Over the years, India has managed to capitalize its economy and has emerged as the major exporter of IT, BPO and software services. A $167.0 billion worth of service exports has been recorded in the year 2013-14. The contribution of Information Technology sector to nation's GDP has risen to around 9.5% in FY15 from 1.2% in FY98. Moreover, the BPM (business process management) sector including hardware is estimated to have generated US$ 146 billion in revenue during FY15 as compared to US$ 118 billion in FY14, showing an excellent growth rate of 23.72%.
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Source: ibef.org
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Both the IT-BPM sector constitutes nearly 8.1% of the India’s GDP #and contributes significantly to public welfare. Over a period of time, the BPM sector, earlier known as BPO sector has transformed to a great extent. This industry is now offering a variety of services including designing marketing campaigns, securities market research, budgetary planning, supply chain inventory optimization, analyzing investment portfolios, and much more.
Owing to its exports, the IT industry in India amounts to 7% of the global market. Additionally, the fastest growing urban infrastructure has supported the growth of numerous IT centers in the country. Around 60% of enterprises prefer choosing India for testing services over other countries in the world.
National policy on IT 2012
According to the reports, the objective of National policy on information technology 2012 is to boost the revenues of IT and BPM industry to USD 300 billion by 2020. It also aims to grow exports to USD 200 billion by 2020. The core aim of this policy is to make India a global hub and destination for IT and BPM services by 2020. Establishment of Software Technology Parks of India (STPIs), Special Economy Zones (SEZ) policy, National e-Governance Plan (NeGP) and National Cyber Security Policy 2013 are amongst the various initiatives taken by the government to augment the growth of IT sector in India.
Other Initiatives and Growth Contributors
The Projects like 'Digital India' are also providing the information technology field a secured position within and outside India. The top 5 contributors indicating the competitiveness of the Indian IT market with over 35% of the total industry revenue include Tata Consultancy Services (TCS), Infosys, HCL Technologies, Cognizant, and Wipro. Amongst all these firms, TCS is the leading with around 10.1% share. Furthermore, the cities which have emerged as the major information technology hubs in India over a period of time are:
- Bangalore- Also, known as the 'Silicon Valley of India' and 'IT Capital of India'
- Hyderabad-Also known as 'HITEC City' and 'Cyberabad'
- Chennai- The 3rd largest exporter of IT and ITES of India
- Delhi- Known as the cluster of software development
- Pune- One of the biggest global IT services and outsourcing exporter of India
With so much of growth and development, the IT sector in India has become one of the biggest employment generators in the nation. This industry will continue to generate IT jobs in the upcoming period, thus providing employment to millions of candidates.
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