Companies have also set up processes to hire, train, and engage thousands of employees. In fact, Indian IT
services companies spend over US$1.6
billion a year on employee training.
Large technology companies have
set up campuses exclusively focused
on training their employees on skills
relevant to their global customers.
Over 500,000 engineers in India are
already equipped with relevant digital
skills to drive digital transformation. FutureSkills, an initiative of the
National Association of Software and
Services Companies (NASSCOM), has
an ambitious goal of training another
two million people in digital technologies over the next few years.
The extensive engineering education system and the deployed talent
pool in the IT industry are also helping
improve the digital capabilities of
Indian enterprises. The technical and
managerial talent from IT companies
have moved to Indian enterprises
to help them accelerate their digital
Female empowerment. The industry has been supportive of women in
the workforce, an aspect where India
has traditionally lagged. Some 30% of
the IT sector workforce is comprised
of women employees and this has
been a trend since the early stages of
its development. The sector has not
only helped empower women but has
also provided them with highly aspirational career options.
Start-up ecosystem. The start-up
ecosystem in India attracted over
US$10 billion in investments from
venture capitalists from across the
world between 2016 and 2018.
US$6 billion has already been invested
in Indian start-ups by SoftBank out of
its US$100 billion Vision Fund.
Start-ups such as Flipkart, Ola, and
Swiggy have helped create or digitally
enable millions of jobs such as cab
drivers and e-commerce/food delivery
professionals. These companies are
also empowering the country’s 60
million small and medium businesses
by digitally enabling their operations.
Start-ups such as Power2SME and
CapitalFloat are offering innovative
financial services for SMBs, including
“flow-based lending;” a lending model
that provides credit to SMBs based on
an analysis of their financial transac-
tions, thereby improving SMBs’ ability
to invest and grow their businesses.
Digital infrastructure. Within a
span of about a decade, Indian IT
companies have taken several services being provided to citizens and
corporations and moved them online.
Most of these systems have been
developed by indigenous IT compa-
nies, and many are also maintained
and managed by them. Examples
include the Ministry of Corporate
Affairs system for corporate tax filing,
the income tax management system,
including e-filing of tax returns, the
entire India Stack digital infrastruc-
ture, the Goods and Services Tax sys-
tem, the passport system, the Indian
rail reservation system (that books
over 200 million tickets annually), the
Aadhaar unique identification infra-
structure—the largest in the world
(whose chief conceptualizer and first
CEO, Nandan Nilekani, is a product
of the IT industry), and others.
India’s global perception. Finally,
it should be noted the software sector
has perhaps played the most crucial
role in changing the global perception of India. Until the 1980s, India
was perceived as a poor country that
needed support from more developed
nations. Today, this view has changed,
and India now has a seat at the global
table. The world is aware of India’s
technology prowess and is actively
looking to make investments, form
partnerships, and tap India’s bustling
technology ecosystem. Frequent foreign travelers can attest to the fact that
the quality of interaction with local
people has evolved dramatically over
the last quarter century due to the IT
industry’s widespread impact.
Figure 3. Local impact of Indian software sector.
Figure 4. Global impact of Indian software sector.