India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. US$ 150 billion Indian IT industry’s export revenue to grow at 7-8% and domestic market revenue is projected to grow at 10-11 per cent in 2017-18.
Following Sectors fall under this category:
- IT & ITes
- Mobile Associated Manufacturing
IT & ITes
The global sourcing market in India continues to grow at a higher pace compared to the IT-BPM industry. India is the leading sourcing destination across the world, accounting for approximately 55 per cent market share of the US$ 185-190 billion global services sourcing business in 2017-18. Indian IT & ITeS companies have set up over 1,000 global delivery centres in about 80 countries across the world.
India has become the digital capabilities hub of the world with around 75 per cent of global digital talent present in the country.
Mobile Associated Manufacturing
From just two mobile phone manufacturing units in 2014 to 268 mobile handset and accessories manufacturing units in 2019 which has led to 95 per cent of mobile phones sold in the country being produced domestically, the star in India’s “Make in India” story is indeed shining.
In fact, India is today the second-largest mobile phone manufacturer in the world after China.
Among the 268 smartphone and allied services manufacturing units, 37% are mobile plants, 38% are into manufacturing adapters for mobile phones, while 19% are mobile battery manufacturing plants; the rest 6% are factories that are into manufacturing of wired headsets, USB cable, mechanics, etc, according to a report of the India Cellular and Electronics Association (ICEA) released earlier this year.
Some of the major smartphone companies that have set up their product assembly and packaging units in India include Gionee, Xiaomi, Videocon, Jivi Mobile, Lava, Samsung, and Comio Intex. Mobile manufacturing company Lava has set up its board processing unit in Noida of Uttar Pradesh.
Tech giant Foxconn—a Taiwanese multinational electronic manufacturing company that manufactures electronic products for Blackberry, Apple, Nokia, Xiaomi and Sony Playstation—has set up a Rs 34,000 crore display fab manufacturing unit in Sriperumbudur in Tamil Nadu. Chinese mobile manufacturing company iVoomi has set up a research and development centre in India, with an investment of Rs 250 crore.
The real estate sector is one of the most globally recognized sectors. Real estate sector comprises four sub sectors – housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
It is also expected that this sector will incur more non-resident Indian (NRI) investments in both the short term and the long term. Bengaluru is expected to be the most favoured property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.
The objective of the Smart Cities Mission is to promote cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment and application of ‘Smart’ solutions.
The core infrastructure elements in a smart city would include:
1. Adequate water supply
2. Assured electricity supply
3. Sanitation, including solid waste management
4. Efficient urban mobility and public transport
5. Affordable housing, especially for the poor
6. Robust IT connectivity and digitization
7. Good governance, especially e-Governance and citizen participation
8. Sustainable environment
9. Safety and security of citizens, particularly women, children and the elderly
10. Health and education