In the last ten years, the technology and business services sector has had an unparalleled impact on the Indian economy , through a multiplier effect on job creation, expansion in tertiary education, foreign exchange reserve creation, sustainable exports and incremental GDP growth. Driven by the phenomenon of globalization of services, organizations have leveraged India’s value proposition to enhance their competitiveness, blurring the boundaries of offshoring, outsourcing towards global sourcing.
The global economic crisis has led to a slowdown in growth in the Indian technology and business services sector. While strategies to manage the downturn are critical, it is equally important to look ahead and plan for the future. Industry leaders recognize that the next ten years will be fundamentally different from the past and require all stakeholders to develop strategies and insights to identify new opportunities and mitigate the risks.
There are several global megatrends which offer new opportunities and new challenges which need to be thought of now. Macroeconomic , demographic, social, business and technological trends are likely to alter the landscape of global business and society . Demographics shifts will fuel the growth of new sectors, markets and enable process transformation. At the same time, technology automation may pose a risk to some of the core markets being addressed today.
To understand the implications of these megatrends and the changing global technology and business services landscape, NASSCOM collaborated with McKinsey & Co to develop an extensive research report `Perspective 2020: Transform Business, Transform India’. The objective of this report is to identify opportunities that the industry can penetrate and provide strategic insights for the industry to reinvent business models and offerings that can transform global businesses through a well defined customer value proposition. The report also articulates a vision for the sector to transform India through economic development and ICT enabled solutions in healthcare, education, financial services and public services, which can drive socio-economic inclusion of 30 million citizens each year.