Nasscom Chairperson Velamakanni has shared his strategy for investing in AI. Velamakanni said, Indian corporates should invest twice as much in technology compared to their current spending in technology. Currently, India's GDP in the technology sector is 2.5 percent, and this should be doubled, which means if companies grow by 15 percent, then the technology spend should be 30 percent.
Velamakanni Strategy for Indian Technology
Chairperson Velamakanni of Nasscom said that the larger ecosystem has an incorrect approach towards AI. Cheap technology will increase software demand, and that would increase manifold. The world would need 1,000 times more software than today. Velamakanni said that the Indian tech sector should know this, and He also encouraged players to plan towards sovereignty with tech and AI.
Muted Job Prospects
Velamakanni said that the growth in the tech industry would be low and it would be in single digits. AI-led expansion will be ruled out in 18 months, according to Nasscom chairman Srikanth Velamakanni. He advised youth to build and release their AI systems rather than only absorbing details that would help them build a portfolio and would help them get a job. Velamakanni said the next growing demand is for AI engineers.
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