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Technology And Employment - Employment And Unemployment In India
Managerial Economics - Employment And Unemployment In India
Technology And Employment - Employment And Unemployment In India
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The forecasted demand for IT and IT enabled services are going to grow to the extent of 5.3 million in 2022 which indicates that the technology is going to play a major role in creating employment opportunities in the future.
Technology
And Employment
The forecasted demand for IT and IT enabled services are going to grow to the extent of 5.3 million in 2022 which indicates that the technology is going to play a major role in creating employment opportunities in the future. The technology based human requirement of the world is also growing at a faster way. The developing countries like India and other Asian countries have more population particularly, India has the highest young population. India produces more engineers every year therefore the opportunities can be optimally utilized by our country. In the recent past, the BPO organizations mushroomed in India but due to political and economic crisis of USA it has changed now. Therefore the change in economic activities of the world has an impact in determining the employment generation of a country.
The next chapter discusses the economic changes of a country with the help of business cycle model.
The above table provides detailed information on the human resource requirement in the world. Industry wise regional requirement is forecasted for the year 2030. In developed countries due to aging population for human resource they depend on developing countries like India. Therefore we have potential to cater to their requirement in the future.
The Indian Technology Sector – A Profile
1. The key contributor to the Services Sector accounting for 5.8% of India’s overall GDP
2. Among the largest employment generators in the organized sector employing 7.5 million people, estimated to cross the 10 million mark by 2010
3. Revenues estimated at USD 71 billion in 2008-09, consistent rise in growth with 5 year compound annual growth (CAGR) at 27%
4. Exports constitute two-thirds of overall revenues with a marginally higher 5 year CAGR of 28.7%.The US and UK remain the largest export geographies – 79%, steady expansion of other export destinations notably Continental Europe – CAGR more than 50% over FY 2004-08.
5. Domestic IT revenues estimated at USD 24.3 billion, with a 5 year CAGR of 24%.
6. Industry’s vertical market exposure well diversified across several mature and emerging sectors.
7. BFSI, Telecom and Manufacturing: Among the top 4 verticals for both export and domest ic market.
8. ITeS-BPO sector the fastest growing segment of the IT industry in both the export and domestic market.
9. Export earnings in 2008-09 estimated at USD 12.8 billion (a 5 year CAGR of 32.9%)
10. Domestic revenues at USD 1.9 billion – a growth of 45.3%
Source: CRISIL, Nasscom
We can conclude that according to NSDC, Nasscom reports the opportunities specifically technology based is growing in a faster rate and in other hand the ageing population of these countries are growing. Therefore India has huge potential of young engineers to cater the needs of developed countries.
The forecasted demand for IT and IT enabled services are going to grow to the extent of 5.3 million in 2022 which indicates that the technology is going to play a major role in creating employment opportunities in the future. The technology based human requirement of the world is also growing at a faster way. The developing countries like India and other Asian countries have more population particularly, India has the highest young population. India produces more engineers every year therefore the opportunities can be optimally utilized by our country. In the recent past, the BPO organizations mushroomed in India but due to political and economic crisis of USA it has changed now. Therefore the change in economic activities of the world has an impact in determining the employment generation of a country.
The next chapter discusses the economic changes of a country with the help of business cycle model.
Source:
National Skill Development Corporation (NSDC)
The above table provides detailed information on the human resource requirement in the world. Industry wise regional requirement is forecasted for the year 2030. In developed countries due to aging population for human resource they depend on developing countries like India. Therefore we have potential to cater to their requirement in the future.
The Indian Technology Sector – A Profile
1. The key contributor to the Services Sector accounting for 5.8% of India’s overall GDP
2. Among the largest employment generators in the organized sector employing 7.5 million people, estimated to cross the 10 million mark by 2010
3. Revenues estimated at USD 71 billion in 2008-09, consistent rise in growth with 5 year compound annual growth (CAGR) at 27%
4. Exports constitute two-thirds of overall revenues with a marginally higher 5 year CAGR of 28.7%.The US and UK remain the largest export geographies – 79%, steady expansion of other export destinations notably Continental Europe – CAGR more than 50% over FY 2004-08.
5. Domestic IT revenues estimated at USD 24.3 billion, with a 5 year CAGR of 24%.
6. Industry’s vertical market exposure well diversified across several mature and emerging sectors.
7. BFSI, Telecom and Manufacturing: Among the top 4 verticals for both export and domest ic market.
8. ITeS-BPO sector the fastest growing segment of the IT industry in both the export and domestic market.
9. Export earnings in 2008-09 estimated at USD 12.8 billion (a 5 year CAGR of 32.9%)
10. Domestic revenues at USD 1.9 billion – a growth of 45.3%
Source: CRISIL, Nasscom
We can conclude that according to NSDC, Nasscom reports the opportunities specifically technology based is growing in a faster rate and in other hand the ageing population of these countries are growing. Therefore India has huge potential of young engineers to cater the needs of developed countries.
Tags : Managerial Economics - Employment And Unemployment In India
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