Can India become a bigger provider of IT service?

The information technology (IT) sector is crucial to the 21st-century knowledge economy, which is technology-driven. India has even gained recognition as a knowledge economy on a global scale because of its excellent IT sector. IT services, IT-enabled services (ITES), e-commerce (online business), software, and hardware goods are the primary components of the IT industry. This sector plays a crucial role in developing the infrastructure needed to process, exchange, and store data for businesses and other organisations. 

The success and expansion of any organisation now depend on IT-based services and products. Not only does this industry greatly increase the productivity of virtually every other sector of the economy, but it also has a tremendous amount of potential to spur additional growth and development.

Information technology has enhanced government management and service delivery, as well as transparency (such as health care, consumer rights, etc.).

Our economy depends on it to grow enormously and generate millions of employment, much like the IT sector does. The IT sector in India is growing at a rate unheard of in other economies. With the exception of hardware products, every segment of this business has seen an increase in revenue over the past several years, contributing to the expansion of the Indian economy.

The IT sector has experienced tremendous growth and significant force exchange. Thus, India has developed into an IT powerhouse for international software companies during the past ten years, and Indian software firms now hold key positions in the global IT industry. The largest location for IT industry sourcing in the globe is now India. E-commerce, cloud computing, and online retailing are all fostering the IT sector's rapid expansion. 

The evolution of the Indian IT industry

India is a much more significant market for American businesses. According to a survey released on April 12 by the Washington, DC-based public policy think tank Information Technology & Innovation Foundation, the majority of private US enterprises rely heavily on India for their IT services needs (ITIF). These businesses either have in-house IT departments in India or are reliant on Indian IT providers or the Indian operations of American IT corporations.

Compared to the practically universal reliance on India for IT, only five US businesses with a manufacturing base have shifted to China. Longtime clients of General Electric, Citibank, Morgan Stanley, Fidelity, HSBC, Lloyds Banking Group, Airbus, Cisco, British Telecom, Vodafone, and Nielsen include the Indian IT behemoths Tata Consultancy Services (TCS), Infosys, and Wipro.

However, according to ITIF, these businesses have also moved up the value chain and into more strategic fields recently, including cloud migration, business analytics, process automation, artificial intelligence (AI), machine learning, the Internet of Things, and other forms of "digital transformation." India's service providers have always offered less expensive back-office IT operations.

Bengaluru, India's Silicon Valley, is also home to 1,600 global competence centres (GCCs) for technology, more than 60% of which were founded by US-based businesses.

Conclusion

In the years following the reform, India's IT industry expanded at an extraordinarily fast rate and made a significant contribution to the country's GDP. The IT sector has continuously increased and propelled India's growth despite the shaky state of the global economy.  The IT industry absorbs a large pool of Indian skilled workers, making the country a global hub. India's IT industry has transformed the entire economic and governance landscape. Indian IT Company like Codepilot Technologies have been building software for small start ups and helping their businesses to grow.  The Indian IT industry is gaining traction in new disruptive technologies and will play a significant role in the global fourth industrial revolution.