Oracle to see govt, psu banks drive faster growth in India
The India arm of Oracle Corp expects sales from public sector banks and the government to rise sharply over the next three years, as implementation of e-governance projects increase and banks use technology to offer more services to consumers across the country.
Oracle earns bulk of its revenue from enterprise customers but as India invests heavily on technology infrastructure to offer better citizen services, it hopes this would translate in buying its hardware and products such as database, business and banking software.
“The pace of enterprise business is growing, but because they (government and PSUs) are catching up, the government (business) growth will be faster,” said Sandeep Mathur, managing director of Oracle India Pvt Ltd in a briefing at the Oracle Open World 2011 in San Francisco. “There is no legacy”
India’s Information Technology spending is expected to touch $ 71.9 billion in 2011, according to November 2010 report by technology researcher Gartner Inc., a 10% growth over the previous year.
Majority of these investments are led by the government – both at the Centre and states to improve governance and deliver better services to citizens. India has undertaken huge investments in projects such as the Unique Identity Authority of India or UIDAI, which aims to give every resident a unique identity number that could be used to provide targeted benefits to poor people from government schemes. In addition, it is upgrading its postal, railways and power network through a combination of initiatives both at the Centre and states. “These are all truly transformational projects,” said Mathur.
The country’s public sector banking industry has implemented core banking solution – a software that connects all branches and enables customers transact on mobile, internet and ATMs. With new Reserve Bank of India regulations, these banks would increase spend on technology for real time analysis of their operations and expand their services to customers even in remotest parts of India.
“Lots of banks are moving to the next level of banking,” said Mathur.
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