India’s IT sector has been on a downward spiral for decades.
It’s now on the verge of a comeback, with new and innovative technology creating jobs, said Minister of State for IT Amit Shah on Tuesday.
According to the government’s report to the Cabinet on Tuesday, India’s population of 8.5 billion has increased by 1.3 million in the past 10 years.
The new job opportunities are in software, in health, in information technology, in financial services, in manufacturing, in the IT sector, Shah said.
“The IT sector is a very important industry for the country,” he said, adding that in this sector, job creation is on the rise.
“This is a global economy, we need to be able to have a strong presence in this economy,” he added.
Prime Minister Narendra Modi had pledged to bring back India’s once-vaunted IT industry and its once-doomed IT infrastructure.
The government’s move to re-introduce IT services will be welcomed by the IT industry, which is in desperate need of jobs.
It needs a strong IT infrastructure that can help in providing reliable, affordable and efficient services to its customers.
The government had announced that all IT-related jobs would be brought back.
“It’s an all-inclusive re-launch of the IT economy,” said an official in the Ministry of State, Finance and Industry, adding, “We will be able, at the same time, create employment opportunities in all sectors of the economy.”
According to data released by the Ministry, India has lost almost 8,000 IT jobs in the last decade, with a record 873,000 in 2016.
India’s largest IT companies are Tata Consultancy Services (TCS), Infosys and Wipro.
The Indian government is yet to finalize the terms of a re-allocation of the 3.5 trillion rupees ($5.3 billion) in funds earmarked for IT and related industries that was set aside for the sector in its Budget.
The Ministry of Finance and industry did not provide any data on the number of IT jobs it expects to reallocate in the near future.
However, a report by the National Institute of Software Development (NISD), a think tank, said that the number was expected to increase by 1 million jobs in 2019.
The report said that about 1,500 companies will be re-established in the next four years, up from 500 in 2019 and 500 in 2020.