WHAT MADE INDIA A LOLL YPOP FOR GLOBAL IT VENTURES: A REPORT
Its been of no doubt that IT sector in India has been the sunshine sector for Indian economy showing unprecedented growth since 1998 amid slows down in the world economies. In the past 10 years, IT seems to have revolutionary effect on the lives of the people with Indian engineers and software professionals earning high degrees of acclaim even in the foreign countries.
Today India is known as the most preferred destination for global IT and ITes outsourcing. According to the statistics of Ministry of Communication and Information Technology, India accounts for more than 55% of the global outsourcing marking during the past decade. Major IT giants such as HP, IBM, Google, Apple, Capgemini, Accenture have already established a strong presence in India. Owing to India’s tough standard education system, these companies commensurate a large no. of Indian employees-
- HP Enterprise services – more than 15000
- Accenture- more than 40,000
- Capgemini- around 26,000
- IBM the highest over 1,30,000
These global giants are aiming to build low cost onshore and offshore service providers and found India a perfect destination to fulfill their aims for various reasons jotted down as follows for quick reference:-
- Cost efficiencies
- Utilization rates
- Abundant availability of highly skilled manpower at low cost
- Special attention to tech industry and R & D by Indian Govt.
- Govt. initiative to increase Foreign Investment in IT sector ( establishment of Software and Hardware Technology Parks an Export Oriented Units and various Special Economic Zones offering high incentive for IT establishments)
- Liberal Govt. policy ( 100% FDI is allowed in IT sector under automatic route)
- Mathematical and logical expertise
- Familiarity with the Universally known English language
- Entrepreneurial culture.
India has exported its IT products and and services for a record more than 100 countries. IT sector stands at a proportion of 6.4% in the total GDP in the year 2011-2012 a surprising increase form the emre 1.2% in the year 1997-1998. According to a report of NASSCOM, the Indian IT industry is set to become USD 225 billion industry by 2020 with the Indian IT workforce touching as high as 30 million people. India will continue to grow in the IT sector with world market throwing tremendous opportunities for Indian IT sector to grow.