Information Technology conquering new heights in India

COVID-19 has taught the entire world many things and shown how under prepared are we as a nation to manage a health crisis as well as the resulting economic crisis. Therefore in a globalised world, self-reliance has gained importance.

The IT sector has played a key role in putting India on the global map in the last 3 decades. This sector has not only contributed to the economic development of the country, but it has also made governance more efficient and responsive. Companies like Progressive Infotech are playing major roles in providing Digital Transformation services that specializes in IT Managed Services to keep the lights on. In the early 2000s, IT sector contributed less than 5 per cent to the country’s GDP whereas today it contributes nearly twice as much. As of 2020, India’s IT workforce accounts for 4.36 million employees. India is emerging as the new hub of Digital Skills.

Globally, India has been recognised as a knowledge economy due to its impressive IT industry. The IT-based services and products have become crucial for making any business enterprise flourish and accomplish success. IT sector has continuously achieved new breakthroughs in the governance and banking sector. It has transformed India’s image from a slow moving bureaucratic economy to a land of innovative entrepreneurs making split-second decisions. IT has enabled India to become a global leader in offering world class technology solutions and business services.

The enormous enhancement in technology is changing social dynamics. IT is positively influencing the lives of numerous people through direct and indirect contribution to various socio-economic parameters such as employment, standard of living and diversity. IT companies have included new service lines such as hybrid cloud services, digital workplace services, AI/ML, Data Analytics, IoT and RPA & Automation services, whereas, ITES-BPO companies have started offering more complex services such as financial research and analytics, actuarial modelling and corporate and business research. The near future of Indian IT industry sees a significant rise in share of technology spend as more and more service providers both Indian and global target new audiences and provide flexible and low cost solutions to customers.

The growth of the IT industry in India is unprecedented compared to the major economies of the world. All the sub-sectors of this industry have made major strides in revenue growth in the last two decades and also fueled the growth of the Indian economy. India has a comparative advantage in the global IT sector, both in terms of cost as well as large skilled resource pool growing strongly every year. With a large pool of workers having software and language skills, India is in a vantage position to move towards producing higher value-added software and services.

Emerging technologies now offer an entirely new gamut of opportunities to top IT firms in India. These firms have proven their capabilities in delivering both on-shore and off-shore services to global clients. The industry is expected to grow to US$350 billion by 2025.

(The author is founder & CEO of Progressive Infotech)