The Indian IT industry despite macroeconomic headwinds bought on by global slowdown is well on track to grow to $350 billion revenues by 2030. The sector can even potentially double the employment opportunities in the next 10 years, said industry honchos.
Kris Gopalakrishnan, Chairman of Axilor Ventures and co-founder of IT major Infosys and Rishad Premji, Executive Chairman, Wipro speaking at the Bengaluru Tech Summit underscored the growth potential of the IT industry.
growth potential
Gopalakrishnan noted that even in the last year, the industry grew by 9 per cent, and is currently at over $245 billion. “In today’s world technology is a horizontal that plays in increasing productivity to provide benefit to the customers, so IT cuts across everything. This is a high growth industry, and has continuously grown every year over the last several years,” he said.
Similarly, Premji underscored that the industry has reached $245 billion in the last 16 years, accounting for a 5X growth rate. The industry contributes nearly 8 per cent of the GDP compared to the 1 per cent contribution it did 30 years ago. The sector employs more than 5 million people and this number has doubled in the last 10 years and will double again in the next 10.
“The IT industry is on the brink of disruptive change and a huge opportunity. We have the youngest and largest talent base and a proven business model with global reputation. We also have an upturn of a long term technology investment cycle driven by the advancements in new technologies like AI – especially Gen AI, 5G, Industry Cloud and sustainable technology,” Premji said.
Improving Infrastructure
Premji also batted for improvement of infrastructure as he noted the expected annual addition of 4 lakh individuals to Karnataka’s workforce. “While this growth showcases the economy’s strength, it also poses resource challenges, especially evident in Bengaluru. To sustain technological leadership and growth in the region, there’s a need for continual investment in top-notch infrastructure, ongoing skill enhancement, and a heightened focus on education and healthcare, particularly for the vulnerable sections of society,” he said.
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Published on November 29, 2023
