Indian It Story - an Economist View - Introduction Essay

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The Indian IT Story Not too long ago, we could see ourselves standing in queues for everything, be it payment of utility bills, rail tickets or using bank services. But if we observe now, we will hardly find ourselves in queue. What brought this change? Answer is simple it’s Information Technology. Now everything is transformed to e-Service. E-banking, E-booking, E-payments etc. Grocery shopping can also be done with the ease of sitting at home. May be the only place we will see queue is in temples. Even temples have e-pujas and e-hundis these days. IT has not only brought convenience along with it but has brought lots of opportunities too. IT has made people independent sooner than expected. For instance, an Intermediate pass candidate too can land a decent job in the ITeS sector and can earn a decent living. IT Sector employs more than 10 million people and hence has contributed a lot to the social transformation in the country. Real estate industry, Glass industry, Food Industry and many more have seen the complementary effect of the IT industry. In various sections of this paper we will see how IT has impacted Indian economy and how it is doing as an Industry. Information Technology (IT) primarily refers to the processing, storage and communications of information of all kinds, digitally. Just because of this reason, IT can be used in every sector of the economy. Post liberalization in early 1990s, India’s IT sector has seen dramatic growth. This can be seen from its growing contribution to the GDP. From 1.2 % in 1998 IT sector contributed 7.5% to the GDP in 2012. As of 2013, IT sector contributes approximately 8% to the India’s GDP. The sector’s share in total Indian exports grew from less than 4% in 1998 to 25% in 2012. Overall, as of 2012, aggregated revenue of IT sector was estimated to be over USD 100 Billion. Aggregated IT and ITeS revenue was

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