Air India, Tata Advanced Systems to invest Rs 2300 Cr in Karnataka

Air India, Tata Advanced Systems to invest Rs 2,300 Cr in Karnataka

Air India and Tata Advanced Systems Ltd (TASL), an aerospace and defence solutions company, have signed a Memorandum of Understanding (MoU) with the Karnataka government for a cumulative investment of Rs 2,300 crore in the state’s aerospace and defence sector.

As per the MoU, Air India will establish Maintenance, Repair, and Overhaul (MRO) facilities at Kempegowda International Airport in Bengaluru starting with Airframe Maintenance through the development of wide-body and narrow-body hangars for all checks, including heavy structural checks. The investment is expected to generate over 1,200 jobs.

The investment by TASL will be directed towards various endeavours, including implementing an aircraft modification, conversion, completion and maintenance, repair, and overhaul (MRO) facility for defence purposes, setting up an indigenous gun manufacturing, including barrel manufacturing facility, and implementing R&D in the aerospace and defence sector. This is expected to generate over 450 jobs.

EY India finds strong traction for Gen AI in financial services sector

About 61% of respondents in the financial services sector believe that Gen AI will have a huge impact on the entire value chain, making it more efficient and responsive to market dynamics, a report by EY India said.

In addition, 78% of survey respondents have either implemented the technology in at least one use case or have plans to pilot it over the next 12 months.

The report also revealed that Gen AI’s impact on the Gross Value Added (GVA) within the financial services sector is most significant, ranging from 22% to 26%. Consequently, Gen AI could contribute a potential addition of $66-80 billion to the GVA by 2030.

A majority of survey participants highlighted focus on two key areas: customer service and cost reduction. When asked about the facets of business that Gen AI would impact most, 94% of firms mentioned customer experience, followed by 78% citing cost reduction, and 61% believed it would have the most impact on driving innovation.

Kaspersky blocks 74M online threats in India in 2023

Cybersecurity company Kaspersky detected and blocked 74 million online threats in India where 34% of the users were targeted in 2023. According to the company, these statistics represent the malicious programmes found directly on users' computers or removable media connected to them or that initially made their way onto the computer in non-open form (for example, the programmes in complex installers or encrypted files).

According to the IDC, the alarming increase in sophisticated external cyber threats and cybersecurity attacks is one of the greatest challenges for a majority of enterprises in establishing organisational trust today, to the extent that almost 67% of Indian enterprises are looking to outsource key areas of security landscape to managed security service providers in next three years.