Get to know the details of the IT, Internet and R&D sectors of India.
India’s IT industry amounts to 12.3 per cent of the global market, largely due to exports. Export of IT services accounted for 56.12 per cent of total IT exports (including hardware) from India.
The Government of India has extended tax holidays to the IT sector for software technology parks of India (STPI) and Special Economic Zones (SEZs). Further, the country is providing procedural ease and single window clearance for setting up facilities.
The research ecosystem in India presents a significant opportunity for multinational corporations across the world due to its intellectual capital available in the country. India ranks second amongst the countries with highest increase in contribution to high-quality scientific research.
With the government’s support, the R&D sector in India is all set to witness some robust growth in the coming years. India is also expected to witness strong growth in its agriculture and pharmaceutical sectors as the government is investing large sums to set up dedicated research centres for R&D in these sectors. The Indian IT industry is also expected to add to the development of the R&D sector.
The first publicly available internet service in India was launched by state-owned VSNL. Later it expanded to other private players entering into it. It is estimated that India’s internet industry will grow to almost double than what it currently is to reach $250 billion by 2050.
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