Nasscom's newly appointed chairman, Srikanth Velamakanni, shared his strategy towards AI innovation. He said that Indian corporates must heavily invest in AI innovation. Currently, India's GDP spending on technology is 2.5 percent, but there is a need to double our tech spending compared to the revenue. Companies grow by 10 percent, they must grow their tech spending by 30 to 40 percent.
More Software Demand
Plaksha University's launch of the AI master's program, Srikanth said, that machine and human work would be the top priorities. He also said that the ecosystem has the wrong approach towards AI's impact on work. Cheap technology would increase software demand, which would need more humans for work.
AI and Job Takeover
The chairperson of Nasscom said that AI can automate the tasks, but cannot take up the entire job. Srikanth Velamakanni says that currently, India still lags in terms of AI and its infrastructure. Indian private companies should raise capital to compete with big giants like Anthropic, says Velamakanni. He also said that there would be single-digit growth this year in the tech sector, but youths should build AI systems to build a portfolio that would help them get jobs as AI engineers, as it would be the next big role in the technology industry.
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