Two main segments of Information Technology (IT) are hardware and software, i.e. the equipments and programming. The software has developed as the significant industry in the field of electronics. This industry started with modest beginning during 1970s and by mid-1980s, the forecasters, examiners or the analysts and the policy planner began understanding the capability of software applications.
IT revolution in India
This software industry saw significant leap during 1990s and currently is one of the important industries of India. The main reason for the quick advancement in the software industry is its huge technically skilled manpower that has transformed India into a software super power.
With the compound yearly development of around 50% between 1991 and 1996, the Indian software industry has expanded almost twice as quickly as world’s leading US software industry did. The year 1995-96 was a boom year for the Indian computer industry and Information Technology (IT) industry exploded. Currently, there is a critical mass of more than 500 software firms and approx 1,000 start-up-companies in the country. India is one nation that offers cost-viability, incredible quality, speedy deliveries, high dependency, and, most importantly, the utilization of best in class advances in software industry. The IT sector is now one of the top industries in the country today.
As per NASSCOM (National Association of Software and Service Companies), the industry is expected to grow with 30-32% in the near future. The domestic market, as per NASSCOM, grew by not less than 24%. If we see, there are enormous software providing firms that allow local business owners to earn extra money such as empirecalls.co.in. Empire Calls provides Multi Recharge Software as well as Recharge API for website and business web portals. This company offers “White Label Recharge Portal” service for Individuals and business owners, who want to start their own mobile recharge company with their outlet. Similarly, with advancement in much technical way, few of the emerging companies chose e-commerce aspect to promote their products and be known in the market. One of the leading online digital platform in the herald is khatriji.in . You can make recharge for mobile, datacard, DTH and bill payment for landline, broadband, electricity and gas pipeline. You can also pay your life insurance premium through khatriji.in . Khatriji is also self-earning online digital platform with all its services.
The NASSCOM survey said that the total value of outsourcing to India so far is 44% of the worldwide total. That is, India is now considered as the major destination for IT outsourcing. India is no more in shortage of IT job opportunities. It created job employment of 4 million individuals (counting support administrations), represented 7% of India’s GDP. Some of the top IT companies that offer job opportunities are Tata Consultancy Services (TCS), Wipro Technologies, Cognizant, Yahoo!, Google, Tech Mahindra, Infosys Technologies, HP ,Capgemini, iGATE Patni, Accenture, L&T, EY, Convergys, MphasiS, Genpact, HCL Technologies and Godrej Infotech. Few of the major cities of the nation like Bengaluru, Delhi, Noida, Gurgaon, Hyderabad, Chennai, Bombay and Cochin have developed into IT hubs now.
These are the key players that contribute to the Indian economy’s growth through software development, telecommunication, design, e-commerce, mobile commerce, BPO and KPOs. Though, IT industry is not confined to software development alone. The technology can be applied in hospitals, shops, libraries, hotels, airports, train stations and many more places through database management systems.
Indian IT sector created foreign trade inflows
The hike in IT industry created 30% of India’s foreign trade inflows or the Foreign Direct Investments (FDI). It has led doors open in the Middle East, Africa, Eastern Europe, and South East Asia. Soon are the day, when India would overtake the US to have maximum amount of software developers. So far, Indian companies have focused on only the US and the UK countries like Canada, Germany, Japan and France. But there are huge possibilities in countries like Netherlands, Sweden, Australia also.
Among various other sectors in India, IT industry has been the driving force in the development of the Indian economy since last decade or more and yet has the potential to continue doing so for many more years.
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