The 21st Century Was Significantly Different From The Previous Centuries, And That Was The Comprehensive Introduction Of New And Intelligent Technologies Into Various Areas Of Life.
India is one of the largest countries in Asia, with many tourist attractions. Still, today it is mainly in the media because of its strategic plans and success in the IT industry. It has led some countries to invest in large-scale mechanization of traditional activities and information technology in various fields.
The information technology (IT) industry refers to information technology services, ITES-based services (ITES), e-commerce (online business), e-government, software and hardware products, and any services originating from computers and new service and communication mechanisms. In today’s highly competitive world, providing IT-based services is essential for any organization because of increased productivity, ease of doing business, and economic growth and prosperity.
Information technology not only does it contribute to the economic growth of countries but also makes management more competent and accessible and makes access to government services and information more straightforward and cheaper. It has made access to health services, education, etc., more accessible. The critical thing to note is that the IT industry is an essential backbone of the economy and paves the way for various job opportunities.
How has the IT industry prospered in India?
The exponential growth of the IT industry in India in the last two decades has changed the perception of many large companies about this enormous country. It has caused large IT companies to make significant investments in this country. Every year, this country introduces skilled professionals to the world of technology and has become a repository of knowledge and skills.
The rapid development of the IT industry in India is due to the policies of reducing trade barriers and eliminating duties on imports of technology products, which have played an essential role in developing this industry in India.
Also, various government projects such as the establishment of software technology parks (STPs), export-oriented units (EOU), special economic zones (SEZ), and foreign direct investment (FDI) have helped the country to achieve an influential position in the IT industry. The IT sector has increased its share of India’s GDP from 1.2 percent in 1998 to almost 10 percent in 2019. According to the National Association of Software and Services Companies of India (NASSCOM), the total revenue of this sector in 2019 reached $ 180 billion, of which the export revenue was $ 99 billion. Interestingly, two-thirds of India’s exports of IT services go to the United States.
In the last decade, India has emerged as one of the world’s most critical IT centers in software products. Indian software companies have made significant strides in information technology.
It has made India the largest repository of IT talent in the world. The role of online retailers, cloud computing, and e-commerce in the rapid growth of the country’s IT industry should not be overlooked, as they were able to increase the growth rate of India’s IT sector in 2019 and 2020 to almost 10%.
India’s IT industry has increased since the economic reforms of 1991 and 1992. Indian IT companies have established thousands of centers in India and around 80 countries. Not harmful to know that most global companies source their ITES IT-Enabled Services resources from India’s IT industry. A notable feature of India’s IT industry is that, as it expands, it has a significant share of India’s gross domestic product (GDP) in market size, leading to its growth and development.
Interestingly, the four major Indian IT companies (TCS, Infosys, Wipro, and HCL Tech) have more than one million employees. New technologies based on information technology, such as telemedicine, remote monitoring, etc., are expanding and strengthening the demand for the digital economy.
The fifth-generation Fayuji communication technology launch, the increasing use of artificial intelligence, big data analytics, cloud computing, and the Internet of Things have all played essential roles in India’s IT industry development.
All these figures show that India’s IT industry is constantly evolving, which has accelerated the growth and development of the country and has been able to attract an extensive collection of skilled Indian resources.
These achievements have led significant media outlets such as Bloomberg to describe India as a country that is becoming a global IT hub and consider the IT industry as an influential factor in its economic transformation and governance. Today, India is seeking a foothold in new and evolving technologies to play a leading and significant role in the Fourth Industrial Revolution on a global scale.
Atmanirbhar Bharat
Atmanir Bahar Bharat is a mission launched by the Government of India on May 13, 2020, for the country’s self-reliance and seeks to bring about significant changes in the IT sector. The phrase was used by Indian Prime Minister Narendra Modi on national security, poverty, and digital India and is referred to as self-reliant India. Previously, Indian public and private companies paid little attention to the hardware sector they had. Focusing on hardware development in India is now a top priority.
The most significant step in this direction is the start of manufacturing integrated chips (IC) in India, which is the responsibility of the TATA Industrial Group, and the first manufacturing plant in Tamil Nadu is to be set up. India is expected to have a $ 1 trillion digital economy by 2025, and India’s electronics services (EMS) industry is projected to grow 6.5 times from $ 23.5 billion to $ 152 billion by 2025.
According to a report by Nasscom and McKinsey Global Consulting, India’s tech service industry could generate $ 300 billion to $ 350 billion in annual revenue by 2025 if it can use the cloud, artificial intelligence, cybersecurity, and other emerging technologies. Reach the dollar.
The influential role of education in the success of India’s IT industry
All the evidence suggests that India will play a significant role in the IT industry shortly, with a large share of skilled labor capable of working in large global companies.
The central government has begun the process of transformation in the education sector, the central pillar of which is research and development, and curricula for secondary and higher education are to be developed following the latest achievements in the world of technology and focus on skills required by the labor market. It will undoubtedly be valuable for graduates, not only as job seekers but also as job creators.
How technology is playing a significant role in reviving India’s economy
According to the World Bank, India’s economic growth will be 8.3 percent in 2021, 7.5 percent in 2022, and 6.5 percent by 2023. Like the various countries whose economies had a devastating effect on their economies, the Corona epidemic delayed the implementation of India’s economic and technological programs and hampered development and progress.
However, digital developments in India did not stop, and it was able to move slowly at a slow pace as many countries faced severe recession. In the meantime, the influential role of cloud technology and cloud computing as part of this evolution should not be overlooked.
Industries such as healthcare and pharmaceuticals, banking, finance and insurance services (BFSI), e-commerce, retail, and manufacturing were among the first to adopt emerging technologies such as the cloud and the Internet of Things in India.
