GenAI can transform industries, only if applied responsibly: Rishad Premji

Premji also pointed out that human capital is the most important driver of social economic development and there is a need to continue to invest in world-class infrastructure

The information-technology (IT) industry is on the brink of a disruptive change and an opportunity, said Rishad Premji, chairman, Wipro.

He said the industry had the youngest and largest workforce in the world, a proven business model, and a global reputation.

Now, according to Premji, the industry is at the upturn of a long-term technology investment cycle, driven by advancements in new technologies like artificial intelligence, particularly generative AI, the fifth-generation mobile network (5G), industry cloud platforms, and sustainable technology.

“I believe like in the past cycles with these disruptive technologies, they can transform industries, boost economic growth, improve quality of life, and safeguard the environment,” said Premji, at the 26th edition of the Bengaluru Tech Summit. “But this can (happen) only if we create, extend, and apply them in a responsible manner.”

A key factor driving the industry’s success and future growth, according to Premji, is a robust collaboration with the government. He said the government had been a reliable ally for the industry over the years. This includes providing support for various initiatives such as building Software Technology Parks of India or Special Economic Zones in the early stages, the surge in telecommunications, and designating the sector as essential services, which allowed tech firms to provide services seamlessly during the pandemic.

“I joined Wipro in 2007, the year I moved to Bengaluru. At that time, the IT industry was valued at almost $50 billion and last year it reached about $250 billion,” said Premji. “This means the industry has grown almost five times in the past 16 years. I don’t know too many industries that have done that in the same short span of time.”

He said the technology had a multiplier effect, as evidenced by the position the IT industry had in the country today and in Karnataka. The industry accounts for nearly 8 per cent of gross domestic product as against 1 per cent 30 years ago. It employs more than 5 million people and this has doubled in the past 10 years.

“I’m confident it will double again in the next 10 years,” said Premji. “With more than 40 per cent of Indian software talent in Karnataka, the state has had a significant impact on this journey. Despite comprising only 5 per cent of the nation’s population, Karnataka generates 11 per cent of India’s new formal jobs, thus outperforming its population share.”

Premji said the state had always been a vital location for Wipro and would continue to be so. In the IT business, Wipro has six major campuses in Bengaluru and one in Mysuru, where it employs more than 30,000 people. Bengaluru serves as the headquarters for the company’s other businesses in areas such as consumer space, infrastructure, engineering, and health care.

“We’ve invested more than Rs 2,000 crore in the state.”

Premji pointed out human capital was the most important driver of social and economic development. He estimated 400,000 people were anticipated to join the workforce in Karnataka annually.