How IT and Product Companies Have Changed The Indian Economy

IT and product companies have completely changed the Indian economy in the last few years. IT companies have been around for a while now. They started mass recruiting from the early 2000s and kept on doing it upto 2008 when the world was hit by an economic crisis.

The economic crisis was upto such an extent that not only did new graduates not get jobs, but the existing employees in many organizations actually lost their jobs. The year 2009 was so bad that most of the colleges didn’t see any company coming for campus recruitment. Many students had to wait for upto a year to get jobs. Some of the prestigious IIMs whose students get jobs with an annual salary in the range of crores were not getting any jobs.

After the economic crisis, the companies were gradually recovering from the depression. The companies were again starting to make more profit. Another depression hit in the year 2011. The conditions that prevailed in 2009 again repeated itself in 2012. No companies were again coming for campus recruitment.

IT companies in India

2012 was not a good year for most engineering students and management graduates.  2013 saw a little improvement. In the mean time, between all the economic depression and IT companies cutting their workforce, a new chain of companies came to the forefront. These were product companies and most of them were in the eCommerce industry.

Companies like Flipkart, Snapdeal, Myntra, Jabong along with the entry of Amazon completely revolutionized the eCommerce industry in India. Flipkart, arguably the leading company for the eCommerce industry in India is now a major player in the Indian economy. With Flipkart, a new generation of Internet entrepreneurs came through. Entrepreneurship is becoming more and more popular in India.

A lot of people associate entrepreneurship with having deep technical expertise. That is a completely wrong notion. Entrepreneurship can be done on the simplest of ideas. What matters is the idea. If you have the idea, you can gather technical people and guide them. You can shape your idea by hiring technical people.

product companies in India

The main difference between the IT and product companies is that the former are a service company. In a service company, the daily work after a few days becomes monotonous. Whereas in a product company, the product that you help create will directly affect the end users. The bigger the product company, bigger the end users your work has an effect on.

Take the example of Apple and Google. Both of them are product companies. One is in the smartphone industry and the latter is in the online industry. Google is also in the smartphone industry with it’s Android OS. Both of them have established dominance in their own fields. Their products are being used by hundreds of millions of users. So, the product developers who helps design these products directly has an effect on hundreds of millions of users. That’s the satisfaction they get after working for a major product company.

Another difference between the Product and IT companies is that IT companies are mass recruiters. They recruit hundreds of employees at one go straight out of the engineering colleges. Product Companies are not mass recruiters. They prefer quality over quantity. Most of the students they recruit are usually very good at computer science subjects.

Because of the IT and Products companies, engineering has become a very popular stream for many. Not only do the students get a higher starting salary compared to other industries, they also have the opportunity of working on a global scale. That’s why many universities and colleges are now providing more and more engineering courses. For example, Mumbai University provides engineering and management courses on a lot of fields.

One thing is confirmed that the IT and Product Companies have created a lot of employment for young graduates. Apart from direct employment, they have also added millions of indirect employment. That’s why most students are now opting for management and engineering. Students who are interested in engineering and management can check out the Mumbai University Fee Structure because it’s actually a great university to study.

Author: Lahaul Seth

A programmer and a web developer, he is the founder of Lion Blogger. His main hobbies are web design & development and providing writing services to clients.

Share This Post On
468 ad

Pin It on Pinterest

Share This
More in Education
Study The Course Of Your Choice At University Of Pune

Close