Is this the Indian Renaissance?
India seems to be going through a new era in high-tech – whether it is in software, with new product entrepreneurs emerging in huge numbers, or electronics and telecoms which are both in the process of having new national policies formulated.
There is certainly a wave of enthusiasm among technology businesses, and among policy-makers who want to create the environment for Indian companies to both serve the growing domestic market in India as well as take on traditional multinationals in global markets, according to Nitin Dahad, a guest blogger on the indiaincorporated.com website.
Indian tech companies are now talking about ‘inventing the future’. There’s talk of creating at least one $1-billion tech IPO per year in coming years. Companies like Flipkart (India’s version of Amazon.com), InMobi (a US-funded mobile ad network with a growing presence in the UK), Zoho, and SnapDeal (India’s equivalent to Groupon) feature among this list.
According to India’s software industry association NASSCOM, the software products industry in India has shown growth of 22 per cent for the past five years – evidence that the Indian software product industry is entering a new era, beyond simply outsourcing or offshoring. There are now around 2,400 organisations contributing $2 billion to the overall software industry revenues, enabling India to emerge as a global software products hub (as opposed to just being a BPO or business process outsourcing hub).
Innovation-driven start up activity has seen more than 1,110 organisations incorporated in the last five years in India focused on the mobility, small-to-medium sized business, e-commerce and education sectors. There are currently six major product segments, 30 significant geographical centres for product firms and 46 product categories. In the last year itself, the market has witnessed the launch of new ventures, healthy market capitalisation and an increased focus on the domestic market, all of which are ushering in the next wave of growth for Indian software products. More here >>
SOURCE: indiaincorporated.com
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