IT industry should focus on developing new technologies

Vice-President M Venkaiah Naidu today said the IT industry should focus on innovation and developing new technologies, apart from skilling the youth to provide gainful employment.

"There is also a need to infuse an entrepreneurial spirit among the youth and give a fillip to start-up ecosystem, he said at the 26th Annual Hyderabad Software Enterprises Association (HYSEA) Summit 2018.

The future lies in creating intellectual property (IP) and generating value for end-customers, he said.

"While large IT services companies, no doubt will continue to play significant role in the growth and sustenance of the industry, the future lies in creating IP and generating value for end-customers," Naidu said.

Hyderabad has been a major hub of IT in the country, he said, expressing happiness that there has been a significant growth in Hyderabad IT exports, which stand close to Rs 97,000 crore as against Rs 55,000 crore in 2014.

"I am aware that the growth is in line with the governments vision to reach Rs 1,20,000 crore by 2020," he said.

The IT industry in the country has generated tremendous number of jobs and gainfully employed lakhs of youth, he said.

"I understand that about 4.75 lakh people are employed by the IT industry in Hyderabad directly and about three to four times that number indirectly," he said.

Naidu urged the IT companies in the city to create Corporate Social Responsibility programmes that will ensure the well-being of the local communities.

Noting that sedentary lifestyles of youth, including those in the IT sector, are leading to many health concerns, he said the situation calls for a huge focus on ensuring the physical and mental wellness of employees.

The IT companies must encourage the employees to practice Yoga daily as it would help in overall health of an individual, he said.

Economic disparities and urban-rural divide are some of the grey and challenging areas in the country and it is the society's duty to work towards addressing them, he said.

"The philosophy of India is to wish prosperity of all (Sarve Jana Sukhinobhavanthu)," he said.

"....Indias GDP was 27 per cent of the worlds GDP ...before others came and looted us...but, India never attacked any country anywhere in the world in history," he said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)