As the hawk’s eye continues to be on India’s information technology sector, the co-founder of Infosys N R Narayana Murthy has said that after a 20-year high, it looks like the IT sector was entering into an ebb.
“The IT industry has had a high for 20-plus years, and now it looks like it is entering an ebb. This has happened in the past in various industries and will continue to happen. There is no point in blaming the IT industry. An economy where some sectors of the economy are growing and some are shrinking but the overall economy is growing is a healthy economy. In such an economy, people who are not needed in one sector should retrain themselves and move to some other sector. This is what has happened all over the world,” he told MoneyControl in an interview.
“The market for the IT industry may shrink and that is beyond anybody. So, when the market shrinks, it is very difficult to absorb new talent at the same level as in the past. Therefore, the Indian economy has to find a solution for this problem. India has to find an answer to see how new jobs can be created in healthcare, automobile, education, retail, agriculture and construction, just to give a few examples. Simply blaming IT industry is not a fair thing,” he added.