Tech Workers Contribute $508Bln To India’s GDP
NEW DELHI, (IANS) – Workers in India, who use advanced digital skills like cloud architecture or software development, contribute an estimated $507.9 billion to the country’s annual gross domestic product (GDP), a report said on February 22.
This is attributed to the 92 percent higher salaries that these workers earn compared to those with a similar education who do not use digital skills at work.
About 80 percent of the organizations that employ workers with advanced digital skills report higher annual revenue growth, but 88 percent of organizations are facing hiring issues, according to the report by Amazon Web Services (AWS) conducted by Gallup.
The findings showed advanced digital workers in India are benefitting from more than just a boost in their income.
About 91 percent of workers who use advanced digital skills express higher job satisfaction, compared to 74 percent of workers with intermediate skills and 70 percent of workers with basic digital skills.
“India has the opportunity to seize immense economic benefits from building a strong pipeline of cloud talent to support the country’s ongoing digital transformation. AWS has trained more than four million people with basic, intermediate, and advanced cloud skills in India since 2017, and our work doesn’t stop here,” said Amit Mehta, Head of Training and Certification, AWS India.
The report found that 21 percent of Indian organizations that run most of their business on the Cloud report a doubling of annual revenue or more, compared to 9 percent of those that use the cloud for some or none of their business.
Cloud-based organizations are also 15 percentage points more likely to have introduced a new or improved product within the last two years.
With many organizations now preparing for the challenges of a digital future, the Gallup study looked at 10 emerging technologies including AI, edge, and quantum computing, blockchain, and cryptocurrency.
Around 92 percent of employers in India said at least one of these technologies is likely to become a standard part of their future business operations, with 5G ranking the highest at 78 percent.
“This research shows that digital skills provide immense economic value to India at the individual, organizational, and macroeconomic level,” said Dr Jonathan Rothwell, Gallup principal economist.
However, shortage of tech talent is a global phenomenon.
“While it is good that India has the lowest tech talent demand-supply gap among the top tech locations, it is imperative for individuals and organizations to continue to invest in digital skills training,” said Kirti Seth, CEO, Sector Skills Council, NASSCOM.