The IT scene in India is seeing its domain being propped by the rising information technology spending in sectors such as media, publishing and entertainment.
According to a report quoting HCL Technologies Chief Executive Officer Vineet Nayar, basic industries that are undergoing transformation are the sectors where IT spend is increasing. "Media, publishing and entertainment is undergoing a transformation. So is it with healthcare and insurance," he pointed out during the Nasscom summit. Significantly enough, Remote Infrastructure Management (RIM) is expected to continue to grow predominantly because it is a young industry with a greater head room for growth, he added.
Pointing out that, in the US, the BFSI (banking, financial services and insurance) sector are currently going through a phase of shift with players readying themselves to garner new consumers, Nayar added that the BFSI segment in the US is making investments not just in mergers and acquisitions and integration but developing new platforms that are more web-based, providing more agile services to the consumer, more products, combining insurance and banking products and capital market products on the portal.
He added that the US and the Europe are set to take positions that are good in their assessment. Meanwhile, Indian software companies will have to reconfigure themselves to align with that to convert them into opportunities, he pointed out.
Adding that fundamental changes are taking shape in the IT industry, he said HCL has responded well and the company has seen growth during the recession by hiring locally. "In the last four to five quarters, I think we would have increased our total combined headcount in local hiring in the US and the Europe by about 3,000 people," he added.
Nayar also justified US President Obama's recent statement that it would slash tax-breaks to companies that ship jobs overseas, saying that it was a fair argument that every democracy should be concerned about jobs in their respective countries and to a certain degree, job creation and unemployment is a responsibility of the local government.
According to a report quoting HCL Technologies Chief Executive Officer Vineet Nayar, basic industries that are undergoing transformation are the sectors where IT spend is increasing. "Media, publishing and entertainment is undergoing a transformation. So is it with healthcare and insurance," he pointed out during the Nasscom summit. Significantly enough, Remote Infrastructure Management (RIM) is expected to continue to grow predominantly because it is a young industry with a greater head room for growth, he added.
Pointing out that, in the US, the BFSI (banking, financial services and insurance) sector are currently going through a phase of shift with players readying themselves to garner new consumers, Nayar added that the BFSI segment in the US is making investments not just in mergers and acquisitions and integration but developing new platforms that are more web-based, providing more agile services to the consumer, more products, combining insurance and banking products and capital market products on the portal.
He added that the US and the Europe are set to take positions that are good in their assessment. Meanwhile, Indian software companies will have to reconfigure themselves to align with that to convert them into opportunities, he pointed out.
Adding that fundamental changes are taking shape in the IT industry, he said HCL has responded well and the company has seen growth during the recession by hiring locally. "In the last four to five quarters, I think we would have increased our total combined headcount in local hiring in the US and the Europe by about 3,000 people," he added.
Nayar also justified US President Obama's recent statement that it would slash tax-breaks to companies that ship jobs overseas, saying that it was a fair argument that every democracy should be concerned about jobs in their respective countries and to a certain degree, job creation and unemployment is a responsibility of the local government.
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