The robust growth of India Inc. can be attributed to the meteoritic success of ' India IT Industry '. In fact no other Indian industry has performed so well against the global market.
The master control of 'Indian IT Industry' is in the hands of Department of Information Technology (DOT) which aims to make ' India IT Industry ', a Global IT Super Power by 2008 - a front-runner and bring the benefits of electronics to every walk of life. Further, it is focused on Creation of Wealth, Employment Generation and IT led Economic Growth. According to sources, annual revenue projections for ' India IT Industry ' in 2008 are US $ 87 billion and market openings are emerging across four broad sectors, IT services, software products, IT enabled services, and e-businesses thus creating a number of opportunities for Indian companies. All of these segments have opportunities in foreign and as well as in domestic markets. Sources estimates -
IT services will contribute over 7.5 % of the overall GDP.
IT Exports will account for 35% of the total exports with potential for 2.2 million jobs in IT by 2008.
IT industry will attract Foreign Direct Investment (FDI) of U.S. $ 4-5 billion.
Market capitalization of IT shares will be around U.S. $ 225 billion.
With the formation of a new ministry for IT, Government of India (GOI) has taken major steps towards promoting ' India IT Industry '. It has taken steps to promote angel investors, venture creators and incubation to promote -
- Electronics and hardware manufacturing.
- R&D.
- Increase PC penetration.
- Increase utilization of Internet.
- Domestic software market.
- Development of local language softwares.
- Use of IT to increase productivity.
- Use of IT as a means of generating employment.
- Availability of technical work force.
- Number and quality of training facilities.
'IT Industry India ' is a knowledge industry that will help take the Indian economy to a new horizon and further change the ' Scenario of Indian IT Industry' fueling India's economic growth.
