It's raining dollars for the Indian IT sector with global giants like Microsoft, IBM and Intel announcing investments to the tune of over $15 billion (nearly Rs 70,000 crore) and thousands of new jobs for their operations and joint ventures here.
A highly skilled and vast workforce, low-cost operations, a booming economy, good telecommunications links and a rapidly growing market are some of the reasons why multinational giants to the Indian shores with big investment plans.
About six major global IT companies — German application software giant SAP AG, IT services major IBM, world's largest software maker Microsoft, largest computer chipmaker Intel and US-based software giant AMD and leader in networking for the internet Cisco — have each committed over $1 billion dollar investment in the country over the past few months.
With designs to make India its research and development hub, SAP AG last week announced it would invest $1 billion. "We will invest USD one billion in India in the next five years," SAP CEO Henning Kagermann said.
The company will increase the headcount in India to 4,000 by the end of this year and hopes to double the number over the next five years, riding on the demand for SAP's products.
IBM in June this year has announced to triple its investments in India over the next three years by pumping in $6 billion towards its India operations.
Microsoft, the world's largest software maker, will inject $1.7 billion in India on various projects over a period of four years, its Chairman Bill Gates said in December last year.