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Global Scope Of IT

The IT industry has great scope for people as it provides employment to technical and non-technical graduates and has the capability to generate huge foreign exchange inflow for India. India exports softwares and services to approximately 95 countries in the world. By outsourcing to India, many countries get benefits in terms of labour costs and business processes. Also, the Indian companies are broadening the range of services being provided to the customers, which is resulting in more off shoring.

Talent acquisition, development and retention initiatives taken by the companies have brought down the employee attrition rates, thereby providing more stability to the employees and increasing their job commitment.Many financial institutions are providing funds for the expansion of IT and ITeS businesses. In order to support IT and ITES, the Indian Government is also taking many steps. For example:

  • The Govt. has provided incentives including tax holiday up to 2010 and competitive duty structures.
  • The Govt. is trying to reduce the international communication cost.
  • It is providing infrastructure support through organizations such as software technology parks.

All these factors collectively create a number of opportunities in the IT sector.

Future of Information Technology

IT will continue to gain momentum; telecom and wireless will follow the trend. The immense expansion in networking technologies is expected to continue into the next decade also. IT will bring about a drastic improvement in the quality of life as it impacts application domains and global competitiveness. Technologies that are emerging are Data Warehousing and Data Mining. They involve collecting data to find patterns and testing hypothesis in normal research. Software services that are being used in outsourcing will go a long way.

Future Estimates (For 2008):

  • Annual revenue estimated for the industry is US$87 billion.
  • Software and Services will contribute over 7.5% of the overall GDP growth of India.
  • IT exports will constitute 35% of the total exports of India.
  • There will be 2.2 million jobs in IT sector.
  • IT industry will attract FDI of US$ 4-5 billion.
  • Market capitalization of IT shares will be approximately US$225 billion.

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