Mumbai, February 18 Union Commerce Minister Piyush Goyal on Wednesday termed investor concerns about the future of IT companies as "ridiculous," highlighting the important role the sector will play in fostering the growth of artificial intelligence.
His statement comes at a time when shares of IT companies have been under pressure in recent weeks, particularly after the launch of newer AI platforms by US-based companies like Anthropic.
These developments have raised concerns about the relevance of the nearly $300 billion sector, which directly employs 50 lakh people.
Speaking at the GEC event here, Goyal also said that the interests of the dairy sector and small businesses have been protected in the trade deal with the US, and that the full text of the agreement has not been made public to "prevent" the final text from being leaked.
Regarding investor concerns about IT companies, Goyal said: "Recently, I have seen some discontent in the stock market regarding the future of the IT industry. I find this quite ridiculous. Because these are the companies that will be required for artificial intelligence to flourish."
Goyal cited examples of cybersecurity and data scrubbing, emphasizing that IT companies will play a crucial role in both areas.
On trade deals, Goyal said that India has signed nine agreements with various countries or blocs, including the European Union, over the past few years.
"We have finalized all the sensitivities that need to be protected. Our farmers are fully protected. Our MSMEs are fully protected, and once the full text is out, there will be no cause for complaint," Goyal assured.
He explained that all aspects of the deals are discussed with concerned ministries, the private sector, and all stakeholders, which is why there have been no protests against the agreements.
Addressing public concerns about the deals, he said, "We have not opened the dairy sector to any country whatsoever. Countries like Australia, New Zealand, the US, or Europe have never opened or done a free trade agreement without dairy as an integral part of the agreement. But they have agreed to do so with India."
Goyal said that this is possible because of the element of trust that is built with any partner based on honesty, and that while India negotiates from a position of strength, it is also not apologetic about its challenges.
The agreements with the US and the EU will help increase the flow of venture capital into the country, he said.
