Rishad Premji’s Opinion on Long-Term Prospects of IT Industry

Rishad Premji’s Opinion: Rishad Premji who is the chairman of Wipro, is upbeat and enthusiastic about the long-term prospects of the IT industry despite global macroeconomic difficulties. He claimed that India had developed from a low-cost shopping destination to a reliable commercial and technology partner.

Premji also stated that the Indian IT industry has developed tremendously and now contributes roughly 8% to India’s GDP, up from less than 1% thirty years ago, while speaking at the Global Investors Meet (GIM), which is taking place in Bengaluru. “My confidence is fueled by two things: the transformation in thinking of stakeholders who connect with us as an industry, and the rapid rate of digitization across the world,” he continued.

He noted that the amount spent on technology worldwide is anticipated to increase over the next few years. Over 20% attrition has been recorded in the IT sector for many quarters.

According to Premji, businesses are competing for the same talent pool, there is significant attrition in the sector, and the only way to address these issues is to look in new places and recruit from new talent pools. It has been demonstrated by Covid that the work may be done efficiently and remotely. Premji noted that this will make it simpler to diversify the talent pool, particularly among women and individuals with impairments who will profit from the flexibility of remote work.

Despite the fact that there are many skilled workers, they are compelled to move to the major cities where the jobs are rather than staying where the talent is. The Wipro Chairman praised the efforts made by the Karnataka government to establish technology clusters in tier-2 and tier-3 cities.