write an article on the "future of IT in India".Don't forget to highlight India's domination in this sector
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With the global ecosystem of the IT sector undergoing significant changes in the last couple of months, what lies ahead for Indias growing talent pool of IT professionals?
The Indian IT talent space is currently in a state of flux. The growing ambiguity regarding the future of H1-B visas has just been an addition to the long list of problems that technical talent within the country has faced over the years in finding the right break. The industry has been a major contributor to the Indian economy. Directly or indirectly, the sector contributes around 10 percent to the gross domestic product, nearly 25 percent of exports, and employs over 13 million people. Smaller IT firms account for about 60% of this contribution, while women make up around 35 percent of the industry’s workforce, making it one of the most diversity-friendly sectors in India. India is currently the world’s largest global sourcing destination with around 3.7 million people directly employed by the IT-ITeS industry.
A summation of multiple forces both technological and socio-political in nature, have impacted the Indian IT industry in recent times. The big four companies of the IT industry, that heart that pumps jobs creation and within the sector, have year on year shown a decline in their total number of hires.
The problematic aspects
The IT sector has been one of the cornerstones of India’s growth story in the services industry. But this growth rate, off late, has started showing signs of wavering consistency. The growth rate of the industry has shown what is almost a steady decline (from 13.8 percent in 2013-14 to 10.3 percent 2015-16. In the current year, Nasscom estimates growth to be 8-10 percent). This drop in growth rate has consequently been reflected in the hiring potential of many these IT companies in recent times. In a report Goldman Sachs has suggested a probable slowdown of the of the growing IT sector in India. Owing to protectionist policies around job creation that have recently found increasing favorability in countries like the US and the UK, many speculate the problem will only get worse moving ahead. As the cost incurred on visas for local talent working in the US increases, most companies will find it directly impacting their bottom line performance, slowly but surely eating into the profit margins that most these companies face (according to one estimate, over 60 percent of the revenue of the $150-billion-plus Indian IT industry is from exports to the US). And this would remain the case if the companies within the sector fail to innovate both their business models and the way the develop and re-skill their existing talent.
Answer:
The IT sector has been one of the cornerstones of India’s growth story in the services industry. But this growth rate, off late, has started showing signs of wavering consistency. The growth rate of the industry has shown what is almost a steady decline (from 13.8 percent in 2013-14 to 10.3 percent 2015-16. In the current year, Nasscom estimates growth to be 8-10 percent). This drop in growth rate has consequently been reflected in the hiring potential of many these IT companies in recent times. In a report Goldman Sachs has suggested a probable slowdown of the of the growing IT sector in India. Owing to protectionist policies around job creation that have recently found increasing favorability in countries like the US and the UK, many speculate the problem will only get worse moving ahead. As the cost incurred on visas for local talent working in the US increases, most companies will find it directly impacting their bottom line performance, slowly but surely eating into the profit margins that most these companies face (according to one estimate, over 60 percent of the revenue of the $150-billion-plus Indian IT industry is from exports to the US). And this would remain the case if the companies within the sector fail to innovate both their business models and the way the develop and re-skill their existing talent.
The other critical factor that has impacted the potential to create jobs within this industry has been the shift towards using newer technologies like AI and automation. In one of the findings by the World Bank, the urgency of this factor has been highlighted. This is reflected in its estimate that around 69 percent of jobs stand threatened due to automation in India. The report mentions that the current technology could “potentially disrupt the pattern of the traditional economic path in developing countries.” Although this consists of the entire pool of employable skills that might be replaced as a result of automation, IT functions are sure at the forefront of facing such an incoming impact. A recent TCS study revealed that in the coming years, AI is bound to become an essential component of the many IT companies function, going on to establish a direct business impact. This shift towards AI the use of AI and automation along with its impact on India’s core contribution to the global talent pool of skilled technical professionals remains to be seen. But this surely has created a flutter within major IT players who are looking for new ways to adapt to such incoming changes.
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