Future is for new business models

MUMBAI, INDIA: After having hit hard by the economic recession, the IT industry is now poised for an upward growth. However, the current focus seems to be on new emerging business models.

While speaking at the NASSCOM India Leadership Forum 2010 here today, NASSCOM chairman Pramod Bhasin drew a blueprint of the new business models that are set to become the new growth drivers.

“About 80 per cent of new businesses during 2010 - 2020 are expected to be from new areas,” he said quoting surveys. “The new business models that are expected to emerge are in the fields of public service, governance and healthcare.”

Bhasin also pointed out that we have new opportunities in cloud computing, domain specialization. Using disruptive models, the Indian industry can help solve the problems of the global ecosystem.

India unscathed

Despite the fact that 2009 faced the worst-ever recession and the industry was left in dark about an early recovery, the Indian industry witnessed a 5.5 percent growth, Bhasin observed. "The performance represents the renewed energy in the industry and its collaboration with partners and costumers," he added.

Bhasin also noted that though 2009 was also witness to the Satyam Scandal, the governments response had been swift. Because of the actions taken by the government and industry leaders, the company is now again live and kicking. The whole episode had reinforced the faith of corporates in India, he observed.

Challenges

Despite the worst times coming to an end, the industry is still faced with hurdles like protectionist measures adopted by various countries, fiscal deficit and unemployment. In India, we still continue to face problems related to infrastructure, education.

The problem of unemployment is the single largest challenge for all economies, said the NASSCOM president. There are other barriers like visa issues. However, India has overcome the challenges with its own approach and showed the world how to lead and bring inclusive growth across the country, Bhasin underscored.

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