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Infosys allays layoff fears; Freshworks cuts losses by 91%
Infosys allays layoff fears; Freshworks cuts losses by 91%

Time of India

timean hour ago

  • Business
  • Time of India

Infosys allays layoff fears; Freshworks cuts losses by 91%

Infosys allays layoff fears; Freshworks cuts losses by 91% Also in the letter: Infosys to hire 20,000 grads in FY26 amid IT job loss fears Setting context: Tell me more: The company has trained 275,000 employees in AI so far. Productivity has jumped 5–15% in software development, with even higher gains in support functions. Its Finacle platform, blending AI tools with human oversight, has delivered a 20% boost. Parekh insists that people remain central to Infosys' growth, stating that human expertise is critical, especially for complex and integrated systems. What's next: Also Read: Freshworks posts strong Q2, lifts full-year forecast What's driving it: AI is central: Other highlights: Customers paying over $5,000 in ARR rose 10% year-on-year to 23,975. Total customers exceeded 74,000 across 120+ countries. Net dollar retention stood at 106%. Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: MS Dhoni backs new-age insurer Acko, joins as brand face Driving the news: The pull: Go Digit counts Virat Kohli and Anushka Sharma as both investors and brand ambassadors. With Dhoni now on Acko's roster, two former India captains are effectively facing off in the insurance market. Strategic signal: Sharpsell raises Rs 30 crore to scale AI-led sales Tell me more: MeitY flags underperformance in PLI fund utilisation Where it stands: MeitY had Rs 16,549 crore to spend but managed to use only Rs 12,847 crore. The biggest shortfall came from semiconductor and display manufacturing incentives. Fund release is tied to companies meeting strict milestones, which MeitY says is 'beyond its control.' Also Read: What's being done: Big picture: Also Read: Indian electronics firms go global to win Western clients Driving the news: What's happening: Following suit: Syrma SGS, Dixon Technologies, Kaynes, and Cyient are inking deals in the US, Austria, Germany, and South Korea. Calcom Vision has pivoted to exports, with two US firms already auditing its new lighting and ceiling fan facility. Infosys confirmed plans to hire thousands, even as the IT sector stares at a spate of layoffs. This and more in today's ETtech Top 5.■ MSD dons investor cap■ Surplus PLI sops■ Indian makers look westInfosys CEO Salil ParekhEven as India's IT sector tightens its belt, Infosys is moving in the other direction. CEO Salil Parekh says the company will hire around 20,000 college graduates in FY26, after onboarding 17,000 in the first quarter move comes against a grim backdrop. TCS recently announced it would shed more than 12,000 roles , the largest layoff by an Indian IT firm to date. Industry body Nasscom has warned of a fresh wave of 'workforce rationalisation' as automation, cloud-native delivery, and changing client demands reshape the however, is betting on a different playbook: automation paired with aggressive salary hikes for Q4 and Q1 completed, the next round of compensation will be announced 'at the right time.' For now, Infosys' mix of reskill, automate, and still hire, offers a rare note of optimism in a cautious IT Woodside, CEO, FreshworksFreshworks delivered a solid June quarter , with revenue climbing 18% year-on-year to $204.7 million. Net loss narrowed sharply to $1.7 million from $20.1 million a year ago, as the Nasdaq-listed software-as-a-service (SaaS) firm tightened costs and captured higher-value clients. The company also nudged up its full-year revenue forecast to $822.9–828.9 Chennai- and San Mateo-based firm is riding momentum in the mid-market and enterprise segments, which now contribute over 60% of annual recurring revenue (ARR). Operating expenses dipped 4% year-on-year, while non-GAAP operating income surged to $44.8 Dennis Woodwide stated that businesses are gravitating toward Freshworks for 'AI-powered customer and employee experiences.' It's Freddy suite, including Freddy Copolot and the new Agent Studio, has crossed $20 million in said its diversified customer base and minimal sector exposure help buffer risks, including potential US tariff Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Insurance CEO Varun Dua with MS DhoniFormer Indian cricket captain MS Dhoni has invested in digital insurer Acko via his family office, Midas Deals, and will also serve as its brand ambassador. Acko described the partnership as 'strategic' but did not disclose the investment said Acko's 'tech-first, customer-centric' model reflects how a new India wants to engage with insurance: fast, digital, and frictionless. Acko currently serves over 70 million users and handles around two million claims annually across motor, health, and move comes as celebrity power reshapes the insurtech Acko, the celebrity tie-up is aimed at deepening customer trust and expanding digital distribution. The push coincides with improving regulatory clarity in insurance, as direct-to-consumer (D2C) sonumer platforms race to capture India's online-first Kamma, cofounder, Sharpsell AIAI-led sales enablement startup Sharpsell has raised Rs 30 crore , including Rs 10 crore from Equentis Angfel Fund – its largest single-company bet yet. It previously secured funding from Cornerstone Venture Partners and Mistry Venture, among provides AI-personalised sales content and updates, synthetic data-backed training for sales teams, and sector-specific solutions across BFSI, auto, consumer electronics and pharma. The platform already counts a few lakh IT ministry returned Rs 1,574 crore from its FY24 budget for production-linked incentive (PLI) and chip manufacturing schemes, blaming slow progress by participating companies . A parliamentary panel was unimpressed, calling the ministry's explanation 'not understandable' and urging it to take greater responsibility for ministry has informed the panel that it has scaled down budget estimates to match actual capacity. The committee, however, wants stronger coordination and tighter monitoring to prevent chronic episode highlights the gap between India's big-ticket tech ambitions and the execution challenges of its PLI and semiconductor push. As the country races to build a domestic electronics manufacturing ecosystem, the credibility of these incentive schemes will face sharper contract manufacturers are venturing abroad, snapping up overseas companies to tap into Western customer global supply chains shift away from China, these firms are using acquisitions and partnerships to break into high-value sectors like defence, aerospace, and industrial Group is leading the charge, spending over Rs 400 crore for a controlling stake in Israel-based Unitronics. The deal gives Amber both the certifications and direct access to Western defence clients that would otherwise take years to rush abroad comes as tariff uncertainty reshapes sourcing strategies. Yet, analysts warn that frequent reinvestment may test patience. 'Returns are being deferred,' said one expert, highlighting investor unease over slow payoffs.

