Tag: NASSCOM

India’s laptop & PC licensing move sparks concerns amid push for domestic manufacturing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s recent directive mandates that importers of laptops and PCs obtain a license. The country imported $5.3 billion worth of laptops and PCs in the previous fiscal year (FY23), which translates to around eight million units, with over 90 percent of these imports originating from China.

The government aims to encourage domestic production of these devices. However, concerns arise within user industries such as IT companies and global captive centers (GCCs) regarding potential supply shortages and the assurance of desired quality standards for laptops and PCs. The local industry is optimistic about scaling up, aided by production-linked incentive (PLI) schemes, in collaboration with multinational laptop manufacturers.

To gain insights into different perspectives, CNBC-TV18‘s Latha Venkatesh conducted exclusive interviews with Megha Chawla, Partner & Capability Sourcing Leader at Bain & Co; Tarun Pathak, Research Director at Counterpoint; Ashish Agarwal, VP & Head-Public Policy at NASSCOM and Saurabh Gupta CFO Dixon Technologies.

Information from government insiders also suggested that the intent behind this decision is to foster the ‘Make In India’ initiative, enticing both investments and corporations to establish domestic manufacturing within India. These sources further indicated that the government aims to emulate the successful iPhone model, leveraging India’s proficiency in the assembly aspect of the value chain for laptops and PCs. This strategic move seeks to gain a competitive edge in this sector.

Agarwal expressed his concern emphasising that this is an issue worth being mindful of. According to him, the previous concept of import licenses pertained mainly to restricted goods and encompassed all items. Therefore, a comprehensive revision of the import process is required. Considering the substantial scale at play, any rejection of applications or procedural delays could hold notable consequences. As a result, we are in active conversations with the government, meticulously assessing the situation, he stated.

Meanwhile, Chawla said, “Over the next two to three months things are going to unfold and we would expect that the modalities here are keeping in mind the sheer impact on business, on the consumer, and hence are easing the pain while taking into account all other considerations that have been behind this ruling.”

According to Gupta, the commencement of significant earnings from exclusive Indian manufacturing is expected to commence in the upcoming fiscal year. During the current year, even after November 1, the government will issue licenses to brand owners, allowing them to continue imports and prevent any shortages.

For the entire discussion, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Technology spending has not slowed down despite recession fears, says NASSCOM President

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian IT industry has been thriving despite the challenging times the world has faced in recent years. Debjani Ghosh, President of NASSCOM, stated that technology spending has not slowed down, and in fact, clients are spending more on tech during a recession. This sentiment was echoed by Janmejaya Sinha, Chairman of BCG India, who believes that India is well positioned within the complex world.

Speaking to CNBC-TV18, Ghosh said that the IT industry faced concerns in 2022 due to the Russia-Ukraine situation and geopolitical dynamics. However, the industry has built resilience and delivered a reported currency growth of 9 percent. This is a testament to the industry’s ability to adapt and remain competitive in the face of adversity.

“The growth in 2022 was very good given that 2021 was a year of records and milestones. Also given what was happening towards end of 2021 and beginning 2022 with Russia-Ukraine situation, the global geopolitical dynamics, there was lot of concern. So I think 2022 was a year of resilience which resulted in strong growth of around 9 percent in reported currency,” Ghosh said.

While the world remains in a state of uncertainty, certain industries in India are poised to do well. Janmejaya Sinha highlighted the healthcare and nursing industries as areas of growth. The COVID-19 pandemic has brought the importance of healthcare to the forefront, and the Indian healthcare industry has been expanding rapidly to meet the demands of the population.

Also Read: No country has built a more comprehensive digital infra than India: Bill Gates

Ashish Dhawan, Founder of ChrysCapital, remains bullish on the Indian market despite it not being cheap. He believes that emerging markets are better positioned compared to developed markets, as the latter faces the possibility of low-to-zero returns in the next 10 years due to excessive leverage.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IT CXOs cautious about recessionary headwinds, geopolitical uncertainties, says NASSCOM chairperson

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian information technology industry has been a significant contributor to the global economy for several years but it is facing multiple challenges that have forced top managements to take a cautious approach.

The Chairman of NASSCOM and President of Enterprise Growth Group at TCS, Krishnan Ramanujam, in an interview to CNBC-TV18 stated that caution is a majority view being expressed by CXOs in the industry.

One of the primary reasons for this cautious approach is the recessionary headwinds caused by war and geopolitical conditions that have added to global uncertainties.

