There is a flourishing start-up and innovation culture in India, as shown by the Global Innovation Index, where she has improved its ranking from 81 to 52 between 2015 and 2019. In addition, the country has improved its reputation in terms of the risk posed to foreign investments and, in 2019, ranked third in the world in terms of attracting investment for technology transactions.
In the past few years, India has become a major attraction for latest technological advancements. Consumers for all sorts of technological positions have seen rise in recent times. This makes it extremely important to understand the latest technology trends which are presently taking place in the country. Such latest trending technologies are: Robotics, App Development, Web Development, gaming, Cyber Security, Artificial Intelligence, Food Tech and Crypto Currency.
It is reported that the US produces one lakh engineers in a working year for a $16-trillion economy whereas India produces 15 lakh engineers for it $2-trillion economy. Prof. N.V. Ramana Rao, director, NIT-Warangal, said, “India is producing engineers to meet global needs. The period 2015 to 2020 has been a watershed for science and innovation in India. With a stable government, a large number of policies and programmes have been developed to encourage an innovation culture and absorb major emerging technologies such as artificial intelligence, blockchain and electric vehicles.
India’s IT services industry began by providing low cost back-office services. However, in recent years it has expanded into cutting edge fields such as artificial intelligence, machine learning, analytics, cloud migration, the internet of things and other forms of “digital transformation.” A great deal of “U.S. innovation” is now outsourced to India, especially in digital technologies and the life sciences.
There is a burgeoning start-up and innovation culture, as shown by the Global Innovation Index, where India has improved its ranking from 81 to 52 between 2015 and 2019. In addition, the country has improved its reputation in terms of the risk posed to foreign investments and, in 2019, ranked third in the world in terms of attracting investment for technology transactions.
Major Issues
Future engineers of India will require additional specialization and skills to adapt to the rapid digitization of industries. The Indian IT industry is almost 40 years, and they need to face and overcome generational shifts in technology and business models.
What we are seeing now is a combination of rapid technology evolution towards digital and new-tech and business model evolution towards driving more non-linear revenue growth.
The need for re-skilling the Indian technology workforce stems from this combination.
To be able to adapt to the changing landscape, students should look for opportunities to enhance their skills and gain hands-on industry experience in real-life applications.
The USA Syndrome
American writers express the view that in the context of today’s rapidly rising China, no nation is more important than India. Only India can match China’s vast population, low-cost labor availability, and deep base of world-class technical talent. Both the United States and India have strong political, cultural, and linguistic affinities, and both nations see China as a military and geopolitical rival. While American and Indian interests are not always aligned, the potential synergies, including moving manufacturing from China to India, are real.
America and other Western countries get their technical and back-office business requirements and services handled at much lower cost, while the workforce in India can reach global markets and improve its economic status. Due to the lower cost of living in India, American companies are able to save hundreds of millions of dollars.
The United States reliance on India for information technology (IT) and other high-tech services gets far less attention among the public.
America is the largest market for Indian IT services suppliers such as TCS, Infosys, Wipro, HCL, Cognizant and others, which collectively enjoyed some $50 billion in sales to the U.S. in 2020 while American IT services companies such as Accenture, IBM, Deloitte and DXC do much of their actual work in India. These four firms alone employ some 400,000 people in India.
More than 1,000 U.S. companies have set up their own operations in India, employing some 1 million people for everything from back-office IT and call centers to strategic innovation and research and development while there are more than 300,000 Indians working in IT in the United States.
India’s IT services industry began by providing low cost back-office services. A great deal of “U.S. innovation” is now outsourced to India, especially in digital technologies and the life sciences.
The U.S. may be the global center of the IT universe, but India will exceed the U.S. in the number of software developers by 2017, a report noted.
European, Japanese Market
Outsourcing of services from India took off in the late 1990s with technological development, globalization, changes in business models and liberalization of domestic markets. In 2008, India accounted for 55 per cent of global IT off shoring and about 35% of BPO (business process outsourcing) services.
Among India’s major export destinations of computer software and services, the United States, with a share of 55 per cent, topped the charts in 2009-10, followed by the European Union (EU) (mainly the United Kingdom (UK), Netherlands and Hungary) with a share of 31.33 per cent.
India and the EU are two key players in the global IT trade. While clients from the EU (particularly the UK) continue to dominate the sector, majority of the IT/offshoring has come to India and the trend is expected to continue. India with a young and qualified manpower complements growing skill requirement in the EU.
These mutual complementarities have accentuated cross-border movement of IT professionals, especially Indian professionals to the EU, and presence of Indian and EU companies in each other’s territories. India’s abundant supply of high-skilled professionals complements the labour shortage in many EU member states.
Japanese recruiters looking to make up the shortage of IT workers in Japan are increasingly turning to India. An April 2019 survey by the Ministry of Economy, Trade, and Industry found that demand for IT workers in Japan would exceed supply by 300,000 in 2020, a shortfall that is expected to swell to 450,000 by 2030.
By comparing standards, the recruiters determined students in India provided the best match of skills and ability, leading it to focus its efforts there.
Now about 100 companies in the Nagasaki region in Japan are ready to induct Indian engineers to support their IT, shipping and manufacturing service industries. (Indian Economy news)
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