11 INTERNATIONAL TECH HUB | BDO LLP
INDIA
THE TECH BUSINESS ECOSYSTEM It’s little wonder so many international tech corporations house their “back office” manpower in India, given its low costs. HP, Cisco, Microsoft, SAP Concur and many others all have a presence in the Indian tech market – with Indian workforces providing services, developing products, and innovating in the tech and digital space. The scope is incredible, particularly for IT and the service technology sector, with over 15 million Indian workers already involved. Areas previously perceived as agricultural or manufacturing hubs are fast becoming a home for quick-growth start-up ecosystems. Within the country there are changes in hotspots on this side, Bangalore, for example, has overtaken Mumbai and New Delhi to be recognised as one of the top 14 advanced manufacturing and robotics ecosystems in the world.
With expert input from Yogesh Sharma, Deputy Managing Partner, BDO India. Yogesh leads the assurance practice
and has over 20 years of experience, providing financial statement assurance, accounting advisory and cross-border offering services in India and the United States. His extensive experience crosses many industry sectors, with a specialism in Technology and Technology- enabled services.
OVERVIEW: A TRANSFORMED MARKET WITH UNTAPPED POTENTIAL India appeals to investors because of its growing consumer power, increasingly youthful and skilled workforce, and low operation costs. Its projection to have the largest talent surplus in the world by 2030, as well as its reputation as a provider of IT and tech infrastructure services, have attracted many leading tech firms. THE TECH LANDSCAPE Subject to the impact of the current COVID-19 crisis, India’s economy has been fast growing. It’s expected to be the one of the largest consumer market by 2025, with a population of more than 1.3 billion. Over the last five or six decades, a large and aspirational consumer base has enjoyed ever-increasing purchasing power. An extensive middle-income group with a significant migration to urbanisation has created an appealing market for business. Another of its pulls as an international expansion base are its low operating costs. Work that might cost large sums in the UK can potentially be done at a fifth of the price in India, to the same standard.
INDIA HAS A VIBRANT PRIMARY STOCK MARKET WITH OVER 4,000 LISTED COMPANIES
The blistering pace of technology gives India a huge opportunity in the offshore revolution. THE TALENT POOL Despite the low cost of labour, India harbours one of the most talented workforces in the world, with a high number of graduates. India’s population accounts for almost a sixth of the entire world, and over four million graduates join its largely English-speaking workforce every year.
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