Speaking at the 37th edition of the Gitex Technology Week yesterday, Prasad Garapati, Chairman of Electronics and Computer Software Export Promotion Council (ESC) said IT companies can play a key role in enhancing the trade volume between the two countries.
Sweden is poised to become a key destination for Indian IT companies, helped by factors like large spending on IT services and high rate of innovation, a report by industry body Nasscom said on Thursday.
He said that IT professionals can keep themselves relevant in the sector that is seeing severe layoffs.
The Andhra Pradesh IT minister said, "To meet the target, apart from manufacturing of mobile phones and consumer durables, focus will be also on manufacturing of medical devices."
As automation increases and new technologies mature, IT industry will have to look at newer ways to measure productivity, say experts.
"The normal industry attrition is 15-20 per cent, which is not getting replaced and with automation taking over, more than two lakh jobs are likely to be lost in next two years.
According to the survey, only 33 per cent of the respondents anticipated factors like automation and changing government policies resulting in job losses, while 44 per cent said firms will shed weak performers in this process.
In order to stay competitive IT companies are already retiring high-cost employees and replacing them with younger ones.
In future, a B Tech is not adequate to get a good job, one must have an M Tech and specialisation, says T V Mohandas Pai, former HR head and ex-Chief Financial Officer of IT major Infosys.
"The IT sector generated employment for 1,500 professionals only in 2000. In 2014 the figure reached 9,800 and now the number is 17,000," Electronics and IT Minister Chandra Sarathi Behera told reporters here.
Ramkumar Ramamoorthy, Senior Vice-President of Corporate Marketing at Cognizant, said that IT is largely a people-driven industry even as automation gains prominence.
The Bangalore-based company plans to hire over 10,000 people across the US in next two years and establish four tech hubs
On a quarter-on-quarter basis, VC funding, including private equity and corporate venture capital, almost doubled to USD 1.6 billion in January-March 2017 from USD 845 million in the fourth quarter of 2016.
US President Donald Trump clearly said on Tuesday that US jobs are for Americans and the rest will have to undergo strict review to get the work visas.
The move by Trump administration is likely to create more jobs in India as offshoring of work is likely to increase. Companies will no longer be able to replace American workers with cheap foreign labour for IT projects
Each year on April 1, a fresh cap for H-1B visa applications is opened by the USCIS. The applications are randomly selected. It is referred to as the 'H-1B lottery'
Gartner in its report, has slashed its overall IT spending estimates for 2017 to 1.4 percent from 2.7 earlier, owing to the strengthening dollar. It feels the country's IT spending will touch USD 3.5 trillion this year.
A robust demand for qualified personnel in sales, marketing and supply chain management roles coupled with close to 30 per cent of jobs being posted in over 10 lakh category is being seen as the primary driver for FMCG industry to emerge as the winner.
“In the near term, the ride through the earnings season will be very bumpy. Even in the March quarter, I expect some heartburn. I need companies to start delivering on growth again and is one area in which there is room for error in March quarter,” Sanjay Mookim, Director, India Equity Strategy at BofA ML told CNBC-TV18.
The data revealed that aggregate sales growth improved in the third quarter, primarily in the manufacturing sector and led by industries like iron and steel, petroleum products and the information technology (IT) sector.
Morgan Stanley has initiated coverage on the stock with an outperform rating and forecasts 30 percent free cash flow CAGR in FY17-19.
This is important as in some cases those "benefits and the actual workings of the visa programs are not well understood", Nasscom President R Chandrasekhar said.
Always seek the advice of professional mutual fund managers and invest in those funds that have been consistent performers over the last 10-20 years, and have generated money in good and bad times, says Madhu Kela, Chief Investment Strategist, Reliance Capital.
Over 28,000 IT employees have signed an online petition asking the Labour Ministry to stop IT companies from holding them to a three-month non-negotiable notice period.