After securing a huge victory in the Lok Sabha election of 2019, it is very much clear that nation has given a clear mandate to the BJP led NDA government at the Centre and PM Modi’s second successive tenure will help the country to achieve desired economic goals. He, along with policymakers and industrialists, is keen to make India a USD 5 trillion economy by 2024. Known for his bold decisions and initiatives; it is expected that PM Modi will take all possible steps to make this dream true. Now, being one of the largest contributors to India’s foreign exchange, this mammoth task is possible only if the IT sector registers double-digit growth in the next four years. 79 percent revenue of $167-billion IT industry of India comes from the overseas market, especially the US. And, the growth of this sector depends a lot on the IT staffing industry, which equips the industry with the desired talent and smooth growth.
Why the economy expects more from IT
When many sectors are struggling with the slow market demand, Indian IT industry is flourishing swiftly in both international and domestic markets. On the one hand, spending on Information Technology in India is expected to grow over 9 percent to reach US$ 87.1 billion in 2018. On the one hand, domestic growth is increasing by 9 percent, in the global market, the sector is expected to get doubled in the global market by 2025 on the other hand. Presently, Indian IT & ITeS companies have more than 700 global centres in 80 plus countries. To run these centres profitably; the industry required quality talent from the staffing industry.
The orientation of the global IT services is shifting from finance and telecom to healthcare and retail. Hence, AI and blockchain will be the key propellers of the industry and sectors like healthcare, robotics, security, and retail are going to be its key beneficiaries. Secondly, there is a big scarcity of IT workforce in the US, and the local talent can’t fill the gap between demand and supply. Also, Indian IT professionals are competent, cost-effective, and have a global mindset to work with international clients. So, it is not a big issue and will be settled soon through bilateral relations.
Apart from this, the global digital transformation market size is expected to reach US$ 2 trillion by 2020 at a CAGR of 18.56 percent. This transition is definitely a catalyst for the IT industry. The staffing industry is also ready to support the Indian IT industry with competitive talent. Backed by IoT, better accessibility, agility, and transparency, the modern IT staffing industry is accelerating the pace of the IT and ITes. Every day, the industry is improving, innovating, and delivering top-notch solutions to domestic as well as global clients. These foreign clients realise the potential of India’s IT industry and its significance in the international market.
Fairness of High-Skilled Immigrants Act, 2019
Indian IT workforce comes under the high-skilled workforce, and this bill is about improving the immigration procedure in the US for high-skilled immigrants, it will definitely benefit the Indian IT workforce in getting the Green Card with the least hassles. As it is assumed that almost 90 percent of Indian techies would be able to avail Green Card, they will face lesser challenges and would come across better work opportunities that will facilitate their professional growth. Hence, the better earning opportunities to Indian IT professionals will bring more financial stability in their lives, and this increased earning will give a desirable push to remittances and NRI investment.
‘Fairness of High-Skilled Immigrants Act, 2019’ will ensure better working and living conditions for high-skilled employees, and it will enhance their engagement rate at the workplace, and eventually, the productivity of the businesses will improve. It’s a chain process, and a positive change at any stage of the business will definitely increase the business output.
It is a reform that promotes the merit-based visa regime and discourages the immigration of non-technical and low-skilled professionals. It is true that professionals who are incapable of projecting themselves as high-skilled workforce would experience a lot of challenges after the implementation of ‘Fairness of High-Skilled Immigrants Act, 2019’, but for IT experts, this bill is going to be Holy Grail. ―Business World People