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India to face IT staff shortfall- McKinsey-Nasscom
By agencies
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Monday, 12 December 2005, 20:30 IST
SINGAPORE: India's famed information technology industry will face a shortfall of 500,000 professionals by 2010, threatening its domination of the global offshore IT services, a London daily said.
The Financial Times quoting a report by consultancy firm McKinsey and Nasscom, India's leading IT association said the unless India doesnt make efforts to contain the shortfall, it will be faced with a challenging situation.
The report comes at a time when multinationals like Microsoft and J.P. Morgan have said they will increase their presence in the world's largest offshore services industry, adding to labor market pressures caused by a growing mismatch between the supply and demand for technology talent.
The report also said despite the recent expansion, only a 10th of an estimated "addressable" market of $300 billion for global offshoring is currently being tapped.
The paper said a labor shortage would pose a serious threat to India's ability to retain its lead in IT offshoring.