The Role Of Information Technology In Indian Economy

Overview of the IT industry
Being the largest destination of sourcing, the IT industry today is flourishing like never before. There are various reasons for the spread of IT industry and the sourcing jobs in India. There is the cost competitiveness that is found here due to the cheap labor job done here by the skilled professionals, and they are found in large numbers. Besides, the country has lots of English speaking professionals which makes it easy for the western countries to communicate and get the job done. The costs are almost 3 to 4 times cheaper as compared to other countries and continue to be in the mainstay for its USP. The intellectual capital that is found here is also prominent and that is why many global giants of the IT sector are attracted to India. Thus, we see many innovative centers that are set up in the country. Due to the demand for the IT professionals, the Indian education sector has also seen a steep rise in the computer and IT degree education. The IT industry falls into four categories like the business process management, IT services, hardware and software products and engineering services. The BPM sector in 2015 grew at a compound annual growth rate of 15 percent and is estimated to grow at around 9.5 % which can be $ 300 billion by 2020.
Market size
Today India is the fourth largest destination for new startups and businesses and has around 3,100 tech startups and will increase to 11,500 startups by 2020. By 2018, the Indian economy will reach around Rs. 10 trillion and will be a total of 5 percent of the GDP. With the increase in the internet users in India, the figures are going to increase faster than expected. The internet users till 2015 will be 143 million due to smartphones and is expected to reach around 160 million by the same year.

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