Indian IT Industry
India has many advantages enabling it to become an important player in the global IT industry. By marshaling its vast human, industrial, and technological resources, especially in the area of software, India can raise the productivity of domestic manufacturing and services. And this obviously will lead to IT in governance, IT in industry, and IT for every citizen of the country.
Know the facts and figures related to the Indian IT Industry and the major trends in the Domestic IT market.
IT Software Industry
Software is a cause that's found many champions - from the government, and the media to the stock markets, and venture capitalists.
As of 31 December 2000, the number of employed IT software professionals increased to 410,000. The IT software sector continues to be amongst the fastest-growing sectors in the Indian economy.
The domestic software and services market continued to post a strong performance in 2000-2001 with revenues of Rs. 9,410 crores and a growth of more than 30 percent over the previous year.
IT Enabled Services
The world is in the middle of the third era of globalization. The first and second eras introduced cross-border trade and manufacturing as the market's invisible hand, eliminating geographic and other barriers. The same force, armed this time with tremendous advances in technology, has ushered in the current era, the virtual age that allows services to be provided from e-enabled locations, across national borders.
This promises to revolutionize service operations by radically reducing costs and improving service standards. Companies that fail to capture the opportunities unleashed by this phenomenon risk losing their competitive advantage.
Internet and E-commerce
The impact of the Internet is transforming businesses; fundamentally changing the way they operate, whether in hi-tech or primary sectors. Electronic business is more than simply "electronic commerce."
It has evolved from being a way of coordinating transactions over the Web to being a general principle for all business processes rather than merely for supply chain and sales activities. It can be defined as "the application of information technologies to facilitate the buying and selling of products, services, and information over public standard-based networks."
E-commerce has evolved due to developments in its underlying technologies, and the benefits accruing to businesses and consumers alike. The Internet provides an almost universal infrastructure for accessing and interacting with consumers and business partners cost-effectively.
The network effect - where value increases as more people join up has also played an important part. The value propositions of the Internet, like being an enabler for globalization, for "enriched customer interface and customer service," and for personalization have also been critical drivers of e-commerce growth.
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