India’s information technology sector is one that has escaped the depressing impact that demonetisation has had on economic activity in the country, an IT corporate leader has said.
“India is a huge market and when there is a disruption of this kind (demonetisation), it is for technology companies to fill in the vaccuum,” Mahindra Group Chief Technology Officer Ulhas Yargop told BTVi in an interview.
Following the November 8 demonetisation of high-value currency, the government has launched a campaign to increase digital transactions in order to move to a “less cash” economy.
Admitting that there are visible and hidden costs in reducing cash volume in the economy, the government last week announced a series of 11 measures designed to increase the pace of digital payments.
“Essentially, the technology sector has been strong in India. We in Tech Mahindra have been particularly strong because we’re strong both in communications and IT, which places us in a good position to take advantage of these new technologies,” Yargop said.
“The tech sector has benefited from demonetisation. The way in which we run our businesses is getting disrupted...getting challenged. Whenever there is disruption, it creates opportunities,” he added.
