From:computing news
Once a year, the Indian IT industry hosts a London conference to persuade UK organisations to outsource their technology or business operations to the sub-continent.
The event last week, organised by India's National Association of Software and Service Companies (Nasscom), presented a story that is by now pretty familiar to most IT directors.
Indian outsourcing can save companies as much as 50 per cent of their operational costs, says Nasscom.
Companies such as Standard Chartered, HSBC and Channel 4 rely heavily on Indian service providers. All of British Airways' back-office ticketing is in India.
Analyst Richard Holway predicts that an Indian IT company will soon be among the top five technology vendors in the world.
The business facts are impressive. But it's only when you look into some of the statistics behind the remarkable rise of the country's IT providers that you start to appreciate just what a powerhouse is being created.
It was difficult not to be impressed by the way IT has been identified as an area where India can have an enormous global influence as well as boosting its own economy.
IT exports are currently $10bn (£6bn) (more than $2bn of which is from Europe), and growing by 30 per cent a year. Compare that to the depressed sector worldwide.
By 2008, Karnik predicts that export earnings will be $50bn (£30bn), with total revenues of $87bn (£53bn). IT will account for 25 per cent of all exports and eight per cent of India's GDP, but will be generated from just 0.25 per cent of the population.
Every year, there are 500,000 new IT and engineering graduates in India. The country's five Institutes of Technology take just 1,000 students a year for their elite courses - and receive nearly one million applicants.
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