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TWTW Weekly Wrap Up: 27 Nov-3 Dec

"Intervention of tech in healthcare will help us be better prepared for a pandemic like situation in the future." — Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

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Last Week’s Latest

1. The Dubai Metaverse Strategy aims to establish the Emirate as a global hub for the metaverse community and one of the top ten metaverse economies in the world.

2. Google has announced that it has teamed up with iCad, (a health care provider that's known for innovative cancer detection and therapy solutions) and licensed its AI tech for breast cancer and personalised risk assessment.

3. Microsoft and Nvidia announced their collaboration to develop a large-scale AI cloud computer.

4. Meta is Partnering with FICCI & NeGD to Train 100 Indian Developers In Metaverse Tech.

5. Google Cloud to support Kingfisher's digital ambitions with a range of solutions, from infrastructure to data analytics.

6. Samsung, India's largest consumer electronics brand, is planning to hire around 1,000 engineers for its R&D institutes across India.

7. India will have 31 million 5G subscriptions by 2022 end, 690 million by 2028 as per report from a major news outlet.

8. Over 500 global capability centres (GCCs) are expected to be added to India’s existing tally of 1,500 GCCs by 2026, as per report from NASSCOM.

9. JP Morgan eyes collaborations in fintech space in India, says global CIO Lori Beer.

10. Investment in technology startups in the agriculture and food sector jumped over twofold to USD 4.6 billion during the last fiscal on the back of higher inflow in restaurant marketplace and e-grocery

Focused Story Of The Week #1: India – Increasingly Becoming The Favoured Destination For Businesses Globally

In the 1990s, GCCs were renowned as cost-cutting centres for providing IT services to businesses as an alternative to outsourcing. Because of the worldwide trend toward digital technology adoption, the GCCs have moved up the value chain in recent years. According to a NASSCOM report, Indian GCCs are well-positioned to capitalise on this trend, with MNCs seeking to add 500 technology and services centres in India by 2026.

The ease of doing business in India is the primary driver of this expansion. Policy reforms, a talented workforce, and a tech-savvy population have resulted in a surge of MNCs seeking to establish offices and competence centres in India.

This allows for more employment, as an estimate based on the recruiting intentions of current and upcoming global capability centres, captive divisions of multinational firms with headquarters in India, is that 180,000-200,000 new employees will be hired by the end of this fiscal year (GCCs). Furthermore, it will help to boost the Indian economy with MNCs investing in infrastructure and skills development, which would directly lead to the development of the host nation.

As India maneuvers to become the world's next superpower, it is vital that it positions itself as the place where any firm would want to be, providing mutually beneficial reasons for them to set up offices and contribute to the economy. 

"India's rich culture of embracing people from all over the world, whether at home or at work, will help drive the country's growth trajectory."

Focused Story Of The Week #2: AI In Healthcare – A Necessity With The Changing Times

Google has recently announced that it has teamed up with iCad, a health care provider and licensed its AI tech for breast cancer and personalised risk assessment. Healthcare personnel have been put to the test in terms of time and effort in their area during the last couple of years. At the height of the epidemic, hospital around the world crumbled, spurring calls for measures to slow the industry's attrition rate.

The healthcare industry's failure to incorporate existing technology such as AI was a crucial takeaway. AI is now used in almost every industry. Its widespread use in the healthcare industry can help experts streamline work, improve efficiency, improve monitoring and simplify treatment procedures. 

One of the most significant applications of AI in healthcare is diagnostics, where it has the ability to scan better and quicker. Instead of spending hours combing over photos seeking for symptoms of sickness or irregularities, these solutions far from replacing doctors will allow for more time for patient interaction. Doctors will be able to devote more time to treatment and less time on diagnosis.

AI has come a long way and is still evolving and reaching new heights. The human touch will always be important in medicine, as AI may disregard key variables that people would consider. However, the support that it can provide to doctors, especially in cases of diagnosis and drug innovation, will help us be better prepared for what’s in store in the future.

"Intervention of tech in healthcare will help us be better prepared for a pandemic like situation in the future."

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