Survey shows growth in IT-BPO industries through Government’s policy initiatives

Despite the pandemic hitting the economy, the fastest-growing industries have been the IT-BPO sectors. As per the Economic Times report, it was observed that this sector didn’t slow down a bit and the policy initiatives have been bearing fruit. As a result, we could see a good potential for steady growth to carry on.

Reforms Tabled In Parliament

These reforms were tabled in parliament on Monday, signally a complete change in how IT-BPO industries will function and pave further growth. One of the initiatives was to relax the Other Service Provider regulation concerning the telecom sector. This in fact gave the opportunity to increase their hiring and leverage their IT sector as well. It can serve well for the next level of growth as per the economic survey carried out in the financial year 201-22.

The survey showed the potential of a rise in IT-BPM revenues of $194 billion, which will grow at the rate of 2.26 every year hereon.

Telecom Sector reforms, consumer protection rules, relaxation in other service provider rules and other measures by the Government were used to drive home innovation and technology. It encouraged the IT-BPO to expand access to the talent pool to join the workforces and be part of the nation’s growth. The increase of job creation opportunities solved two issues the talent got jobs and brought down the unemployment rate.

Benefits Of The Reforms

Most operations such as telemedicine, e-commerce, call center, network operations centers and several others are carried out by the IT or the IT-enabled services. Now that the reforms have removed the regulations that prevented them from using other service providers, it is out of the window. It has become easier to complete the tasks and reduce the compliance burden.

Since the costs are reduced significantly, the NASSCOM body has been encouraged to hire more people and increase global competitiveness.