India's IT sector is poised for a comeback, with AI expected to boost, not hinder, growth. Vikas Khemani of Carnelian Asset Management sees excessive pessimism, presenting an attractive long-term opportunity. He highlights that historical tech shifts expanded the industry. Stock selection is crucial, favoring early AI adopters. Khemani also remains constructive on financials, power, and EV ancillaries, while cautious on value retail due to valuations.