India’s contribution to Global Employment

Being one of the fastest growing economies of the world, India has the potential to emerge as the global hub for providing skilled workforce to other nations. India’s IT-ITeS sector’s contribution to India’s GDP has doubled in the past 10 years, and is now identified as one of the 12 Champion Sectors.

September 4, 2020

India’s IT industry’s revenues are at an estimated US$ 190bn, and expected to reach US$ 350 bn in 2025.

This sector has generated 4 mn jobs and provides indirect employment to 10 mn people.

Foreign investment of Indian companies grew 18 per cent y-o-y to US$ 2.69 bn in March 2019.

In 2017, Infosys hired 13,000 American workers and now seeks to hire 12,000 more to increase the numbers to 25,000. American workers by 2022.

With an aim to rejuvenate economies around the world in this Covid-afflicted era, companies all across the globe are committing to be part of the local ecosystem. Indian giant Infosys, a global leader in consulting, technology and next-gen services, is no different and aims to hire 12,000 American workers by 2022, thereby hiring a total of 25,000 American workers from all over the country. For the same, it has started the ‘Reskill and Restart Initiative’ which will play a crucial role in hiring new talent and has subsequently launched 6 technology and innovation centers across Indiana, North Carolina, Connecticut, Rhode Island, Texas and Arizona.

Originating from one of the fastest growing economies in the world, Indian companies have steadily been paving their way into global markets. In this new era of Big Data, Cloud Computing, and Artificial Intelligence, recent developments and continuously advancing technologies, have made India a growing hub for businesses thereby helping Indian companies expand globally, being a harbinger of employment and economic development. With initiatives aimed at skilling and re-skilling the workforce, companies all over the world are now looking at building solutions for those affected by the COVID-induced economic downturn and aim to provide employment opportunities to more people, including those without traditional four-year degrees, who have been left out of the digital economy, and now have the opportunity to evolve from conventional jobs to digital and operations jobs of the future. Most IT services are expected to recover, which is indeed proof of the resilience of the sector, despite the pandemic having damaged the economy severely all across the globe.

In order to make its presence felt in the global arena, India has been indulging in overseas investment. An example of such overseas investment is given in a report by McKinsey and Co. wherein the Indian industry is projected to increase its revenue from Africa. IT services, infrastructure, agriculture, pharmaceuticals and consumer goods which are vital to India will boost Africa revenue to US$ 160 bn by 2025 as per the same report. 

Backed by stable market conditions and the impact on local economies, overseas investment by India companies is expected to increase. With tools of self-resilience, belief, dedication and discipline, Indian companies are set to have a profound impact on the global economy and its employability in the 21st century.

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