Indian economy is booming. The last one we’ve got to hear that BOOMed was IT.And yes after that it was retail BOOM . Its good that the appreciation of Indian rupee versus american dollar has been increased but it it really worth it?
I firmly believe there will be a point of saturation(stagnation) for any trend.With the increased rupee appreciation versus the dollar, the outsourcing companies that ruled the reign over the last 10 years have looked down with a decrease in profits and handed over pink slips to a number of employees. So, is it the end of IT , ITES and outsourcing to India.We will have to wait for a few years to know the answer. Many trade pundits say YES, the saturation has come with China and other smaller countries trying to build up their base in this field.
So, what did IT and its allies bring to our country? Firstly, they offered the highly paid White collared jobs for Indian Graduates and many of them could fly in a business class in a flight for foreign official trips which the normal government job did not offer and lead a lavish life which are envied by their parents . The spending capacity of people has increased and so did the standard of living of the people. So almost everyone in the IT field could live the life they dreamt .
On the other side, the high pay packages meant more work and more tensions at the workplace as a result of which we can see people having cardiac problems and related ones at a very young age. With the increase in the standard of living, the lifestyle of people has people addicted to vices which had a direct impact on social and more importantly personal life.
And the cities which were mainly benefited from the IT BOOM were Bangalore, Pune, Hyderabad, Chennai, Noida etc.But most of the jobs created in these places were offerd for people in other states . But the good thing is that some amount of highly paid jobs were created in our country, which is a good sign.
The main advantage of IT boom is that the infrastructure of these cities have improved a lot and so did the governance . The outlook of our these cities changed and our country has earned a respectable place in the global arena.
Finally there has been a lot good done by IT and with this boom, foreign investments landed in India which was not the scenario earlier.