To turn disruption into opportunity, NITI Aayog has recommended the launch of a National AI Talent Mission to make India the AI workforce capital of the world.
The domestic technology industry's revenue is projected to grow 3.8 per cent to $254 billion this fiscal, industry body Nasscom said on Friday and highlighted creation of 60,000 more jobs during this period. The industry had clocked a revenue of $244.6 billion in the same period last year, according to Nasscom's annual strategic review report. Excluding hardware, the revenue is expected to touch $199 billion, a growth of 3.3 per cent over FY23, as per the report.
India added over 1,300 active tech start-ups to its ecosystem in calendar year 2022, taking the total tally to between 25,000-27,000, according to a recent report. The country continues to be the world's third largest tech start-up ecosystem. The Nasscom-Zinnov Indian Tech Start-up Landscape Report 2022 found that India added the second highest number of Unicorns - companies with a valuation of at least $1 billion - in the world, with over 23 added in CY2022.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Two-thirds of organisations in the Indian technology sector are hiring gig workers as they respond to a changing business landscape, said a report by industry organisation NASSCOM and others on Thursday. Focus on requirement for specialised skills, employee demand and cost optimization enabled organisations to use the gig model for technology roles traditionally restricted to HR and support functions. Software development, UI/UX design, and data analytics were the top three gig skills the technology sector needed.
India Inc is not in the dark about moonlighting employees. According to a forensic accountant, companies can easily turn to experts and deploy digital tools that can be used to check if an employee is doing a second job or not - reaffirming fears of many who are wary of the practice in the context of the recent sacking of moonlighters by IT major Wipro. Arpinder Singh, global markets and India leader, forensic and integrity services, EY, said that EY had been involved with several companies to gauge moonlighting.
'If the business doesn't recover in next 6-10 months, there might be situation where there would be some lay-offs...That may be required for survival and to ensure livelihood to millions of people.'
Nearly 45 per cent of this value is likely to be delivered by 3 sectors - consumer goods and retail, agriculture and banking and insurance, the Nasscom report said.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
Over the past week, several unusual partnerships among start-ups, traditional businesses and hospitals have been announced, and several more are likely to materialise soon. The trend could see increased importance of gig workers, who are taking considerable risk to deliver goods to people in the time of a pandemic.
'The idea is to have a separate and independent consultation on non-personal data, and decide the contours of how it should be regulated, whether as guidelines, rules, or a separate policy,' said a senior official at MeitY.
'The kind of jobs the advent of artificial intelligence, data science and so on are creating simply didn't exist before'
From $10 billion deployed in Indian start-ups in 2017, $6 billion went to unicorns
As 8 new startups join the 2018 club, average time taken to be a $1 billion firm now stands at 5-7 years, next only to China, says a Nasscom report
The problem, says Chandrasekaran, arises from the lack of access to services, including healthcare, education and financial services.
Chipmaker Intel, which last week announced a partnership with watches and fashion accessory retailer Fossil Group to develop wearable devices, is scouting for manufacturers to launch such devices in India.
The proposed annual quota for Indian companies could be between 10 and 15 per cent. Currently, there are no country-specific limits on H-1B allotment.
The latest chips can deliver up to 15 per cent better performance than the previous generation, while consuming lower amounts of power.
'India missed the software products revolution (and now is in danger of missing the platform revolution), complacent that we are the software experts of the world based on IT services prowess,' points out Rajeev Srinivasan.
The processor is just 5 per cent of the overall cost of a computing device.
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