India has recently made headlines. And no, it isn't famous for its mouth-watering curries or Bollywood. Another item that is emerging as a winner is Indian talent. The recent selection of Parag Aggarwal as CEO of Twitter has triggered this huge discussion, as executives strive to decipher the causes behind the increasing number of Indian Tech Talent taking significant jobs in Silicon Valley organizations.
Let's have a look at the numbers:
According to the United Nations, about 18 million Indians would be established in various regions of the world by 2020.
Every year, over 1 million engineering graduates are produced in India.
According to the Pew survey, 77.5 percent of Indians established in America have a Bachelor's degree, compared to 31.6 percent of native Americans.
India Is A Popular Destination For Multinational Corporations
With the West confronting a worldwide skills deficit, the skill gap is widening, and there aren't enough competent locals to fill the open positions. Aside from that, several worldwide multinational corporations maintain offshore operations in India. Why?
There are other labor-intensive countries, such as China and other Asian countries, from whom western nations may employ, so why the preference for India for custom software development services?
Low Cost -
The cost of living in India is lower than in Western countries. The cost of living in India is 64.6 percent lower than in the United States on average. Even in major IT hubs including Bangalore, Hyderabad, Mumbai, and Gurugram, the average developer wage is much lower than in Western cities. Even after accounting for all employee perks like allowances, health insurance, and so on, the cost difference is significant.
Vast Talent Pool —
India is the world's second-most populous country, and with 65 percent of its population under the age of 35, it has a large pool of young professionals eager to take on the globe. Add to that the fact that India produces 1 million graduates every year and that the Indian infrastructure comprises 3500 engineering institutions, 3400 polytechnics, and 200 schools of planning and architecture, and you have a large talent pool of technically proficient experts.
Communication – India is the world's second-largest English-speaking country, after only the United States. As a result, language and communication are not a hurdle for Indian professionals if you are opting for mobile app development services. Indians are proficient in both written and spoken communication, giving them a competitive advantage over other countries.
Reliability and quality –
India has over 75% of the world's CMM-Level 5 firms and the biggest number of ISO-9000 certified enterprises. High standards, professionalism, and dependability are expected whether you are offshore to India or recruiting Indian personnel.
Government stability and favorable policies – IT is becoming one of the most important areas of the Indian economy, with the industry expected to reach $300-350 billion in the next five years.
Furthermore, the country's political and economic stability, along with cutting-edge IT infrastructure and world-class technology. Tax breaks and other beneficial policies are provided by the government. The IT Act establishes a legal foundation for electronic governance.
In the next years, there will be an increasing number of Indians running global corporations. However, this is only a small proportion of the vast diaspora that manages to travel overseas for study or a job. What about the bulk of people who are held back merely due to a lack of resources?
There is, however, good news! Many doors have been opened as a result of the epidemic. With tighter budgets and a scarcity of qualified candidates to fill positions locally, remote offshore recruiting appears to be the natural solution for businesses, which is where talent portals like ManekTech come in.
While this provides distinct benefits in terms of flexibility, lower costs, and a larger talent pool. ManekTech takes a step further by providing organizations with access to a pre-vetted pool of 3.5 percent of developers in custom software development services, significantly enhancing the quality of recruits. It's a win-win situation for both corporations and talent. Companies get access to world-class talent, while talents benefit from more opportunities.