India is no longer merely a support center for global corporations but has emerged as a significant hub for innovation and advanced engineering, according to Prassadh Shanmugam, CEO of KGISL. Shanmugam made these remarks during an interview with Business Today TV as part of the EY | BT Hidden GEMs series, emphasizing a fundamental shift in the country's economic role.
From Outsourcing to Innovation Leadership
Shanmugam highlighted that India has profoundly transformed from a traditional outsourcing destination into a global powerhouse for technological advancement. "India used to be a support center for global companies. Not anymore," he stated, underscoring the rapid and ongoing evolution.
The KGISL CEO pointed out India's critical contributions across several cutting-edge domains. These include significant strides in Artificial Intelligence (AI) development, advanced cloud-native engineering, sophisticated digital operations, and pioneering enterprise product innovation. This transformation signifies India's growing capacity to create and lead, rather than solely execute.
Emergence as a Product Leader
A key aspect of India's evolving landscape is the rise of indigenous companies focused on building world-class products. Shanmugam noted that many Indian firms are now developing solutions that compete globally, moving beyond regional limitations. This focus on product creation is poised to redefine India's position in the international market.
Critical enablers for this shift include India's future-ready workforce and its robust public digital infrastructure. These foundational elements are essential for fostering an environment conducive to innovation and large-scale product development.
India's Future Global Role
Looking ahead, Shanmugam expressed strong confidence in India's trajectory. He asserted that in the coming years, India is set to emerge as a true leader in both the product and innovation spaces, rather than just a participant. "It’ll truly emerge as a leader especially from the product space and as well the innovation space as well. We will emerge a key leader here," he concluded, signaling a future where India dictates trends and drives global technological progress.