TCS Cuts Workforce 📉, Meta's AI in Instagram 🤖, Tamil Nadu Pitches to Tesla 🚗

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily News! Top stories include TCS's workforce reduction, Meta's generative AI integration into Instagram, and Tamil Nadu's pitch to Tesla. 📉🤖🚗 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( TCS experiences a significant reduction in workforce and plans for future hiring 🇮🇳 IndiaTech - TCS’s headcount decreased by over 13,249 employees in the last fiscal year, with a net addition of 22,600 employees, contrasting sharply with the previous years’ higher recruitment numbers. - Despite a drop in headcount, TCS reported a 9% increase in net profit for the fiscal year, with notable revenue growth driven by strong domestic business performance. - The company is preparing to hire around 40,000 freshers in the upcoming fiscal year, utilizing the TCS National Qualified Test for direct recruitment. Chief Justice of India discusses AI’s impact on legal systems at conference 🤖 AI - Chief Justice D Y Chandrachud highlighted the ethical, legal, and practical challenges of integrating AI in court proceedings. - He emphasized AI’s potential to transform legal research and court efficiency but cautioned against biases and errors. - The conference underscored the need for global collaboration to harness AI’s benefits while addressing its risks in the legal domain. Why Smart People Believe Stupid Things [NBW Newsletter Ad]( The Paradox of Intelligence Illusion..it is? [Read]( Meta integrates generative AI into Instagram for enhanced content discovery 🤖 AI - Meta is expanding its use of generative AI beyond chatbots to improve content discovery and search functionalities on Instagram. - A new ‘Chat with AI’ feature allows users to interact directly with Meta’s AI for personalized content recommendations, including Instagram Reels. - This AI integration aims to refine Instagram’s content curation, potentially outperforming competitors like TikTok by better understanding user preferences and media semantics. Tamil Nadu prepares to pitch as Tesla’s next manufacturing hub 🇮🇳 IndiaTech - Tamil Nadu is gearing up to present itself as a potential manufacturing site for Tesla ahead of Elon Musk’s visit to India. - The state aims to leverage its status as the ‘automotive capital’ of India to become the leading destination for electric vehicle production. - With existing facilities for major automakers and recent EV tax concessions by India, Tamil Nadu is positioning itself as an attractive option for Tesla. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Portea’s financial struggles continue with flat revenue and increased losses in FY23 🇮🇳 IndiaTech - Portea’s revenue declined by 3.3% to Rs 145 crore in FY23, while losses grew by 32%. - The company’s expenditure was heavily influenced by patient treatment costs and employee benefits, contributing to a Rs 53 crore loss. - Despite raising $90 million in funding, Portea’s performance has been hindered by stagnant growth and operational challenges. Meta plans its inaugural data center in India at Reliance campus in Chennai 🇮🇳 IndiaTech - Meta is establishing its first Indian data center at the Reliance Industries campus in Chennai, aiming to enhance data processing for local users. - The Chennai data center, a collaboration with Brookfield Asset Management and Digital Realty, is designed for a 100-Megawatt IT load, supporting AI applications and improving user experience. - This move reflects Meta’s response to India’s stringent data protection laws and its commitment to the rapidly growing Indian market, where it sees significant user engagement and ad revenue. Raghuram Rajan criticizes India’s growth narrative and priorities 🇮🇳 IndiaTech - Raghuram Rajan warns against believing India’s economic growth hype without addressing structural issues, especially in education and workforce skills. - Despite India’s impressive growth rate, Rajan dismisses the goal of becoming a developed economy by 2047 as unrealistic without significant educational reforms. - Rajan critiques the Indian government’s focus on semiconductor projects over essential education system improvements, questioning the sustainability of such ambitions. Meta and MCA to introduce a WhatsApp tipline for deepfake detection in India 🇮🇳 IndiaTech - The Misinformation Combat Alliance, in collaboration with Meta, is launching a WhatsApp tipline to combat AI-generated misinformation. - The tipline, starting March 25th, will enable public submissions of audio and videos for analysis in multiple Indian languages. - This initiative aims to identify and mitigate the spread of potentially misleading or harmful AI-generated media. Supreme court halts implementation of fact check unit notification 🇮🇳 IndiaTech - The Supreme Court of India has stayed the notification of the Fact Check Unit by the Ministry of Electronics and Information Technology pending the Bombay High Court’s final decision. - The stay was granted following appeals by the Editors Guild of India and satirist Kunal Kamra, challenging the unit’s creation as a violation of free speech. - A final verdict from the Bombay High Court is anticipated after Justice A S Chandurkar’s concluding remarks, expected by April 15, 2024. Sameer Brij Verma to exit Nexus and start his own venture fund 🇮🇳 IndiaTech - Sameer Brij Verma, a notable investor at Nexus Venture Partners, is leaving to establish his own venture firm in India with a $150 million fund. - Verma’s departure is unexpected, given his significant role and success with investments in companies like Postman and Unacademy. - His new venture aims to take a more involved approach with startups, differing from traditional investment strategies. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](