IT Sector Contributes 8% To GDP; Global Spending On Technology To Double In Coming Years: Rishad Premji At Global Investors Meet 2022
November 3, 2022: Rishad Premji pointed out that we have a very large talent pool and the largest number of engineers in the world but instead of going where the talent is, we force them to migrate to the big cities where the jobs are.
This limits the talent pool and puts huge strain on the infrastructure in big cities. The chairman of IT major Wipro has said that he is bullish and excited about the long-term growth prospects of the IT industry.
The story of Wipro is in many ways the story of the Indian IT industry, he said at the three-day Global Investors Meet 2022 on Wednesday. The industry has grown significantly over the past three decades.
Today the industry contributes about 8 percent to India’s GDP. 30 years ago, it was less than 1 percent. Karnataka is at the center of this journey and contributes about 1/4th of IT exports, Premji said in his address.
As a low-cost offshoring destination, India has become a true technology and business partner for every business in the world, which is why Premji noted that he remains bullish on the long-term growth of the Indian IT sector.
“My confidence is driven by two things – the rapid pace of digitization and the change in mindset of our stakeholders.” He further said that we have a very large talent pool and the largest number of engineers in the world but instead of going where the talent is, we force them to migrate to the big cities where the jobs are.
This limits the talent pool and puts a huge strain on the infra in big cities, increasing the cost of living and arguably harming our environment as well. Noting this, Premji applauded the Karnataka government’s efforts to set up new technology clusters in our Tier 2 and Tier 3 cities as part of the Karnataka Digital Economy Mission.
The Wipro chairman also asked to focus on re-skilling our current talent to be relevant for the future. “Four years ago, PM Narendra Modi launched NASSCOM’s Future Skills Platform for upskilling and reskilling employees and students in new age technologies like AI, robotics and virtual reality.
We need more such initiatives to rapidly build our digital talent pool,” he said. While industry can and will invest in more near-term technologies, our public and private industries must invest in long-term and in-depth research to continue to develop new emerging technologies.
Global spending on technology is set to double in the coming years and we will create a plan together with industry and government to position us over the next 25 years while continuing to build leadership on the global stage, he added.
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