Mumbai, India — February 25, 2026 – Concerns around the impact of artificial intelligence (AI) on IT services businesses may be overstated, according to Sanjiv Puri, Chairman and Managing Director of ITC. Speaking on the sidelines of the Nasscom Technology and Leadership Forum in Mumbai, Puri said the recent sell-off in software services stocks reflects an overreaction rather than a structural shift.
“The reality is that technology, when applied correctly, has created a lot more value. It’s not been doomsday after that,” pointed Puri, who is also the chairman of ITC Infotech.
AI seen as an enabler, not disruption
He noted that while AI is often viewed as disruptive, it continues to act primarily as an enabler. The current level of concern, he said, appears “fairly misplaced,” especially when seen in the context of how earlier technology cycles have unfolded.
Reflecting on the early 2000s, Puri said similar concerns had emerged when ITC Infotech was set up after the Y2K phase, yet the IT services industry has continued to expand since then.
“Technology tends to scare people. It is an important development, very useful. It will bring productivity into IT services. But at the same time, there is a lot of work IT services companies themselves need to do,” said Puri.
Use cases emerging across value chains
He pointed to gaps within enterprises, particularly in data engineering, suggesting that AI could help address problems that were previously difficult to solve.
At ITC, AI is already being used across multiple parts of the business. The company has developed models to assess how rising temperatures could impact wheat production at 10-year intervals through to 2050, using those insights to guide future planning.
The company’s digital agriculture platform, ITCMAARS (Metamarket for advanced agriculture and rural services), is also expanding its reach. The GenAI-based platform has already reached 2.5 million farmers, with a target of scaling this to 10 million.
“We are seeing (AI) use cases across our value chain, use cases helping us increase efficiencies in our factories, supply chain… It is also opening newer business opportunities,” said Puri.
Ongoing focus on strategic investments
On the consumer goods side, Puri said ITC continues to evaluate acquisitions as part of its broader strategy. The company completed a few acquisitions last year and continues to assess opportunities based on strategic alignment.
Market Research Outlook Analysis
Puri’s comments indicate a shift from viewing AI as a disruption risk to positioning it as a productivity driver across both IT services and FMCG-linked operations. The increasing deployment of AI in agriculture and supply chains highlights how adoption is moving beyond core IT into broader enterprise value chains.
Source: Business Today