During the Covid 19 outbreak, these industries responded to the epidemic problems. They quickly focused on implementing technology-driven strategies to maintain and improve their position over the next five years in line with current conditions.
Modern technologies such as cloud computing and the Internet of Things are an essential factor linking India’s major industries. These two technologies were significantly effective in reducing the costs of the infrastructure industry of public and private organizations. For example, professionals who need access to high-powered processing systems but are unable to afford them have the chance to use the hyper-core services developed for this purpose for a small fee.
Government agencies also use IoT equipment, such as smart sensors, to accurately assess the condition of power transmission lines and equipment that plays a vital role in Indian industry, to monitor infrastructure closely, and to depreciate components or equipment before equipment wear and tear causes instability. Replace worn with healthy specimens.
Vertical market companies have also begun to use new technologies to use more innovative products, more ingenious production, and more intelligent supply chains. Foresighted organizations have made the most of the vast potential of emerging technologies; as long as economic conditions return to normal, they will be among the leading companies and capture a more significant percentage of the domestic and global market.
Cloud technology – the foundation behind the transformation
Industries focused on digital developments through the implementation of advanced technologies are expected to be game-changers in their respective sectors and cope with future events and shocks. The common denominator of large and small organizations that intend to influence the Indian economy is cloud technology and modern technologies such as artificial intelligence, machine learning, blockchain, digital assistants, IoT, and digital twins. Among technologies, the cloud has the potential to allow India to establish itself as a global center of cloud solutions.
The essence of cloud technology is flexibility, scalability, reduction of operating costs, simplification, and integration of business processes that play an essential role in advancing macro business goals. The advent of forward-looking, data-driven technologies is helping companies reduce time-consuming operations and focus on more valuable tasks.
The potential for change is high because cloud technology allows companies to go beyond what was possible in the past. Imagine a sector like healthcare that is at the center of the epidemic; This section can benefit from a technology-based preventive approach.
Coronary heart disease acted as a catalyst, increasing the acceptance and acceptance of technology in health care.
Although technology had entered the healthcare industry before the Corona epidemic, it accelerated with the spread of Corona. Today, there is an apparent reason for the technology to be accepted in the healthcare industry.
Healthcare Aster DM, for example, strives to provide cost-effective access to healthcare across India through the efficient and intelligent use of technology. For example, there is how to use robotics and machine learning along with the Internet of Things to provide immediate remote care to elderly and chronically ill patients.
In the future, the intelligent use of artificial intelligence will help improve the overall patient experience and reduce the workload of physicians in India. In India, Tele-Health and Remote-Health help healthcare providers provide lower-cost healthcare to remote inland areas of India.
Providing remote health care has many benefits, as it allows a more significant percentage of India’s population to use the best healthcare facilities anywhere.
Aster DM, for example, has invested in artificial intelligence and machine learning technologies such as Oracle Fusion Cloud HCM and Oracle Fusion Cloud ERP to simplify its processes.
Sectors such as manufacturing, which play a central role in the Indian economy, have invested more in emerging technologies to gain a competitive advantage.
“The manufacturing sector should be the beacon for India’s economic recovery,” said Hizmy Hassen, a chief digital officer of Apollo Tires. However, to compete globally, we need to think about greater productivity and how things are done. Digital technology seems to be playing a vital role in this transformation.
At Apollo Tires, we see an increase in the speed of digitalization and the adoption of new technologies such as artificial intelligence and the Internet of Things. “This increases employee productivity and enables us to create a better customer experience.”
Dr. Arun Singh, Chief Corporate Economist
“The Fourth Industrial Revolution has become more popular in recent decades due to rapid advances in cyber computing capabilities,” says Dun & Bradstreet. The gap between the virtual and the natural world with advanced technologies such as artificial intelligence, the Internet of Things, and other technologies has been narrowed to create an effective platform between information technology and simple physical operations.
The Fourth Industrial Revolution affected sectors such as manufacturing, supply chain management, construction, transportation, and all aspects of our daily lives, and it is truly transformative technology.
The Government of India has long offered IT companies plans and schemes such as Atma Nirbhar Bharat and Make in India or other methods aimed explicitly at intelligent manufacturing.
“These projects have worked wonders, and it is expected that they will give more support to IT industries in the future.”
Sectors such as BFSI (Banking, Financial Services, and Insurance), which are at the forefront of digital transformation, are still expected to pursue the use of new technologies. “During this time, customers are constantly using digital tools as an integral part of their lives,” said Anjana Rao, Senior Director of LifeFirst Life Insurance Strategy.
Acceptance of technology is inevitable. New and emerging technologies allow insurance companies to personalize their products and services to their customers. “As the government focuses on privatization and more private companies enter the market, digitalization is expected to lead to significant growth in the BFSI sector in the coming years.”
We are seeing a significant shift in consumer preferences. The same is true of a sector such as e-commerce, which has grown significantly over the past year. Online demand has increased by 19 due to Covid status.
Over the past year, consumers have recognized retail as an e-business, and we expect to see further growth in this area. In short, given India’s large population and huge consumer market, the e-commerce and retail sector has created a tremendous virtual market for the country; As expected, it will completely transform India’s retail industry and support economic recovery.
Statistics show that companies that have invested in emerging technologies will have a better position in the future.
The advent of forward-looking, data-driven technologies has helped companies reduce time-consuming operations and focus on more valuable tasks. Hence, industries that have invested in modern technologies such as automation, digital supply chains, and digital aids will have a better position in the market.
From every angle you look at India, the future of India will be shaped by companies that use technology to build a brighter future for themselves and India. The role of technology in the health care field can be remote. At the same time, in the manufacturing sector, it can include implementing cognitive solutions that employ intelligence at all stages, from the factory to the final product.