India AI Impact Summit 2026

The doubts arrived almost immediately— In February 2023, less than three months after ChatGPT's release, JP Morgan published a note warning that generative AI would be a deflation driver for legacy IT services, and that consulting firms like Accenture and Deloitte would gain market share over Infosys and Wipro.

India's own 2024 Economic Survey, presented to Parliament by the Finance Ministry, cautioned that AI, quote, "...casts a huge pall of uncertainty as to its impact on workers across all skill levels," and warned that employment in the BPO sector was, quote, "...estimated to decline considerably in the next 10 years." By early 2026, the mood had turned to something closer to panic— At the India AI Impact Summit in New Delhi in February, the venture capitalist Vinod Khosla declared that IT services and BPO would, quote, almost completely disappear within five years.

Less than two weeks later, the New York Times ran a long piece suggesting that AI is, quote, starting to shrink.

Investors' expectations about the future prospects of the Indian IT industry have certainly soured.