Information Technology (IT) is a pivotal part of the Indian economy and has played a defining role in establishing our economic prowess on the global map. The sector includes software solutions, hardware, IT services, engineering and R&D services and ITES (IT-enabled services). In the ITES segment, India has emerged as one of the most preferred destinations for companies looking to offshore their IT and back-office functions due to cost arbitrage, availability of skilled manpower and a favourable business environment. Indian IT companies, especially the top firms such as TCS, Infosys and Wipro, have been competing against top global firms such as IBM, Accenture and EDS for large mandates. India continues to remain a hub for cost effective technology operations. Nasscom has maintained its growth projection of 16-18 per cent for the sector in this fiscal.
The sector is projected to bring in revenues of US$ 68-70 billion during this fiscal. The IT industry in India is continuously generating millions of direct jobs over the years. The industry currently has around 2 million employees.
With major IT firms evolving continuously in a dynamic market to address the complex demands of clients in a highly competitive environment, there is an increasing demand for a talent pool that has the skills to deliver value-added and unique solutions. This will also call on out of the box thinking by companies to ensure that their people are “future ready”.