The recession in 2008, besides leaving a deep impact on the economy, had also slowed down the future growth of businesses. The IT and BPO sector are projected to grow at a rate of 13 per cent for this decade compared to that of 20 per cent. Despite the global headwinds, there are predictions that the Indian IT and BPO sector may surge highly and reach a target of $22 billion by 2020.
It is noteworthy that the Indian IT and BPO industry survived and achieved considerable growth amidst the US and European Union turmoil. The higher growth rates are a result of a lower base, and 80 per cent of the business is expected to come from new locations around the world.
The Good News
There is however some solace for job seekers in the IT and BPO industry in India. The IT/BPO sectors in India are planning to hire 10 million people in the next seven years. The industry currently hires 3 million people. The good news comes not only to engineering and management graduates, but also to those with degrees in commerce, science, and arts streams.
Every graduate can have a bite of this cake taking on a different role in the IT and BPO sector. A vision for 2020 on the IT/BPO sector was released by two stalwarts in the IT industry, NR Narayana Murthy, the co-founder of Infosys and N Chandrasekharan, the CEO of Tata Consultancy Services. The renowned personalities of the sector told that the industry has a vision to harness a $300 billion growth in the upcoming years, and this will also facilitate job opportunities.
There are currently 3 million employees in the sector, and this makes the IT and BPO sector the largest private employer in India. The NASSCOM report says about 30% of the workforce in this sector are women and the average age group of the employees ranges from 26-27. The companies in this sector have now started hiring graduates in B. Com., M.C.A., B.Sc., and M.Sc., apart from the MBA and B.Tech graduates.
Role of Graduates from various backgrounds
Graduates in arts streams are currently used for roles in data entry and voice-related administration while graduates in commerce are recruited to carry out work in finance and accounting related jobs. The research and development activities are handled by graduates having science background.
Hiring at present is at a slower pace while it is expected to gain momentum in the future. The niche segments within the sector are also witnessing a quick growth unwrapping new job opportunities.