Srikanth Velamakanni urges R&D, startup partnerships for Indian IT
Business
Indian IT services companies need to ramp up their R&D spending and work closely with startups if they want to stay relevant as AI changes the tech game, says Fractal Co-Founder and Group CEO Srikanth Velamakanni.
Speaking at a NASSCOM event, he emphasized that teaming up with startups is key for accessing new technology and taking them to the world.
India invests 0.7% GDP in R&D
Velamakanni pointed out that India invests just 0.7% of its GDP in R&D, and the Indian technology industry spends around 0.5%.
He urged companies to double down on research and partnerships to boost competitiveness, adding that AI could open up new markets and even reshape tech careers for young professionals.