Is India The Next Silicon Valley?
Updated: Jan 13
India. According to 2021 data, it is the country with the highest population in the world after China, with a population of 1.38 billion. The #Indian #IT sector is so vast that it did account for 8% of the country's GDP by 2020. It meets 14% of the total export of the whole country. Exporting software to more than 100 countries, India's income from this sector is $149.1 billion as of 2021. America and western countries are the leading countries that export software from India. Large companies such as Microsoft continue to invest in the Indian IT sector.
The history of the Indian #software industry dates back to the 1970s. The country began to write local software for some imported hardware, thus paving the way for the industry. In the 80s, western countries discovered that India could suffice in this sector and had a cheap labor force. It is now a $150 billion industry.
India, which is the favorite of #telecom and #telecommunication companies, the IT industry's
biggest company is Tata Consultancy Service. As of 2022, the company's revenue is $25 billion.
In India, newly graduated university students compete with each other to find a job in the IT sector, and there are even those who try to enter the industry by creating fake CVs. The number of people working in this field has reached 500 thousand. Universities provide more and more comprehensive education in these areas every year. It is said that 80 thousand people are preparing to enter the sector every year, especially in engineering.
Global investors are stating that India will be the next Silicon Valley because some funding problems have started to appear in the current Silicon Valley. Silicon Valley, which is said to have lost its cards in innovation and entrepreneurship, seems to be about to give its throne to India. The exponential increase in entrepreneurship and start-up systems in the country is one of the signs.
Of course, the immense contribution to the consolidation of India's position in the industry comes from the Indian government. The government is providing extreme support for India to take its rightful place in the new digital age. Determining new support policies for entrepreneurs and start-ups also helps to find new talents.
The Indian IT industry, which is growing exponentially yearly, seems to mark the coming years.
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