Nowadays everywhere in the country a statement is often made that Indian IT business is fast enlarging the globe. This is due to the fact that the growth in this sector has surpassed all the records in the country. Not only this, the growth in this sector is comparable with fastest growing economy of any country in the world.
The growth of the economy is supported by IT software and services which inter-alia includes System Integration, IT Consulting, Application Management, Infrastructure Management Services, Software testing, Service-oriented architecture and Web services.
This has resulted into outsourcing in all the services sectors by the developed country in India. It has been estimated by Nasscom, that the revenues amounting to US$ 39.6 billion were earned by Indian IT-ITeS industry in 2006-07. Thus, in last financial year, the growth in this sector has increased by 30.7 per cent against a projected growth of 27 per cent. The growth rate in software as well as services export has been sustained over the years.
There is sufficient growth in domestic sector as well. This has resulted in the growth of Indian IT industry at a rate well ahead of the global industry, which is growing at about 10 per cent a year. As such the big names of the industry i.e. TCS, INFOSYS and WIPRO have maintained their position as top IT exporters. This has resulted in increase of the wealth of all the shareholders. Number of persons has become millioners just because a few shares were purchased by them in the initial days of these companies. This has also resulted in creation of number of jobs both in IT industry and other industries.
According to a study, the investment of amount equivalent to one rupee in the IT/ITES sector on indigenous goods/services adds amount equivalent to two rupee in the economy. This has prompted top Indian companies to earmark funds for incorporating and development of IT and It related services. Even all major Public sector companies have started making sufficient expenditure on this account. Contrary to popular view of abolition of jobs due to automation, study shows that for every job created in this sector, four to five jobs are created in the other areas. It is expected that this industry, if kept the pace of growth, shall create approximately 12 to 15 million additional jobs by 2010.
As the opportunities are being created not only by top notched companies but also by small and medium enterprises. The software development has become a short of small scale /tiny scale industry in which every member of the family gets involved. This is the reason that this industry has become one of the largest employers in a small period of time. To keep the pace of growth, it is necessary to maintain the quality of services being provided. This will necessitate identification of the areas where improvement can be done. After identification sufficient funds are to be earmarked for research and development in such areas. Besides the country is to be showcased as the best destination for carrying out the R&D activities.
Some of the largest IT companies have already seen this potential and have invested for creating global R&D centre for them in India. All the above factors put together have given big hopes to private equity players. They are investing in the country generously. This type of development has thrown a bog challenge to the country in terms of requirement of inputs. The major input is in the form of continuous availability of proper manpower both in the field of software and hardware. and their retention in the country.
It is difficult to have latest indigenous hardware. The stress is to be laid on developing the in-house hardware and their maintainability. The software professionals are to be strengthened in skill. The conducive atmosphere to software professional in the country is to be developed. While we are ready to meet the challenge, we have to be careful about the threats that may arise because of the envy by other countries. For this sufficient education for development of hardware industry is to be imparted, besides creating conducive environment for retaining Software professionals in the Country.
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