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India IT Market
The term Information Technology (IT) ,as defined by the Information Technology Association of America (ITAA) is the “study, design, development, implementation, support or management of computer-based information systems particularly software applications and computer hardware.” In short, IT deals with the use of computer and computer software to convert, store, protect, process, transmit and retrieve information or data.
The term “ information technology” originated in 1970s, though its concept can be traced back even further. The development of electronics, computers and information theory was a subject of study for military and other industries throughout the 20 th century which ultimately took materialistic shape towards the end of the century and became a major source of interest and attention of the human race by the start of a new millennium.
Today, IT encompasses various aspects of computing and technology covering almost every field of human activity . IT professionals perform a variety of duties ranging from installing applications to designing complex computer networks and information databases.
India has not been an alien to such a phenomenon. The duties performed in India IT Market are:
- Data Management
- Computer Networking
- Creation and maintenance of Database
- Software development
- Management of Information Systems
India's IT Industry has grown from a mere US $ 150 million in 1991-92 to a mammoth US $ 5.7 billion in 1999-2000 which includes US $ 4 billion worth of software exports. This is the best performance put up by an Indian industry facing global competition.
Annual growth rate of India's IT exports has been growing at a consistent rate of over 50 % since 1991. According to projections made by the National Association of Software and Services Companies ( NASSCOM ) and McKinsey annual revenue of India's IT industry in 2008 would be around US $ 87 billion. Market openings are emerging across four broad sectors:
IT Enabled Services (ITES)
Such openings are creating huge employment opportunities for people within the country. Besides having a huge export market, these segments have a vast domestic component as well.
Viewing the unlimited prospects, the Government of India has formed a new ministry for IT. Elaborate measures have been taken to promote the domestic industry towards achieving its full potential. Fiscal incentives and liberalizing norms have also been laid to lure Foreign Direct Investment (FDI). The policy-makers are fully aware of the fact that Indian IT Market alone can take the economy towards its objectives of attaining self-sustained growth.
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