India’s IT-BPM industry is a key growth factor as far as its contribution is concerned in relation to country’s exports, employment rate, infrastructure development, GDP growth, education and innovation.
I was at NASSCOM’s 25th India Leadership Forum 2014 demonstrated the resilience of Indian IT-BPM sector at Grand Hyatt, Mumbai with1500+ delegates from more than 30 countries and diverse industries.
The core theme of ILF 2014 was the Digital Revolution, and how Indian IT-BPM industry can leverage and sustain on this decade’s big growth engine with the next phase of business models and the convergence of technologies. SMAC (Social media, Mobility, Analytics, and Cloud) technologies to fuel growth Future of industry — a complete blend of services, products, solutions and platforms
In the past decade, Indian firms have acquired the scale and skills necessary to deliver large scale, complex transformation projects. However, the vast majority of these projects are linear in nature, with their revenue directly linked to resources. As far as IP is concerned, most Indian firms are still at an initial stage of IP development. Creating, managing and monetizing Intellectual Property (IP) is expected to drive the Indian IT-BPM industry in the coming decade.
Many world leaders shared their experiences and benefits obtained by them from Indian IT sector and their requirements and growing expectations from our IT industry to devise a customized models for them. According to a survey conducted by a global consulting firm of 100 IT companies worldwide, India and China are at the center of disruptive technologies after the US. However, in India, the low risk appetite of VCs and PE investors remains the biggest challenge for innovation.
NASSCOM expects the industry to clock export revenues around 85 Bn$ maintaining a growth rate of around 13% with domestic market to reach 1200 Bn INR with a grow rate at average 14%.
Apart from the technology leaders and innovators, ILF also witnessed some outstanding speeches and two most discussed speeches in the social media were by Narendra Modi and RBI Governor Raghuram. Modi unveiled his vision for Growth & Brand India – IT+IT=IT (Indian Talent + Information Technology = India Tomorrow), with an emphasis on inclusive growth needs an inclusive infrastructure first, to bring down the digital divide. The RBI Governor Raghuram Rajan called for greater collaboration between IT and BFSI industry to develop technologies that would address the issue of financial inclusion for the masses in India, where at least 40% of the population still does not have access to financial services.
There is an increasing adoption of digital technologies by every company, across every industry, in every market, and according to NASSCOM, India is well positioned to meet the global growth projections of $300 Bn by 2020.