Indian Economy News

Indian IT industry is expected to reach US$ 350 billion by 2030: Mr. Kris Gopalakrishnan

  • IBEF
  • November 30, 2023

Mr. Kris Gopalakrishnan, co-founder of Infosys, stated that despite global macroeconomic challenges, India’s US$ 200 billion Information Technology (IT) industry will continue growing. He mentioned at the 26th edition of the Bengaluru Tech Summit that the IT industry grew by 9% last year. It is a US$ 200 billion industry and is expected to grow to US$ 350 billion by the year 2030. This industry has continuously grown every year over the last several years and is a high-growth industry.

Though the global economy is slowing down, he expected this Indian industry to rise in the medium to long term.

He further mentioned that various technologies, such as ChatGPT and generative Artificial Intelligence (AI), are shaping the industry. In November 2022, ChatGPT was introduced, and it became the fastest-growing application technology in the world to date.

Multiple interventions are required when new technologies that have widespread applicability are introduced. Every sector, industry, and application change. This includes changes in interacting with technology, information, and intelligent systems.

The unique part is the ability to converse with AI systems using a chat interface. Mr. Kris Gopalakrishnan also mentioned that there is a need for regular discussions between the government and industries about opportunities and to strategise for future innovations.

He also stated that since Karnataka accounts for 40% of the country’s IT services industry, it must try to discuss, debate, and strategise to continue its leadership in the long run.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.