However, India's journey towards becoming an IT product nation encountered hurdles, relegating it to a reputation primarily focused on USD-INR arbitrage work and being a market for the infamous phrase -'body-shopping. Yet, the real story lies in the underlying challenges and subsequent transformation that India underwent.
In the 1990s, India grappled with economic weaknesses and lack of political heft on the global stage. Its civic infrastructure lagged far behind its present state, although there is still vast room for improvement. Today, India boasts a world-class digital ecosystem, a feat we hope to replicate in civic infrastructure. The nation was undergoing economic reforms aimed at liberalising its economy and integrating it with the global market. This era witnessed a shift from a predominantly state-controlled economy to one embracing market-oriented policies.
While these reforms paved the way for a thriving IT-enabled services sector, they failed to adequately address the requirements for IT product development. The struggles faced by early founders of current IT giants, including the daunting task of importing cutting-edge computing devices, have been widely chronicled. India's economic weaknesses during this period played a pivotal role in hindering its progress in the IT product space.
Inadequate infrastructure, limited access to capital, and a shortage of skilled technology talent posed significant challenges for Indian companies. Investing in research and development, innovation, and building a robust product ecosystem proved difficult. Additionally, India's limited geopolitical influence at the time hindered foreign investment and international collaborations for IT product development. The country's reputation even raised sarcastic questions from global clients about elephants roaming its roads.
هذه القصة مأخوذة من طبعة September 09, 2023 من BW Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 09, 2023 من BW Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders