Som Mittal as the head of Nasscom has seen the ever-evolving IT industry from close quarters over the past six-years.
Mittal’s stint ends on January 3 bringing to a close another chapter in the Nasscom story. In an interview with Business Line , Mittal shares his experience and what his plans going forward.
I have been a part of this industry since 1989. Have seen it grow and transform over the last 24 years, from less than $100 million to $100 billion today.
Unique industry, where companies small and large, Indian and MNCs’ products and services, collaborate as fiercely as they compete. I have worked with some amazing people also. In spite of huge turbulence in the last six years, the industry has steered itself back into growth trajectory.
What would be your next move? Have you decided on it?
I learnt a lot from the industry, would like to share my experience and learnings with young companies and CEOs. Will further the social initiatives that I was driving around digital literacy and for the differently-abled. Also time to reprioritise personal preferences.
Will you be part of the IT industry?
I will always remain connected with the Indian IT industry both as the past Chairman and President of Nasscom.
Additionally, I have accepted some board positions as well as on governing councils of some educational institutions.
Any regrets?
There has never been a dull moment in past six years. I was fortunate to get the opportunity to steer the industry through difficult times. While much has been done, a lot remains. The downturn diverted our attention from leveraging technology and our capabilities for betterment of domestic environment. Also, I wish we were able to reach out much more to our members, communicating all that Nasscom does for them.
In the six years, what would be the most memorable event?
Each day brought in new excitement and memories of success and disappointments. The Satyam crisis probably left the deepest impression. It was unprecedented, would have impacted the entire sector and our reputation which was so diligently created. Careers of thousands of employees and credibility with customers were at stake. The first 72 hours for me were very demanding and with rallying around Satyam employees, industry and Government, we managed to save the day.
Which were the best and worst years for the IT industry?
The economic downturn of year 2008-09 was a difficult phase for the IT industry led by varied changes in the economic environment across developed and emerging markets.
I am happy that we didn’t waste the crisis, transformed quickly and changed value proposition to get back to growth path. The best years are now ahead of us with the industry showing signs of growing capabilities around transformed service, flexible product portfolios and verticalised solutions.
Do you think the industry will achieve its target of hiring and revenue this year?
Yes, the industry is well on its way to achieve its targets. It will remain a sector of choice for the youth and offer best careers.
Your message for the young entrepreneurs and new-gen engineers in the industry?
There is a huge opportunity of our making. The need is to remain focused on the work, results will follow. For me, humility, trust, credibility, sense of belonging, ownership and honesty in a day’s job came very handy.
Biggest challenges you overcame in the last six years.
When I decided to join Nasscom in 2007, industry was growing and issues were mainly attrition and appreciating rupee.
However, January 2008 onwards we had series of issues – global meltdown, Lehman crisis, Satyam fiasco, US Presidential elections, restrictive bills, and on anti-outsourcing sentiment. On the Indian side as well, we had policy challenges, and we became soft targets for unreasonable tax demands.
Notwithstanding this, the industry grew and crossed $100-billion mark.
The value proposition moved from cost to transformation and the IT stock index grew from 4,500 in 2007 to over 7,000 today, highest since 2000.
I was fortunate to have had the opportunity to work on these issues and be of help in facilitating growth and managing the headwinds.
Among our 1,500 members we have new constituents from Internet, e-commerce and product companies. The trust and collaboration among the competing members is at a high.
We built new institutions/ initiatives – DSCI, 10,000 start-ups, IT Sector Skill Council and National Digital Literacy Mission.
Please share some concerns that need to be addressed
While a lot has happened in past six years, much needs to be done in terms of improving the business environment. Industry needs to come together and also collaborate and communicate with stakeholders and governments equally in creating trust and building a safe and secure environment.
We need to work hard on leveraging technology for domestic use.
The faculty and curriculum in colleges across tier II/III cities needs to be upgraded.
ronendrasingh.s@thehindu.co.in