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STPI Director General Dr Omkar Rai today said sceptics who predicted a slowdown in the IT industry have been proved grossly wrong as the sector has seen mindboggling growth in three decades.
From four million U.S. Dollars in exports in 1980 to 117 billion Dollars in 2016-17, accounting for 56 per cent of global sourcing business, "the Indian IT industry has witnessed a mindboggling growth trajectory, which had never happened anywhere in the world before," he said.
Dr Rai said IT industry today directly employs 3.9 million professionals and indirectly around 10 million people.
"Sceptics who predicted slowdown in the growth of IT industry in India have been proved grossly wrong," he said.
The IT industry has moved up the value chain and India is now home to most research and development being carried out by multinationals, he said.
Speaking at the 25th convocation ceremony of Manonmaniam Sundaranar university here, he said the industry was now capitalizing on emerging technologies, including Artificial Intelligence, Internet of Things, Virtual reality, Augmented reality, Cloud, Robotics, 3D printing and machine learning to leapfrog its entrepreneurial endeavors.
He said Software Technology Parks of India have also been working for creation of the ecosystem required by the country at present.
He said a state-of the art incubation centre has been set up in the university to develop entrepreneurial opportunities of the talent pool in the region.
STPI was also working on creating similar collaborations in the form of centers of excellence for various industry and technology verticals, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)