Indian IT industry is the world’s largest coding machine. Effectively doing the same thing for years. A clear lack of creativity and innovation has made the industry somewhat stagnated. Thousands of people are still earning their bread through the industry and are heavily depending on it. The long duration of stagnation has made the employees somewhat like machines, following orders without much thinking. This not only devours individual productivity and lowers the value of work done. For maintaining the revenue companies tend to hire more. Most of them are nothing but cheap intellectual labour and salaries are far lower than other IT industries around the world as well.
For understanding the difficulties of the industry we must understand the economies and markets the IT industry contributes in. Additionally the relations between the structure the industry is made upon.
The slowdown of Foreign economies
Due to repeated lockdowns, The major client economies of Indian IT industry are showing a slowed down growth, the United Kingdom, European countries and the United States of America are among the major clients of the industry. 80% of its total revenues come from these countries and the Indian coding machine is reliant on them.
In the case of the United Kingdom, After voting themselves out from the European Union (Post-BREXIT), Introduced new policies and plans due to the major change in the country’s socio-economic status. Due to separation from the greater European economy, the United Kingdom is avoiding long term investment in developing foreign markets. The companies and businesses in the UK are going through a very uncertain economic phase as the country had to start almost afresh after Brexit. Let alone long term investments, the companies are even reluctant to expand in different economies even not as a partner of any sort. This has resulted in a diminished revenue for the Indian IT industry from the United Kingdom.
The United States of America Is another major source for revenue for the Indian It industry. But the difficulties extend to that part of the world as well. The lockdowns have made the US economy suffer and repeated lockdowns extracted a major toll on US shipping and Homegrown industries. The US industries responsible for the revenue are lacking manpower, not functioning properly and reluctant to pursue any financial commitments with the Indian servants. Hence, The It service has almost stalled. The previous administration of the United States of America was keen on decreasing outsourcing and creating more jobs for there own citizens. This mindset has also contributed to the slowed growth of the Indian IT Industry. The pandemic remains a threat, but it is unclear whether the administrative issues will be resolved after the US elections are effectively over.
Stagnation and Lack of Innovation
For decades, the Indian IT industry has been performing more and more maintenance tasks for Foreign companies. And concentrating less on development and innovation. All over the world Information technology is bringing about revolutions by introducing machine learning and artificial intelligence in multiple aspects of a state. India is a country capable of producing a lot more engineers every year and possess a grand proportion of human resources. In spite of that India failed to walk side by side with other countries in terms of development and innovation. It is only a matter of time till the clients find a more innovative and productive source of executing their work. Which might provide them with better value, ushering the ruin of Indian It industry.
survival of the industry is however not impossible given the potential it packs. The change in mindset is important. Instead of becoming a machine the industry should look at the creative side of things and introduce new elements which might attract young bright minds. A lot of which leaves the country for a less monotonous work-life rhythm.
Alternative directions to look at
What if the industry refuses to embrace the change and continue to produce the same old junk over and over again? A massive loss of jobs is inevitable in that case. But the question remains, “where will all these trained individuals find solace?”
The alternative is, fortunately, more attractive and there is more room for innovation and creativity. An IT professional can become a data analyst by short analytics training and maybe indulge in business analytics with a pinch of management studies. Like a few tech giants, the whole industry will soon follow the path of analytics and research-based approaches to make their work more valuable, ensuring survival with a smirk.