India is considered to be one of the top exporters of Information and Communications Technology (ICT). Today, ICT is one of the key factors for economic development. Being the top exporter of the same, India’s graph of economic growth is surely aided by its ICT status. Another contributing factor of India to the world of technology is its young startup setting. India is the third largest startup ecosystem only after the U.S. and UK. This, coupled with its increasing exports and growth of ICT, makes India one of the prominent countries in today’s world of technology.
India and ICT
India has witnessed enormous growth over the past two decades in the ICT sector, becoming the world’s leader in exporting software and IT services. This growth has also created a number of jobs owing to the digitization of India and the movement of the vast majority of India’s population into the modern job sector.
India’s ICT industry predominantly consists of Information Technology-enabled Services (ITES) and Business Process Outsourcing (BPO). India has become a key player in the global IT revolution because of its relatively cheap manpower with good English communication skills and technical knowledge. Furthermore, this growth has also increased the development of other sectors and resulted in the rise of the use of technology in other fields, leading to an overall sustainable economic growth. While countries like the Philippines, Vietnam, and China are upping their game as IT service providers, India retains its position as the leader owing to highly trained personnel, cost-effective solutions, and quality-oriented handling of business processes.
Another feature that is unique to India is its energetic pool of young entrepreneurs, innovators, and risk-takers. The Indian government too has been actively setting up policies or easing bureaucratic red tape to expedite business processes and foster strong business decision-making. The government has also launched the “Startup India, Standup India” campaign to nurture and sustain innovative ideas and businesses. As a result, 2017 alone witnessed the launch of over 1,000 new startups in India. Another interesting fact of India’s startup ecosystem is that it is not restricted only to major cities like Mumbai, Delhi, and Bangalore. Tier II and Tier III cities in India are also showing increasing growth and a rise in startups.
Tying it back to India’s ICT graph, ICT is one of the popular areas for Indian startups, especially finance and technology. Other fields in which Indian startups are thriving include robotics, healthcare technology, and 3D printing.
The road ahead
India’s ICT sector is at a great place today when it comes to providing the right services, technical know-how, and costs to achieve maximum customer satisfaction and sustainability. The future looks promising, with new global industries opening up to and working with India’s IT firms; these fields include cloud-based services, data analytics, blockchain, and artificial intelligence, to name a few.
Additionally, the advantages of new and improved technology are also seeping into other sectors and promoting more and more entrepreneurs to develop new products and establish their startups. This has led to a phenomenal growth of India’s startup ecosystem in multiple sectors, making it another strong feature of India’s contribution to the tech world.