India’s $200 billion information technology (IT) industry will continue growing despite global macroeconomic challenges, said Kris Gopalakrishnan, a co-founder of Infosys.

 

His comments come at a time when the industry’s revenue growth is expected to slow down to 3-5 per cent in Financial Year 2023-24 due to “persistent macroeconomic uncertainty” and weak demand in the US and Europe, according to the rating agency ICRA.

 

“Last year, (IT) industry grew by around 9 per cent. It is a $200 billion industry; it is expected to grow to $350 billion by the year 2030. This is a high-growth industry and this has continuously grown every year over the last several years,” said Gopalakrishnan at the 26th edition of the Bengaluru Tech Summit.

 

“Yes, the global economy is (witnessing) a slowdown but these are cycles. In the medium to the long term, I am very confident that we would reach the $350 billion number.”

 

New technologies such as ChatGPT and generative artificial intelligence (AI) are shaping the IT industry. "In November 2022, ChatGPT was introduced and it became the fastest-growing application technology in the world to date,” said Gopalakrishnan, referring to the AI chatbot that responds to a range of written queries.

 

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

 

“What is unique about this round is the ability to interact with AI systems using a chat interface.”

 

Gopalakrishnan also said that there is a need for regular discussions between the government and industries about opportunities and to strategise for future innovations.