Recently NASSCOM reported that IT and ITES sector in India, annually grows at the rate of about 25% and sustains nearly 2 million jobs. Indian IT - ITES sector is its flagship economy builder and every single rupee spent by IT-ITES sector accounts for two rupees in Indian economy.
The Information Technology - Information Technology Enabled Services sector is fast changing overall Indian business standards. In addition, every job created in IT-ITES sector accounts for creation of four jobs in rest of the economy. That is very giant leap by Indian economy, thanks to the IT-ITES sector. IT-ITES sectors include companies from software development, consultancies, BPO (business process outsource), software management and online services. These are fastest growing industries and are favorites among the new graduates and students. Career in IT-ITES Sector is very lucrative and one can attain high success in this versatile and vast field.
Scope of IT-ITES industry in India
There is very bright scope for IT-ITES industry as it is strongest industry sector in India. Today the exports for the IT-ITES sectors are growing with increasing rate and the overall global market is very healthy. If one needs to know what the scope of IT-ITES sector is, just have a look at the quarter end financial results of the IT-ITES sector. The reports are outstanding and it seems that the rise of the IT industry is not going to stop so easily.
Recently, economic survey revealed that IT-ITES sector created almost 3 million additional jobs this year and number will go on in the immediate future. The main reason behind this is that, the requirement is far more than the current supply of the technical manpower. Thus, the scope for the sector is enormous in India. As the requirement is huge, more and more colleges and courses are offered to meet the manpower needs of the industry. Because of this, more and more students in India are opting for a career in IT-ITES Sector. However, according to some of the top industry experts, the attrition rate is high making jobs in the IT-ITES sector vacant. Moreover, the gap between demand and supply of skilled employees is cause of concern.
Companies providing jobs in IT-ITES Sector in India
Because of dedicated hard work and effective strategies of the IT companies, India has made a global mark in world trade. Some of the flagship companies that are providing good career in IT-ITES sector are - Infosys technologies, TCS, Wipro Technologies, Tech Mahindra, Persistent, Cognizant, Amdocs, Cybage, Castech, HCL technologies, Satyam Computers, Patni, Mphasis, Convergys, Firstsource solution, L&T Infotech, Genpact, Intelnet Global services etc.
Information Technology (IT) Companies India - the challenges, Future Scope
The Indian information technology sector has been instrumental in driving the nation’s economy onto the rapid growth curve. According to the Nasscom-Deloitte study, the IT/ITES industry’s contribution to the country’s GDP has increased to a share of 5.2 per cent in 2007, as against 1.2 per cent in 1998.
Further, the IT and BPO industries are poised to clock revenues worth US$ 64 billion by the end of fiscal year 2008, registering a growth of 33 per cent with exports expected to cross US$ 40 billion and the domestic market estimated to clock over US$ 23 billion, according to a study. Simultaneously, the Indian IT services market is estimated to remain the fastest growing in the Asia Pacific region with a CAGR of 18.6 per cent.
Challenges and Positives:
Can we stay Competitive? In the recent past we have seen that the Globalization 3.0 has resulted in Outsourcing and Off-shoring spreading to various other countries likeChina, Vietnam, Philippines and the Eastern European countries. In the wake of such competition can we still remain competitive? The answer is pretty much yes. We know that our assets are the talented pool of people who are not only competent technically but also linguistically better at English compared to the other competitors. Also the government support, labor pool, infrastructure, educational system, cost, political and economic environment, cultural compatibility, global and legal maturity, and data andintellectual property security and privacy give Indian IT companies and edge. But contradicting this is the Nasscom survey, which states that majority of the graduates coming out of the colleges today are unemployable. We need to introduce training programs in colleges to train the talent pool of students not only technically but also on soft skills. The training should also be imparted to the faculty to generate a better equipped talent force. These measures have already being taken by the IT companies, which also helps in reducing the training costs incurred by the IT companies after recruitment.
Yahoo! Inc and Tata Sons subsidiary firm Computational Research Laboratories (CRL) have entered into a joint agreement to make available-EKA, a supercomputer (the fourth fastest) in the world for cloud computing research in India.
Dell India witnessed 80 per cent sales over last year with revenues to the tune of US$ 700 million.
World’s leading chip designer firm ARM is expanding its India design centre to make it the largest outside Britain.
IT biggies like Microsoft, IBM, Cisco, Oracle and a host of other IT entities are working overtime to tap the smaller and medium businesses.
Conclusion: Thus we observe that the Indian IT industry has been facing some challenges but if effective steps are taken then it will surely help it to remain competitive in the future as well.