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The Indian IT sector has had a tumultuous year. The sector transitioned from a double-digit growth phase that characterized its momentum a year ago due to global macroeconomic challenges. In this episode of the State of the Economy podcast, businessline’s Haripriya Sureban talks to Vineet Nayar, Former CEO of HCL Technologies, to get a nuanced understanding of the Indian IT industry’s performance this year.
In this episode, they reviewed the year that went to understand how the IT sector coped with substantial headwinds due to economic slowdowns and global conflicts. Concurrently, there was a significant acceleration towards digitalisation and the adoption of Artificial Intelligence reached a new high. The IT companies responded to these opportunities and challenges differently — some investing in new capabilities, while others reduced costs and investments.
Nayar highlighted this dichotomy. He noted that companies that invested in new services and innovation, and those that adapted to the changing market dynamics were poised for potential dominance once sentiments improved. In contrast, those curtailing investments might see immediate financial gains, but could jeopardize their long-term relevance and competitive edge.
He emphasised the need for structural changes, including transforming from traditional operational models to embracing new skill sets, consulting mindsets, and talent from top universities. He noted that this would require significant adjustments in management styles, employee treatment, and organisational strategies.
Listen to the podcast to gain an understanding of why the Indian IT sector needs to transform itself to align with the evolving market demands and technological advancements.
(Host: Haripriya Sureban, Producer: V Nivedita)
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About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups
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