It’s a wrap: News this week (Jan 27 – Feb 2)

There have been multiple developments this week on the tech front. From Interim Budget announcement to Jio’s new AI platform, this is the list of the most important developments for a quick catch-up:

Tech takeaways from Interim Budget

At the Interim Budget announcement for this year, on Thursday, finance minister announced the establishment of a one-lakh-crore-rupee corpus to boost research and development (R&D) in technology and other sunrise sectors, supported by a 50-year interest-free loan. This initiative aims to provide long-term financing or refinancing with low or nil interest rates, a move expected to encourage the private sector to amplify research and innovation efforts. 

During her address Minister also made an announcement regarding the launch of a new scheme aimed at enhancing deep-tech technologies for defense purposes. Additionally, the overall, for FY25, the budget estimate for Meity has been increased 48.29% from ₹14,421.25 crore (RE) to ₹21,385.15 crore. 

IT services firms announce long term deals

India's second-largest IT services provider, Infosys, announced on Wednesday that it has secured a seven-year contract from Musgrave Group Ltd. The contract involves automating the Irish food wholesaler's IT operations across Ireland and Europe. The financial details of the deal were not disclosed. Infosys will utilize its proprietary Topaz and Cobalt platform to transform Musgrave's IT operations and improve the sales experience for customers and retailers.

Tata Consultancy Services (TCS), announced on Tuesday a 15-year expansion of its partnership with Aviva, the UK’s leading insurance, wealth, and retirement provider. The deal aims to transform Aviva’s UK Life business and enhance customer experience, leveraging the TCS BaNCS-based platform. The financial details of the deal were not disclosed, but industry experts believe it could be a significant agreement for the company.

Accolite-Bouteus merger

Digital engineering and artificial intelligence (AI) services provider Accolite Digital has announced merger with digital consultancy Bounteous. Chicago-headquartered Accolite, with a significant India presence, along with Bounteous will create a new end-to-end digital transformation services consultancy and partner with leading brands globally — including 300 Fortune 1000 and high growth clients. Both companies are backed by New Mountain Capital, a New York-based investment firm.

Jio’s new AI platform

India’s largest telecommunications company Reliance Jio has announced the launch of its AI platform, Jio Brain, on Tuesday, with the goal of integrating machine learning (ML) capabilities into its telco network.

Jio Brain comes with over 500 REST Application Programming Interfaces (APIs) and data APIs for creating machine learning-enabled services. It also offers advanced AI features for images, videos, text, documents, speech, and built-in AI algorithms "as a service".