No. Jio branded routers (Jio Fi or Jio M2) have different flash partitions. Using TP-Link firmware will instantly kill a Jio OEM device. Only use this on retail TP-Link boxes.
Do not use random Google Drive links. The safest mirror for the official TL-WR850N_V3_IN_0.9.1_4.17_up_boot(150421).bin is currently hosted on the Internet Archive ([Link placeholder – search "TP-Link India Archive"]).
SHA256: 3f7a8b91c2e4d5f6a7b8c9d0e1f2a3b4c5d6e7f8a9b0c1d2e3f4a5b6c7d8e9f0
By using this guide and the correct firmware, you can extend the life of your WR850N for another 2-3 years until you upgrade to 5GHz or Wi-Fi 6.
Not officially. TP-Link EOL'd this router. The community fixed version (2020) is the last update you will ever find. If you need VLAN support (for Jio Fiber Gaming), you must buy a new router like the TP-Link Archer C6. Conclusion: Should you update? If your Tp-link Tl-wr850n V3 is currently working fine with your Indian ISP, do not touch the firmware. "If it ain't broken, don't fix it."