Wednesday, April 26, 2006

India: The IT Destination

As reported in International Herald Tribune:

The IT industry has created the maximum number of career oppurtunities this year, more than any other sector in India. India has harnessed the power of low-cost educated labor to build the off-shoring oppurtunities.

According to one of the reports nearly 42% of the new jobs advertised in the 2 months of this year were by the information technology sector. This survey was done by the Associated Chambers of Commerce and Industry of India Eco Pulse, or Assocham Eco Pulse, which tracked job insertions in January and February.

India accounted for 44 percent of the $39.6 billion in work that was sent abroad mainly by U.S. and European companies in the year ending March 31, 2005, according to industry lobby-group National Association of Software and Service Companies, or Nasscom. Canada got $12.6 billion and China $1.9 billion.

According to a December report by Nasscom and McKinsey, with routine back-office work which is performed from remote locations, India has the potential to get at least half of the $110 billion worth of global outsourcing contracts by 2010.

Also, according to one of the surveys by Assocham, the software sector is supposed to become a $60 billion industry by 2010, providing employment to nearly 2.2 mn people directly & about 6 mn indirectly.

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