Get subscribed to our newsletter
Get interesting updates to your email inbox.
Gupta, who is also the Chairman of the Internet and Mobile Association of India (IAMAI), said that while 500 million people are connected on smartphones, there are another 500 million people waiting to join the digital bandwagon, and that we need to take a more inclusive approach to digital transformation.
"Those who are on the outside of digital transformation risk being left behind. Startups and the digital ecosystem will truly transform India's digital economy, taking it from $250 billion to a $1 trillion industry and accounting for more than half of the country's development over the next five years "he stated emphatically.
Also read: How smartphone brands can fight online
India now boasts over 82 unicorns, totaling over $39 billion in financing (from 2014 till December 4, 2021). According to Hurun Research Institute, India became the world's third largest startup ecosystem in 2021, behind the United States and China.
According to Gupta, startups will play a critical role in helping India achieve its goal of becoming a $1 trillion digital economy.
We're at a key juncture in India's road to become a fully digital nation.ET Telecome/wikipedia
"Even more interesting is the emergence of early-stage firms in tiny towns and non-metros around the country, which I'm seeing. Today, the creativity is deepening, and entrepreneurial spirit is being demonstrated across the country, with young people participating and expressing their ideas on how to address India's major concerns "he stated
If 2021 was the turning point for Indian entrepreneurs, it was made possible by the efforts made in developing our digital strategy and infrastructure over the previous decade.
Also read: Smartphone Sales Giving 5G Deployments
"Even as we celebrate 2021's significant accomplishments, it's crucial to remember that we're at a key juncture in India's road to become a fully digital nation," Gupta said.
"It is incumbent on us to make the digital economy more inclusive," he said, adding that "we need to help companies and job seekers develop the skills required to flourish in India's emerging digital economy." (IANS/PR)
(Keywords: Hurun Research Institute, Chairman of the Internet and Mobile Association of India (IAMAI), Smartphones, digital transformation, India's digital economy)
Driven by a surge in digital transformation owing to the pandemic, the IT spending in India is forecast to total $101.8 billion in 2022, an increase of 7 per cent from 2021, global market research firm Gartner said on Wednesday.
In 2022, all segments of IT spending in India are expected to grow, with software emerging as the highest growing segment.
Spending on software is forecast to total $10.5 billion in 2022, up 14.4 per cent from 2021.
Follow NewsGram on Facebook to stay updated.
While experiencing a slower growth rate than 2021, spending on software in 2022 is forecast to be nearly double of what it was pre-pandemic.
"India has experienced one of the fastest recoveries despite being one of the worst hit regions in the second wave of the pandemic in early 2021," said Arup Roy, research vice president at Gartner.
As hybrid work adoption increases in the country, there will be an uptick in spending on devices in 2022, reaching $44 billion, an increase of 7.5 per cent from 2021.
The growth in devices is a combination of two componentsUnsplash
Also read: Eight Growing Job Sectors in the US
"The growth in devices is a combination of two components – hybrid work and pent-up demand from 2020 for device upgrades," said Roy. "Spending on devices will make up 43 per cent of total IT spending next year."
Next year, Indian CIOs are prioritizing a move away from rigid and monolithic ways of doing business to a more composable business and IT architecture where they will be able to better respond to disruptions.
"In 2022, CIOs in India will build on renewed interest in technology from the business to gain funding for new IT projects," said Roy.(IANS/PR)
(Keywords: IT sector, Pandemic, Highest growth, Digital Transformation)
More than 60 percent of digital leaders in Asia-Pacific believe there will be long-term changes to where and how people work within their organization, according to a new study by global digital infrastructure company Equinix. The studies surveyed 2,600 IT decision-makers from diverse enterprises across 26 countries in the Americas, Asia-Pacific, and EMEA regions on the biggest technology trends affecting businesses worldwide and the impact of the Covid-19 pandemic on digital infrastructure plans.
The findings showed that 57 percent of businesses have rearchitected their IT infrastructure to meet new remote and hybrid working demands, with tech budgets increasing to accelerate digital transformation. More than half (60 percent) of the companies still intend to expand into new regions, countries, or metros, despite the disruption experienced as a result of Covid.
Digitization and business investment in digital infrastructure have increased as a result of Covid. In Asia-Pacific, 46 percent of the digital leaders said they have accelerated digital transformation plans because of the pandemic, while 44 percent said their budgets have been increased to satisfy the rapid growth in digital demands. About 76 percent reported digitizing their IT infrastructure was a top priority, while 61 percent said they see interconnection as a key facilitator of digital transformation, up by 12 percent on last year’s results.
“During the pandemic, Asia-Pacific has seen demands for interconnection from digital leaders to manage distributed workforce and make the best use of resources. This is reflected in the findings of our study with over 60 percent of IT decision-makers in Asia-Pacific confirming that interconnection will help them to navigate the challenges faced as a result of Covid-19, and 56 percent believing interconnection can help their business gain competitive advantage within the marketplace,” said Jeremy Deutsch, President, Asia-Pacific, Equinix, in a statement.
“With our global footprint, robust ecosystem, and a wide array of interconnection solutions, we plan to continue to bring and interconnect the digital infrastructure to help digital leaders thrive in the new era,” he added. (IANS/JC)
Last February, with the onset of the Covid-19 pandemic, educational institutions across the country had to comply with government regulations and shut down operations to uphold the safety of the students and curb the spread of the virus. However, the resilience and willingness to adapt to change saw online tutorials replace the classroom learnings industry allowing to maintain imparting education to the students of the country.
