Er.Dushyant Vijay Shingnapure
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The Information Technology (IT) industry has become one of the most robust industries in the world. IT; more than any other industry or economic facet; has an increased productivity, particularly in the developed world, and therefore is a key driver of global economic growth. Economy of bigger scales and insatiable demands from both consumers and enterprises has characterized this rapidly growing sector. The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a staggering US $85.7 billion (including over $4 billion worth of software exports) in 2008-09. No other Indian industry has performed so well against the global competition.
The IT industry can serve as a medium for e-governance, as it assures easy accessibility to information. The use of information technology in the service sector improves operational efficiency and adds to transparency. It also serves as a medium for skill formation. Both software and the hardware sectors involved in the IT industry include everything from computer systems, to the design, implementation, study and development of IT and management systems. Owing to its easy accessibility and the wide range of IT products available, the demand for IT services has increased substantially over the years. The IT sector has emerged as a major global source of both economic growth and employment. Unlike other common industries, the IT industry is knowledge-based. Efficient utilization of skilled labor forces in the IT sector can help the economy achieve a growth at rapid pace. The IT industry helps many other sectors in the growth process of the economy including the services and manufacturing sectors.
The IT industry can serve as a medium for e-governance, as it assures easy accessibility to information. The use of information technology in the service sector improves operational efficiency and adds to transparency. It also serves as a medium for skill formation. Both software and the hardware sectors involved in the IT industry include everything from computer systems, to the design, implementation, study and development of IT and management systems. Owing to its easy accessibility and the wide range of IT products available, the demand for IT services has increased substantially over the years. The IT sector has emerged as a major global source of both economic growth and employment. Unlike other common industries, the IT industry is knowledge-based. Efficient utilization of skilled labor forces in the IT sector can help the economy achieve a growth at rapid pace. The IT industry helps many other sectors in the growth process of the economy including the services and manufacturing sectors.
As IT industry is increasing as global source of both growth and employment, the chance of employment has increased tremendously and so also the pay packages. The minimum package of IT employees starts from about 2 lacks at the age of 22- 23 yrs and turns into two digits within short period due to rapid progress in the sector. Pay package plays vital role in the lifestyle, IT employee earn such a big amount and invest money in several sectors like share market, acquiring land and property. At the same time, money is spent on entertainment and luxurious life style which gives rise to many malpractices.
Long working hours in IT industry and particular way of working have turned IT people into robots. It affects the physical, psychological and sociological factors of employees. They are just programmed like computers, which decline their psychological and sociological awareness. This mental transformation can be hazardous not only for IT people but for the human society as a whole.
On the other hand, growth rate of other industries is slow and their conditions are pathetic. Pay packages are low as compared with those of employees in IT industry. It creates the vast difference between the lifestyle of IT people and non-IT people and also gives rise to the agony among the employees working in other sectors. There is a fear that this situation can violate the constitutional right to equal growth opportunity for every individual.
The pay package of IT employees has increased the market level in every sector. In past few years, the cost of products is increased due to increased demand and constant supply. Cost of properties around the IT parks have remarkably increased. There are many shopping malls, hotels, theaters like INOX, CINEMAX etc. which charge such an amount which is not affordable to a common man. This indirectly amounts to economical disparity, which has increased the cost of daily needs. Shopkeepers in the metro cities ask for more money and the people pay them comfortably as they are economically sound. This tendency gives rise to customer unawareness. But common man suffers in such market conditions.
Recession in the market is currently the hottest issue of discussion. An economy which grows over a period of time tends to slow down for a period of time as a part of the normal economic cycle. An economy typically expands for 6 to10 years and tends to go into a recession for about six months to two years. Financial Recession in US economy has also affected the Indian economy. Decrease in Software projects outsourced by US based companies in India has reduced the demand for employees in software companies. US President Mr.Barack Obama, during his campaign for president ship has raised the question of outsourcing projects in INDIA. US based Software companies outsource projects in India as they have to pay less amount of pay package to Indian employees as compared to US employees. Mr.Barack Obama ,“What is the advantage of software companies to U.S.A. government and people?”. What will happen if US president will think on this topic seriously? Indian economy increased tremendously due to IT sector with fastest rate and also declined due to same rate.
A recession normally takes place when consumers lose confidence in the growth of the economy and spend less. This leads to a decline in demand for goods and services, which in turn leads to a decrease in production, lay-offs and a sharp rise in unemployment. Investors spend less as they fear stock values will fall and thus stock markets fall on negative sentiments.
Recession has reduced the opportunity for jobs; lots of jobs have gone astray in last few months. What will happen to these privileged lots who were till now addicted to the enforced and lavish lifestyle due to their healthy pay packages? The sudden shrinking in their income sources may disturb them economically as well as socially. Again there is a strong feeling of marginalization among non IT workforce due to comparatively less remuneration in their respective fields. Such things inevitably give rise to personal stress and strain as well as socio- economic distrust among various social strata. This calls for immediate social intervention and adoption of scientific Stress management skills. Economists have recently devoted considerable attention to the impact of social structure and networks on the economy. Economic models typically assume that workers and jobs are matched through a search whose costs and benefits are equalized at the margin, but in most real labor markets, social networks play a key role. Prospective employers and employees prefer to learn about one another from personal sources whose information they trust. This is an example of what has been called “social capital”. Because all social interaction unavoidably transmits information, details about employers, employees and jobs flow continuously through social networks that people maintain in large part for non-economic reasons. IT Industry and sociological factors, both are vital for global development, so it is our responsibility to maintain balance between both the factors.
Long working hours in IT industry and particular way of working have turned IT people into robots. It affects the physical, psychological and sociological factors of employees. They are just programmed like computers, which decline their psychological and sociological awareness. This mental transformation can be hazardous not only for IT people but for the human society as a whole.
On the other hand, growth rate of other industries is slow and their conditions are pathetic. Pay packages are low as compared with those of employees in IT industry. It creates the vast difference between the lifestyle of IT people and non-IT people and also gives rise to the agony among the employees working in other sectors. There is a fear that this situation can violate the constitutional right to equal growth opportunity for every individual.
The pay package of IT employees has increased the market level in every sector. In past few years, the cost of products is increased due to increased demand and constant supply. Cost of properties around the IT parks have remarkably increased. There are many shopping malls, hotels, theaters like INOX, CINEMAX etc. which charge such an amount which is not affordable to a common man. This indirectly amounts to economical disparity, which has increased the cost of daily needs. Shopkeepers in the metro cities ask for more money and the people pay them comfortably as they are economically sound. This tendency gives rise to customer unawareness. But common man suffers in such market conditions.
Recession in the market is currently the hottest issue of discussion. An economy which grows over a period of time tends to slow down for a period of time as a part of the normal economic cycle. An economy typically expands for 6 to10 years and tends to go into a recession for about six months to two years. Financial Recession in US economy has also affected the Indian economy. Decrease in Software projects outsourced by US based companies in India has reduced the demand for employees in software companies. US President Mr.Barack Obama, during his campaign for president ship has raised the question of outsourcing projects in INDIA. US based Software companies outsource projects in India as they have to pay less amount of pay package to Indian employees as compared to US employees. Mr.Barack Obama ,“What is the advantage of software companies to U.S.A. government and people?”. What will happen if US president will think on this topic seriously? Indian economy increased tremendously due to IT sector with fastest rate and also declined due to same rate.
A recession normally takes place when consumers lose confidence in the growth of the economy and spend less. This leads to a decline in demand for goods and services, which in turn leads to a decrease in production, lay-offs and a sharp rise in unemployment. Investors spend less as they fear stock values will fall and thus stock markets fall on negative sentiments.
Recession has reduced the opportunity for jobs; lots of jobs have gone astray in last few months. What will happen to these privileged lots who were till now addicted to the enforced and lavish lifestyle due to their healthy pay packages? The sudden shrinking in their income sources may disturb them economically as well as socially. Again there is a strong feeling of marginalization among non IT workforce due to comparatively less remuneration in their respective fields. Such things inevitably give rise to personal stress and strain as well as socio- economic distrust among various social strata. This calls for immediate social intervention and adoption of scientific Stress management skills. Economists have recently devoted considerable attention to the impact of social structure and networks on the economy. Economic models typically assume that workers and jobs are matched through a search whose costs and benefits are equalized at the margin, but in most real labor markets, social networks play a key role. Prospective employers and employees prefer to learn about one another from personal sources whose information they trust. This is an example of what has been called “social capital”. Because all social interaction unavoidably transmits information, details about employers, employees and jobs flow continuously through social networks that people maintain in large part for non-economic reasons. IT Industry and sociological factors, both are vital for global development, so it is our responsibility to maintain balance between both the factors.
