HomeThough small and medium enterprises (SMEs) in India are reeling under the pressure of the ongoing economic slowdown, those in the information, communications and technology (ICT) sector are still optimistic about their growth.
These small firms believe that the slowdown can open up new avenues for them for providing cutting-edge technological tools and high-end communication solutions.
Global ICT giants and analysts are also quite upbeat about the prospects of small and mid-sized information and technology (IT) service providers as an increasing number of companies are looking at these firms to provide them cost-effective and timely solutions to help them focus on their core competencies.
A recent report released by the United Nations International Telecommunication Union (ITU) has projected that the ICT sector would continue to grow despite the recessionary conditions.
Analysts believe that 2009 company budgets for ICT will increase considerably as compared to 2008. Computer systems, wireless applications and services, business websites or web infrastructure are predicted to be the key areas of spending for companies during this year. To tap the immense scope in the ICT sector, companies have to overcome challenges and introduce innovative solutions.
Though hurdles like availing credit from the banks and securing higher financing costs pose a major threat to SME development plans, analysts believe that these small business units can still take advantage of the current economic turmoil to establish their strong presence in the domestic and international markets.
Moreover, high growth in the mobile telephone business and expanding internet subscriber base are expected to provide entrepreneurial opportunities for budding ICT companies.
Indian SMEs in the ICT industry can explore opportunities in emerging markets like Brazil, United Arab Emirates (UAE) and Nigeria, which have registered a phenomenal internet subscriber growth in September and October 2008.
Even in these difficult times, the ICT sector can capitalise on the untapped opportunities and offer cost-saving technologies like next-generation networks (NGNs). The industry should focus on innovation and continue to invest in infrastructure to mitigate the impact of downturn.
About the Author:
David Parks is a well known author and has written articles on B2B Trade Offers and Currency Converter, suppliers, Manufactures and many other subjects.
