Economic Growth of Information Technology (It) Industry on the Indian Economy

Abstract

Information Technology (IT) is an important emerging sector of the Indian Economy. IT in India is an industry comprising of two noteworthy segments IT administrations and business process outsourcing (BPO).The segment has expanded its commitment to Indias GDP from 1.2% in 1998 to 9.3% in 2015. According to NASSCOM, the segment amassed incomes of US$147 billion out of 2015, with send out income remaining at US$99 billion and household income at US$48 billion, developing by more than 13%.Indias present Prime Minister Narendra Modi has begun a venture called DIGITAL INDIA i.e., Computerized India to help secure IT a position both inside and outside of India. The IT sector has served as a fertile ground for the growth of a new entrepreneurial class with innovative corporate practices and has been instrumental in reversing the brain drain, raising Indias brand equity and attracting foreign direct investment (FDI) leading to other associated benefits. The Size of this sector has increased at a tremendous rate of 35% per year during the last 10 years. This Paper examines the Indias growth in IT industry and also studied the impact of IT on the Indian Economy.