Next Y2K moment for India's technology sector is here: Jayesh Ranjan

 Hyderabad: Telangana has been at the forefront of India’s IT revolution and is poised to take leadership as its technology ecosystem has matured and industry works harmoniously, said IT principal secretary Jayesh Ranjan.

Speaking at the IT Conclave-2023, with the theme as ‘Innovation unleashed: Shaping the future of digital transformation,’ organised by industry body Confederation of Indian Industry (CII) in partnership with the state government on Friday, he said Hyderabad was well placed to take advantage in the technology segment.

C. Shekar Reddy, CII Telangana chairman and CSR Estates chairman and managing director, noted that in financial year 2022-23, IT exports had risen by over 31 per cent year on year, outperforming the pan-India growth rate of 9.3 per cent. In the last one year, jobs in the IT sector in Telangana had grown by 16.2 per cent, and Telangana now ranked second in the innovation index in India.

 “Hyderabad will be known as the AI capital of the country. But I also think that tier two cities will see a lot of employment being created as IT companies take advantage of lower wage costs,” said V. Ramakrishna, CII Telangana digital transformation, IT and start-ups panel co-convenor and Zoreum Technologies co-founder and chief executive officer.

IT companies need to focus on customers. Customers should be able to do operations through do-it-yourself service, said Sheenam Ohrie, Broadridge Financial Solutions managing director.

 “India will embark upon developing its own large language models in the space of artificial intelligence,” said Sanjeev Deshpande, CII Telangana digital transformation, IT and startups panel convenor. He is also APAC region head and India managing director of NTT Data Business Solutions.

The summit discussed future proofing growth in the context of exponential impact of AI, strategies for successful digital transformation in IT, role of fintech and NPCI and market, education, technology, collaboration, and trends in IT.

Sathyavageeswaran R., head of CII Tata Communications Centre of Excellence for Digital Transformation, stressed the need for digital transformation to increase sales. Hari Bharadwaj, director of DXC Technology, said digital transformation is about delighting internal users and customers. Raghav Nookala, VP customer success and digital transformation, CEIPAL Corp, digital transformation will help India Inc reimagine processes for enhanced outcomes to customers.