Theme: IT Services | India's business knowledge gained from IT, ITES clients will be its strength in the AI world

In this State of the Economy podcast, businessline’s Haripriya takes valuable insights from Sindhu Gangadharan SVP & MD,SAP Labs India and Vice Chairperson, nasscom, Sangeeta Gupta Sr. Vice President, and Chief Strategy Officer at nasscom, and Jagdish Mitra Head - India Business and Corporate Affairs, Tech Mahindra. Assessing India's position in the rapidly evolving global tech landscape, with a focus on artificial intelligence (AI).  They highlight India's remarkable progress in technology, transitioning from an IT outsourcing hub to an innovation-driven ecosystem with supportive government policies. They also acknowledge how India's tech landscape is characterised by a convergence of talent, technology, entrepreneurship, and government support. With a vibrant startup ecosystem, expanding digital infrastructure, and rising internet penetration, India has become a hotbed for tech innovation and entrepreneurship. The discussion emphasises India's resilience amid global macroeconomic challenges, attributing it to factors like a robust and diverse economy, large consumer base, and increased urbanisation. The country's attractiveness for investment is underscored by its talent pool, growing market, and government initiatives. Regarding the future of India's IT industry, the conversation points towards a shift towards consulting-led services and a focus on emerging technologies like generative AI. Indian IT companies are expected to invest in training and retraining their workforce to adapt to changing technological trends and meet evolving client needs. Sangeeta emphasises the continued growth potential of the IT services industry despite global challenges, citing opportunities in areas like generative AI and European markets. Haripriya raises questions about AI's role in addressing India's unique challenges and the necessary involvement of stakeholders like companies and the government.  Sindhu discusses India's potential as an AI hub, citing significant investments and government initiatives like the Digital India Act. She emphasises the importance of global collaborations and ethical AI regulations. Sangeeta and Jagdish discuss the transformative potential of AI in various sectors, including healthcare and education. They highlight the need for talent development and India's progress in AI research and innovation. The discussion touches on India's position in the global AI landscape, acknowledging progress while recognising the need for further development. Regarding policy changes, Sangeeta stresses the importance of R&D investment and simplifying regulatory processes, while Jagdish suggests creating innovation clusters to foster collaboration between industry, academia, and startups.