Both revenues and ranks of Indian IT look poised to keep growing briskly
Save time by listening to our audio articles as you multitaskbetween 2017 and 2019, exports of Indian software services ticked up again as the world’s companies turned to them for help amid the disruption to operations andsystems wrought by the pandemic. In the last financial year they reached an all-time high of $150bn, or 5.6% of Indian, a trade body, expects the industry’s overall revenues to grow from $227bn last year to $350bn by 2026.
Start with digitisation. The pandemic has turbocharged efforts by companies of all stripes to make their businesses more agile, efficient and clever. Retailers have introduced kerbside pickup. Clinics have launched digital doctor’s appointments. Schools have run online classes. Factories have been kitted out with sensors to allow remote monitoring in the absence of workers, locked down at home. Data from covid-19 vaccine trials have been crunched.
The corporate great migration to the cloud offers further opportunities. According to Anuj Kadyan of McKinsey, a consultancy, big ones include supervising the migration itself for clients, ensuring that the new cloud operations are cyber-secure and adding advanced cloud-based data analytics and artificial intelligence on top.
As the nature of outsourced work changes, the Indian advantage may erode further. It is easier for clients to outsource standardised assignments on the periphery of corporate functions to faraway India. It is harder to do so for high-value projects at the heart of their business, which require constant communication, continuity and confidentiality. For these reasons, proximity matters. At the very least, it means being in the same time zone as your client.
This points to a final hurdle. Amid supply-chain disruptions from the pandemic, now compounded by Russia’s war in Ukraine, and a geostrategic contest with China, the West is in a. Few politicians would relish millions of well-paid positions moving to India on their watch. Critical visas that once allowed the Indian firms to send star employees abroad to work directly with clients have already grown harder to come by, forcing these positions to be filled locally.
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