Zoho founder Sridhar Vembu blames India’s IT industry for creating financial bubble: ‘Sucked all oxygen’

The IT industry in India has been a primary growth driver for the country’s economy over the past many years, with rising exports, innovation and employment. However, Zoho founder Sridhar Vembu has a different take on the booming industry, which he said has “sucked all the oxygen”.

In a post on X, Vembu sounded an alarm on ‘financial bubbles’, which can suck resources and leave us with decreased capabilities. In the Indian context, the IT industry has acted as a financial bubble for a long time, he said.