Like any other industry, Indian IT too faced challenges, such as absence of a local market, and unfavourable government policy regarding private enterprises. In those days, the industry mostly comprised of Bombay-based conglomerates whose chief purpose was to supply programmers to internationals IT firms overseas. The s Indian IT faced the most struggle. Software was not recognised as an industry; that meant exporters were not eligible to seek finance from banks.
This meant that exporters had now become eligible for bank finance and the industry was unrestricted from license-permit raj. Foreign companies now had the permission to set up autonomous, export-dedicated units. In the following 5 chapters, you will quickly find the 29 most important statistics relating to "IT industry in India". Skip to main content Try our corporate solution for free!
Single Accounts Corporate Solutions Universities. Published by Shangliao Sun , Aug 12, India made up more than 18 percent of the global IT spending.
However, the country had a modest beginning in the field. Lacked proper infrastructural facilities for software development, the government formulated a new software policy that allowed more participation and hassle-free trade procedures. Consequently, the sector witnessed an explosive growth especially post economic liberalization of the s. Within the global business community, India is famous for its high-quality IT outsourcing services. Catering to the needs of the major firms in Europe and North America, India is rightly called as the IT outsourcing hub.
As of financial year , India generated nearly billion U. Among various sub-sectors, the IT services and IT-enabled services were the most sought after in the international market. The sector is growing rapidly and includes software development consultancies, software management, business process outsourcing and various online services.
The origination of the IT industry in India met with a rough start. Unfavorable conditions hampered growth due to the absence of local market and aggressive policies against the private enterprises made the IT sector struggle. Tracing the origin of Indian IT industry, we get to know that it was started by a Bombay-based corporation which entered into the business by supplying programmers to IT firms situated overseas.
It kick started the software industry. The policy offered a package of reduced import tariffs on hardware and software. Finally the software exports got the recognition of a delicensed industry making them eligible for bank finance. It is due to these policies that the Indian IT industry was able to form such strong foundation. There are over 2. In the financial year , the IT industry generated an annual revenue close to billion U. The industries in India continue to flourish as they are the largest service providers in the field of devices market and telecommunications services.
The major reason behind the rapid development of the IT industry is the vast reservoir of technically skilled manpower which has transformed India into a super power. Our education system places a strong emphasis on mathematics and science which results in large number of students aiming to join the domestic IT companies in India.
The investment in human resource has supplied programmers who have strong technical and analytical skills. India provides the largest market of professional programmers who have the willingness and efficiency to work for the benefits of the IT sector.
The Indian IT industry is heavily influenced by factors like the global market and sustenance of its rate of growth. The global slowdown also affects India, for instance, the recession in the United States impacted the IT community in India negatively. Domestic and Export Share.
The tremendous demand for IT services and goods by India Inc. IT exports software and services of India are to nearly 95 countries around the world. Top leading Companies.
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