More projects from global clients continue to be outsourced to the country, something that has spurred the adoption of newer technology. According to findings by the Department of Industrial Policy and Promotion (DIPP), foreign investment from 2000 to 2015 has cumulatively reached US$ 20.42 billion.
Startups and small businesses are the beneficiaries of this increased IT investment, with industry associations revealing that around US$ 5 billion of funding was made available to Indian startups in 2015. Venture funding and private equity deals that have been directed at IT companies and concepts have consistently gone above US$ 3 billion since 2014. Large technology companies on their part have looked to expand, but small and medium enterprises (SMEs) continue to present lucrative growth opportunities for investors.
With a strong track record of delivering projects in the country, Procorre know that cities such as Bangalore, Kolkata, Chennai and Mumbai have grown on the rise of IT, with Bangalore regarded as India’s version of Silicon Valley. More than 2.5 million jobs have been generated as a result of this industry, many of them qualified engineers ready to meet the growing needs of the economy. While outsourcing has been the biggest provider of jobs, Indian technology stakeholders are looking to improve on product development and innovation. Cloud computing is also expected to become a major factor in the development of the Indian IT sector.
The growth of the IT sector has triggered growth in other sectors of India’s economy such as automotive and healthcare. Investors and industry experts will be interested to see if these successes continue to impact on the Indian economy this year.
Procorre 