As the crisis, prolonged students nearing their graduation faced a major challenge towards their placement perspective. A recent report by Naukri.com highlighted how about 66 percent of students did not receive their offer letters, while 44 percent faced deferred joining dates after being hired. The report also highlighted how another 33 percent of students did not hear back from the employer with regard to the status of their employment.
Students desperately hoped for normalcy to resume in order to launch their prospective careers. A mere three months ago, this hope seemed to have made sense, as the number of cases witnessed a steady decline, and the aftermath of the pandemic believed to be ebbing away. However, the second-wave catastrophe quickly swept through India fueling a massive spike in the number of cases in the country.
Hence, the fluctuating phases of the virus left students with no other option than to gain stability in thought and openness to adjust to the new normal and explore possibilities hidden in the unexpected future. On the bright side, despite the Covid-induced slump, a few top players in the industry continued their recruitment drive.
The leading management institutes shared a different experience as they witnessed a surge in demand from consulting firms and tech companies. Here are takeaways pointers from some of the industry experts, from IIM, MU, Jaipuria, and NCU institutes who have shared their insights on the current placement trend and suggestions on how students can turn current challenges into an opportunity.
The immediate future for young aspirants could be rough in terms of the adapting job market. But the silver lining in this unprecedented pandemic has been the digital revolution, which has emerged in a big way. Rapid digitalization has certainly changed the current dynamics of the business world. It has compounded the demand for more tech-savvy management graduates.
Hence, there is going to be a rise in demand for executives who are comfortable with handling digital transformation. Companies are going to opt for management graduates well-versed with new-age technology skills such as programming, analytics, and tools like R and Python, data analytics, AI, Machine Learning, etc. Such candidates can prove to be an asset to a company. Commenting on the ongoing rise in digitalization, Prof. (Dr) Daviender Narang, Director of Jaipuria Institute of Management, Ghaziabad said, “Data is the new asset now. It is freely available in large quantities. We now need smart and young minds to optimally utilize that data in order to produce high-yield results. This is true for every industry today.”
*Focus on new skills
Adaptability is the key to survival in any phase of life. The current circumstances have set similar precedence, where those who have adapted and adopted new skills in line with changing times have unlocked the door leading to great opportunities. The global pandemic has accelerated demand for graduates with specializations in cloud computing, cybersecurity, AI, ML, process automatic, and data science. While imbibing new skills, it is advisable to gain a grip over the fundamental management skills as well. Prof Amit Karna, Chairperson Placement, IIM Ahmedabad said, “Leading in uncertain times and decision-making under stressful and dynamic environments is becoming a norm for managers today. Job seekers would serve themselves well if they were to focus on these skills. Also, adaptability of self and organizational goals is something that candidates need to be very comfortable with.” He added that organizational skills would also prove to be an add-on, especially while managing virtual teams working remotely.
*Polish your strengths
While focusing on new skills, don’t forget to polish your key strengths. The current economic slump has taken a major toll in the hiring process in the industry where even though the hiring hasn’t stopped, it has definitely taken a dip. The trend witnessed of reduced hiring has seen companies be a bit more meticulous in the process and they have been focusing on investing in quality over quantity.
Emphasizing the current scenario, Prof. Prem Vrat, Pro-Chancellor at the NorthCap University in Gurugram, Haryana said, “For good students, the placement scenario will actually be better. As the rest of the industry catches up, the overall placement situation will improve. The demand is already outstripping supply in sectors such as Edtech, Fintech, Healthtech, Consulting, Cybersecurity, Gaming, Analytics, Cloud computing, etc., which is also reflected in the compensation packages being offered to trained candidates.” Hence, the silver lining to the current crisis is that it has created greater opportunities for able and talented management graduates.
*Look for opportunities
Digitalization has brought down many barriers, including distance, hence professionals are no longer required to be on the field or travel frequently to continue working. It has also opened the doors of international placements, providing an opportunity that was earlier limited only to a few. Hence, the young graduates can work on building a strong online profile and reach out to companies of their interest. In the age of social media, management graduates or job applicants can get access to more projects by networking, reaching out to new market players, and sharing their work online. Recruiters are shifting the entire placement process towards automation and are employing proctored and psychometric analysis. This progressive move has infused speed and efficiency in the system, allowing recruiters to assess more candidates.
Sharing its experience, Masters’ Union said that this year over 40 leading companies, many of whom belonged to the category of Fortune 500, reached out to the institute to recruit from its first cohort batch of the season. They witnessed that the active use of digital assessment tools expedited the entire process.
Rupesh Bisht, CEO, Masters Union, highlighted that irrespective of the market trends, student fitment, and training has been imperative to management requirement. He suggests that students develop traits like agility, adaptability, and the ability to learn and unlearn, apart from general awareness as these would go a long way in their career path. Besides, he urges young management graduates to develop the knack of identifying growth patterns in the industry and the ability to differentiate the sunrise sectors (in technology) from the rest. He believes that the candidates should hold foresightedness to be able to look at startups and identify (well-funded, high-growth, innovative) the ones with strong potential, alongside keeping an eye out for blockchain, NFTs, and other new and upcoming elements. (IANS/JC)