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The Indian information technology (IT) sector is expecting a stronger push towards making India a global artificial intelligence (AI) powerhouse from the government that will come to power after the upcoming general elections.
Industry leaders highlighted the need to prioritise original research and development (R&D) in software intellectual property (IP) creation and the simplification of labour laws.
“The need of the hour is a stronger push towards making India a global AI powerhouse, with emphasis on incentivising AI and technology for future-ready solutions. Initiatives like ‘Make AI in India’ and the increased focus on the 5G continuum will prove to be a big push to bridge the talent gap and prepare the country’s youth for Industry 6.0 by empowering them with new-age technology skills needed to make India one of the world’s preferred innovation hubs,” said Ganesh Raj Mohan P, head of global technology, platforms, IT and innovation, Altimetrik, a data and digital engineering company.
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“Looking ahead, integrating renewable energy sources, leveraging AI-driven sustainability assessments, and embracing circular economy practices will shape the future of our industry. Businesses can drive unparalleled innovation by leveraging emerging technologies and place the country on the global road map of technological advancements, provided it is powered by the undying support and encouragement of the government,” added Mohan.
There are specific hurdles that need to be addressed for the IT/IT-enabled services (ITeS) sector.
“Firstly, there’s a critical need to prioritise original R&D in software IP creation. While India has excelled in providing labour-intensive software services, the real value lies in fostering innovation and generating IP. Therefore, the new government should incentivise and facilitate initiatives aimed at promoting indigenous software product development,” said Binod Singh, chief executive officer (CEO) and founder of Cross Identity, a provider of identity and access management solutions.
The IT industry in Karnataka has been at the crossroads with the Industrial Employment (Standing Orders) Act of 1946, according to which industrial establishments employing 50 or more people are required to formally define the conditions of employment and to make the said conditions known to the people employed by them.
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The IT/ITeS sector, which employs more than 2 million workers in Karnataka, has obtained for more than four occasions, exemption from applicability of this Act. The last time the exemption was given was on May 25, 2019, and this exemption is about to lapse by May 25, 2024.
In that context, streamlining regulatory frameworks and policies pertaining to the IT/ITeS sector is crucial for the growth of the sector, experts said.
“This includes ensuring clarity and consistency in regulations and simplifying compliance procedures to reduce bureaucratic hurdles. Additionally, measures to enhance cybersecurity infrastructure and data privacy regulations are crucial to bolstering trust in India’s digital ecosystem. Lastly, fostering collaboration between industry players, academia, and government bodies can further catalyse innovation and talent development,” added Singh of Cross Identity.
Bengaluru-based IT services firm Happiest Minds believes once elections are over, the government of the day should be largely focused on employment generation, increasing income levels, and improving infrastructure, education, and health, among others.
“Talking about expectations from the new government after elections, it will be one of, continuing the path of generating employment, improving ease of doing business, infrastructure, and delivery of services,” said Venkatraman Narayanan, managing director and CEO, Happiest Minds.
