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.