Last updated: August 13, 2019
Topic: BusinessEnergy
Sample donated:


technology industry is one of the most important growth contributors for
India’s economy. IT industry has played a significant role in transforming
India from a slow moving bureaucratic economy to a land of entrepreneurs. It is
a global player in providing world class technological solutions and business
services, it has also played a role in transforming India from a rural & agriculture-based
economy to a knowledge based economy. Information Technology has made it a
possible way of accessing information at gigabit speeds. It has made tremendous
impact on the lives of millions of people who are poor, marginalized and living
in rural areas. Internet has made revolutionary
changes with possibilities of e-government measures like e-health, e-education,
e-agriculture, etc. But now, whether it’s filing Income Tax returns or applying
for passports online or railway e-ticketing, it just need a click of the mouse.
India’s IT potential is on a steady march towards global competitiveness,
improving defense capabilities and meeting up energy and environmental
challenges amongst others. IT-ITeS sector in India, which mainly focuses on
increasing technology adoption, and developing new delivery platforms, has
added loads of earnings. After the economic
reforms of 1991-92, fiscal incentives provided by the central and the State
Governments of India, such as : liberalization of external trade, elimination
of duties on imports of information technology products, relaxation of controls
on both inward and outward investments and foreign exchange, setting up of
Export Oriented Units (EOU), Software Technology Parks (STP), and Special Economic
Zones (SEZ), has made India to flourish and acquire predominant position in
world’s Information technology scenario. To mitigate and promote Indian IT
industry, the Government of India had set up a National Task Force on IT and
Software Development to examine the workability of strengthening the industry.
Venture capital has been the main source of finance for software industry
around the world. The Government of India is also actively providing fiscal
incentives and liberalizing norms for FDI
and raising capital abroad. After 2011, the country’s growth has reflected on
new demands for IT goods and services, with a major use of private and public
cloud and mobile computing on a variety of devices and through a wide of new
software applications. Foreign technology induction is also encouraged both
through FDI and through foreign technology collaboration agreements. India
welcomes investors in Information Technology sector. Greater transparency in
policies and procedures has made India an investor friendly platform. A foreign
company can hold equity in Indian
company’s up to 100%. Challenges
Cyber security and quality management are few key areas of concern in today’s
information age. To overcome such issues in today’s global IT world, an
increasing number of IT-BPO companies in India have gradually started to
emphasize on quality to adopt global standards such as ISO 9001 (for Quality
Management) and ISO 27000 (for Information Security). India aims to transform
itself into a truly developed and empowered society by 2020. But still to
achieve this growth, the IT sector has to continue to re-invent itself and
strive hard enough, through new business models, global delivery, partnerships
and transformation. A collaborative effort from all the shareholders will be
needed to make future growth of India’s IT-ITeS sector. India is one of the biggest
IT capitals in the world and has presence of all the major players in the world
IT sector. HCL, Wipro, Infosys and TCS are few of the well-known names of IT
companies in India. As the years passed by, verticals such as manufacturing,
telecom, insurance, banking, finance and lately the retail, have been the
growth contributors for this sector. But it is very fast getting clear that,
future growth of IT and ITES sectors will be geared up by the verticals of
climate change, mobile applications, healthcare, energy efficiency and sustainable
energy. The future for Indian IT industry sees a significant rise in share of
technology spent, with more service providers in both Indian and global target and
to bring about new segments and to provide low cost, flexible solutions to

The IT sector has also led to massive employment
generation in India. The industry continues to bring in employment, thus directly employing about 2.8 million people and
indirectly employing 8.9 million, making it a dominant player in the global
outsourcing sector. However, it continues to face challenges of competitiveness in the globalized and modern world,
particularly from countries like China and Philippines. The IT sector in India
has paved employment for many people. The Indian IT market currently focuses on
providing low-cost solutions in the services business of global IT. The
presence of Indian companies in the product development business of global IT
is very less yet, this number is slowly on the rise of late. The prominent trend
is that IT jobs, once were centralized to Bangalore, and are slowly starting to
experience a geographical spread into other cities like Chennai, Hyderabad and
Pune. According to Google, the
Indian community of developers will be the largest in the world by 2018.

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