I nformation Technology sector is a field which is sprouting rapidly, undergoing evolutions and hence upgrading the scenario of Indian technology. This sector includes software development, consultancies, software management, online services, and business process outsourcing (BPO). India is the leading sourcing destination across the world, accounting for about 55% market share of the US$ 185- 190 billion global services sourcing business in 2017- 2018. Indian IT & ITeS companies have set up over 1,000 global delivery centers in about 80 countries across the world. India has become the digital capabilities hub of the world with around 75% of global digital talent present in the country.
According to reports by India's software industry body National Association of Software and Services Companies (NASSCOM.), information technology is a sector which will likely be one of the emerging markets in the coming days as India's economy requires more hardware, software, other IT services. The domestic revenue is estimated to be at US$ 38 billion while the export revenue is estimated to be at US$ 117 billion. The sector has increased its contribution to India's GDP from 1.2% in 1998 to 7.7% in 2017.
India is becoming an attractive destination of multinational companies after globalization, liberalization and nationalization revolution of 1990. The reason could be that India willingly made favorable rules for the MNCs to invest into us, hence encouraging our foreign trade and foreign currency reserves. And nowadays India is emerging as a global leader in trade after China amidst the developing countries. India has generously become an attractive hub for international technology companies like Apple, Samsung, IBM, One plus, etc. The most supreme reason is the huge talent pool India provides. Being a country of population estimates around 135 crores, India serves a huge potential for such companies that will help them raise their outputs. India generates huge employment opportunities within the country and hence makes it a place of abundant intelligent human resource. Also, according to RBI reports, GDP will tend to grow in long-term, that will indeed aid in leveling up the cost of living index of every person in India hence leading to consumer spending. Now even this adds to be one of the favorable points for international technology companies to set their work workplaces in our country.
Apart from this, it is the government that has helped India achieve such ranks. Government has loosened many stringent policies and has welcomed many MNCs and foreign corporations in the country by simplifying the complex compliances. Some of which are identifying IT Sector among the 12 champion service sectors and setting appropriate action plans regarding the same, funding Rs 5,000 crore (US$ 745.82 million) for realizing the potential of these champion service sectors. As a part of union budgets, AI Technologies are promoted through NITI Aayog and other programs. Also, the National Policy on Software Products- 2019 was passed by the Union Cabinet to develop India as a software product nation.
In addition, government projects like 'Make In India', 'Digital India', 'Startup India', has allured foreign investors to pump in money in the Indian markets that have boosted the confidence of international technology companies to start projects in India.Other benefits that India contends to provide are the inclusions of export and Foreign Direct Investment (FDI) schemes. New markets have opened up in the Middle East, Africa, Eastern Europe, and South and South East Asia. And India is now a major destination for IT outsourcing.
There is no dearth of IT job opportunities in India. In fact, India is expected to overtake the US to have the most number of software developers in the upcoming years (52 lakh developers in India against America’s 42 lakhs). Also, the creation of urban infrastructure, operational excellence, conducive .
business environment and finally,continued growth in the domestic IT sectors have contributed making India an attractive destination for international technology companies. Adding to the list, many countries already have automated machines and technology appliances, but India is yet deprived of the same in some sectors including libraries, hospitals, banks, shops, prisons, hotels, airports, train stations and many other places that can be flourished through database management systems, or through custom-made software to be fit in. This indeed seeks India to attract foreign corporations.
The top IT Companies in India that offer job opportunities in this field are Tata Consultancy Services, WIPRO Technologies, Google, Infosys Technologies, Cognizant, Tech Mahindra, etc. that are growing in the cities like Bangalore, Delhi, Gurgaon, Pune and many more, thus facilitating the sector. These are now key players which contribute to the growth of the Indian economy through telecommunication, software development, design, mobile commerce, e-commerce, BPO and knowledge process outsourcing (KPO).
India hence has been driving growth for the last decade and more and has the potential to continue doing so. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India.