Examin the impact of ITsector on the Indian economy
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India is a land burgeoning with youth and life. It is the 11th largest economy in the world by nominal GDP (Gross Domestic Product) and 4th in terms of PPP (Purchasing Power Parity). India is also making very significant strides forward economically and is poised to become an economic superpower by 2020. While agriculture is still the predominant employer and economic mainstay of the nation, industries contribute a very large percentage to the economy. This contribution has increased more rapidly after the government opened up the economy and revised its economic policy to include liberalisation and globalisation. With more foreign companies entering the country and more Indian companies becoming MNC’s, India is expected to have one of the fasted predicted economic growth rates in the world. Currently its GDP is growing at the rate of an average of 7.5%.
A particular industry that has been instrumental in the growth of the Indian economy is the IT sector. IT stands for Information Technology. The design, development, implementation or management of information systems is referred to as information technology. It describes the production, storage, manipulation and dissemination of information. IT industries account for 6% of the GDP of India and provide employment directly or indirectly for over 2.3 million people. It also contributes very significantly to India’s exports: accounting for around 18% in 2001. India produces roughly 150,000 technically and socially adept engineers every year. Most of them migrate to developed countries and form an integral part of the workforce there, thus becoming India’s most beloved export.
The growth of technology as a field of education started with the establishment of the first Indian Institute of Technology (IIT) in Kharagpur in 1951, by the then education minister Maulana Abul Kalam Azad. The IITs remain, till date, one of the best among the premier technological institutes in the world, providing high quality training in both the theoretical and practical aspects of engineering. The concept of IT as an industry began to take root in India in the late 1960’s. Until then, India used to import the EVS EM computers from the Soviet Union. But in 1968, Tata Corporation formed the Tata Consultancy Services, which soon became the largest software providers of the 60’s. The National Informatics Centre was established in 1975 and was followed by a boom of indigenous IT companies such as Tata Infotech, Patni Computers and Wipro. Although the growth of industries as such was slow in the pre-liberalisation days, both Indira Gandhi and Rajeev Gandhi were convinced that electronics and telecommunication industry were the future of India. The Indian government created three wide-area computer networking schemes: INDONET – which was intended to serve IBM networks across the country, NICNET- the network created for the NIC, and Education and Research Network (ERNET) which was oriented towards educational research; in the years 1986-1987. With the birth of the 90’s, India saw massive changes in the IT industry. The Department of Electronics created Software Technology Parks of India (STPI) in 1991, which is basically an export oriented scheme for the development and export of computer software, including export of professional services. The decade saw a massive stride in India’s economic growth, partly due to the extensive internet connectivity provided all over the country at that time. In the 21st century, India has risen to the position of one of the largest IT capitals of the world. As of 2006, technologically inclined services sector in India accounted for 40% of the country’s GDP and 30% of export earnings.
A particular industry that has been instrumental in the growth of the Indian economy is the IT sector. IT stands for Information Technology. The design, development, implementation or management of information systems is referred to as information technology. It describes the production, storage, manipulation and dissemination of information. IT industries account for 6% of the GDP of India and provide employment directly or indirectly for over 2.3 million people. It also contributes very significantly to India’s exports: accounting for around 18% in 2001. India produces roughly 150,000 technically and socially adept engineers every year. Most of them migrate to developed countries and form an integral part of the workforce there, thus becoming India’s most beloved export.
The growth of technology as a field of education started with the establishment of the first Indian Institute of Technology (IIT) in Kharagpur in 1951, by the then education minister Maulana Abul Kalam Azad. The IITs remain, till date, one of the best among the premier technological institutes in the world, providing high quality training in both the theoretical and practical aspects of engineering. The concept of IT as an industry began to take root in India in the late 1960’s. Until then, India used to import the EVS EM computers from the Soviet Union. But in 1968, Tata Corporation formed the Tata Consultancy Services, which soon became the largest software providers of the 60’s. The National Informatics Centre was established in 1975 and was followed by a boom of indigenous IT companies such as Tata Infotech, Patni Computers and Wipro. Although the growth of industries as such was slow in the pre-liberalisation days, both Indira Gandhi and Rajeev Gandhi were convinced that electronics and telecommunication industry were the future of India. The Indian government created three wide-area computer networking schemes: INDONET – which was intended to serve IBM networks across the country, NICNET- the network created for the NIC, and Education and Research Network (ERNET) which was oriented towards educational research; in the years 1986-1987. With the birth of the 90’s, India saw massive changes in the IT industry. The Department of Electronics created Software Technology Parks of India (STPI) in 1991, which is basically an export oriented scheme for the development and export of computer software, including export of professional services. The decade saw a massive stride in India’s economic growth, partly due to the extensive internet connectivity provided all over the country at that time. In the 21st century, India has risen to the position of one of the largest IT capitals of the world. As of 2006, technologically inclined services sector in India accounted for 40% of the country’s GDP and 30% of export earnings.
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What are the impacts of information technology on Indian economics?
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3 ANSWERS

Jagdeep Yadav, B.E Information Technology, Theem College Of Engineering Boisar (2016)
Answered Aug 25, 2015
There are much impact of IT today in Indai. As India isi the 11th largest economy in the world by nominal GDP (Gross Domestic Product) and 4th in terms of PPP (Purchasing Power Parity). India is also making very significant strides forward economically and is poised to become an economic superpower by 2020.India is expected to have one of the fasted predicted economic growth rates in the world. Currently its GDP is growing at the rate of an average of 7.5%.
The IT industry has helped the growth of modern India in many ways.Indian engineers and technicians are sought world over for their competency and diligence and strong fundamentals in their field of work and study.
IT industry made massive changes, growth and development over the years.
In future this IT industry seems bright Additionally, the growth of the IT sector is expected to bring about a corresponding growth in other sectors like employment, exports and Foreign Direct Investments. IT sector is also intimately linked to other relevant sectors like biomedical technology, defense and infrastructure. Thus the future of the IT sector will directly impact the growth of the nation
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3 ANSWERS

Jagdeep Yadav, B.E Information Technology, Theem College Of Engineering Boisar (2016)
Answered Aug 25, 2015
There are much impact of IT today in Indai. As India isi the 11th largest economy in the world by nominal GDP (Gross Domestic Product) and 4th in terms of PPP (Purchasing Power Parity). India is also making very significant strides forward economically and is poised to become an economic superpower by 2020.India is expected to have one of the fasted predicted economic growth rates in the world. Currently its GDP is growing at the rate of an average of 7.5%.
The IT industry has helped the growth of modern India in many ways.Indian engineers and technicians are sought world over for their competency and diligence and strong fundamentals in their field of work and study.
IT industry made massive changes, growth and development over the years.
In future this IT industry seems bright Additionally, the growth of the IT sector is expected to bring about a corresponding growth in other sectors like employment, exports and Foreign Direct Investments. IT sector is also intimately linked to other relevant sectors like biomedical technology, defense and infrastructure. Thus the future of the IT sector will directly impact the growth of the nation
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