At a time when Donald Trump is being criticised for his decisions, at least one Indian businessman believes that Trumpâ€™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 Trumpâ€™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.
Indiaâ€™s domestic IT industry is a massive one and there is still a large market thatâ€™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. Itâ€™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