On the second day of the summit, Indian vendors discussed ways to tackle the financial crisis head-on with innovation being the focal point. Most believed that there is enough opportunity within the country for the industry.
With Indo-Pak relations entering a new phase, the first ever information technology delegation from Pakistan will participate in the National Association of Software and Service Companies' annual summit, starting next month.
Prime Minister Manmohan Singh will deliver the valedictory address on February 9
According to Grant Thornton's January data, IT & ITeS tracked the highest in terms of value, with the industry investing $1.2 billion in M&A over 12 deals.
Bruce Chizen, the chief executive of publishing software maker Adobe Software, is visiting India from Tuesday to take stock of the company's operations here and to interact with customers.
The country will witness a mushrooming of technology start-ups over the next five years.
On Tuesday, Nasscom announced at its 21st Leadership Summit that it expected the sector to grow 12-14 per cent in FY14, better than the 10.9 per cent growth it would report for FY13.
Having touched export revenues of $59 billion last year, the industry is estimated to have grown by 19 per cent in this financial year, aggregating revenues worth $76 billion.
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.
Calling out the need for a global consultative approach towards the creation of regulations around artificial intelligence (AI), Rajeev Chandrasekhar, minister of state for information technology, said India has taken the lead in framing such regulations. He also stated that these frameworks will be presented by June-July this year. "India has taken the lead in creating this draft paper.
Describing information technology as a change-agent, Modi said IT has the power to transform the country in several ways.
A RBI constituted panel on financial inclusion headed by Nachiket Mor had recommended the setting up of the payments banks in order to deepen access to finance.
"When I look at a product like Zune, or other path-breaking applications like software on demand, I always wonder why these products could not come from India," said Anand Mahindra, vice-chairman and MD, Mahindra & Mahindra.
The seventh annual Nasscom ITES-BPO strategy summit commences in Bangalore on Tuesday.
Union Minister for Communications and Information Technology, A Raja on Wednesday assured that the Indian IT sector that the ministry was doing its best to convince the government that the Software Technology Parks of India (STPI) scheme should be extended beyond 2009.
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We need to create collaborative and/or disruptive platforms like Uber and Airbnb in all sectors to ensure responsive and responsible inclusive growth, says C P Gurnani.
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