Majority of economic forecasts (2021-22) foresee a strong economic comeback by India, an indisputable proof that strong fundamentals support the impressive growth of the Indian economy. A significant part of this growth is to come from the digital economy. India has a Trillion Dollar Digital Opportunity to capture until 2025, as estimated by GoI in collaboration with McKinsey & Company. Each state has a significant role to play in this growth story.  

The mineral-rich state of Chhattisgarh has made phenomenal economic progress, growing at a CAGR of 9.65% in the last decade. The services segment has been posting the highest growth rates in the state economy. Their share in the economy has also been increasing steadily and now contributes about 37% of the state economy. In cognizance of the fact that startups are not only a vital source of economic growth but also create employment opportunities, the government of Chhattisgarh has made conducive policies after consultation with big corporates such as Microsoft, Cisco, and Nasscom, etc. The effort is to set up centers that nurture the startup ecosystem of the state; such and similar endeavors have proved quite fruitful.

4th Rank in Ease of Doing Business

The measures taken by the state government have put it in the top state where it is easy to do business. These steps certainly help the business ecosystem to flourish with ease and at a fast pace.

C.G Ranks as a “Leader”

The State of Chhattisgarh has been acknowledged as a ‘Leader’ in the State Startup Rankings 2018 conducted by the Department of Industrial Policy and Promotion (DIPP), Government of India.

This has been due to the initiatives taken by the government on various fronts such as starting a State-of-the-art incubator ‘36INC’ with over 40,000 sq. ft. incubation area, allocation of large funds, and a range of policy measures to nurture new startups. 

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The Rise of the IT Ecosystem in Chhattisgarh

Significance of a Technology Ecosystem

For modern economies, apart from high capital formation, more significant is the development of technological ecosystems, else the state has to import technology, which in the long run impedes its progress.

Technology becomes an enabler for other industries as they harness its potential benefits. This helps a lot of companies to deploy home-brew technology and in creative ways to push for more growth and be highly cost-efficient. In Chhattisgarh, efforts have been poured to nurture innovative technology companies that can lead the economic development. 

IT/ITES- The Fastest Growing Startup Community of C.G

36INC, Raipur, incubates over 68 startups from varied disciplines of E-commerce, Logitech, Fintech, Marketing, IT/ITES, Edutech, F&B, Health-tech, Media & Entertainment, Aviation, and others. 

IT/ITES is the largest category of startups and also the fastest growing one. There are over 150 software startups in Raipur, and the growth seems to be gaining momentum each year. There are over 10 BPOs in Chhattisgarh that are creating impressive employment opportunities as well. 

IT Startups Preventing the Brain Drain

The pioneers of developing the software ecosystem in Chhattisgarh had the most challenging task to execute. They had to develop a successful business model for their company and convince the freshers to stay back and what is more challenging- to give equal opportunities to the successful IT professionals in metros to come back to their hometown and pursue their career in Chhattisgarh.

But Chhattisgarh’s IT ecosystem has gained a lot of momentum, many freshers are staying back to join these excellent local companies that give global exposure. Also, now a large number of professionals are willing to come back to Chhattisgarh. 

IT/ITES Companies Creating Many Employment Avenues

During economic downturns, big companies do lay-off while startups are the ones who generate employment in large numbers. For Chhattisgarh, this is a remarkable change as growing momentum will motivate other entrepreneurs to start their ventures. 

Techment Technology, Globussoft, Sjain Ventures, Jain Software, Nextwealth, BlueBanyan Band many more companies are doing an excellent job of not just giving employment, but a proper corporate career. 

Not only do numbers matter, but the type of employment is also important. Software developers in various languages, graphic designers, Web developers, digital marketers, business analysts, sales executives, content writers, HR managers, and other professionals in supporting roles are getting opportunities, which was never the case before. 

Moving forward, IT companies will continue to contribute more aggressively to the GSDP and make Chhattisgarh an important career destination.

The policy incentives on fixed capital, working capital requirements, focus on IT infrastructure development, and financial support is favorable to the growth of new companies. 

Creating an Inclusive and Gender Neutral Workplace

The traditional industries suffer from a grave problem of gender diversity. The core industries of the state offer little scope for women professionals to grow and pursue their careers. IT companies provide welcoming relief with their ideal gender diversity, and they also provide a long-term and encouraging environment for them to flourish and take up leadership roles. 

This contribution is highly significant as it is a matter of pride that such opportunities, which were only the characteristics of big cities, are not slowly penetrating Chhattisgarh and would encourage a large number of professionals to the state in the coming years.  

Vocal for Local

Homegrown IT companies are the pioneers in believing in the potential of local talent and nurturing them to create world-class products. Instead of opening offices in big cities and hiring outside talent, these companies have picked up the gauntlet. Their growth story is the story of the people of Chhattisgarh, their talent, and hard work. In a way these companies are instilling an emotion of pride, that from the soil of their state great companies are being incorporated and that people of the region are gifted and talented.

The Bright Future

The peaceful and friendly state of Chhattisgarh with boundless natural beauty, culture, and mineral wealth has been growing spectacularly for over a decade. Exceptionally talented youth of the region are beginning to get opportunities within the state. 

With incentives and initiatives from the central government, and with states collaboration, IT and ITES companies would within a decade become one of the most precious companies of the state. The future seems to be roseate.