The biggest success of the IT industry in the country has also been its biggest challenge. The phenomenal rise of the Software services industry led by global leaders like TCS Cognizant, Infosys and Wipro and smaller firms like HCL, Mindtree, Zensar and Hexaware in hot pursuit has put India in pole position in the global IT services industry. Driven by NASSCOM with visionary leadership and full support from industry stalwarts, the services industry really gathered momentum towards the end of the last century and has never looked back since.
However many other industry segments have struggled to emerge from the shadow of the spectacularly successful services sector. Business Process Outsourcing looked like a rising star for some time followed by Engineering Services, Media and Animation and other sub-sectors but could not match the rise or the stature of IT Services. The Products industry too has had many good starts, but in a manner similar to India’s cricket openers these days, have spluttered too fast and too frequently. Barring a few successes like i-Flex, Tally and some products that germinated within the comfort of a services company, the product story from India has just not done justice to the energy enthusiasm and incredible talent that lies in this country.
There are many green shoots emerging in the hitherto parched product landscape that give us all hope that the story is destined to change and move towards a happy ending with a more focused approach to developing a new eco-system for the product industry. In the last few years, outstanding leadership of the product forum in NASSCOM and the very successful product conferences in Bengaluru have demonstrated the high energy that flows through the veins of the product entrepreneurs today. The opportunities too abound with the ubiquitous spread of the internet and cloud computing enabling “made in India” products to quickly expand their availability globally and Software as a Service enabling new methods of consumption and commercial relationships.
However mere enthusiasm does not create a product nation and there needs to be concerted efforts to build a sustained focus on the products industry. There is a need to work with this fledgling sector from the early stages of creating programs in Universities to build a product mindset to developing incubation centres and a more vibrant angel network that will enable thousands of start-ups to bloom. Since significant Government and corporate support for Indian products will also be needed akin to the support given in China to the local industry, serious efforts will be needed to educate the bureaucracy in Delhi on the very specific needs of the product companies so that enabling policies and programs are created and funded by Government.
The opportunity for the products industry to be a hundred billion dollars strong by the time India turns seventy-five in 2022 is very real but we will need to bring all the players together and build a strong platform to propel the industry into the stratosphere of global success!