By FY 2015,the Indian IT -BPO industry is expected to create about 14.3 million employment opportunities
The phenomenal growth of the Indian IT-BPO industry over the last decade is a matter of pride for us, and an inspiration for other countries. Business leaders today realize the need for moving up the value chain to successfully deliver higher value, complex business critical services that are not transactional and require deep domain expertise.
Drivers for growth
India has the world’s largest pool of employable talent and service delivery infrastructure across multiple geographically dispersed locations within the country. This expansion has resulted in the development of a local talent pool and the physical and social infrastructure. The industry is now moving to rural areas creating employment, improving living standards, positively impacting career and personal development, empowering women and developing a social infrastructure, thus leading to inclusive growth.
India’s talent pool continues to increase with almost 4 million additions this year. This is expected to be critical going forward once the world undergoes the demographics shift as the working age population in the developed economies decreases. With 4 million additions in FY 2011, India’s graduate outturn has more than doubled in the past decade. It is interesting to note that recent government policies indicate further expansion of the education system in India, which will lead to even further increase in graduate outturn in the coming years. By FY 2015, the Indian IT-BPO industry is expected to create about 14.3 million employment opportunities.
The Indian IT industry is closely intertwined with the global economy has a growing domestic market which is equipped to sustain growth. There are concerns of unemployment in the developed nations in short-term and we hope that countries do not opt for protectionist measures, and we continue to stay in a globalized and competitive world.
The future that lies ahead
Going forward, the Indian government needs to look at ways of building a robust innovation ecosystem, developing Tier II, Tier III cities and increase employability of its talent pool. The Indian government needs to sustain focus on improving infrastructure, creating fiscal incentives and a supportive policy framework to mitigate business risks and make India a country to do business with and in easily.