Srikanth Velamakanni's new agenda for the Indian tech industry is to invest heavily in the innovation of AI. He shared his agenda that Indian corporates must spend twice as much on technology compared to their current tech spending. Now, 2.5 percent of GDP is spent on technology in India, but it should be double compared to our revenue. Companies grow by 15 percent, and so the tech spend should be increased to 40 percent.
New Agenda For Tech Industry
Srikanth, Nasscom chairperson, said that his top priority is human and machine work, and companies have the wrong approach towards AI impact. He said that once the technology is cheap, there would be more demand for software and more demand for manifold. He said that the Indian tech industry must understand that the world needs 1,000 times more software than today. He also encouraged players to plan towards integrating AI and tech.
Nasscom Chairperson's Insights on AI Job Takeover
Nasscom Chairperson Srikanth said that AI cannot take up entire jobs, but some of the tasks will be automated. He said that India is still not ready in terms of chip infrastructure and AI models. Indian private companies must raise funds while developing a risk appetite to compete with big giants like Anthropic. He said AI engineers will be in high demand in the next 18 months. India's youth must build AI systems that would help them build a portfolio to get jobs.
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