For years now, we have been told that the Indian IT Industry – the pride and joy of our business sector – is on the decline. Middle management is getting laid off in a hurry while the entire strategic outlook of these SaaS companies like Infosys and TCS are outdated. Indian engineers were bound to be replaced by computers and AI any day.
And then in April, like a bolt from the blue, TCS broke the $100 billion market capitalisation value to be named in the top 100 most valuable companies on the planet. That puts them ahead of powerhouses like Accenture, Volkswagen and Nike. However, at the same time, media outlets across the country are reporting an increasingly desperate number of layoffs across the IT industry.
How can both these claims be correct? To find out, we talked to Deepak Shenoy on the latest episode of The Capitalmind Show about the future of the IT industry.
Shenoy had an interesting take rarely heard elsewhere. While he disagrees with the prevailing notion of the death of the industry, he does believe that innovation is desperately needed. Education systems need to be revamped and hiring processes need to be rethought. However, the IT industry is too big to fail at the moment. If it ever gets to the point where that is no longer the case, then the fall might be swifter than anticipated.
You can also listen to the podcast of this interview here.