There will be 5.3mn professionals working in the information technology sector in India by 2020 and that will create another 15mn supporting jobs, says Kris Gopalakrishnan, CEO and managing director of Infosys.
"If this is a one-day match, we have not yet reached the 25th over. There are other technologies like nanotechnology which are yet to be fully exploited," he said while presenting his Vision 2020 at the Kerala IT.Com 2008, the industry conclave that concluded yesterday here in his hometown.
"The industry is going to impact all sectors for another 20 to 30 years and any slowdown is temporary, not medium or long term. We are very much part of the knowledge revolution and we are going to benefit from the knowledge economy in a big way".
"There are currently 1.3mn people working in the software industry and 2mn in BPOs. Some 250,000 to 300,000 jobs are being created every year in the sector and two more millions will be added by 2020.
"The industry was growing by 30% consistently for the past several years and it'll continue to maintain the pace," he said.
"For every job created in the IT industry, there are at least five jobs created in industries that support it or benefit from the growth of IT industry like housing, construction, hospitality, automotive and travel," he pointed out.
According to the National Association of Software and Service Companies (NASSCOM) estimates, the IT industry would grow from $48bn to $64bn in the financial year 2007-08.
"The global IT industry is today estimated to be about $1tn and our share even at this stage is about 5%. From the market share perspective, there's still room for growth and from an exports perspective, US accounts for 61% of revenue and the UK 18% of the revenue. So there are significant opportunities to grow in the rest of the world," Gopalakrishnan said, adding the cost advantage for India would continue for the next several years.
"Currently, the cost of an entry level software developer in India, one of the highest paying jobs here, is $600 per month whereas in developed countries, it is $4,000. Even if the people costs increase by 16% a year here, it's not going to be equalised for the next several years," he said.
He also cited demographic advantage of relatively younger population, growing ecosystem and companies working in all IT value chain as imperatives for India's robust growth in the sector.
"India now has the second largest number of IT professionals and in coming years and, in the next phase, we will have the largest number of IT professionals anywhere in the world".
Explaining India's strides in adopting digital technology, he said India's growth in internet and mobile phone penetration was remarkable and I-Pods, MP3 players and other gadgets have changed the phase of entertainment industry. Online shopping, online banking and online bookings have also changed retail, banking and travel industry.
Gopalakrishnan said though the growth of IT industry in Kerala was slow, the southern state is emerging as one of the most sought after IT destinations lately. "Kerala quietly created its IT industry and today it has become one of the most sought after IT destination in India." Source- Gulf Times
