Under the momentous leadership of PM Narendra Modi, India’s flagship program is frenetically topping the charts by making India, the first preference for IT Giants globally. Indian IT sector, aided with 10 million skilled workforce, digital awareness, sound infrastructure and an entrepreneur-oriented climate has lured the top notch tech organisation to appreciate the great potential encompassed in this richly diverse nation.
IT sector has gone through a scalable progress over the last decade to enhance India’s GDP. It has steadily accelerated its contribution from 1.2 % in 1998 to 9.5% in 2015. The foundation created by Modi lead campaigns has given new dimensions to this sector, from grassroots to a global stage. It is expected to touch 14% for 2017 and finally triplicate its current annual revenue by 2025 amounting to $ 350 billion valuation.
Moreover, India ranks fifth in terms of digital maturity globally as per Accenture’s Platform Readiness Index.
Evolution Since Inception:
India has had a long journey introspecting its real potential in unifying this land of diversities. The maturing levels of saturation in the manufacturing sector, blurred the vision of India to emerge as a challenger. However, with the dawn of the internet, a new challenge to explore the IT sector with latent potential emerged, to set the lions to roar. And the rest, is surely a history!
India’s IT sector encompasses a wide scope from; IT oriented services to Business Process Management to other ancillary software or hardware technical products and services.
India’s Current Compounded Annual Growth Rate in IT sector is 13.5%
IT sector’s core competencies and strengths have already given India a viable standing. In the current scenario,
- It attracted FDI’s worth $22.83 billion from major countries.
- It has scope for Fair Competition. Currently, TCS the market leader is contributing just 10.5%.
- Total expenditure by Banking and Security sector on IT will be at 8.6% annually.
- The Healthcare market aided with IT is expected to grow 1.5 times from its current $ 1 billion valuation.
- The total E-spending by Indians is likely to reach $128 billion by 2018.
- IT has created a platform to boost both B2B and B2C e-commerce
- Leading IT giants have diversified their outlook by adopting artificial intelligence, R&D centres, innovation hubs, etc.
Narendra Modi’s orator-ship has tapped the latent potential in the IT sector to fuel up the overall growth of the nation. The planned launch of systematic series of campaign like Digital India, Skill India, Make in India, Startup India and the Smart Cities Project startled the world.
The government has laid a serene roadmap to set the baits right for the IT sector.
- Union Budget, 2017: Attributed Rs 10,000 crores to provide 150000 villages across India with Internet Connectivity.
- BHIM: Post Demonetization, the government launched a digital payment application. It has already achieved 10 million downloads mark.
- DigiShala: A Doordarshan channel, which educates the public regarding Adhaar linked e-payments.
- TRAI: A framework is drafted to introduce Fifth Generation network and promote Internet of Things in India.
- Vibrant Gujarat Global Summit-2017: Around 89 MOUs allocating 16,000 crores were negotiated in IT segment.
- Railway Ministry: Is on Digitalising spree by providing bar coded e-tickets, Wi-fi, GPS tracking to enhance passenger traffic.
- Indian Institutes of Information Technology (IIITs): HRD Ministry in the association with the Tata Group wants to Open IIITs at Nagpur, Ranchi and Pune.
- Incubation Centres: Five such centres will be developed for IoT Startups, even in rural areas to provide a vision for smart agriculture.
- Automated Platform: An electronic portal has been created to automate various government services like e-government 2.0, UID, etc.
- GST Portal: ASSOCHAM along with SAP SE has designed a knowledge sharing resource centre for entrepreneurs to provide GST assistance.
Entrepreneurship Hubs: Rs 5,000 crores are allocated for technology based start-ups under Jio Digital Indian Start-up Fund.
- NDLM: 25 National Digital Literacy Mission centres are set up across 12 cities by Nasscom.
US Collaboration: US has joined hands with India for exploring IT opportunities together through Information and Communication Technology Working Group.
- New Investments: We have Apple, Google, Intel and many more setting up their data centre or manufacturing units in India.
Moreover, Modi’s Travel Diary not just propagates strengthening of international relationships rather considerate initiatives were taken to meet IT giants to boost their trust to invest and expand in India.
On his journey, Modi personally met the CEO’s of various Tech unicorns including Facebook, Microsoft, CISCO, Intel, Oracle Corporation, Samsung Electronics Co. Ltd., Apple Inc., IBM, Google and many more. Enthused by such efforts, many optimistically committed to invest and expand their operations and scope in India’s niche.
A Leap Forward:
India has come a long way, fighting all odds from knowing the need of having a silicon valley to creating one. Modi-ship streamlined various loose ends be it infrastructure or economic and social barriers.
IT sector is immortal, with real-time unexplored realms. This sector will make India shine on a global front. India has certain USP’s which gives an edge over other nations in providing both on–shore and off-shore technical assistance, which are
- Cost Competency: Being Second in the row in Population, India has young, skilled, hardworking, ambitious and educated master minds at such cost effective range compared to 80 % of the countries worldwide.
- Intellectual Capital: The diverse terrain has become a niche for innovation centres of several Global IT players.
- Start-up Ecosystem: With more than 4500 start-ups springing, India has already secured the third position in the global start-up ecosystem.
Moreover, India’s Internet economy is expected to shoot up to Rs 10 trillion by 2018. The Indian e-commerce is currently valued at $12 billion and is characterised with perpetual growth prospects for IT giants to capture new avenues.
No matter what, our lions are all set to leap; irrespective of the dynamics of the Silicon Valley, our combatants will never taste the grass. That’s how Incredible India is!