The current scenario in the IT industry of India and the tremendous growth registered in recent years has generated much optimism about the future of the Indian Information technology industry. Analysts are upbeat about the huge potential of growth in the Information Technology industry in India.
The major areas of benefit that the future growth in the IT industry can generate for the Indian economy are -
Exports - The IT industry accounts for a major share in the exports from India. This is expected to grow further in coming years. The information technology industry is one of the major sources of foreign currency or India.
Employment - The biggest benefit of the IT industry is the huge employment it generates. For a developing country like India, with a huge population, the high rate of employment in the IT sector is a big advantage. The IT industry is expected to generate employment of 2.2 million by the end of 2008 which is expected to increase significantly in coming years.
FDI (Foreign Direct Investment) - High inflow of FDI in the IT sector is expected to continue in coming years. The inflow of huge volumes of FDI in the IT industry of India has not only boosted the industry but the entire Indian economy in recent years.
The Nasscom- McKinsey report on the IT industry of India projects that the Indian IT industry will reach 87 billion US Dollars by the end of 2008. 2.2 million Employment is expected to be created in the IT industry according to this report. The report also projects 50 billion US Dollars of IT exports from India by the end of 2008.
Software exports from India are expected to grow in coming years. New markets for software exports from India have opened up in the Middle East, South and Southeast Asia, Africa, and Eastern Europe. The reputation that India has earned as a major destination for IT outsourcing has opened further possibilities. Many developing countries are now using the Indian model for growth in the IT sector.
Another important area of future growth for the IT industry of India is the domestic market. While exports dominate the IT industry at present, there is huge scope of growth in the domestic market which can be tapped in the future.
The US recession has had its share of negative impacts on the Indian IT industry. However, the industry has faced the challenges posed by the global market and is sustaining its rate of growth. The focus for the future is to ensure that the benefits of the IT industry percolate to the grassroot levels.
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Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural 'Distinguished Leader in Residence' at New York University. Advisor at World Economic Forum
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James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.