The information technology and business process management industry
has grown at a healthy clip for nearly two decades, but protectionist policies in the west and increased automation have led to job losses in the recent past with some analysts estimating layoffs at over 2 lakh per year.
Even as IT majors say that Indian opportunity is very volatile, contributes only single digits to the revenue and has problems surrounding payments, the industry lobby said PM's Jan Dhan Yojana and Aadhar based service delivery models offer interesting opportunities.
It said 60 per cent of the current work done by the Indian IT industry is for global companies
in the banking, financial services and insurance sector.
Data generated by PMJDY and its linkages with Direct Benefit Transfer (DBT) can be a "delight for different set of analytics" and can be used to help the fast moving consumer goods, auto, telecom, insurance, agri sectors, it said.
An increased focus on the domestic front will be a "win-win" for both the country as well as the IT industry, it said, calling for a high level task force consisting of IT industry and the Government.
The lobby's secretary general D S Rawat claimed "lakhs of new jobs" can be created through the focus on domestic opportunity which can make up for the losses due to upheavals in global markets and changing technologies.
The note comes months after Reliance Industries' Mukesh Ambani called the protectionist policies in US as a blessing in disguise for India.
(US President Donald) Trump can actually be a blessing in disguise. The domestic IT industry can focus on solving problems right here, which is a huge market," Ambani had said in February.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.