Indian IT Industry Can Earn $225B by 2020: Nasscom
Nasscom reveals a report- Perspective 2020: Transform Business, Transform India, which is based on the research conducted over a year by McKinsey & Company. It projects that country’s technology and services industry can earn $225 billion in revenues by 2020.
Nasscom, an Indian IT industry body through a report- Perspective 2020: Transform Business, Transform India suggested that India can emerge as one of the top three global IT innovation hubs and the country’s technology and services industry can earn $225 billion in revenues by 2020 despite the current global economic crisis.
The study is based on the research conducted over a year by McKinsey & Company, which outlines the roadmap for the Indian technology and business services industry. "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.
While outlining the impact of technology and services industry on Indian economy in 2020, the report said that 30 million urban employments (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.
According to the study- of the $225 billion, $175 billion is expected from exports and the remaining from domestic sources. Nasscom said that the ‘Perspective 2020′ report factors in the current economic environment and identifies the industry’s long term certainties and opportunities that arise from them.
"While the industry has the potential to generate revenues of US$ 225 billion in 2020, a portion of this opportunity is at risk if continuing problems are not tackled soon," said Noshir Kaka, director, McKinsey & Company. India could 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.
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