Mumbai, August 25: The tech industry has seen many rounds of layoffs this year from big names in the markets like Intel, Dell, Microsoft, Meta, Google, Tesla, Paytm, BYJU and more. While some  IT companies betting on genAI to replace human jobs and cut operating costs to increase profit margins, companies like Infosys ensure that there will not be any layoffs due to artificial intelligence.

Infosys CEO Salil Parekh said that generative AI has a strong client base in the international market and so is the huge mobilisation within his company, as per a report by Moneycontrol. The CEO said that there migt-you-should-know-about-the-auspicious-day-that-marks-the-birth-anniversary-of-the-fifth-avatar-of-lord-vishnu-6248549.html" class="drop-thumb-link" title="Vamana Jayanti 2024 Date and Significance: Here’s What You Should Know About the Auspicious Day That Marks the Birth Anniversary of the Fifth Avatar of Lord Vishnu">Vamana Jayanti 2024 Date and Significance: Here’s What You Should Know About the Auspicious Day That Marks the Birth Anniversary of the Fifth Avatar of Lord Vishnu

Mumbai, August 25: The tech industry has seen many rounds of layoffs this year from big names in the markets like Intel, Dell, Microsoft, Meta, Google, Tesla, Paytm, BYJU and more. While some  IT companies betting on genAI to replace human jobs and cut operating costs to increase profit margins, companies like Infosys ensure that there will not be any layoffs due to artificial intelligence.

Infosys CEO Salil Parekh said that generative AI has a strong client base in the international market and so is the huge mobilisation within his company, as per a report by Moneycontrol. The CEO said that there might not be any Infosys layoffs any time soon due to the advent of these new-age technologies. When asked, Salil Parekh said that its clients accepted genAI and compared it with the industry adopting digital and cloud technologies. 'Prove You Deserve It': Elon Musk Asks X Staff To Submit One Page Summary of Their Contribution to Company To Get Award of Stock Options.

He further added that there would be an increase in the adoption of generative artificial intelligence as enterprises start receiving the technology's benefits and business outcomes. Infosys CEO Salil Parekh said, "...we will wait-and-watch how it develops." If the benefits are substantial, then adoption would also increase, he pointed out.

Infosys previously highlighted that it had trained more than 2.5 lakh employees on generative AI for its ongoing project for its clients. The Indian IT major said that the team was working on 225 genAI programs. With these ongoing developments and demand for generative artificial intelligence tech, the CEO Salil Parekh said he would not expect any layoffs. 

Parekh said the tech allowed them to address new areas such as fine-tuning credit card analysis which held the potential for the banks to broaden their product offerings along with getting benefits like revenues and productivity. Infosys CEO emphasised on the importance of genAI for growth and said, "We don't see any layoffs in Infosys with these new-age technologies". On the contrary, the company started recruiting more people amid the changes in the economic environment. Amazon Employee Claims To Have Earned Nearly INR 3 Crore for Doing ‘Absolutely Nothing’ As Technical Program Manager.

The Indian genAI market is projected to rise at 24.4% CAGR (compounded annual growth rate) from 2023 to 2030, as mentioned by the Deloitte report. Further, it is noted that India may rise as a global leader in AI innovation that would lead to sustainable development through genAI.

(The above story first appeared on LatestLY on Aug 25, 2024 07:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).