With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while it the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.
Aadhaar architect Nandan Nilekani on Friday India is well-placed on the government and businesses fronts to leverage artificial intelligence (AI) in unique ways to solve challenges and tap into opportunities. Nilekani noted that over the last few years, the government has focussed on how to make transactions more efficient and effective, which has driven digitisation across the board. He added that as a byproduct of this, huge data now across systems has been generated and that the time is right to apply AI across the board to India's most challenging issues across areas like healthcare and education.
'You will see more and more people working independently -- starting beauty parlours, driving cars, etc.' This is what we call the gig economy.' 'The same people who have been laid off in India or are unable to get visas to work in the US may be part of this gig economy.' 'India needs billions of jobs, and it can only be created by self-employment or the gig economy.'
The challenges before the IT industry are many and its response over the coming months will shape the future of what has been one of the most vibrant value-creating and livelihood-enabling sectors.
'You have to move from one skill to another skill.' 'An employee can't say this job is my right and even if you train me, I refuse to get trained.' 'Those who participate in re-skilling will remain in the industry.' 'Those who refuse to get re-skilled will have to go.'
The Indian manufacturing sector has the potential to emerge as the global hub, especially on account of its skilled manpower, advanced technology and software expertise.
It's the second time Nasscom has projected single-digit growth in a decade.
Stricter regulations in US forces industry to look at these countries with a market size of $300 billion
India is in dire need of cybersecurity professionals. With several recent incidents of data breach, India's cybersecurity journey so far proves this demand. But is the country ready to meet this demand and is it preparing a cybersecurity workforce for the unforeseen cyber future? A report titled "India Cybersecurity Services Landscape" by Nasscom-Data Security Council of India (DSCI) predicts that the Indian cybersecurity services industry would grow at a compound annual growth rate (CAGR) of about 21 per cent to touch $13.6 billion by 2025. And by 2022, the industry, which generated a cumulative revenue of about $4.3 billion in 2019, is expected to grow to $7.6 billion. However, around 3.5 million jobs in the cybersecurity space will remain unfilled by the end of 2021.
The company is the third largest employer among foreign IT companies in the country, after Accenture and IBM
Ginni Rometty, who is on Donald Trump's advisory committee, discusses the importance of an open workforce, work visas, and why India is a microcosm of all of IBM.
Software employees can opt for company-run programmes, online courses, boot camps to upgrade skills.
We need to create collaborative and/or disruptive platforms like Uber and Airbnb in all sectors to ensure responsive and responsible inclusive growth, says C P Gurnani.
Amid headwinds across global markets, US issues fresh restrictions on H-1B visas. Ayan Pramanik & Raghu Krishnan list out the many ways in which this impacts the Indian IT industry.
A new motivation needs to spread through the existing ranks to upskill and reskill themselves in the 55 new job roles for digital, says Ganesh Natarajan.
In IT, the two-way flow of investments and intellect has been central to the growing linkage, which provides a great opportunity for both nations to improve the quality of life of their citizens, says Raman Roy.
India's IT/BPO story isn't over yet, believes Ganesh Natarajan.
India's IT/BPO story isn't over yet, believes Ganesh Natarajan.
At a time of massive job losses that is what the much-vaunted Indian IT sector needs. Ritwik Sharma reports.
Many companies are putting HR's reputation as a back office administrator to rest by either outsourcing or automating most administrative tasks.
'Employee first and customer second' continues to be a very strong philosophy of HCL.
Despite lay-offs and the threat of automation, the industry will continue to be an important driver of growth in employment and GDP, says Ashok Soota.
Western businesses and diplomats in Delhi privately say Modi's reputation as a man of action has been hurt by setbacks on economic reform.
Transcript of the Ganesh Natarajan chat on rediff on Friday.
'As a society, we are very intolerant to failures which is contrary to entrepreneurship because all entrepreneurs will not succeed.'
