NASSCOM presents a bright picture of India 2020

NEW DELHI, INDIA: NASSCOM, the voice of Indian IT industry, today said that India can emerge as one of the top three global IT Innovation hubs the country’s technology and services industry can earn $225 billion in revenues by 2020 despite the current global economic crisis.

The report ‘Perspective 2020: Transform Business, Transform India’, based on the research conducted over a year by McKinsey & Company, outlines the roadmap for the Indian Technology and Business Services Industry.

Of the $225 billion, $175 billion is expected from exports and the remaining from domestic sources, it said.

NASSCOM said the ‘Perspective 2020’ report factors in the current economic environment and identifies the industry’s long term certainties and opportunities arising from them. It also outlines specific measures that the industry, NASSCOM and the Government will need to undertake over the next 12 years for the industry to realize these opportunities.

While outlining the impact of technology and services industry on Indian economy in 2020, the report said that 30 million urban employment (direct and indirect) would be there in the segment and there would be significant job creation in rural and non-metro areas as well. The report also projects that 50 per cent of workforce would be women and global career opportunities will be created due to location independent models.

New customer segments like small and medium businesses and greater outsourcing opportunities in new geographies like BRIC, GCC, Japan and Rest of the World (ROW) will benefit India. India can emerge as one of the top three global IT Innovation hubs driven by opportunities arising in new areas of climate change, clinical research and mobile applications, it added.

The industry needs to harness the potential of ICT in healthcare, education, public and financial services to drive more inclusive growth, by uplifting 30 million citizens each year.

“The Indian IT industry is in the midst of unprecedented times because of the current economic environment. We expect the next few quarters to be extremely challenging with companies doing everything required to effectively overcome the challenges,” said Som Mittal, President, NASSCOM.

“As we continue to address the present situation, we also need stay focused on the opportunities being created by the megatrends underway. India’s value proposition remains strong for sustained long term growth.”

Outlining the challenges ahead for the Indian IT industry, Noshir Kaka, Director, McKinsey & Company said “While the industry has the potential to generate revenues of US$ 225 billion in 2020, a portion of this opportunity is at risk if continuing problems are not tackled soon.”

he said 40 per cent of previous priority initiatives, especially structural changes e.g. tertiary education reform, have not been implemented yet and employability remains low as a result.

“Other areas of public infrastructure and business environment also need a concerted effort to ensure that India’s long-term opportunity isn’t lost to other competing global destinations.”

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