28, February, 2024
HomeBusinessIndia's IT Sector Aims for $350 Billion Revenue by 2030, Says Kris Gopalakrishnan

India’s IT Sector Aims for $350 Billion Revenue by 2030, Says Kris Gopalakrishnan

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Kris Gopalakrishnan, Chairman of Axilor Ventures and co-founder of Infosys, projected an upward trajectory for India’s IT industry, affirming its potential to reach $350 billion in revenue by 2030. Despite current challenges amid global economic fluctuations, Gopalakrishnan highlighted the sector’s resilience and growth prospects, expressing confidence at the Bengaluru Tech Summit 2023.

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“In the previous year, the IT industry surged by about 9 percent, totaling $200 billion. This figure is anticipated to soar to $350 billion by 2030. It’s been a consistently high-growth sector despite global economic slowdowns,” Gopalakrishnan emphasized.

His positive outlook arrives amidst reports of deceleration for top Indian and global IT firms. Nasscom’s recent report indicated a drop in growth to 8.4 percent for fiscal 2023 from a previous 15.5 percent expansion.

“While the global economy faces a slowdown, these are cyclical trends. In the medium to long term, I’m highly confident we’ll hit the $350 billion mark,” he added.

Additionally, Gopalakrishnan discussed the emergence of ChatGPT and its transformative impact on various industries, notably the IT sector.

“ChatGPT was introduced in November 2022 and became the fastest-growing application technology worldwide. Every new innovation brings changes, altering our interactions with intelligent systems. This innovation’s unique facet lies in its chat interface, democratizing AI,” he explained.

He also stressed the necessity for periodic dialogues between the government and industries to strategize for future innovations.

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“Regular discussions are crucial. We need to debate solutions, prepare, and plan strategically for the future and Karnataka’s pivotal role in achieving this $350 billion target,” he concluded.

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