Is Indian IT in Trouble? | Vaibhav Dusad - ICICI Prudential MF | Ventura Spotlight

In this episode of Ventura Spotlight, we sit down with Vaibhav Dusad, Senior Fund Manager at ICICI Prudential Mutual Fund, to discuss the massive technology shift driven by AI, market risk management, and the evolution of Indian equity markets. He addresses investor fears about the tech and IT services slump and compares the cost of advanced AI enterprise agents with that of Indian offshore engineers. He also shares his framework for picking stocks, focusing on business, management, and balance sheet quality and his "elimination list" for avoiding growth traps and dual leverage. A must-watch conversation for investors looking to understand the reality of AI disruption, market cycles, and how to protect their wealth during volatile times. 🎯 Topics Discussed: 🔹 Vaibhav Dusad’s 17-year journey from IIT to Fund Management 🔹 How Indian markets evolved: Domestic flows, oil resilience & valuations 🔹 The 3-pillar framework for evaluating businesses and management quality 🔹 Red flags investors should avoid: Dual leverage, growth traps & weak management 🔹 Why the average lifespan of companies is shrinking globally 🔹 The massive AI capex cycle: Can a $2 trillion investment be justified? 🔹 AI Agents vs Indian IT Services: Understanding the cost dynamics 🔹 Will AI become inflationary instead of deflationary? 🔹 Strategies to manage downside risk and build long-term wealth 🔹 Large Cap, Mid Cap, or Small Cap: What should first-time investors choose? 🔗 Chapters: 00:00 – Introduction 01:29 – Vaibhav Dusad’s Journey into Fund Management 04:40 – How Indian Equity Markets Have Evolved Over 15 Years 09:13 – How Fund Managers Evaluate Business & Management Quality 12:51 – Red Flags: Dual Leverage, Growth Traps & Weak Management 15:10 – Why Company Lifespans Are Shrinking Globally 19:55 – Is Indian IT in Trouble Amid the AI Boom? 21:32 – Understanding the Massive AI Capex Cycle 26:21 – AI Agents vs Indian IT Services: The Cost Debate 30:27 – Will AI Become Inflationary Instead of Deflationary? 34:34 – How Investors Can Protect Downside Risk & Build Wealth 38:27 – Best Investment Options for First-Time Investors 40:20 – How Vaibhav Dusad Unwinds Beyond Markets 41:07 – Rapid Fire Round ================================================================================ About the guest: Vaibhav Dusad is a Senior Fund Manager at ICICI Prudential Mutual Fund with 17 years of experience in investment research and portfolio management. An IIT graduate with an engineering background, he spent his early career working in equity research for HSBC and Morgan Stanley before joining ICICI Prudential AMC a decade ago. He currently manages several key funds, including the ICICI Prudential Large Cap Fund, Innovation Fund, Focused Equity Fund, and the Technology Sector Fund About Ventura Spotlight: Ventura Spotlight is a podcast series where we host fund managers, market participants, and financial experts to discuss ideas shaping India's investment landscape. Watch the podcast for the full story and don't forget to subscribe! ================================================================================ 📌 Watch the full playlist –    • Ventura Spotlight   📌 Check out our other playlists –    • Technically Speaking With Ventura      • Stock Talk With BKG      • Bazaar Basics (Hindi)   ================================================================================ 📌 Stay updated daily 👉 WhatsApp Channel: https://tinyurl.com/475k7ced 👉 Telegram Channel: https://t.me/VenturaUpdates 📲 Find us at App Store: https://tinyurl.com/34jdnv9j Play Store: https://tinyurl.com/yzcm2xm9 👥 Follow Us Website | https://www.venturasecurities.com Instagram |   / venturaupdates   Facebook |   / venturasecurities   Twitter |   / venturaupdates   LinkedIn |   / ventura-securities-ltd   📃 Disclosures & Disclaimer: https://tinyurl.com/disclosurendiscla...