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India’s technology sector driving economy

The Indian tech industry will add another three million new jobs in the next five years, according to an international organisation that studies India’s “flexi” working industry.

In total, the number of the country’s tech job openings will be 7 million by 2023.

All these new jobs would come up in digital technology areas such as AI, machine learning, IoT, data science, analytics, big data, blockchain, and augmented reality. Jobs would also be created in newer technology areas that are presently unknown but are expected to emerge and evolve in the next few years.

The organisation’s president told reporters that there is a visible behavioural change happening in the IT and ITes sectors. India now has about 1,300 captive units, and about 400 new captive units are coming up in 2019. The shift is attributed to a sharp rise in hiring by existing and new global in-house centres (GCCs) due to technology innovation activities in India for their global markets.

Moreover, the industry is witnessing a change in technology also. Today, a robot, with infinite memory analytical capacity, is connected to cloud and can have a huge impact on the productivity of businesses. Around 63% of CEOs think that AI would have a larger impact than the Internet and about 39% of them had already started AI-related initiatives in their organisations.

OpenGov reported earlier that India’s digital transformation has the potential to create significant economic value for consumers, businesses, microenterprises, farmers, the government, workers, and other stakeholders.

Core digital sectors such as IT and business process management (IT-BPM), digital communication services, and electronics manufacturing could double their GDP level.

In addition, digital applications in government services and labour markets could each create US $10 billion to US $150 billion of incremental economic value in the same period.

About 60-65 million jobs could be created by the productivity surge by 2025, although redeployment will be essential to help the 40-45 million workers whose jobs will likely be displaced or transformed by emerging technologies.

This digital revolution is creating a diverse talent pool, and although automation is threatening both blue-collar and white-collar jobs in many industries, it is also generating employment in sectors like e-commerce and warehousing.

According to a report, India’s growing e-commerce industry is creating job opportunities in the logistics sector, along with the development of new services on the supplier side. The e-commerce market is expected to increase at an annual rate of 51% from IN ₹2,484 billion (about US $35 billion) in 2017 to IN ₹8,526 billion (US $121 billion) in 2020, providing the potential for jobs related to warehouse management, content developers, and marketing professionals.

Further, the advent of technology-enabled aggregator business models in sectors such as cab services, food delivery, hotel bookings, and home service experts has surged new jobs in India.

The number of tech start-ups in India has increased by 12-15% during the years 2013-2018, increasing the requirement of new job roles in the fields of big data, analytics, and cloud computing.

The report also noted that the Indian automotive sector and enterprises are focusing on leveraging AI and machine learning to augment their data management and analytics capabilities leading to a growth in jobs related to these domains.

There has been an increase in jobs in the field of cybersecurity, social media services, and mobile application development. These jobs require skill sets such as managing and interpreting big data analytics, cloud services, and machine learning, to name a few.

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