Nasscom has seen India's IT industry grow from under a billion dollar in 1998 to over USD 100 billion today, with a target of achieving USD 300 billion in revenues by 2020. As Nasscom celebrates 25 years, Nasscom president R Chandrasekhar says it is very important for the government to take a balanced view on what can be done by the private sector and what is best done by the private sector and leave it to them but there will be areas where the government has to step in to supplement this.
Kiran Karnik, former President of Nasscom says he is excited about domestic IT story.
Below is the verbatim transcript of R Chandrasekhar, Kiran Karnik and Som Mittal's interview with CNBC-TV18's Shereen Bhan.
Q: What should be the role of the government ahead?
Chandrasekhar: It is very important for the government to take a balanced view on what can be done by the private sector and what is best done by the private sector and leave it to them but there will be areas where the government has to step in to supplement this. For example, if you look at the optical fibre infrastructure then there are many areas where the optical fibre infrastructure doesn't present a good business case today. So, if the government wants to lead this revolution then it has to also play its role in leveraging it.
Q: Do you believe that, for instance e-commerce, if you look at 2014 the lion's share of the money that has come in whether it is from venture capital funds or it is from private equity has gone into e-commerce companies and not just e-commerce services companies but also e-commerce product companies and yet the government refuses to acknowledge the fact that you need to clear up the system as far as regulations are concerned. Indian companies have been forced to headquarter out of Singapore and so on and so forth and these are first generation entrepreneurs who have seen phenomenal growth in the last ten years. Do you feel hopeful that there will be a realisation that more needs to be done? On one level we talk about the ease of doing business and then on the other we complicate matters.
Mittal: You are right, this is a political issue. E-commerce is happening and Foreign Direct Investment (FDI) is coming in one way or the other. It is a question of B2B versus B2C and this whole thing about many companies, in fact you know that many international companies that used to have board meetings in India don't have it any more because somebody says this is called permanent establishment so you can't take issuance here. So, all these archaic clauses will have to change now and you don't need a regulator, this is very simple stuff and we went overboard in terms of our tax activism and it has put us behind by many years. So we want many more people to come and see what is happening in India. India has promise and we can deliver on it.
Q: While so far it has been sort of small piece of pie so to speak but with this government's efforts to move towards smart India so on and so forth perhaps the domestic opportunity can play an important part. We have also heard from the governor saying that 'Make for India' should be as important as 'Make in India' because let us not ape China, let the consumption story be domestic driven. In that context how do you really see the domestic IT story panning out?
Karnik: I am very excited about the domestic IT story. First the contribution that IT can make within the country for all kinds of things, both for business efficiency, competitiveness, efficiency but also very importantly for basic social issues like education and everything is phenomenal but the good thing is that unlike in many other areas what you make in and for India is equally applicable, maybe with some bells and whistles added and maybe changing the rupee sign to a dollar sign equally applicable outside. If we can build products because we can interface with consumers here much more easily, because you can test betas, we get a chance to go back and forth somebody hopefully is willing to take a chance saying this guy is next to or will fix it if it goes wrong and helps him to develop good things like products. Then that can go into the world market. So the expertise that you build here on the Indian market is not just limited to what you do in India but that enables you to have a springboard to go outside the country.
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