US Sycamore Chairman: India Has Big Role In IT Revolution
Wednesday, February 2, 2000 03:19 AM
BOMBAY (Dow Jones)--India has an unprecedented opportunity to become a big part of the ongoing information-technology revolution, Desh Deshpande, chairman and founder of U.S.-based Sycamore Networks Inc. (SCMR, news, msgs) said Wednesday. He was inaugurating a four-day seminar and exhibition on information technology organized by the National Association of Software and Services Companies, or Nasscom.
"The new revolution unfolding in front of us is an exciting opportunity to reinvent our businesses," he said, adding that "India has a big role to play" in this revolution.
Indian software exports have been rising the past few years. According to Nasscom, the Indian information technology sector is expected to earn $8.85 billion in revenue in the year ending March 31, 2001, up from an estimated $5.7 billion in the current year, and $3.9 billion last year.
Deshpande shot to fame after shares of his company Sycamore Networks rose to dizzying heights on Nasdaq last year.
"In the last 25 years, there was a lot of development in software in India," he said and added: "I see lot of optimism in India, which is good as the whole knowledge business is based on one's own conviction."
Deshpande said that with the advent of the Internet, the role of IT has considerably changed. Internet and e-commerce will fundamentally change the relation between producer and consumer in every industry, and this will cause a shift in the whole economy towards more transparency.
"India is a global player and has positioned itself to take off (in this sector)," he added.
On the IT industry's dependence on the capital market, he said: "Markets are going to be global in nature, and one needs to think big and go for the global market." He added that in the next 25 years, there will be tremendous growth in the infotech business.
Earlier, Deshpande said he plans to enter Indian business this year to provide the backbone for selling bandwidth for Indian e-commerce trade, research and development and professional services, including offering design networks and software talent.
-By Raghavendra Upadhyaya; 91 22 2884211; raghavendra.upadhyay@dowjones.com
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