India's GCC export revenue is estimated to be $46 billion in
2022-23
Extract:
India's export revenue to the Gulf Cooperation
Council (GCC) countries is expected to reach $46 billion in the fiscal year
2022-23, a figure that challenges previous estimates.
Research by Sandeep Panat suggests that the true export
potential from India to the GCC might be significantly higher, pointing out that the
Indian tech sector's size has been consistently underestimated.
The industry appears to have undervalued the extent of
contribution from areas like IT services, signaling a potential for substantial
growth beyond current projections.
My Take:
MNC
Hiring in India……14/08/2023
"The predicted earnings of $40 billion in 2020 seem
minuscule compared to the actual boom in India's software export industry,
reaching a remarkable US $320 billion in the financial year 2023.
The surge in services exports, especially in IT and telecom
sectors, highlights the underestimated potential of India's tech prowess.
Sandeep Panat's findings align with this growth trajectory,
shedding light on unexplored avenues for further expansion in global exports,
including to the GCC countries."
"While the post lacks concrete evidence to verify
average payments, the mention of adding 500,000 software engineers in 2023
resonates with the need for skilled professionals.
The preference for India by GCCs due to skilled talent and
cost advantages mirrors the optimism behind India's export capabilities.
The envisioned increase in headcount parallels the
industry's momentum towards enhanced software exports, presenting a compelling
case for capitalizing on the underestimated potential, as indicated by Sandeep
Panat's research."
Call to Action:
To the Indian Ministry of Commerce and Industry:
Delve deeper into Sandeep Panat's research findings to reassess export
projections and formulate policies that leverage India's tech sector strength
for maximizing revenue potential. Encourage collaborations and investments to
tap into the underestimated resources and expand India's foothold in the GCC
markets.
With regards,
Hemen Parekh
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