2007 was quite amazing. The series of events that took me to a suburban town of Bangalore called Tumkur for my graduation. I studied Computer Science there for a few years. That was at the peak of the IT boom. Back then everyone was talking about how IT would solve the unemployment problem. I don’t know if I jumped into the bandwagon, but I know for sure that there were a lot of other people who did. Those were the golden era for Indian IT sector.
Everything changed the next year, 2008. A few American banks made bad investments that resulted in those banks going bankrupt. The American market, and eventually the European market, collapsed because the banks on which they depended, themselves, collapsed. This resulted in American and European businesses investing and earning lesser than before, having much less to spare for the services that they outsourced to India. That cascading effect into the collapse of the outsourcing-based Indian IT service market.
But this is 2018. A decade has passed since the economic collapse. All the economies involved, most importantly, America and Europe, have gone through phases of recovery. After ~6 years, the Indian IT service recovered almost completely. The companies were hiring fresh graduates en masse once again. But once again, the Indian IT service companies went back into serving the western markets. While focusing on the western market, all of them ignored a market that had been growing very fast in the last three to five years.
A very large population of the Indian youth are getting accustomed to the digital world. They post pictures and statuses on social media, chat on messaging apps, shop online on e-commerce websites and apps, hail taxis at rates cheaper than auto-rickshaws, play games where they join clans or farm tomatoes online. They understand a new product quicker than any generation ever before and can adapt to product almost immediately. The things that they don’t understand – they learn online through video tutorials and documentations. The youth that businesses are going to hire and those that will be their customers – most of them are already accustomed to the digital world. There are also a large number of the population who will be digitally accustomed within the next few years.