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Impact of Globalization on IT and ITES Industries

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Impact of Globalization on IT and ITES Industries IT and Production Management ISSN : 2230-9667 IMPACT OF GLOBALIZATION IN INDIAN IT & ITES INDUSTRIES Dr. Dileep Baragade Dr. Amit Jadhav ABSTRACT: The term globalization means International Integration. Opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas. It is a process through which the diverse world is unified into a single society. The wave of globalization hitted India at the end of the last century and still the country is flowing with the current of global changes. The new economic policy initiated in the 1990s, advocating Liberalization, Privatization and Globalization (LPG), has had a substantial impact on all major sectors of the Indian economy. Consequently, the country has grown to become globally competitive especially with respect to the service sector; and more specifically in the case of Information Technology and Information Technology Enabled Services (IT-ITES). Against this background, this paper attempts to overview the impact of the globalization on Indian software industries. Further, it deviates from most of the earlier studies by attempting to investigate the dynamic relationship among Software exports, openness and economic growth in India. Further, IT exports and openness contribute to economic growth more in the long run rather than in the short- run. This implies that economic growth can be enhanced by implementing policies that not only improve the efficiency of the sector, but also focus on optimization of the potential of the Indian Software industry. Keywords: India, Globalization, IT, ITES, Export, Industries Introduction: Information technology (IT) sector in India has played a very important role in putting India on the global map. The IT sector has played a significant role in transforming India’s image from a slow moving economy to a land of innovative entrepreneurs and a global player in providing world class technology solutions and business services. The IT sector has helped India transform from a rural and agriculture-based economy to a knowledge based economy. Information Technology has made possible information access at gigabit speeds. It has made tremendous impact on the lives of millions of people who are poor and living in rural area. IT industry is one of the best sources for the people who are with good communication and skill of knowledge. IT industries has risen to become biggest employments generator with number of employments. Internet has made revolutionary changes with possibilities of e-government measures like e-commerce, e-education, e-agriculture, etc. Today, whether its filing Income Tax returns or applying for passports online or airways e-ticketing, it just need few clicks of the mouse. India’s IT potential is on a steady walk towards global competitiveness, improving defense capabilities and Neville Wadia Institute of Management Studies & Research 228 IT and Production Management ISSN : 2230-9667 meeting up energy and environmental challenges amongst others. IT-ITES sector in India, with the main focus on increasing technology adoption and developing new delivery platforms. The major sector that combine together to contribute service industry like IT trade, Education, Financial services, Media, Hospitality, accommodation and food services, entertainment, culture, transportation, warehousing and storage. Modern businesses are not possible without help of IT in which is having significant impact on the operations of enterprises and it is claimed to be essential forth survival and growth of economies in general. IT sector as one of high value addition and net foreign exchange earning industries. It created history of its sorts on the Indian stock Exchange. More importantly, Indian IT and ITES industries has high tended the international recognition of Indian IT and ITES; since there are many IT industries are listed on NASDAQ and New York Stock Exchange. The opportunities in the IT services and ITES sector can be classified among the following broad categories: IT services, R&D Services and Software Products, Customer Interaction Services (BPO, KPO), Transaction processing (Data entry/ conversion, Rule set processing, Problem solving), Content Development, Knowledge Services (Non-IT), Engineering Design. Multiple opportunities for strategic use of information technology exist today. More are constantly emerging lower cost technology providing significant new capabilities. And they are increasingly being seized upon as competitive pressures grow. It can be used to support enterprise systems and e-business applications as well. Business professionals need to be aware of the availability of new technologies and able to evaluate the cost benefits and usefulness of each. It enhances access to information product consumers provide access to government services make skill formation and training more effective, improves delivery health services and promote transparency. It provides tremendous employment and potential