IT Sector Rides On Cloud Nine

The technology industry in India is popular for its cutting-edge innovation and global success. And the fact that it has taken great strides with footprints across the globe has become more than evident from its unending success streak despite the pandemic and the negative effects of the lockdowns. As of now, the sector is on a huge recruitment drive, indicating better days ahead

India is a leading sourcing destination across the world, accounting for approximately 55 per cent market share of the USD 200-250 billion global services’ sourcing business in 2019-20. The IT industry accounted for 8 per cent of India’s GDP in 2020. Gradually, India is emerging as the hub for ‘digital skills’. Within the private sector, the IT industry is known to be the largest employer. In FY20, the industry employed over 4 million persons directly. Further, each job in the technology sector had a multiplier effect, leading to the creation of 2.5 indirect jobs in the adjacent sectors. In fact, India is transforming into a digital economy with over 750 million internet subscribers, only second to China.

Due to the lockdown restrictions, the IT and BPM sectors rapidly adapted to a remote work culture. During the global pandemic, the hiring inclination came with the benefits of work from home for more than 2 million IT professionals working remotely. In the global sourcing market, India’s cost-competitiveness in providing IT services, which is approximately 3-4 times more cost-effective than the US, continues to be its unique characteristic. Besides, the National Optical Fibre Network (NOFN) bears a focus to connect all 250,000 village councils in the country with high-speed broadband.

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