Investors’ fears ridiculous; IT firms will enable AI to flourish: Piyush Goyal

Union Commerce Minister Piyush Goyal on Wednesday called investor fears over the future of IT companies as “ridiculous”, underlining the important role that the sector will play to make artificial intelligence flourish.

His statement comes at a time when IT companies shares have taken a beating over the past fortnight, especially after the launch of newer AI platforms by US-based companies like Anthropic.

Such developments have cast a shadow on the relevance of the nearly USD 300 billion sector that directly employs 50 lakh people.