The IT-BPM industry in India has been on a growth trajectory in the last decade. The industry started from humble beginnings and went on to become the pioneer in global IT-BPM industry. India has established itself as the leader of IT-BPM service providers at the international level.
Today India is the only country that offers its services across the various segments of the IT-BPM industry, including the IT Services, BPM, Engineering & R&D, Internet & Mobility and Software Products.
India’s significant progress in the sector has not only contributed to the industry attaining the top position at the global level, it has also impacted the country in a positive manner.
IT-BPM Industry aiding India’s growth story
The Indian IT-BPM industry has been a noteworthy contributor to India’s growth story. It can be defined as one of the factors that are fuelling India’s progression. The Indian IT-BPM industry includes the IT Services sector worth USD 50 billion, BPM sector worth USD 20 billion and Engineering sector worth USD 10 billion among others.
Software products and Internet & Mobility are the emerging sectors that are expected to provide huge opportunities for growth in India in the future. With a well-established position in the global market and having scope and opportunities for emerging sectors, the Indian IT-BPM industry is contributing to the country’s gross domestic product (GDP) and exports in a significant manner.
In fact, the IT-BPM industry is also influencing the socio-economic parameters across the country. The industry is providing employment to more than 1 million youths in the country. It has helped to enhance the standard of living of millions of people. It has shaped India’s image on the world map as a knowledge-based economy.
Contribution of IT-BPM Industry to Indian economy and employment
The Indian IT-BPM industry has made a remarkable impact on Indian economy and employment. The contribution and impact of the industry to the Indian economy and employment can be summarised as follows:
- Socially Responsible and Inclusive: The Indian IT-BPM industry provides improved access and delivery of services. It helps to bridge technological divide, develops e-governance solutions and formulates strategies for Corporate Social Responsibility (CSR) activities
- Creating Innovation Platform: The industry is creating and developing innovative platform in a huge manner. There has been about 78 percent increase in patents filed over 2009-2012. Along with that, there has been a steady increase in Research & Development spending.
- Empowering the Diverse Human Assets: The industry is empowering diverse human assets by providing employment to about 50 percent of workforce from non-Tier I cities. The industry also employs about 30 – 35 percent women employees.
- Contributing to Indian Economy: The IT-BPM industry is a major contributor to Indian economy. It contributes to about 8 percent of India’s GDP. It is responsible for about 23-25 percent of India’s exports. Around 7 percent of India’s total FDI share is contributed by this sector.
- Driving Balanced Regional Development: The industry is helping in regional development by contributing to state GDP. It is contributing towards enhancement of education system. It is generating employment for the youth. The industry is also working towards infrastructure creation.
- Putting India on the Global Map: The Indian IT-BPM industry has helped to place India on the global map. With a presence in 75 countries and with 580 global delivery centres the industry is currently providing employment to about 1,00,000 foreign nationals. The industry has been successful in 380 cross-border acquisitions during FY2008-2012.
Such contributions by the Indian IT-BPM industry have resulted in a positive impact on India’s growth and development. With immense opportunities for further growth of the industry, the future prospect of the IT-BPM industry in India indeed looks bright.