“The CXO survey broadly points to caution in the wind. The recessionary headwinds caused by combination of war and other geopolitical conditions as well as the effect of inflation, US dollar strengthening and so on and so forth have added to the uncertainty in the world. The year 2022 began with lot of optimism and exuberance but by the end of the year it was completely opposite to how it began. So most organisations globally are having a very hard time in terms of planning. So uncertainty is the broad keyword from the survey,” Ramanujam said.

Also Read: India’s tech sector to grow by $245 billion this fiscal: NASSCOM

While various companies are reacting to these headwinds differently, Ramanujam is reasonably optimistic that FY24 would be a positive year. However, he did mention that it may be slower than FY22 and FY23.

He also emphasised that the industry needs to focus on addressing the issue of attrition, which has been a significant problem globally and for India. This year is threatening to be a year of mass layoffs, he added.

Also Read: Generative AI like ChatGPT will be a co-worker, will not replace jobs: TCS

Ramanujam also highlighted the potential for irrationality during times of exuberance and advised businesses to maintain a level head during times of rapid growth.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s tech sector to grow by $245 billion this fiscal: NASSCOM

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s technology industry is expected to continue its growth in double digits in FY2023, according to a NASSCOM report titled Strategic Review 2023 – Priming for a ‘No Normal’ Future.

The country’s technology industry is estimated to grow by $245 billion, reflecting an incremental net revenue addition of $19 billion for the year. The growth has been seen in IT services, BPM, software products, ER&D, and the domestic market.

Sharing his views, NASSCOM Chairman Krishnan Ramanujam said, “FY2023 has been another growth year for the industry creating impact for the country and all our stakeholders. Despite global headwinds and some moderation in demand, the industry value proposition of resilience, agility and a transformation partner for global enterprises, enabled the industry to strengthen its leadership in core and emerging areas.”

Also Read: No country has built a more comprehensive digital infra than India: Bill Gates

The US and Asia Pacific continue to be the major markets, with both growing at 10.4 percent and 10.1 percent, respectively. The industry is also a net employer, creating 290,000 new jobs in FY2023. With a 36 percent digitally skilled workforce, the industry remains on the top in terms of AI skills penetration, the second-largest in terms of AI/ML BDA talent pool globally, and third in terms of installed supply of cloud professionals.

With a total of two million women employees, the industry showcases a deep focus on bringing diversity to the workplace reporting a net addition of over 140,000 women employees during the year, according to the report.

NASSCOM President Debjani Ghosh said, “In a no-normal environment that we are living in today, the industry focus continues to be on investing for growth. Propelled by forward-looking policies, strong governance, talent and digital trust to ensure accessibility, privacy, security, and reliability, the tech industry in India is on track to accelerate growth to $500 billion by 2030.”

Also Read: Reliance Jio to bring 5G to every Indian by December 2023: Akash Ambani

“The proportion of digital tech in the overall technology services revenue has been increasing year after year. From only around 26-28 percent in FY2020, to leapfrogging to over 32-34 percent in FY2023, there has been increasing penetration of digital tech in the industry. Within this, analytics, cloud, and cybersecurity are emerging as the fastest-growing segments wherein the share of Cloud deals was reportedly 4X of pre-pandemic levels,” the report read.

Interestingly, since 2010, 60 percent of the total 266,000 tech patents filed in India are within emerging technologies, and emerging tech patents accounted for 73 percent of all tech patents in 2022.

Tech startups in India also seemed to have performed significantly well, as per the report. The country added over 1,300 new startups and 23 new unicorns in 2022. The country has also emerged as a hotbed for deep-tech startups in India, reaching a total of 3,000-plus in FY23, wherein 485-plus inventive deep-tech startups are developing innovative solutions.

Also Read: Here’s how India’s online gaming market fared in FY22

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Capgemini finds clients going conservative as economic factors weigh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Industry body NASSCOM says 2022 was a year of a steady growth of 11.4 percent in constant currency terms. The domestic market witnessed strong growth but travel and utilities haven’t picked up as expected. NASSCOM further estimates the Indian tech industry to grow to $245 billion in FY23.

On the sidelines of the NASSCOM Tech Forum, Capgemini, a leading global consulting, technology, and outsourcing firm has reported that its clients are becoming increasingly conservative as economic factors weigh on their decision-making processes.

Ashwin Yardi, CEO of Capgemini, recently told CNBC-TV18 that clients are looking for ways to save costs and are cautious due to macroeconomic factors. Despite this, Yardi emphasized that Capgemini remains optimistic about the future.

“There is some conservatism in the market. But we are reasonably bullish on the market. The mood is quite optimistic and positive for 2023,” he said.

