kamal Dahal Prachanda and Foreign Minister Vimala Rai Paudyal.

She will also observe the government of America’s support for the reconstruction of Nepal and some cultural heritage sites.

UK agricultural farms have stopped hiring workers from Nepal after exploitation concern

London — UK agricultural farms have stopped hiring workers from Nepal due to concerns that the UK’s immigration system is exposing the workers to exploitation. Five licensed recruitment companies have publicly announced or informed the Financial Times that they will not hire workers from Nepal this year.

This sudden halt in recruitment from Nepal, where almost 10% of seasonal workers came from in 2022, risks worsening the already severe labor shortage on British farms. Last year, millions of pounds worth of crops were left to rot because of a lack of workers to harvest them. In 2022, the number of Nepalese workers arriving through the UK’s seasonal worker scheme increased to 2,472 due to Brexit and the Ukraine war, making farms more dependent on workers from outside Europe. However, the surge in Nepalese workers raised concerns from campaigners who claimed that workers from Asia were being charged excessive recruitment fees by job-finding agencies in their home country, making it difficult for the workers to pay off their debts and afford basic needs.

ChatGPT: our study shows AI can produce academic papers good enough for journals – just as some ban it

Some of the world’s biggest academic journal publishers have banned or curbed their authors from using the advanced chatbot, ChatGPT. Because the bot uses information from the internet to produce highly readable answers to questions, the publishers are worried that inaccurate or plagiarised work could enter the pages of academic literature.

Several researchers have already listed the chatbot as a co-author on academic studies, and some publishers have moved to ban this practice. But the editor-in-chief of Science, one of the top scientific journals in the world, has gone a step further and forbidden any use of text from the program in submitted papers.

It’s not surprising the use of such chatbots is of interest to academic publishers. Our recent study, published in Finance Research Letters, showed ChatGPT could be used to write a finance paper that would be accepted for an academic journal. Although the bot performed better in some areas than in others, adding in our own expertise helped overcome the program’s limitations in the eyes of journal reviewers.

However, we argue that publishers and researchers should not necessarily see ChatGPT as a threat but rather as a potentially important aide for research – a low-cost or even free electronic assistant.

Our thinking was: if it’s easy to get good outcomes from ChatGPT by simply using it, maybe there’s something extra we can do to turn these good results into great ones.

We first asked ChatGPT to generate the standard four parts of a research study: research idea, literature review (an evaluation of previous academic research on the same topic), dataset, and suggestions for testing and examination. We specified only the broad subject and that the output should be capable of being published in “a good finance journal”.

This was version one of how we chose to use ChatGPT. For version two, we pasted into the ChatGPT window just under 200 abstracts (summaries) of relevant, existing research studies.

We then asked that the program take these into account when creating the four research stages. Finally, for version three, we added “domain expertise” — input from academic researchers. We read the answers produced by the computer program and made suggestions for improvements. In doing so, we integrated our expertise with that of ChatGPT.

We then requested a panel of 32 reviewers each review one version of how ChatGPT can be used to generate an academic study. Reviewers were asked to rate whether the output was sufficiently comprehensive, correct, and whether it made a contribution sufficiently novel for it to be published in a “good” academic finance journal.

The big take-home lesson was that all these studies were generally considered acceptable by the expert reviewers. This is rather astounding: a chatbot was deemed capable of generating quality academic research ideas. This raises fundamental questions around the meaning of creativity and ownership of creative ideas — questions to which nobody yet has solid answers.

Strengths and weaknesses

The results also highlight some potential strengths and weaknesses of ChatGPT. We found that different research sections were rated differently. The research idea and the dataset tended to be rated highly. There was a lower, but still acceptable, rating for the literature reviews and testing suggestions.

Our suspicion here is that ChatGPT is particularly strong at taking a set of external texts and connecting them (the essence of a research idea), or taking easily identifiable sections from one document and adjusting them (an example is the data summary — an easily identifiable “text chunk” in most research studies).

A relative weakness of the platform became apparent when the task was more complex – when there are too many stages to the conceptual process. Literature reviews and testing tend to fall into this category. ChatGPT tended to be good at some of these steps but not all of them. This seems to have been picked up by the reviewers.

We were, however, able to overcome these limitations in our most advanced version (version three), where we worked with ChatGPT to come up with acceptable outcomes. All sections of the advanced research study were then rated highly by reviewers, which suggests the role of academic researchers is not dead yet.

Ethical implications

ChatGPT is a tool. In our study, we showed that, with some care, it can be used to generate an acceptable finance research study. Even without care, it generates plausible work.

This has some clear ethical implications. Research integrity is already a pressing problem in academia and websites such as RetractionWatch convey a steady stream of fake, plagiarised, and just plain wrong, research studies. Might ChatGPT make this problem even worse?

It might, is the short answer. But there’s no putting the genie back in the bottle. The technology will also only get better (and quickly). How exactly we might acknowledge and police the role of ChatGPT in research is a bigger question for another day. But our findings are also useful in this regard – by finding that the ChatGPT study version with researcher expertise is superior, we show the input of human researchers is still vital in acceptable research.

For now, we think that researchers should see ChatGPT as an aide, not a threat. It may particularly be an aide for groups of researchers who tend to lack the financial resources for traditional (human) research assistance: emerging economy researchers, graduate students and early career researchers. It’s just possible that ChatGPT (and similar programs) could help democratise the research process.

But researchers need to be aware of the ban on its use in the preparation of journal papers. It’s clear that there are drastically different views of this technology, so it will need to be used with care.