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India’s IT sector poised to reach $350 billion by 2030

Kris Gopalakrishnan, Chairman of Axilor Ventures and co-founder of IT behemoth Infosys, expressed confidence in India’s IT sector, stating that it has a clear growth trajectory to reach a revenue of $350 billion by 2030. Despite the current challenges posed by a global economic slowdown, he believes that the sector’s potential for growth remains strong. Gopalakrishnan shared his optimistic outlook during the Bengaluru Tech Summit event on November 29.

“Last year, IT industry grew by around 9 percent and it is a $200 billion industry and this is expected to grow to $350 billion by the year 2030. This is a high growth industry and it has continuously grown every year over the last several years despite a global macroeconomic slowdown,” Gopalakrishnan said.

His words come at a time when several top IT and software services companies in India and globally are facing a slowdown. In fact, Nasscom said in a recent report that fiscal 2023 growth slowed to 8.4 per cent from 15.5 per cent expansion the year before.

“Yes the global economy is going through a slowdown but these are cycles and in the medium to long term, I’m very confident that we will reach the $350 billion number,” he added.

Gopalakrishnan also shared his views on the advent of ChatGPT and how it is transforming several industries including the IT industry.

“Only in November 2022 ChatGPT was introduced and it became the fasted growing application technology in the world to date. With every new innovation there are some changes. Now, how we interact with intelligent systems changes and what is unique about this innovation is that its ability to interact with a chat interface. It democratizes AI,” He said.

Gopalakrishnan also urged that there needs to be a periodic discussion with government and the industries to debate and strategize for future innovations.

“This is the reason why we need to periodically meet, discuss the opportunities, debate solutions, prepare and plan for the strategic future and how we will take part in this and how Karnataka can play an important role in meeting this $350 billion number,” he added. Moneycontrol

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