The IT and BPO industry will generate 10 million (1 crore) jobs by 2010 in India and the country will become the 'centre of gravity' in the world for the sector, says Nandan Nilkani, CEO of the Nasdaq-listed Infosys.
Talking to a group of editors on the "business implications of a flattening world," he said Indian companies will have to have a global vision to realise the potential of the country becoming the centre of gravity in the information technology sector.
Nilekani said software development in India has become qualitatively better and customers wanted more of it. The global companies have to make a fundamental shift in their strategies by opening up more to markets in India and China.
Citing an example, he said inn these two countries a huge demand for things like mobile phones was growing and other countries have changed their operations from BPO to leverage this aspect.
The demographic divide in which India has an advantage over Europe, Japan and China in terms of young population was leading to doubling of the labour pool.
With technology leading to substitution and digitisation, Nilekani said companies internationally had to become leaner and nimble. Multinational corporations have to reorganise their staff and to 'Indianise' them, he said.
He said continued access to qualified manpower and infrastructure were the hurdles in the growth of the sector.
Affluence migration caused by job creation in this sector was creating urban pressure which could be redressed by the Special Economic Zones.
The Infosys CEO said India needed 70 million jobs and for this there was need for flexible labour laws. He said the IT exports from India were expected to touch $50-60 billion next year.