IT industry in India Information Technology in India is a comprehensive industry. It is observed that the IT industry has accounted for 8% of India's GDP in 2020. The 21st century is earmarked as Information Technology-driven and India is at the Centre of global attraction and is considered as a knowledge powerhouse.
The IT industry covers IT-enabled services, e-commerce, Software, and Hardware products. In today's competitive world, IT-based services are essential for any organization to boost productivity, flexible business opportunities, and grow efficiently and economically.
Growth of IT industry in India India is emerging into a digital economy, with over 750 million internet subscribers; it is the second-largest after China. IT industry plays an important role in expanding export services to $1 tn in 2021 At the time of the COVID19 pandemic, the IT industry in the Indian sector was the fastest to adapt to remote work culture. In the Indian IT services industry, the hiring intent came with the benefits of working from home for more than 2 mn IT professionals working remotely Source- investindia.gov.in
India is the hub for “Digital Skills”. In India, IT industry employs the most people in the private sector. Every job created in the technology industry had a multiplier impact, resulting in the creation of 2.5 indirect jobs in related industries.
Key drivers for the growth of IT industry in India
- Low cost of operation and tax advantages
- Supportive government policies
- Availability of technically skilled workforce
- Strong growth in export demand
- use of new technologies like cloud computing
- Government established SEZs
Highlights of Union Budget 2022 The Union Budget has highlighted the significance of technology in all focus sectors such as infrastructure, inclusive development, sustainability, sunrise industries, and skilling. Source- business today.in The government has recognized the importance of analytics, IoT, machine learning, artificial intelligence and has allocated Rs. 8000 crore to set up a national mission on quantum computing and technology. Source- theweek.in
he government has taken some initiatives like Digital economy, digital health, e-passport, digital currency. Skilling programs will be reoriented. For skilling, upskilling and reskilling of youth, Digital DESH e-portal will be launched. The National Skill Qualification Framework will be linked with the changing demands of the sector.
A digital ecosystem will be introduced for skilling and livelihood. This allows residents to skill, reskill, and upskill to discover appropriate jobs and entrepreneurial opportunities. Source- dqindia.com
How can Valuqo Capital help?
Valuqo Capital serves the following segments in the IT Sphere: -
- Software and services - The industry provides services like internet services, data processing services, online databases, or interactive services.
- Technology hardware and equipment - This industry is categorized into three segments: communications equipment, technology hardware, storage, and peripherals.
- ERP - This software help business processes in tracking resources such as raw material, cash, and production capacity. ERP systems have experienced growth in the early '90s.
- Service as a provider (Saas) - It is a cloud-based subscription service that, makes software easily accessible for the user. It eliminates the need to download software onto your computer separately, also allows it to deliver regular updates and support.
We have been delivering value-added services at various levels in the above segments and have developed a working knowledge base for the same. To know more about how we can assist you contact:- firstname.lastname@example.org