and linkages between Government and people both at the rural and urban level. Investment in knowledge based industry will determine the level of countries dominates position in the world economy in next two decades. Build capabilities to respond quickly to new business opportunities and challenges optimizes business processes and develop new applications. Modernize and rationalize a complex and inefficient technology environment. Improve quality of services and flexibility to internal and external stockholders and customers. To be successful you must understand their roles and responsibilities in the context of the surrounding IT and business process. The index has grown from covering 25 countries in 2004 to 55 countries in 2017, indicating just how global the industry has become. While most locations have experienced movements in the ranking over the years as competition has become more intense as economies Literature Review: Global Scenario of IT & ITES Industries: The worldwide innovation spending on equipment and Information Technology (IT) related administrations is evaluated to be about US $ 1.7 trillion and developing at a Neville Wadia Institute of Management Studies & Research 229 IT and Production Management ISSN : 2230-9667 CAGR of around 7% over the most recent two years. Far beyond this, the building and Research and Developments spend represents about US $ 800 billion. The spend in IT Services and IT Enabled Services (ITES) or Business Process Outsourcing (BPO) was relied upon to touch over US 500 billion and US $ 450 billion of every 2008 separately, with IT Services recording a development of 6.3% and BPO Services recording a development of 12% comprehensively. IT Services is relied upon to develop at a CAGR of 6 to 7% till 2012 and ITES is required to develop at 10 to 12% over a similar period. Regardless of the current financial log jam, innovation spending is relied upon to manage in the long haul and get after the following 4 to 6 quarters (FIICI 2014) . There was a sudden pick-up in world services GDP in 2012 compared to 2011 with increase in growth from 2.7 percent to 3.8 percent (at constant prices) with a 65.9 percent share in the US $ 72.7 trillion world GDP (at current prices) in 2012. Like in overall GDP, the US ranks first in services GDP also, with Japan and China a distant second and third. Among the world’s top15 countries in terms of GDP (at current prices), India ranked 10th in terms of overall GDP and 12th in terms of services GDP in 2012. However, India has the second fastest growing services sector with its CAGR (compound annual growth rate) at 9.0 percent, just below China’s 10.9 percent, during the last 11-year period from 2001 to 2012(NASSCOM) . IT sector in India has been instrumental in making and in addition digitalizing India a noteworthy player in the worldwide time. IT has changed India from Agricultural based economy to an information based economy. India is huge, dynamic and one of the quickest developing economies in world. Because of great development of the economy, relentlessly expanding purchasing energy of the general population and desires of the youthful, the utilization of electronic devices in the nation is developing quickly. India is one of the universes' quickest developing ITES showcase. Consequently, the Government has agreed high need to this division. IT part has assumed a huge part in changing India's picture as worldwide player in giving top of the line innovation arrangements and business administrations. After the opening up in Indian economy amid changes of 1991-92 activities gave by government in type of lower esteem included duty (VAT) On programming and disposal of obligations on imports of data innovation items, speculations made for IT and ITES administrations, IT area has prospered. Indian association in the business have turned out to be worldwide multinational with more than 400 conveyance focuses (abroad), The industry has nearness in 52 nations with more than 10 association recorded on abroad stock trade and serving more than 400 fortune 500 clients. India has welcomed financial specialists to support outside enlistment both through FDI and through the remote innovation. Joint effort understandings and has built up more noteworthy straightforwardness in strategies and financial specialists cordial methods. A remote organization can hold value in Indian enterprises up to 100%. IT segment in India has seen high inflows of FDI which has helped the Indian economy as of late. FDI inflows ascended by over 100% to US $ 4.66 billion in May 2011, up from US $ 2.22 billion a year back as per the most recent information discharged by Department of Industrial strategy and advancement (DIPP). Neville Wadia Institute of Management Studies & Research 230 IT and Production Management ISSN : 2230-9667 The Indian IT segment is extensively arranged in to IT administrations and programming; IT empowered administrations (ITES) and equipment item fragment. On the in addition to side, the India IT, ITES industry has climbed the esteem chain of worldwide discernment.
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