1. Indian IT industry rightly should be in panic, says former McKinsey head Rajat Gupta

Indian IT industry rightly should be in panic, says former McKinsey head Rajat Gupta

The Indian IT industry "rightly" should be in "panic" mode as it has not kept pace with the fast-changing innovation, India-born former McKinsey head Rajat Gupta has said.

By: | New York | Updated: May 18, 2017 2:02 PM
Gupta, who was a former director at Goldman Sachs, was sentenced to two years in prison after being convicted of insider trading charges. A free man now, Gupta has been gradually re-entering the social and philanthropic world. (Reuters)

The Indian IT industry “rightly” should be in “panic” mode as it has not kept pace with the fast-changing innovation, India-born former McKinsey head Rajat Gupta has said. He said industries today “have to constantly move with innovation” as basic IT work gets automated and advanced innovations such as artificial intelligence, virtual reality and cloud computing overtake the technological world.

“Code writing and testing is the most inefficient industry that existed,” he said at a panel discussion here yesterday organised by the New York Tri-State chapter of Pratham USA, one of the largest non-governmental organisations.

“The Indian IT industry is in panic and rightly should be because technology is overtaking them and they haven’t invested in it,” Gupta said.

Gupta, who was a former director at Goldman Sachs, was sentenced to two years in prison after being convicted of insider trading charges. A free man now, Gupta has been gradually re-entering the social and philanthropic world.

Last year, he assumed the role of Chairman of WHEELS Global Foundation, a US-based non-profit started by IIT alumni that focuses on applying technology to uplift rural communities and provide technological solutions to global challenges.

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Experts are warning of prolonged layoffs in the Indian IT sector as digitisation and automation become the new normal and a wave of protectionism in major markets like the US, Singapore, Australia and New Zealand closes the door for IT engineers from India.

Gupta said there is urgent need for “revolution in education” where imparting knowledge has to move from being in lecture mode to being more interactive, digital and participatory.

“A fundamental revolution in education needs to be taking place,” he said.

He also voiced concern at the huge youth unemployment in India and other major countries.

“India needs to create 20 million jobs a year and it is no way near that. Most of our skilling efforts in India are failures because certain elements are not built into it. It becomes a government scheme. Are (the youth) really skilled when they come out. No,” he said.

On the recent increase in hate crimes targeting Indian- Americans, Gupta said there has to be heightened awareness among the community through educational programs about their rights.

The Indian-American community, unlike other minority communities, also does not have a legal defence fund that can be used to bring cases and prosecute those responsible for such crimes.

  1. J
    Jay
    May 19, 2017 at 10:53 pm
    India IT is performing VERY WELL and have no need for advice from FRAUDS like him who spent the last FIVE YEARS IN JAIL, IN THE USA,
    Reply
    1. T
      Thomas
      May 22, 2017 at 6:16 am
      Jay, we are still a developing country with abundant manpower. Manpower is an et only if skilled or a liability. Our own essment teams categorically stated repeatedly that our skil programs are insufficient. So let's not kill the messenger for being a criminal but try to improve skil programs.
      Reply
    2. M
      Manish
      May 19, 2017 at 4:14 am
      Hey Gupta you're a god criminal. You should be in jail for insider trading. Who should listen to you? Nobody.
      Reply
      1. Bhagya Chandu
        May 18, 2017 at 11:06 pm
        India should ban Google , facebook, twitter and instead use our own networks to create jobs for budding engineer s.
        Reply

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