IANSThe uncertainty in the global technology spend environment is a "course correction" with overall investment sentiment staying largely intact, said newly appointed Nasscom chairperson Anant Maheshwari.
The IT Industry lobby group announced the appointment of Maheshwari, president, Microsoft India as its chairperson for 2023-24, on Tuesday.
Talking about the larger uncertainty in the global tech ecosystem over the past few months, Maheshwari said that the global businesses are seeing some "course correction" but the overall sentiment to invest in technology remains strong. Over the past few weeks, Indian IT majors and their global peers have reported below estimated performance and called out a cautious spending environment.
"So, there is a bit of a correction. But that broader growth rate is very much intact. It is not going below where we were three years back or going flat. It is still above the generic growth rates from that point in time," he said. Driving deeptech innovation to make India the trusted technology ecosystem for the world is the top priority for Indian industry, he said.
Maheshwari added that creating a trusted innovation ecosystem would entail, beyond security and safety, building bias-free ethical AI solutions.
The $245-billion Indian technology industry employs over 5.4 million workforce. The Indian technology industry has the potential to clock over $350 billion in annual revenues by FY26 according to Nasscom projections.
The IT Industry lobby group announced the appointment of Maheshwari, president, Microsoft India as its chairperson for 2023-24, on Tuesday.
He takes on the new role from his previous role as vice chairperson succeeding Krishnan Ramanujam, president, Business & Technology Services, Tata Consultancy Services, who served as chairperson for the year 2022-23.
Talking about the larger uncertainty in the global tech ecosystem over the past few months, Maheshwari said that the global businesses are seeing some "course correction" but the overall sentiment to invest in technology remains strong. Over the past few weeks, Indian IT majors and their global peers have reported below estimated performance and called out a cautious spending environment.
"So, there is a bit of a correction. But that broader growth rate is very much intact. It is not going below where we were three years back or going flat. It is still above the generic growth rates from that point in time," he said. Driving deeptech innovation to make India the trusted technology ecosystem for the world is the top priority for Indian industry, he said.
Maheshwari added that creating a trusted innovation ecosystem would entail, beyond security and safety, building bias-free ethical AI solutions.
Discover the stories of your interest
The $245-billion Indian technology industry employs over 5.4 million workforce. The Indian technology industry has the potential to clock over $350 billion in annual revenues by FY26 according to Nasscom projections.
Get Unlimited Access to The Economic Times
