The 21st century is earmarked as Information Technology driven and India is at the Centre of global attraction and considered as a knowledge powerhouse. The IT industry covers IT services, IT-enabled services (ITES), e-commerce (online business), Software and Hardware products. IT based services are indispensable for any organization to increase productivity, ease of doing business, and grow efficiently and economically in this competitive world. Information Technology not only contributed to the economic growth of the country but it has also made governance more competent and approachable. It has made access to government services and information easier and inexpensive. Information technology has also made management and delivery of government services – such as health services, educational information, consumer rights and services etc. more meritorious with enhancing transparency. The IT industry is the backbone for our economy to prosper exponentially and to generate millions of jobs. Growth in the IT sector will push us to grow at par with China in every sector and will help in grabbing the global market. This will improve the socio-economic status of Indians.
The exponential growth of the IT industry in India in the last two decades has changed the perception of the whole world about India’s storehouse of knowledge and skills and powered economic growth. The swift advancement within the IT industry and liberalisation policies such as reducing trade barriers and eliminating import duties on technology products by the Government of India are instrumental in the evolution of this industry.
In the present time, when the COVID-19 pandemic has grappled the whole world and economies have been hard hit. The Indian IT industry is still showing positive signs and has the ability to overcome this exceptional catastrophe. It has arisen as a global economic force and a major contributor to the Indian economy in particular and the world in general.
In the last decade, India has emerged as an IT hub for the software companies of the world and Indian software companies have taken prominent positions in the global IT sector. India has become the world’s largest sourcing destination for the IT industry. Online retailing, cloud computing and e-commerce are all contributing to the speedy growth of the IT industry. The rate of growth in the IT sector for 2019-20 is approximately ten percent.
The Indian IT industry has grown rapidly with an exponential growth rate after the economic reform of 1991-92. Indian IT companies have set up thousands of centres within India and around 80 countries across the world.
The IT industry has steadily augmented and accelerated the growth of India. This Industry absorbs a large pool of Indian skilled human resources which makes the country a global IT hub. The IT Industry has been instrumental in transforming the whole Indian economic and governance landscape. India’s IT industry is gaining footsteps in new disruptive technologies and will play a leading role in the ongoing fourth industrial revolution globally.
India is expected to have a digital economy of $1 Trillion by 2025
Future belongs to India with a great share of work from different parts of the world and placement of Indian experts across the globe. Central government has initiated a transformation process in the education sector.