Performance of firms responsible for lower PLI disbursals: MeitY
Performance of firms responsible for lower PLI disbursals: MeitY

Time of India

time14 hours ago

  • Business
  • Time of India

Performance of firms responsible for lower PLI disbursals: MeitY

Academy Empower your mind, elevate your skills The Ministry of Electronics and Information Technology ( MeitY ) has told a parliamentary committee that it surrendered Rs 1,574 crore from the funds earmarked for production-linked incentives (PLI) in fiscal 2024 because of lower-than-anticipated performance by companies selected under the Parliamentary Standing Committee on Communications and Information Technology has hauled up the ministry for utilising only Rs 12,847 crore in FY24 under the schemes, after submitting a budget estimate of Rs 16,549 crore and later revising it down to Rs 14,421 crore, as per a standing committee report tabled in Parliament last much as 70% of the underutilised funds were meant for the PLI and Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India schemes, MeitY told the committee. "Expenditure or disbursement of incentives under these two schemes is dependent upon what the private companies are able to deliver. So, it is beyond the control of the ministry to ensure optimal utilisation of the allocated fund under these schemes," it address underutilisation of the earmarked funds, estimates received from industrial units are being reduced substantially at the budget estimate stage itself, MeitY informed the committee. However, the committee refused to accept the reasons."The ministry has a larger role and responsibility towards proper monitoring, facilitation and effective implementation of the above-mentioned schemes, which cannot be solely left to private companies. Therefore, the ministry's submission 'is not understandable'," it said in the committee told the ministry to examine any lack of concerted efforts in utilisation of funds at the earliest through coordination meetings with the companies and stakeholders for reaching realistic and reasonable decisions, as per the committee report.

AI in the military: Path to ethical and strategic leadership
AI in the military: Path to ethical and strategic leadership

