The Indian IT industry finds itself confronted with a formidable challenge, as geopolitical issues and macroeconomic conditions loom large, dampening the overall demand. Complicating matters further, the industry is undergoing a significant transformation driven by the advent of Artificial Intelligence (AI), specifically Generation AI. In an exclusive email interview with BusinessLine, Debjani Ghosh, a veteran of the IT industry and President of Nasscom, sheds light on India’s preparations for these challenges and the opportunities they present. She also discusses the deal pipeline in the first half of the year and the effects of the funding winter. Here are the edited excerpts from the interview.
Amidst the prevailing geopolitical issues and global economic landscape, the Indian IT industry faces an uphill battle to sustain its growth trajectory. The industry grapples with reduced demand due to uncertain macroeconomic conditions, casting a shadow over its performance. Additionally, the emergence of AI, particularly Generation AI, has triggered a wave of disruption within the sector, necessitating swift adaptation and resilience.
Debjani Ghosh, a seasoned professional with extensive experience in the IT industry, shares her insights on how India is proactively preparing to confront the multifaceted challenges while capitalizing on the potential opportunities that lie ahead. In the interview, she delves into various aspects of the industry, including the state of the deal pipeline during the initial six months and the impact of the funding winter, shedding light on the strategies being adopted to navigate these testing times.
As discussed in the interview, the Indian IT industry is proactively addressing the hurdles it faces. Recognizing the importance of staying ahead in the AI race, the industry is harnessing the power of Generation AI. This transformative force holds the key to unlocking new avenues and reshaping traditional business models. By embracing AI technologies and leveraging the inherent strengths of India’s vast talent pool, the industry aims to not only withstand the challenges but also emerge stronger in the global landscape.
In terms of the deal pipeline, Ghosh provides valuable insights into the performance of the industry during the first half of the year. Despite the prevailing headwinds, there are positive signs and promising prospects on the horizon. The Indian IT sector continues to attract significant investments and forge strategic partnerships, fostering growth and innovation. Ghosh’s observations shed light on the resilience of the industry and its ability to adapt to changing market dynamics.
The funding winter, a phenomenon impacting various sectors globally, has also left its mark on the Indian IT industry. In this regard, Ghosh discusses the impact of reduced funding availability and the measures being taken to address this challenge. Efforts are underway to diversify funding sources and explore alternative avenues to ensure sustained growth and stability within the industry.
Debjani Ghosh’s insights provide a comprehensive understanding of the Indian IT industry’s current landscape. Her assessment highlights the industry’s proactive approach, resilience, and adaptability in the face of geopolitical and macroeconomic challenges. By capitalizing on the potential presented by AI and focused strategies to navigate the funding winter, the Indian IT industry aims to not only overcome obstacles but also emerge as a global leader in the ever-evolving technology landscape.
