The flaw of another nation, Talents, and Population of India evolve an industry which is $191 Billion in evaluation.
IT Sector contributes approximately 8% to Indian GDP and has 46% of the share in the countries service export that is $147 Billion in the fiscal year 2020.
We are talking about the Indian IT Sector which exports high quality of products and services to the highest paying customers in the world.
Reasons for rise of IT Sector
In the year 2000, there was a major computer error known as “Millennium Bug”.The computer system couldn’t handle the Western World written software program which ends with 00 because of storage problems as the year changes from 1999 to 2000.
Due to the glitch, computers might interpret 2000 as 1900. All technology centers such as a power plant that uses a computerized maintenance system for security checks and Transportation which depends on time and date were threatened due to the major glitch in the computer system.
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This is the time when the Indians showed a way to fix the problem in an affordable way which gives a major boost to Indian IT industries.
After stabilization of the Telecommunication Industry, Indians were started to provide offshore services to the western world because of the much faster way to write computer software.
Globalization also plays an important role as India needs another market segment apart from the Agriculture and Manufacturing sector, which comprises the maximum amount of job providers in India.
Due to Globalization Indians learned the demand of the IT Sector in the future and an important factor which paved the way for the modern IT Industry.
Importance of IT Sector
IT Sector in India having approximately 850000 workforce which comes from the best college of India Like IIT, NIT, and many regional and private institutes.
Because of the population factor in India, these colleges provide a very economical and skilled workforce to the IT industry in a larger number.
Indias rising population provides at least 1.5k peoples market for every workforce-related directly to the IT sectors of India.
After Donald trump coming into power as “The President of United States of America”, Indians living in the USA for lucrative work mainly in IT industries face visa problems due to the anti-immigrant policy of the Donald Trump Government.
It leads to the Indian origin people living in the USA realized to come back to India and explore the unexpected market of 1.35 billion people giving economical workforce for them to start their business.
Indian start-up which achieves the huge success in India such as – Purple Squirrel, Chillr, Grabhouse, Doormint, Quikr, Pepperfry, Ola Cab, Bookmyshow, Justdial, PriceBaba, etc. also motivate tech people working in high paying lucrative jobs in a multinational company like Facebook, Google, Microsoft, Amazon, etc. to come back and execute their Idea for startups with the help of economical workforce and ‘Make In India’ initiative started by Indian Government.
Covid-19 reforming IT Sector
During COVID-19 pandemic, every Tech giant country faces the more disastrous loss of economy and society showing the reality to the world that the western world is nothing but hoax which attract foreign country to utilize them as the late and irresponsible action taken by them to stop the disease from spreading.
It forces the Western nation to change their immigration policy like USA President Trump twitted to suspend some immigration into the US for 60 days creating a fear like situation.
Unlike another country, India is also affected by the Coronavirus. IT industry, especially learned to fight from COVID-19 and reform the IT Sector by making the norms to work from home even after the end of Coronavirus.
It is accepted by most of the Tech giant in India as during the meeting with government officials, IT industry leaders were asked to detail the required changes in legislation to facilitate the smooth transition of In sector.
It can help every person directly associated with the Industry and also help the Company to reduce the cost spent on infrastructure.
Experts believe that work from home model delivers gain to both society and the industries as metropolitan cities are decongested with lower migration of people from Tier 2 and Tier 3 cities which can reduce the carbon footprint.
IT industry, which is a part of the Sensex one of the highest growing benchmark index of the world are HCL Tech, Bharti Airtel, Infosys, TCS, and Tech-Mahindra with the total market capitalization of 1211149.69 Crore as of date 14th May 2020. Thus we can say that IT sectors represent the economy of India and their growth represents the growth of India.