What is the importance of knowledge-based industry in India?

Importance of knowledge-based industry in India:

  • The advancement in information technology has had a profound influence on the country’s economy. The Information Technology (IT) revolution opened up new possibilities of economic and social transformation.
  • The IT and IT-enabled business process outsourcing (ITESBPO) services continue to be on a robust growth path.
  • The Indian software industry has emerged as one of the fastest-growing sectors in the economy. The IT software and services industry accounts for almost 2% of India’s GDP.
  • The software industry has surpassed electronic hardware production.
  • India’s software industry has achieved a remarkable distinction for providing quality products. 
  • A large number of Indian software companies have acquired international quality certification. 
  • A majority of the multinational companies operating in the area of information technology have either software development centres or research development centres in India.
  • A major impact of this growth has been on employment creation, which is almost doubled every year. 

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