Also Read | Nasscom-MeitY taskforce says open govt data key to unlocking India’s potential

Yardi stated that Capgemini’s clients are being cautious in their spending, particularly in the hi-tech and B2C sectors. However, he noted that 2022 was a great year for the company, with a 16.5 percent growth in revenue.

“2022 was the best year we have had almost 22 billion euros in revenue, that was 16.5 percent growth, one of the highest following eight quarters of double-digit growth,” he said.

Capgemini also delivered strong cash and profitability numbers and ended the year with strong momentum on bookings.

Despite the current conservative climate, Yardi expressed confidence in Capgemini’s future prospects. He stated, “We are reasonably bullish on the market,” and that the company’s CY23 guidance is expected to be 4-7 percent, compared to 16.6 percent in CY22.

The current economic climate is undoubtedly challenging for businesses, and Capgemini’s experience is reflective of this. However, the company’s strong performance in 2022 is a testament to its resilience and adaptability.

Also Read | Bookstrapping: India’s pathways to success by Ganesh Natarajan and Ejaz Ghani

By delivering strong financial results and maintaining a positive outlook, Capgemini is well-positioned to navigate the current economic climate and continue to thrive in the years to come.

For more details, watch the accompanying video

Catch the latest stock market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bookstrapping: India’s pathways to success by Ganesh Natarajan and Ejaz Ghani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FM struck the right chord unleashing country’s real potential

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In an era of global economic uncertainty and recessionary headwinds, the Economic Survey and Budget 2023 nicely showcased the growth story of India and its unique path to achieving the objectives of long-term sustained growth and technology-led inclusion for all Indians. Maintaining fiscal discipline with impressively increased capital outlays, focus on R&D and a strong emphasis on ease of doing business, set India well on course for the ‘Amrit Kaal’.

Budget 2023 was different for many reasons. What stood out for me was the clarity of vision and the articulation of how policies are being framed to realise the vision. The emphasis on digital infrastructure came through clearly — use of technology across sectors (agriculture, healthcare, education, direct benefits, financial services) and the fact that almost every scheme announced in the budget had a technological dimension to its implementation. The focus on AI, Data, 5G, emphasis on interdisciplinary research and building the academia-industry linkages is the need of the hour. If India has to further enhance its position in the global innovation index, then investment in R&D is key.

The other key differentiator for me in the Budget 2023 was the emphasis on what I would call the 3Ss – Skills, Sustainability and Simplification.

Also read: Budget 2023 | Amitabh Kant says digitisation, green energy push to accelerate growth

The growth of India’s technology and start-up sector is closely intertwined with the growth of India as the digital talent nation for the world. Implementation of NEP 2020, focus on on-the-job training, setting up a unified Skill India online platform, Skill India international centres and more formal linkages with demand-based employment.  Similarly, new courses on emerging tech areas, coding and soft skills will help create the talent capacity that India needs. Also, the focus on re-envisioning teacher training across schools will help strengthen the foundational skills and move away from current models of rote learning.

Sustainability or Green Growth as the Finance Minister articulated is clearly an area in which India has articulated a bold vision and needs all stakeholders to come together to make this real. The focus on green fuel, green energy, green farming, green mobility, green buildings, green equipment, and policies for efficient energy use across various economic sectors shows India’s lead by example in being a responsible Global Citizen. The hydrogen mission is an ambitious initiative that India has already announced and the combination of government allocations, incentives and financing will play a key role in achieving net zero goals and energy transition.  

The importance of Simplification is often understated but is the most important for a growing economy. From KYC synergized with digital identity to one platform for updating key records in government databases, leveraging Digilocker and Aadhar for MSMEs’ government filings, PAN as a common identifier across government registrations, and merging multiple filings will all help entrepreneurs and citizens enhance compliance.

For us in the technology industry, Budget 2023 represents India’s vision of being a leader in the technology sector, a leader in leveraging technology to transform a developing nation equitably, and a leader in innovation with support to startups and MSMEs.

—The author, Krishnan Ramanujam, is President, of TCS, and Chairman of NASSCOM. The views expressed are personal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nasscom-MeitY taskforce says open govt data key to unlocking India’s potential

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Open government data, adopting international standards, and responsible data sharing will go a long way towards unlocking India’s potential, as per a recent meeting of the Data Taskforce constituted by the Union Ministry of Electronics and Information Technology (MeitY).

MeitY’s National E-governance Division (NeGD) recently conducted an ‘AI Pe Charcha’ session on data for artificial intelligence. The meeting was chaired by NeGD President and CEO Abhishek Singh, and was also attended by Fractal, CivicDataLap=bs and ARTPARK, a press release by NASSCOM on Thursday, December 22 stated.

