 "Budget 2023-24 Expectation: It is time government focused on the hardware sector")
India’s IT sector has produced a large amount of foreign export revenue for India and has also gained an awe-inspiring reputation across all industries by creating a large number of job opportunities. India is proud of this sector. All other industries, banking, healthcare, manufacturing, and other core sectors are empowered by IT, and nowadays, many technologies are developed indigenously. The success of the last two and a half decades serves as an unshakable foundation.
Why government must invest more
It is time now to think about the potential of the IT industry for the next decade that is about to unfold and for this very reason, our Indian Government should consider investing more in this sector from the annual Budget point of view. When we talk about IT, we need to keep in mind; one- the technology, two-the technology-enabled services, and three- technology from a perspective of business and economy for the country, creating job opportunities for more and more people. The scope of the IT sector’s development necessitates the need to set aside a certain percentage of the upcoming Budget which might accelerate its growth.
In order for India to become the technology capital of the world it is important for us to unlearn what we have learned in the last two decades and need to invest more in technologies that provide long-lasting solutions and path-breaking innovations, which have the power to dominate the world. A little help from the Indian government will go a long way.
We need to think of a 360-degree view of the IT sectors. As we have given birth to several IT giants, we can think of giving tough competition with our Indian companies to international giants like Google, Facebook, or Microsoft. It is time for us to create large-scale companies. I hope and pray that our government realizes the importance and the need for monetary support that the IT sector can use to strengthen its hold on an international scale.
Impact Shorts
More ShortsWe still import major IT products
As the industry continues to grow with more employment opportunities, we need to do a SWAT analysis and understand what the world is looking for. In the same vein, the Indian IT service sector might have started producing mobile phones within the country but I think the time has come for India to focus on the IT hardware sector as well. It should also be encouraged with the Make in India mantra in mind as we continue to be an importer of all major IT products, which includes laptops, servers, and surveillance technologies.
Create cutting-edge tech
The Indian IT service sector needs to have more and more focus on creating technologies and innovations which provide long-lasting solutions and have the power to rule the world. All this and more could be achieved with the government’s assistance.
How can the Indian SME companies, which are growing rapidly, utilize affordable technologies to reach their full potential? It is time to create technologies that can empower large corporate houses and can affect businesses and individuals alike. I personally feel the IT sector will be one of the major export revenue generators of our country in the future. But the recession is still looming, and big companies are laying off employees. So, there are certain challenges that this sector needs to overcome to continue to grow at a promising rate. A lot can be achieved with little help.
Huge number of lay-offs
In 2022, more than 1.5 Lakh IT workers were laid off globally and from the looks of it, the tide has not changed in the favour of the IT workers this year as well. Just three weeks into the New Year, 2023, nearly 55K employees across 173 companies have already been laid off. That is an astonishing 35 per cent of the total layoffs in 2022. To make matters worse, IT giants like Amazon, Microsoft, Wipro, Apple, Cisco, and Dapper Labs are already considering several employment cuts they will make this year.
In the face of such challenges, it is essential to develop technologies keeping the SME sectors in mind. We also need to invest a lot in the areas we have not yet entered or where we are coming up short. As inspired responsible IT players, we need to take on those unexplored dimensions and think of doing business out of them. While the global players occupy almost 80 per cent of the Indian ERP sector, I feel Indian companies can challenge and conquer them in terms of technologies and cost-effectiveness.
The writer is Managing Director, B-Square Solutions Pvt Ltd. Views expressed are personal.
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