India is a fast developing economy and is touted as the next big thing, in terms of development. It is a digital-ready economy and remains a market with high potential and opportunities. India is all set to make a huge jump into the digital world with the second-largest population. There would be an estimated 937 million mobile subscribers and 278 million internet users. India is soon to boast of a USD 14 billion e-commerce market. Likewise, even the Indian IT industry has shown great growth since the 1980s. TheIT companies in India have contributed considerably to the Indian economy in terms of employment, foreign exchange earnings, GDP, etc. Similarly, it is also responsible for increasing the productivity and competence of all the other sectors of the economy. This includes railways, post offices, banks, e-governance, airports, government offices and a lot more.
IT Hubs, a global B2B online directory, would like to share its views. So, Let’s discuss some of the contributions that IT companies in India have made towards its economy:
• Contribution in terms of GDP
Since 1991-92 to 2016-17 Indian information technology has shown a manifold growth. This is the only reason for a significant positive effect on the economy in terms of GDP, employment and foreign exchange. Most of the Fortune 500 and Global 200 corporations are outsourcing IT-ITES services to India. All of them are exhibiting a stunning performance and showing double-digit growth in terms of national GDP. As per reports from NASSCOM, the last financial year has shown growth to nearly 9.5%.
• IT establishes India’s position as one of the top nations
As India outsources a large number of experts for various IT-related jobs to the entire world, therefore, its image of being an underdeveloped and poor country has completely manifested a role reversal. Also, Indian MNCs are starting to have a remarkable presence in several parts of the world. It is successfully executing a great number of off-shore projects, playing a homesteader in IT industries all over the world.
• Earning from offshore destinations
India is one of the biggest offshore destinations in delivering services related to engineering research as well as development. And as a result in the year 2014-15, India earned around 99.64 billion USD through software exports. The current export earnings are about 80% of the IT sector revenue.
• Resource Development
IT sector growth is dependent on a large number of factors. The primary of them is the requirement of skilled human resources with knowledge and expertise in their respective domains. Many professional colleges have been established all over India solely committed to producing the required workforce. They look after the fact that the professionals are globally at par with the best human resources all over the world. There are many countries that look forward to hiring skilled, knowledgeable, good and English speaking individuals.
The top IT companies in India, as well as the other IT organizations, also have worked in unison to take India from a developing nation to a globally competitive economy. Indian economy is fast becoming an IT-enabled digital leader to compete with the globally connected world.