The Indian IT and business process management (BPM) industry had over 15 million directly and indirectly employed personnel during the 2017 fiscal. The IT-BPM sector has grown over the years and accounts for more than 30% of the global outsourced BPM market. The sector also contributed around 8% to the GDP of the country in the 2017 fiscal. However, the industry laid off over 56,000 people between 2017 and 2018.
According to an IT source working abroad, most Indian IT companies provide offshoring services as the revenue is derived from an on-shore/offshore model combination. The source told BE, “Most of the value-added services in IT is done onshore processes and then a repetitive kind of work is delivered through centres in India. The onshore teams on software development projects manage day to day client and stakeholder engagement running workshops. Offshore teams are largely responsible for functional and technical configuration and unit testing activities.”
Centre for Monitoring Indian Economy (CMIE) data suggests that India lost 11 million jobs in 2018, while unemployment in the country was pegged at 6.1% in 2017-18 by the NSSO’s Periodic Labour Force Survey (PLFS). Experts feel that India’s IT industry is one of the largest private-sector employers in the country and might be able to lift the job market, going by its current hiring momentum.
This story is from the January 16-31, 2020 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 16-31, 2020 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