Hindustan Times

timea day ago

  • Business
  • Hindustan Times

AI in the military: Path to ethical and strategic leadership

With defence emerging as one of AI's most sensitive applications, a blend of innovation and responsibility is vital. India is laying the groundwork for responsible use of AI in defence, which is being led by key institutions like the Defence Research and Development Organisation (DRDO), NITI Aayog, and ministry of electronics and IT (MeitY). AI(Unsplash) To ensure ethical oversight, the DRDO launched the ETAI framework for evaluating trustworthy AI. At its essence, the framework aims to tackle difficult questions such as legality, safety, and human control, right from the start of a system's development and through its lifecycle. The framework is modular, incorporating internal ethical assessments and formalised reviews based on the risk level of the technology. DRDO's goal here is to entrench responsibility into every stage of AI development and not treat it as an afterthought. The ETAI framework stands on five key pillars: Reliability, safety, transparency, fairness, and privacy: Reliability: System performance needs to be accurate, even in chaotic or unfamiliar battlefield scenarios. Safety: Guardrails against unintended consequences, particularly with autonomous machines. Transparency: Human commanders should have the ability trace and understand decision chains. Fairness: Algorithmic biases should not influence critical decisions. Privacy: Protects sensitive data from unauthorised access. The more autonomous and impactful an AI system is, the more rigorous its review. For example, a chatbot used for internal training would not require the same oversight as a drone with live targeting capabilities. In 2021, NITI Aayog also laid out a framework that aligns AI development with India's constitutional ethos, in particular Article 14 (Right to equality) and 21 (Right to life and personal liberty). The seven principles it emphasised are: * Safety and reliability * Equality * Inclusivity and non-discrimination * Privacy and security * Transparency * Accountability * Reinforcement of positive human values Although originally aimed at civilian sectors like health care, these principles are just as relevant for defence. After all, the ethical implications of facial recognition, predictive analytics, and autonomous systems remain just as relevant to military use. While the policy framed by DRDO and Niti Aayog appears to be robust and well—thought out, turning paper policy into practice is where the real challenge lies. Since these principles lack legal enforceability, co-ordination between agencies and ethical AI frameworks remains limited. As a result, many projects operate in silos, making comprehensive ethical oversight a challenge. More recently (in 2024), MeitY launched the IndiaAI Mission with over ₹10,000 crore in funding. This is meant to support researchers and companies who need heavy compute power for AI training. A big part of this initiative is (Artificial Intelligence Research, Analytics, and Knowledge Assimilation Platform (AIRAWAT), a public compute cloud designed to support India's AI needs, especially for startups and public agencies. In practice, AIRAWAT provides a cloud platform where developers can access massive computational power for training AI models. This can be directly beneficial for defence applications such as simulation training, image intelligence analysis, or building large language models for military use, which require supercomputing resources. While the ministry of defence, MeitY, and NITI Aayog are all making strides, their efforts are largely siloed. India needs a unified platform to align goals, streamline operations, and ensure ethical consistency. Key recommendations include: Setting up of a Defence AI Regulatory Authority with clear legal powers Making ethical and risk-based assessments mandatory in all defence AI procurements Expand AIRAWAT-like infrastructure specifically for secure military testing environments Build structured collaboration between DRDO, MeitY, and NITI Aayog It is clear that India has laid the foundation for responsible AI use in defence. It now needs to bring it all together. As countries in the Global South look for models that balance innovation with ethics, India has an opportunity to lead—not just by building powerful tools, but by using them wisely and lawfully. This article is authored by Zain Pandit, partner and Aashna Nahar, associate, JSA Advocates and Solicitors.

Indias Startup Wave Merges AI With Tradition For Smarter Daily Solutions
Indias Startup Wave Merges AI With Tradition For Smarter Daily Solutions

