Straight from the Specialists
(Any opinions expressed here are those of the author, and not those of Reuters)
This has been one of the most challenging years for the IT and business process outsourcing (BPO) industry in India with global economic uncertainty affecting revenue growth.
The world is facing a “balance sheet recession” resulting in slower growth and greater volatility. While we have seen some stability in developed economies in the recent past, the worst is far from over for the industry.
The need of the hour for India is to focus on accelerating economic growth and creating more jobs. There are several things the government can do to sustain growth in the industry:
Increase spending on information technology to drastically reduce corruption, bring in transparency and improve quality of delivery. The government should focus on passing the Electronic Delivery of Services Bill introduced in parliament in 2011. This will accelerate the adoption of IT in the government and benefit the country. There are several big-ticket IT projects in railways, defence and other ministries. But the decision-making process is very slow with inadequate allocation of funds. If a list of top 10 IT projects is taken up on priority and allocated funds, it will be a game changer for the country as well as the IT industry.