India's IT Industry:
Dream Run
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India's IT Industry: Dream Run |
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Like old wine, the Indian IT software and
services industry has matured, become more refined and moved up the
value chain in terms of solutions offered to customers. The customers,
from all parts of the globe, have meanwhile continued to flock to India’s
corporates for help with their software needs. Major corporations are
continuing to rely on Indian software companies for both legacy and
new technology solutions. The wide span of the country’s expertise
across myriad technologies and platforms has provided the Indian software
engine with awesome power to deal with any kind of IT requirement. The
enormous base of skilled manpower — India’s PhDs and computer
science graduates — is the envy of virtually every country, and
in fact a major draw for global customers. What is it then that has enabled Indian software companies to make the global market their playing ground? Phiroz Vandrevala, Chairman, NASSCOM analyzes the growth of the Indian software industry along with its implications for the global market. The year 2000-01 was yet another winner
for the Indian software and services majors who continued to hold fort
in the world markets. The industry grew at a heady 55 percent, proving
skeptics wrong and convincing them that there was much more depth to
the software industry than expected. Despite the prevailing global economic
downturn, the Indian software and services industry is convinced it
will be able to achieve the ambitious targets it has set for itself.
The NASSCOM-McKinsey Study 1999 which has furnished a goal of $50 billion
of software exports by 2008 has not been revised or scaled down by Indian
software majors. Further cause for cheer has come from international business intelligence and advisory leader Gartner Inc., which recently declared through a study that despite layoffs and cutbacks among numerous IT vendors, many organizations are increasing their IT budgets in 2001. The survey, covering over 589 organizations worldwide, has shown that 56 percent of respondents plan to spend more on IT in 2001 than they did in 2000.
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