India.com

time3 days ago

  • Business
  • India.com

Indias Startup Wave Merges AI With Tradition For Smarter Daily Solutions

New Delhi: As Artificial Intelligence (AI) continues to evolve, a new wave of Indian entrepreneurs is finding innovative ways to integrate the technology with traditional tools, transforming everyday experiences into smarter, more efficient solutions. From note-taking to productivity, these startups are reimagining the familiar through the lens of technology. Their efforts are not only capturing the attention of users but are also gaining recognition from government bodies and international platforms alike, marking India's growing presence in the global innovation landscape. Many such solutions were showcased at the recently concluded 25th edition of the Gifts World Expo in the national capital. Hyderabad-based ReNote AI, which has built smart reusable notebooks integrated with an AI-powered mobile app that transforms handwritten notes into editable, searchable digital text, says the expo is helping the company attract new customers. Interestingly, these enquiries are also revealing new use cases for its engineering and design team. Suman Balabommu, Founder of ReNote AI, said, "While exhibiting here, multiple people came up with different use cases. So I got the opportunity to explore several new applications as well." Recognised by the Ministry of Electronics and Information Technology (MeitY) and Google as one of the top 100 Indian mobile apps, the startup has also showcased its innovation at the Gulf Information Technology Exhibition (GITEX) in Dubai and the Osaka World Expo. Speaking about what attracts foreign buyers to the company's solution, Balabommu said that scientific studies have proven writing on paper improves focus, memory, and creativity. "ReNote AI preserves these benefits while eliminating the limitations of traditional notebooks. Inspired by these findings, we are gaining recognition on global platforms," he added. "Compared to India, other countries are showing greater preference. When I exhibited in Dubai, people saw great opportunities. Many were ready to invest in the products and help expand the business in the UAE and beyond," Balabommu added. ReNote AI's reusable smart notebook, powered by AI and cloud syncing, reduces paper waste and ensures your notes remain safe for a lifetime—all while being environmentally conscious. "ReNote AI is not just a product; it's a movement to bring back a culture of mindful, healthy, and sustainable writing," he said. ReNote AI utilises artificial intelligence to convert handwriting into text in real time and provides AI-powered summaries for instant insights. With features such as multi-language translation, automatic task and calendar syncing, and sketch-to-image generation through generative AI, Indian startups are showcasing their growing ambition to blend AI with traditional tools.

Rare earth supply risk: Indian electronics firms worried as Chinese curbs may hit; but can Beijing also afford this?
Rare earth supply risk: Indian electronics firms worried as Chinese curbs may hit; but can Beijing also afford this?

Time of India

time4 days ago

  • Business
  • Time of India

Rare earth supply risk: Indian electronics firms worried as Chinese curbs may hit; but can Beijing also afford this?

This is an AI-generated image, used for representational purposes only. A number of applicants under India's Electronics Component Manufacturing Scheme (ECMS) have flagged concerns over meeting their first-year production targets due to ongoing shortages of rare earth minerals. According to ET, at least 10 companies have raised the issue with the ministry of electronics and information technology (MeitY), warning that if the shortage continues for another six months, they may not be able to meet the incentive-linked thresholds. The rare earth scarcity stems from export restrictions imposed by China, which controls more than 90% of global rare earth processing. China introduced special licensing requirements for seven rare earth elements and associated magnets from April 4 this year, leading to supply disruptions across key industries. These include electronics, automobiles, and clean energy technologies. "Companies have expressed concern, but within the sector, it isn't an alarming outcry," an official aware of the matter was quoted as saying by ET. 'If there is a component that uses rare earth, instead of importing that rare earth and making that component in India, they will simply import that component.' While firms are exploring alternatives, such as sourcing from different suppliers or shifting to rare-earth-free technologies, the timing has been challenging, particularly for those scaling up manufacturing for exports. 'The ECMS has been unveiled at a time when many entities want to scale up and take advantage of exports,' said Ashok Chandak, president of the India Electronics and Semiconductor Association (IESA), as quoted by ET. He added that supply shocks in rare earth magnets have hit the sector hard. The Rs 22,919 crore ECMS, launched in May, seeks to build a robust domestic ecosystem for electronic components like multi-layer PCBs, lithium-ion cells, resistors, capacitors, display and camera modules. PCBs have attracted particular attention from applicants, according to KS Babu, secretary of the Indian Printed Circuit Association (IPCA), who noted that the scheme addresses both multi-layer and high-density interconnect boards. However, he also pointed out that local production of key inputs like copper-clad laminates is still missing. 'Chinese suppliers are now taking advantage by squeezing prices, citing problems with shipments,' Babu said, as per ET. The scheme, effective from FY26 through FY32, includes a one-year gestation period. However, manufacturers, particularly MSMEs, have sought quicker access to incentives to recover their investments. A Delhi-based PCB maker was cited by ET saying that the government has informally assured leniency during the verification and claims process. Responding to industry requests, MeitY will extend the ECMS application window beyond July 31, as confirmed by officials. Many small firms are still finalising their sourcing channels, joint ventures, and tech partnerships. In a written reply to the Rajya Sabha, minister of state for commerce and industry Jitin Prasada noted that the export restrictions on rare earth magnets have led to supply chain bottlenecks for auto and electronics sectors. However, the ministry has not received specific reports of cost escalation or project delays from industry hubs in Maharashtra, as per news agency PTI. Despite the disruption, industry leaders remain hopeful. 'China also can't afford to continue an export ban for long, since their companies will begin bleeding and it will place a long term strain on their relations with many countries,' Chandak said, as per ET. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

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