give the overview and importance of it-sector and future skills sub-sector
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The Information Technology & Information Technology Enabled Services (IT-ITeS) sector is a field which is undergoing rapid evolution and is changing the shape of Indian business standards. This sector includes software development, consultancies, software management, online services and business process outsourcing (BPO).
According to an article in the Times of India, India's liberalization was possible due to its IT industry. In the 1990s, the industry started off with an export of nearly $100 million with around 5,000 employees. Now it is an industry that thrives globally and India's IT exports are now around $70 billion with 2.8 million employees working in this sector. The article states that the IT sector is one of the top two industries in the country today.
India's IT industry is expected to grow at a rate of 12 - 14% during 2016 - 2017 as per a report by India's software industry body National Association of Software and Services Companies (NASSCOM.) This clearly shows that information technology is a sector which will likely be one of the emerging markets in the days to come as India's economy requires more hardware, software and other IT services. In a NASSCOM-McKinsey report, India's position in the global offshore IT industry is based on five factors - abundant talent, creation of urban infrastructure, operational excellence, conducive business environment and finally, continued growth in the domestic IT sector.
IT Industry in India 2017
IT BPM industry revenues (excluding hardware) for the Financial Year 2016-17 is estimated to be at US$ 154 billion.
IT sector contributed to India's GDP by 7.7% in the year 2016.
In the Financial Year 2016, TCS stood as the market leader with about 10.4% contribution to India's IT and ITeS sector revenue.
The IT market is quite competitive with the top 5 IT firms contributing over 25% to the total IT revenue.
For the Financial Year 2017, the domestic revenue is estimated to be at US$ 38 billion while the export revenue is estimated to be at US$ 117 billion.