Union
Minister of Commerce & Industry and Railways, Piyush Goyal,held a
meeting with senior managers of IT companies in New Delhi yesterday. The
meeting was held to discuss opportunities for Indian IT companies to
invest and grow their business in new markets like the Nordic countries,
Eastern and Central Europe, Canada, Australia and Africa and also
exploreavenues for greater investments and growth in East Asian markets
like China, Japan and Korea.
Minister of Commerce & Industry and Railways, Piyush Goyal,held a
meeting with senior managers of IT companies in New Delhi yesterday. The
meeting was held to discuss opportunities for Indian IT companies to
invest and grow their business in new markets like the Nordic countries,
Eastern and Central Europe, Canada, Australia and Africa and also
exploreavenues for greater investments and growth in East Asian markets
like China, Japan and Korea.
India’s
IT industry contributed 7.7% to the country’s GDP in FY 2017 and is
expected to contribute 10% of India’s GDP by 2025. According to NASSCOM,
the sector aggregated revenues of USD 160 billion in 2017. The United
States account for 2/3rds of India’s IT services exports.
IT industry contributed 7.7% to the country’s GDP in FY 2017 and is
expected to contribute 10% of India’s GDP by 2025. According to NASSCOM,
the sector aggregated revenues of USD 160 billion in 2017. The United
States account for 2/3rds of India’s IT services exports.
India’s
IT and ITeS industry grew to USD 181 billion in 2018-19. Exports from
the industry increased to USD 137 billion in FY 2019 while domestic
revenues (including hardware) advanced to USD 44 billion.
IT and ITeS industry grew to USD 181 billion in 2018-19. Exports from
the industry increased to USD 137 billion in FY 2019 while domestic
revenues (including hardware) advanced to USD 44 billion.
During
the discussions with Commerce and Industry Ministry, the
representatives of the companies informed that although the Chinese IT
services market is the third largest in the world India’s investments
and business have not been able to grow in China due to various
non-tariff barriersand challenges faced by Indian companies to set up
their entity in China. Marketaccess issues that create hurdles for
Indian companies to open their business in China was also discussed.
the discussions with Commerce and Industry Ministry, the
representatives of the companies informed that although the Chinese IT
services market is the third largest in the world India’s investments
and business have not been able to grow in China due to various
non-tariff barriersand challenges faced by Indian companies to set up
their entity in China. Marketaccess issues that create hurdles for
Indian companies to open their business in China was also discussed.
The
top five Indian IT service companies like TCS, WIPRO, Infosys, Tech
Mahindra and HCL are doing business in China for more than a decade and
are employing 90% of local people in their China operations but returns
are very low and thereforeIndian IT service companies are not showing
much interest to invest and expand their operations in China.
top five Indian IT service companies like TCS, WIPRO, Infosys, Tech
Mahindra and HCL are doing business in China for more than a decade and
are employing 90% of local people in their China operations but returns
are very low and thereforeIndian IT service companies are not showing
much interest to invest and expand their operations in China.
Commerce
and Industry Minister during the discussions requested National
Association of Software and Services Companies (NASSCOM) and the senior
managers of the companies attending the meeting to share specific data
regarding non-tariff barriers being faced by them inChina and other East
Asian markets. Government of India will give all support for the global
growth of India’s flagship industry and will make all efforts to
facilitate the IT service industry and for that it is ready to engage
with China and also Japan and Korea, informed Piyush Goyal.
and Industry Minister during the discussions requested National
Association of Software and Services Companies (NASSCOM) and the senior
managers of the companies attending the meeting to share specific data
regarding non-tariff barriers being faced by them inChina and other East
Asian markets. Government of India will give all support for the global
growth of India’s flagship industry and will make all efforts to
facilitate the IT service industry and for that it is ready to engage
with China and also Japan and Korea, informed Piyush Goyal.
Commerce
and Industry Minister urged India’s IT services companies to explore
other markets and not be inhibited in operating in countries that are
non-English speaking. He urged the top five Indian IT firms to create a
corpus that will be spent on training manpower in languages like
Mandarin, Japanese and Korean for accessing the markets in these
countries.
and Industry Minister urged India’s IT services companies to explore
other markets and not be inhibited in operating in countries that are
non-English speaking. He urged the top five Indian IT firms to create a
corpus that will be spent on training manpower in languages like
Mandarin, Japanese and Korean for accessing the markets in these
countries.
The
meeting was attended by senior managers of TCS, Satyam Venture
engineering, HCL, NIIT Tech, Infosys, Invento Robotics, Tech Mahindra
and WIPRO. SangeetaGodbole, DG of Services Export Promotion Council
(SEPC) and President of NASSCOM, Debjani Ghosh, were also present during
the discussions with Commerce and Industry Minister.
meeting was attended by senior managers of TCS, Satyam Venture
engineering, HCL, NIIT Tech, Infosys, Invento Robotics, Tech Mahindra
and WIPRO. SangeetaGodbole, DG of Services Export Promotion Council
(SEPC) and President of NASSCOM, Debjani Ghosh, were also present during
the discussions with Commerce and Industry Minister.
India
is the largest exporter of IT services in the world and exports
dominate the Indian IT industry and constitutes about 79% of the total
revenue of theindustry. India’s IT service sector is now gearing up to
be the digital partner of intelligent automation like smart algorithms,
bots and AI tools, which arefast becoming a part of every industry and
an increasingly digital world.
is the largest exporter of IT services in the world and exports
dominate the Indian IT industry and constitutes about 79% of the total
revenue of theindustry. India’s IT service sector is now gearing up to
be the digital partner of intelligent automation like smart algorithms,
bots and AI tools, which arefast becoming a part of every industry and
an increasingly digital world.
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