Nasscom Chair Highlights AI's Role in Boosting India's Tech Industry Growth
AI to accelerate India's tech industry, not a threat; tech to continue hiring people: Nasscom Chair
The Economic TimesImage: The Economic Times
According to Srikanth Velamakanni, Chairman of the National Association of Software and Service Companies (Nasscom), artificial intelligence will enhance India's technology sector rather than threaten it. He emphasized that AI will drive growth and hiring, despite current challenges in the industry.
- 01AI is expected to accelerate growth in India's tech industry, not threaten jobs.
- 02Nasscom Chairman Srikanth Velamakanni foresees a bright future for the sector.
- 03TCS plans to hire 25,000 freshers in FY 2027, despite reduced hiring trends across the industry.
- 04AI technologies are creating efficiencies that may compress traditional hiring needs.
- 05The Indian tech industry is projected to reach nearly USD 300 billion in revenue by FY 2026.
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Srikanth Velamakanni, the newly appointed Chairman of the National Association of Software and Service Companies (Nasscom), asserts that artificial intelligence (AI) will not pose a threat to India's technology sector but will instead accelerate its growth. He highlighted that while the industry faces challenges such as geopolitical uncertainties and reduced hiring trends, there is significant potential for expansion driven by AI. Velamakanni noted that TCS (Tata Consultancy Services) plans to hire 25,000 freshers in the financial year 2027, a decrease from previous hiring plans, reflecting broader industry trends. Despite this, he remains optimistic about the future, suggesting that AI will create a multi-trillion dollar opportunity, leading to increased demand for talent. Nasscom estimates indicate that the Indian tech industry could reach nearly USD 300 billion in revenue by FY 2026, up from approximately USD 282 billion in FY 2025. Velamakanni also acknowledged the impact of geopolitical turmoil on decision-making within the industry, urging companies to build resilience to navigate these challenges effectively.
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The emphasis on AI-driven growth suggests that tech companies may need to adapt their hiring strategies, potentially affecting job seekers in the industry.
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