What makes Indian IT hot ?
By: Renu Singh | Posted: 25th June 2008
Indian IT Industry is a knowledge based industry which is taking India forward to the way of economic growth. According to recent studies, Indian IT Industry is rising on a robust pace. The growth is really noticeable. Infact , no other industry performed better than IT Industry in India on global market.
The recent studies show that in 1991-1992 IT Industry in India did a business of US $ 150 million and in 1991-92 this number showed tremendous increase as good as US $ 5.7 billion. It reached to US $ 10 billion in year 2005, and today Indian IT Industry is supposed to be a global IT super power. Studies show that an annual revenue projection for Indian IT Industry is US $ 87 billion, which is quite a large amount.
The Indian domestic IT services market outpaced the overall Asia Pacific growth, as it growing by 18 per cent in 2007.
The reason behind the fact is emergence of new MNCs in India like Satyam, Wipro, Infosys, TCS, Cognizant and HCL Technologies etc. These are collectively called as “SWITCH (Satyam, Wipro, Infosys, TCS, Cognizant and HCL Technologies)” companies.
The collective share of these top six companies was 2.4 per cent in 2007 as compared to 1.9 per cent in 2006.Indian IT Industry plays an important role in economic growth of the country. India is proved to be the most preferred destination for business process outsourcing (BPO). This works as a key driver of growth for the software industry and the services sector.
The emergence of these BPOs play an important role in amplifying economic growth and it gives employment to the young generation of India. There is a potential for 2.2 million jobs in IT by 2008
The annual growth rate of India's software exports has consistently grown somewhat over 50 percent since 1991. No other Indian industry has performed so well against the global market.
The reason behind this tremendous growth is the services provided by Indian government. Knowledge industry has its own contribution in the growth of Indian economy According to recent studies, it is estimated that India has over 1,832 technical education institutes, above 4 million technical workers, more than 67,785 students taking technical education every year.
Other services provided by Indian government includes establishment of an IT committee by Ministry of Information Technology. The members of this committee were Non Resident Indian (NRI) professionals from United States, IT entrepreneurs and they are supposed to advise and convince US investors to step in Indian IT sector. The committee is chaired by Minister of Information Technology, Government of India. An industry can grow only when is backboned by financial support. Indian Government is taking leading steps toward this aspect. Deserving entrepreneurs are supported by Indian Government has set up a National Task Force on IT and software development to examine feasibility for amplification the IT industry. Govt. of India is providing financial incentives to the deserving IT industries.
For more visit: http://itvoir.com/portal/
http://www.itvoir.com/portal/boxx/knowledgebase.asp?iid=776&Cat=23
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Tags: economic growth, emergence, software industry, business process outsourcing, global market, young generation, business process outsourcing bpo, indian government, preferred destination, country india, infosys, asia pacific, wipro