This article would let you know how and why information technology sector grew in Asia and how it has benefited all. The impacts that IT sector had on Asia and the economic reforms that it has brought to Asia and the development happened there after.
In 1965, immigration laws in USA were modified and the restrictions on immigrants were reduced considerably. As a result a lot of Asian professionals migrated for research opportunities in USA. Professionals from countries like India, China, Pakistan etc.
The IT revolution in USA and the much fancied Silicon Valley in the US during the 80s and 90s could not have been possible without the work of these migrated Indians. What this migration did for the Asian IT industry was creating innumerable opportunities in the USA in the IT sector. Due to the fast growing IT sector in USA, there was a need for IT professionals outside USA.
As they mainly looked to maximize their profit. And as a result of this they started looking for cheap and hard working labor. So they decided to look to outsource everything. And hence it was time for Asian countries to get benefit out of it. They major IT companies from US expanded their working to these countries which mainly included South Asian countries like China, India etc.
This is considered as one of the great reasons why Asia became the biggest market for the It revolution.
Asia had a huge number of educated people and the education in Asia being in English, there was a large population of English speaking technically strong people in Asia. The education system was improving and Asian countries had great number of people who spoke in English, which was like a boon . Hence outsourcing of work started gaining momentum and this led to the huge boom in the IT sector in countries like India and China, whose most of the work is exporting software and software services to the US and other overseas clients.
As there was great number of people looking for job and they were well educated and had good degrees with them. Hence it was very easy for them to get cheap IT labor here in Asia. They hired 5 Asian people in the same money that they hired 1 US resource.
This was one of the main reason why the Asia has become the number one in terms of IT industry and IT professionals. Asians are generally considered as hard working people. That is why Top Tech companies like IBM, Microsoft , Google etc are looking to hire people from Asia.
In the recent reports The Asian Development Bank provided some data:
Between 2000 and 2015, ADB extended 402 ICT-related loans, grants, and technical assistance projects to the value of $11.9 billion to help develop and maintain:
- ICT infrastructure, e.g., telecommunications networks, mobile and wireless networks, broadband cable networks, data centers, last-mile internet connectivity, etc.
- ICT industries, e.g., ICT centers of excellence, research/computer laboratories, ICT-enabled industries such as business process outsourcing, knowledge process outsourcing, software parks, ICT incubators, etc.
- ICT-enabled services, e.g., ICT applications for education, finance, governance, health, etc.
- ICT policy, strategy, and capacity development, e.g., ICT policy and strategy, telecommunications policy reform, universal access and service, ICT road maps (national and local), ICT regulations and laws, ICT skills training and capacity building, etc.
IT Industry In India
The is the data released by : India Brand Equity Foundation
India has been a great developing country since 90’s only. And as the population mainly focused on education with cultural values as well, so the youth here mainly focused on increasing the standard of living. Hence directly benefiting themselves and indirectly benefiting the Indian country.
In the scenario of quick development and with the ease of doing business with the current Modi government, people have actually started looking forward to Indian economy.
People in India take their education very seriously. They believe in very stern rules and urban legend says that in India if you are not well educated then no one will value you. Because of which he/she will not get good spouce.
This data is the great sign as far as Indian markets are concerned. As India as already overtaken China’s growth(GDP). They expect a great amount of growth in their IT Industry as well.
It was believed that the NDA government at the time of Atal Bihar Vajpayee helped India a lot in terms of economic and cultural growth. And according to the people of India, they are reaping those benefits now.
The NDA(National Democratic Alliance) government, under the leadership of prime minister Atal Bihari Vajpayee, included the development of IT as the top priority in their long term agenda. Indian National Task Force was formed for this purpose which overtook the development of IT services in large and small IT enterprises in India. With the great help from the countries like US and UK they tried to solve the grass root issues. The National Task Force, within 3 months, provided a detailed report on the Indian IT and technological industries with more than 100 recommendations which would help improve the IT services in India. A swift action plan by the Central Government towards IT services growth was executed and all the recommendations were acted upon sooner than later. The result of these efforts from the Indian Government bore fruit with the IT exports touching more than $50 billion. Indian economy was no longer that of a developing nation, but at par with those of the developed nations in the world.
Service Industry In Hong Kong
- The information and communication technology (ICT) sector of Hong Kong is among the most advanced in the world. According to the annual global ICT Development Index published by ITU in November 2015, Hong Kong ranked second in Asia after Korea, and ninth in the world.
- A key factor contributing to Hong Kong’s advance IT status is the top-notch telecommunications infrastructure of the city. Hong Kong leads the Asian region in terms of international call time and the penetration of telephone lines, mobile phones and fax machines. It also operates Asia’s largest commercial satellite-earth station.
As Asia is the most populated regions in the world. It is bound to have more natural resources in form of evolving men. As Asia has recently worked greatly on the education system. Now they can see the major changes in the form of economic development.
The IT sector has provided employment to more than 30 Million Asian people and has become a source of income for Asians indirectly. Because of the IT sector, Asian middle class has attained an important status and standard of living has increased considerably in Asia because of the IT revolution.
In the near future as well, we will continue to see such growth as Asia will become economic power.