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IT to be Indian GDP’s growth booster in the next 10 years, The bright future ahead for Indian IT sector

11th December 2020: Information Technology & Information Technology Enabled Services (IT-ITeS) sector is a field which is growing speedily and is reshaping the workplace productivity and Indian business standards by enabling workplace with new digital technologies, and with these ongoing transformations it could be anticipated how this sector will be a game-changer on the global scale.

Today, this sector comprises of consultancies, software development, software management, online services and business process outsourcing (BPO). In recent years, with a boom in Information Technology sector, it became the world of marvels which was promised by the brilliant technological creations. A revolution which added a vibrant background to the private sector, civil sector and academia.

According to the economists, this industry has a noticeable impact in improving the productivity of almost every other sector of the economy, as it has huge potential for further accelerating the growth, economic development and also the potential for significant job creation in the long term.

Current Scenario of IT- ITseS sector

IT sector is considered as a reliable source for providing essential support to the Indian Economy. 10 years ago, the industry contributed less than 5 percent to the country’s GDP; but today it contributes nearly twice as much. The IT sector has also initiated 4 million jobs and provided indirect employment to 10 million.

As of now, around 200 Indian IT firms are present in over 100 countries. The Indian government has contributed incentives for the IT and ITeS sector and has encouraged the sector with lesser government intervention compared to other sectors, which will help this sector to grow further.

India’s unique selling proposition in the global sourcing market is in providing innovation besides cost efficacy in IT services, which is  significantly more cost-effective than the US IT companies, while India IT companies continue to maintain the cost-quality matrix, in line with the global clients’ needs and requirements

India’s digitally skilled pool has grown over the period and accounted for over 50% per cent of global digital talent.

The IT sector would significantly contribute towards supporting and enabling India to achieve $5tn economy within the next few years as projected by many eminent Indian Leaders.

The country has become the ‘global digital capabilities hub’ with around 50% to 75% of global digital talent present in the country. As the size of India’s digital economy is increasing, IT companies are establishing their centres in tier II and tier III cities which will further enhance the growth and reduce the existing disparities.  

In the present time, when the COVID-19 pandemic has grappled the whole world and economies have been hard hit, the Indian IT industry is still showing positive signs and has the resilience to overcome this unprecedented tragedy pandemic in over 100 years.

Indian IT Sector has emerged as a global economic force, and a major contributor to the Indian economy in particular, and the world in general.

IT sector has  shown strong character and readiness to face present-day challenges by upgrading their capabilities and offerings best-in-class services to global customers’ worldwide, n line with emerging technologies and rapidly exploring collaborative opportunities with global manufacturers, global IT service providers, governments and consulting services companies and  utility enterprises as well.

Needless to mention, the challenges of the future must also be foreseen, especially the competition from other emerging economies so that we can compete with ‘best-in-class’ skills and cutting edge IT solutions, and as a result prosper in  increasingly competitive global environment and transform our country into a  powerful and progressive India with the collective intellect, innovation, and the ‘knowledge capital’ of Indian IT Sector!

Conclusion-

India’s IT industry is gaining footsteps in new disruptive technologies and will play a leading role in the ongoing fourth industrial revolution globally. Although India has a set of issues like transparency, compliance, safety, poverty and illiteracy among other social issues the time is not far when technology will be used extensively in the social sphere as well.

Innovation in digital technologies, ‘AI-led problem solving’ for key social issues, leveraging digital for social upliftment and inclusiveness, making digital in governance, social engagements would augur well for India, especially in healthcare, education, Agritech, security, water, utility, services sectors , manufacturing, retail, ECOM , communication, Media, Entertainment among other sectors. Clearly, “Digital is the pivot” for creating prosperity, progress and positive impact!

Digital promotes transparency, removes inefficiencies, reduces wastages and improves work productivity, reduces costs in all spheres of socio-economic engagements and therefore digital is the way forward towards the prosperity of all stakeholders , be in an enterprise, government institution or a Nation.

The world is moving towards ‘platform-led economy’ and India’s IT prowess, IT skills and coding-capabilities would make India the most preferred destination to seek world class services by India becoming “The Services Capital” of the world! 

“Make-in-India” and “Served-from India” would be the best themes in current times to attract risk-free capital, joint ventures, FDIs which would create more jobs, more value-add in the GDP and economic activities, and therefore provide a higher ‘per-capita income’ for Indians in the long-term!

With the advancement in technology, this industry promises a brighter future for our nation. It provides a lot of growth opportunities. With constant growth and development, it is an Industry that would make India leap forward to greater heights and greater glory in the comity of Nations, in times to come!

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