They deceived at the unholy happiness with which a section of the media is writing about an industry that should celebrate. It is one of the greatest success stories of modern India, This software industry has grown from about $50 million to over $150 billion with 30 years, and it desired and the feared by the world. It is the True Make in India flag bearer, that is the largest employer in the organised private sector, and the accounts for 8 percent of GDP growth and the 65% of service export, and 25 % of all exports.
It is also attached the global venture capital (VC), and for the private equality (PE) to India, the guide in the global standard of governance that created the higher levels of employee ownership and its wealth, and it also set the Level of employee care. That created the brand that is New India.
It is the success that achieved in the unbelievably adverse conditions. When some of us found that the National Association of Software and Services Companies (Nasscom) in 1988, India it had the 2 percent Hindu rate of GDP and the growth in its domestic market. A few weeks of foreign exchange that beginning to the restrictions on foreign travel, for one year to create a company with permissions, 160 per cent import duties on the hardware and software, telecom hired lines transmitting at 9.6K, no VC and no debt, and all the IITs performing perhaps 100 computer graduates. Dinesh said that this is the time to tell the media that you are the Pakistan Programmer.
In this situation, we created a world-beating industry by focusing on the innovation and its quality. On 2000 we had more Globally Quality-certified companies than any other countries. And they were aware of the potential visa issues, and we reduced the dependence on the on-site services and the pioneered offshore delivery from the multiple locations.
We have to overcome that the shortage of IT has grades by the working with the government and with the Indian Institute of Management, Ahmedabad, all join to create a new Master of Computer Applications (MCA) degree. And they built in-house ability to train the large numbers of fresh non-IT grads into its fully deployable resources within 6-9 months.
They invented the unique of the ‘delivery model’ that by using a few senior people, and with the masses of well-trained fresh graduates, and it is rigorously designed on robust processes to deliver the projects and to the same quality and it has time specs as global players with huge numbers of experienced staff.
Though the global majors removed us as a cost carbonation that would burst with the rising of salaries, and we had seriously innovated. That they had taken the entire value chain from the customer’s specifications to the last line of code, disaggregated it, done each part individually, and then they will put it together again, to deliver the same or better value at the lower cost.
They remained with the internet bust of 2000, the economic meltdown of 2008, and have withstood warnings and competition from large global players from the US and Europe as well as developing economies in Eastern Europe and Asia. They have increased despite blatant protectionism from advanced countries that have disingenuously mixed trade and immigration issues. That is the H-1B rules that favour US companies over ours, unfair social security taxes in billions of dollars that we cannot demand under US law. And also the Chinese government spending tens of billions of dollars in the massive subsidies and offering them the free plug-and-play infrastructure to seduce the foreign members to set up base in China.
It is far from the invoking any ‘nationalist’ thought. But the sensationalising of this issues are based on anecdotal interviews, and it is unfair to India the most global and the key industry, and a huge disservice to the potential aspirants and wishing to join it. Reports of the mass layoffs are wrong.
Nearly Six lakh peoples hired in the last three years, and 50,000 in Q4 of 2016-17 alone with only the top five companies. This industry will be the net hirer in 2018. Performance-linked workforce realignment, which impacts less than 3 percent of the workforce, has almost changed in this year. At the Lower attrition, by automation and the industry focus on the innovation and to enhanced the efficiencies have been seen in a gentle deceleration of hiring growth rates. Consequently, this industry demands to hire more people for the next eight years than they did in these past eight.
The oft-quoted McKinsey who study about the talks of one million of current jobs has been destroyed in the future and also points to 1.9 million new jobs created in the same time frame. In fact, today, we account for barely 5 percent of the global tech industry. So, we have substantial headroom for growth our vision for 2025 being $350 billion, which would add another 2.5-3 million. The jobs, are according through their skill sets are changing and reskilling is key.
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An industry that has succeeded in upsetting the global model understands the need to reinvent. Leading businesses have been gearing up in their way: technology acquisitions, local and global mergers and acquisitions, corporate venturing, engaging with the growing, vibrant startup ecosystem, and reskilling.
Startup and Running
The life cycle of skills is shorter half of today’s jobs will need new skills. By the Prime Minister Narendra Modi, he focused on Digital India; Smart Cities in India but finally has a quickly growing domestic market. The government’s ‘Startup India’ ambition and a slew of projects like the Rs 10,000 crore ‘Fund of Funds’ have made the startup ecosystem that comes alive.
Then now they have about 20,000 startups, and the propelling us to the third spot in the world. Nasscom is no longer about IT services or business process outsourcing (BPO). Its 10,000 startups initiative has been a runaway success. So, the prophets of doom can take some time off and celebrate.