At a time when Donald Trump is being criticised for his decisions, at least one Indian businessman believes that Trump’s presidency could be a blessing in disguise for the Indian IT industry.
RIL Chairman Mukesh Ambani was speaking at a three-day Nasscom leadership forum during which he said that while Trump’s protectionist ways can have a debilitating impact on the Indian IT sector, the industry could now focus on home market where there is ample of potential.
India’s domestic IT industry is a massive one and there is still a large market that’s untapped. Ambani pointed to the problems in India that need IT solutions that during these uncertain times, the domestic IT industry can focus on solving problems right here, which is a huge market said Ambani.
The problem is that the $155-billion domestic IT industry nets over 65% of its revenues from the US. Nasscom again lowered its revenue growth projection to the lower-end of its already lowered guidance of 8-10% for this year from 10-12% given last February. On the increasing calls coming in from the developed world for protectionism, Ambani said the domestic industry should work on strengthening domestic capabilities.
“We have a very big advantage in this new world of digitisation. It’s very important to be open, to have partnerships and not be closed. That is really a strength we should build on, and continue to be open and never think whatever the world changes. “The world might want to build walls around. I think it is very important for us not to be influenced by those developments, to make sure that we are always open, always connected,” he said