The Indian IT sector is poised to become to a USD $225 billion industry by 2020. The industry has played a significant role in changing the bureaucratic economy to a land of innovative entrepreneurs and global players in providing world class technology solutions and business services. The IT sector has become one of the most significant growth catalysts for the Indian economy. The industry has also positively influenced the lives of people by actively contributing both directly and indirectly towards socio economic parameters like employment, standard of living and diversity.
IT industry in India is a key part of the country’s economy. In 2013, information technology and its various subsectors represented 8 percent of the nation’s overall GDP, making it the fifth largest industry in India
More importantly, the industry has led the economic transformation of the country and altered the perception of India in the global economy, by having all major Indian CEO’s ruling the IT sector like- Google, Microsoft, Facebook etc. India’s cost competitiveness in providing IT services, which is approximately 3-4 times cheaper than the US, continues to be the mainstay of its Unique Selling Proposition (USP) in the global sourcing market. However, India is also gaining prominence in terms of intellectual capital with several global IT firms setting up their innovation centres in India
Kosovo needs to explore IT industry to give boost the employment growth and a up scaling rise to the country’s economic growth.
Some of the major developments in the Indian IT and ITeS sector are as follows:
- India ranked ninth out of the 14 countries in the latest report of the Korn Ferry Digital Sustainability Index (DSI), outperforming countries such as China, Russia and Brazil.
- India is the topmost offshoring destination for IT companies across the world. 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. US$ 150 billion Indian IT industry’s export revenue to grow at 7-8% and domestic market revenue is projected to grow at 10-11 per cent in 2017-18.
- India plans to create wireless Technology 5G by the end of the year 2020 which will help India in realising its most important goals of “Increasing the GDP rate”, “Creating Employment” and “Digitizing the Economy”.