The Data Taskforce was jointly formed by NASSCOM and MeitY, along with Fractal, Microsoft, Infosys, IDFC Institute, TCS, and Amazon, with Fractal’s Group CEO Srikanth Velamakanni serving as its chair.

Also read: Parliamentary panel calls for an ex-ante framework on anti-competitive practices by big tech companies

According to NASSCOM, India’s open data efforts are amplifying, and so is the potential of AI and other data-based emerging technologies to create large-scale social transformation. “However, often these technologies require access to detailed datasets not available under open access. Considering this, the government is also focusing on efforts to strengthen the overall data ecosystem,” the release read.

“Some of the key recommendations suggested by the group include: Making open government data a policy priority; apply reasonable data classification policies to avoid the over-classification of data, adoption of international standards and tools, create regulatory sandboxes and allow for responsible testing of data sharing approaches and provide non- binding guidance through regulators on how existing regulations apply in data sharing contexts,” the release stated.

“Given the government’s demonstrated commitment to ensure secure access to quality datasets, I am certain that relevant stakeholders across the open data ecosystem will find immense value in the insights presented in this report,” NeGD’s Singh said.

Also read: WhatsApp bans 37.16 lakh accounts in India in November

NASSCOM said in its release that an integrated data utilisation strategy can add $450-500 billion to India’s GDP by 2025. “This requires cautious utilisation of datasets … help in policy-making, create new and high-quality jobs.”

The group in its recommendation has also advised for creating transparent, standardised, and risk-based data classification guides along with model data sharing framework to mitigate challenges impacting datasets usability thereby hindering its potential growth, Nasscom said.

“Data is a strategic asset that has immense potential to drive innovation in today’s AI-enabled world. The government of India has millions of datasets fuelled by unprecedented pace of digitisation and digital penetration at India’s population scale. This has put us in a unique position to leverage this data to catalyse inclusive growth, research and transform public service delivery,” Velamakanni said.

Also read: PLI scheme for mobile phones has been the most successful: Govt

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gen Z just wanna be ‘techies,’ and they prefer work from office: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Gen Z (those born between 1997-2012) is most attracted to jobs in the IT sector, according to a report by Nasscom and Indeed. The report reveals that over 70 percent of Gen Z are interested in joining the IT sector as ‘techies.’ The report, ‘Gen Z and Millennials: Reshaping the Future of Workforce’ states that 79 percent of Gen Z are also willing to spend more than two years in their first job if the employer provides them the right value proposition.

“We want to support the aspirations of Gen Zs and Millennials who will make up a large part of the workforce soon. We foresee the need to help this group of workers navigate the jobs sector whilst staying true to their beliefs. Gen Z workers prioritise a positive work-life balance. They seek work environments that are empathetic and diverse, offer learning opportunities, and align with their core values,” said Sashi Kumar, Head of Sales, Indeed.

Also read: Burnout grips India Inc with Gen Z worst hit: Slack study

According to the data in the report, over 3.8 lakh freshers were hired by the IT industry in FY22, contributing to an 18-20 percent Gen Z share in the overall workforce. Although Gen Z’s share in the IT sector is rising, millennials still top the list, accounting for 68-70 percent of the IT workforce in India.

“The workforce is changing and so are the workplaces. With newer perspectives and ideas, Gen Zs and Millennials are setting the future course of employee engagement, retention and acquisition strategies. It will be interesting to see how these newer generations shape India’s future as the talent hub of the world,” said Sangeeta Gupta, Senior VP, and Chief Strategy Officer, Nasscom said.

The new generation wants to work from office

Although work from home has sort off become a norm after the pandemic, according to the Nasscom-Indeed report, Gen Zs are more willing to work from office. Eighty-five percent of the Gen Zs surveyed preferred either working from office or in a hybrid model, a mix of working from office and home.

Also read: One-third of Gen Z employees want cut in work hours: PwC survey

Meanwhile, when it comes to joining an organisation, for both Gen Zs and Millennials, brand value matters the most. Next comes, culture and ethics, and learning and growth. The report further highlights that better financial benefits, career growth and job satisfaction are the key criteria that the Gen Z keeps in mind when scouting for jobs. On the other hand, job stability and flexibility are important parameters for millennials.

Gen Zs and millennials made up 52 percent of India’s total population as of 2021 — 47 percent higher than the global average. According to the report, this trend is expected to maintain its momentum till 2030. The share of India’s Gen Z population and millennial population will be 50 percent higher than the global average of 46 percent.

Also read: Millennials and Gen Z are absorbing and buying tickets for Indian acts: Hyperlink

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow