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1. INFORMATION TECHNOLOGY INDUSTRY
1.1 INTRODUCTION
The Indian Information Technology (IT) sector is expected to grow 11 per cent per annum
and triple its current annual revenue to reach US$ 350 billion by FY 2025, as per National
Association of Software and Services Companies (NASSCOM).
India, the fourth largest base for new businesses in the world and home to over 3,100 tech
start-ups, is set to increase its base to 11,500 tech start-ups by 2020, as per a report by
NASSCOM and Zinnov Management Consulting PVT. Ltd.(Indian Business, 2016)
(NASSCOM, n.d.)
Indias internet economy is expected to touch Rs.10 trillion (US$ 151.6 billion) by 2018,
accounting for 5 per cent of the countrys gross domestic product (GDP), according to a
report by the Boston Consulting Group (BCG) and Internet and Mobile Association of India
(IAMAI). Indias internet user base reached over 350 million by June 2015, the third largest
in the world, while the number of social media users grew to 143 million by April 2015 and
smartphones grew to 160 million.
Public cloud services revenue in India is expected to reach US$ 838 million in 2015, growing
by 33 per cent year-on-year (y-o-y), as per a report by Gartner Inc. In yet another Gartner
report, the public cloud market alone in the country was estimated to treble to US$ 1.9 billion
by 2018 from US$ 638 million in 2014. Increased penetration of internet (including in rural
areas) and rapid emergence of e-commerce are the main drivers for continued growth of data
center co-location and hosting market in India.(Gartner Inc., n.d.)
Indias technology and BPM sector (including hardware) is estimated to have generated US$
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146 billion in revenue during FY15 compared to US$ 118 billion in FY14, implying a
growth rate of 23.72 per cent. The contribution of the IT sector to Indias GDP rose to
approximately 9.5 per cent in FY15 from 1.2 per cent in FY98. The top six firms contribute
around 36 per cent to the total industry revenue, indicating the market is fairly competitive,
with TCS being the leader accounting for about 10.1 per cent.(Indian Business, 2016)
1.2 HISTORY
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Information technology is playing an important role in India today and has transformed
India's image from a slow moving bureaucratic economy to a land of innovative
entrepreneurs.
The IT sector in India is generating 2.5 million direct employments. India is now one of the
biggest IT capitals of the modern world and all the major players in the world IT sector are
present in the country.
Videsh Sanchar Nigam Limited (VSNL) introduced Gateway Electronic Mail Service in
1991, the 64 kbit/s leased line service in 1992, and commercial Internet access on a visible
scale in 1992. Election results were displayed via National Informatics Centre's NICNET.
The Indian economy underwent economic reforms in 1991, leading to a new era
of globalisation and international economic integration. Economic growth of over 6%
annually was seen during 1993-2002. The economic reforms were driven in part by
significant the internet usage in the country. The new administration underour beloved Ex-
PM Shri Atal Bihari Vajpayee jis 1999 governmentwhich placed the development of
Information Technology among its top five priorities formed the Indian National Task
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Force on Information Technology and Software Development.
Wolcott & Goodman (2003) report on the role of the Indian National Task Force on
Information Technology and Software Development:
Within 90 days of its establishment, the Task Force produced an extensive background report
on the state of technology in India and an IT Action Plan with 108 recommendations. The
Task Force could act quickly because it built upon the experience and frustrations of state
governments, central government agencies, universities, and the software industry. Much of
what it proposed was also consistent with the thinking and recommendations of international
bodies like the World Trade Organization (WTO), International Telecommunications
Union (ITU), and World Bank. In addition, the Task Force incorporated the experiences
of Singaporeand other nations, which implemented similar programs. It was less a task of
invention than of sparking action on a consensus that had already evolved within the
networking community and government.
"The New Telecommunications Policy, 1999" (NTP 1999) helped further liberalise India's
telecommunications sector. The Information Technology Act 2000 created legal procedures
for electronic transactions and e-commerce.
Throughout the 1990s, another wave of Indian professionals entered the United States. The
number of Indian Americans reached 1.7 million by 2000. This immigration consisted largely
of highly educated technologically proficient workers. Within the United States, Indians fared
well in science, engineering, and management. Graduates from the Indian Institutes of
Technology (IIT) became known for their technical skills. The success of Information
Technology in India not only had economic repercussions but also had far-reaching political
consequences. India's reputation both as a source and a destination for skilled workforce
helped it improve its relations with a number of world economies. The relationship between
economy and technologyvalued in the western worldfacilitated the growth of an
entrepreneurial class of immigrant Indians, which helped aid in promoting technology-driven
growth.
The India Start-up Ecosystem TimeLine has been compiled with key events from the IT
industry, including software services, MNCs, and start-ups.(Wikipedia, n.d.)
1.3 KEY PLAYERS
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The top five players of the IT industry are:
1.3.2 INFOSYS
Infosys is the second-largest India-based IT services company by 2014 revenues, and the fifth
largest employer of H-1B visaprofessionals in the United States in FY 2013. On 15 February
2015, its market capitalisation was 263,735 crores ($42.51 billion), making it India's sixth
largest publicly traded company.
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1.3.3 WIPRO
Wipro Limited (Western India Palm Refined Oils Limited or more recently, Western India
Products Limited) is an Indian out-sourcing services corporation headquartered in Bangalore,
India.
In 2013, Wipro demerged its non-IT businesses into a separate companies to bring in more
focus on independent businesses. As of Dec 2015, Wipro's market capitalization was $45
Billion, making it one of India's largest publicly traded companies and seventh largest IT
Corporation in the World.
The company has offices in 32 countries, and operates across a number of industry verticals
including aerospace and defence, automotive, consumer electronics, energy and utilities,
financial services, government, independent software vendors, industrial manufacturing, life
sciences and healthcare, media and entertainment, mining and natural resources, oil and gas,
public services, retail and consumer, semiconductor, server and storage, telecom, and travel,
transportation, logistics and hospitality.
HCL Technologies is on the Forbes Global 2000 list and is one of Asias Fab 50
Companies. It is among the top 20 largest publicly traded companies in India and had a
market capitalization of $22.1 billion as of May 2015. HCL Technologies, along with its
subsidiaries, had consolidated revenues of $6.0 billion as of August 2015.
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1.3.5 TECH MAHINDRA
Part of the Mahindra Group, Tech Mahindra is a US$3.68 billion company with 105,000+
professionals across 51 countries. It provides services to 788 global customers including
Fortune 500 companies. It is also one of the Fab 50 companies in Asia, a list compiled by
Forbes. Tech Mahindra was ranked #5 in India's software services (IT) firms and overall #111
in Fortune India 500 list for 2012. Tech Mahindra, on 25 June 2013, announced the
completion of a merger with Mahindra Satyam.
Tech Mahindra has operations in more than 51 countries with 40 sales offices and 72 delivery
centres. Assessed at SEI CMMi Level 5, its software headcount stood at 72,952, BPO at
22,693 and support at 7,636 at the end of the financial year 2015.
(WIKIPEDIA, n.d.)
(NASSCOM, n.d.)
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Indian Information Technology Industry is one of the fastest growing industry. The objective
of this project consists of macro level study of this Industry. The objectives are as follows:
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Riding on Digital India wave, the Indian IT-BPM industry is inexorably growing. The
industry resolves to experience double digit growth. Driven by an improvement in the global
economic climate and rise in the technology spend, FY 2014-15 brought optimism for the
Indian IT-BPM industry. Rapid technology transformation is leading to altered and dynamic
client engagement, which in turn is fuelling business transfiguration, speeding up delivery
services and driving innovation capabilities across practices and operations.(STPI, n.d.)
Churning in the countrys IT industry is very much linked to global trends. As automation
makes inroads globally, Infosys and US-headquartered Cognizant have partnered with
automation specialists such as IPSoft and Tata Consultancy Services and HCL Technologies
have built automation tools in-house. Here an important fact to be noted is that the sector has
highly depended on the American and European markets. The former still accounts for 60 per
cent of Indias software exports. As per Nasscom estimates, the industry is projected to
register 15 per cent export growth for this fiscal (2014-15) as against 13 percent last fiscal
(2013-14).
We expect the industry to add overall revenues of $13-14 billion this fiscal compared to
$118 billion achieved in last fiscal, with software exports touching $100 billion and domestic
sales reaching Rs 1,28,000 crore ($20 billion), says Nasscom President R Chandrashekhar.
In a scathing attack on the trends in the industry, Infosys CEO Vishal Sikka said that the
industry is moving in the wrong direction. All of us in the industry find ourselves in a
downward spiral, it is like a treadmill of increasingly lower cost, hiring people faster and
faster from more and more mediocre places, training people less and less, putting them into
jobs faster and faster, he said in a pre-recorded keynote delivered through a video link at the
recent Cebit India in Bengaluru.
He also opined that a better idea for the companies will be to innovate, and move towards
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automation and artificial intelligence (AI). That is the future that our clients are looking for,
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that is what they are looking to India for, he said.
We are great at following orders from our clients, but we are not great at raising issues and
we are not great at raising opportunities that we see for our clients. That change in mindset is
what we (Infosys) fundamentally go after. I think the way to get there is to rely on our
greatest strength, education, he said.(Deccan Herald, 2015)
Indian companies should be very careful and not give the domestic market to foreign
companies. We have new initiatives of the government in sectors like education, healthcare,
agriculture, financial services, logistics, infrastructure and manufacturing to implement
various programmes with other stakeholders. Here the digitisation campaign, Aadhar, smart
cities and industrial corridors will have its impact with the help of IT hardware and software
supports, says PWC analysts Pallavi Singhal.
As per a study by research firm Gartner, Indian IT spending will reach $73.3 billion in 2015,
up 9.4 per cent from $67.1 billion in 2014. The pace of IT spending in India may make it the
third-largest IT market in the Asia-Pacific by 2016 and second-largest by 2018, after China, it
said.
The Indian IT sector hiring will witness a churning with majority of the companies deciding
to go slow on hiring plans. Besides automation, the decision of companies to focus on non-
linear services, move services to the cloud platform and the pressure on billing rates will
impact hiring in IT service companies.
There is a possibility that middle-level engineers with around ten years of experience, who
can handle things better, can be wiped out, says CRISIL Research Director Ajay Srinivasan.
But leading IT companies are saying that they will go for massive campus hiring.
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investment and seed funding. This helps them to work on building tailor-made products for
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their customers. Simultaneously, we need to also work addressing challenges on creating
supportive government policies in terms of ease of doing business, tax incentives,
participation in government contracts and availability of risk capital. Nasscom will continue
to actively engage with stakeholders across to address these challenges, he said.
CRISIL Research forecasts the industry growth rate to remain below 15 per cent annually
over the next two years globally. Gartner Senior Vice-President and Global Head (Research)
Peter Sondergaard said that the IT services segment is forecasted to grow 15.7 per cent while
the software sector may grow 14 per cent in 2015.
As per rough estimates, up to 50 million things will be connected on the Internet by 2020
bringing together sensors and smartwatches, smart meters and smartphones, washing
machines, fridges, wearable devices, and much more. The Internet of Things, Industrial
Internet, and Internet of Everything in 2015 will morph into the Internet of Anything. Here
companies will have to take head on the challenges of making a common software
ecosystem capable of accommodating any and all sensor inputs, system states, operating
conditions, and data contexts, an overarching Internet Operating System.
The Indian IT industry landscape comprises small, medium and large firms, including global
services majors like TCS, Infosys, Wipro and HCL, multinational companies captive units
and sectors providing software, hardware, process management, engineering, research and
development and innovative products. This also includes ever growing startups vying hard to
receive global attention with their so-called innovative products and brimming with high
valuation expectation.
Debjani Ghosh, Vice President, Sales and Marketing Group and Managing Director for South
Asia at Intel on Union budget 2016, said in a statement, The budget is strongly focused on
bridging the divide between the haves and have nots, and good work by the Government
in identifying the right priorities for focus under the 9 pillars called out by the FM. This
budget, unlike any other, has not treated technology in isolation but integrated the effective
use of technology across all the strategic imperatives in keeping with the intent of a Digital
India. This budget has laid emphasis on governance reforms and ease of doing business,
while highlighting the need for enhancing educational skills in order to make India a
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knowledge based economy.(The Indian Express, 2016)
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Anil Valluri, President, NetApp India & SAARC, called it a transformative budget. This
government clearly understands the power of technology as reflected in the larger flagship
initiatives like Digital India. The Digitisation of the government sector, like setting up of
Digital Literacy mission which will cover six crore rural households in India ensures
transparency and the huge focus on promoting Start-ups will only help create more jobs and
propel the economy further. The budget could have spelt out more steps to accelerate Digital
India, says Valluri. (The Indian Express, 2016)
4. RESEARCH METHODOLOGY
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4.1Sources of Data Collection
Data for the research project is collected through Secondary data sources as company
websites, case studies, journals etc. The data was also gathered through articles and
newspaper websites were consulted to equip ourselves with the topic.
The project has time and financial limits as well as we have to rely on secondary data.
As the data was needed for understanding the growth of the industry in last few years with
the help of secondary data, sophisticated methodology was neither required nor used for
analysis.
Some of the information's being confidential was not included in the study. It is difficult to
satisfy all the areas; therefore an attempt is made to cover as much as possible.
(kothari, 2015)
5. GROWTH ANALYSIS
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Indian IT industry has been a highly growing and vastly expanding industry. This growth has
led to unparalleled contribution to the Indian economy with 9.5 % (highest relative share)
share in GDP. It has become the largest private sector employer with 3.5 million employees.
It also has largest share in in total service exports and is also the leading global sourcing
destination. It is the 4th largest start-up hub in India.
5.1FINANCE
In last five years IT industry has seen two times growth in revenue of IT services. Even
Software testing has seen two times growth in last five years. India has 48% share (largest
share) in IT services exports in CADM. Not only this, India also has 20% share in IS
outsourcing. USD 32 billion has been added in just last five years.
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IT industry of India employees nearly 3.5 million employees which makes it the largest
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private sector employer. It also is an ardent promoter of diversity with more than 1.2 million
women employees. The growth in last financial year is extremely impressive with addition of
230000 employees and also 170000 foreign national employees. IT industry of India has
more than 34% women employees and more than 50% of employees come from non-tier I
locations. In last financial year there has been three times growth (more than 10 million) in
indirect employment.
Source:(NASSCOM, n.d.)
Availability of skilled English speaking workforce has been a major reason behind Indias
emergence as a global outsourcing hub. During FY08-15 number of graduates addition to
talent pool in India grew at a CAGR of 9.4 per cent. India added around 5.8 million
graduates to the talent pool during FY15. Growing talent pool of India has the ability to
drive the R&D and innovation business in the IT-BPM space.
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5.3 GLOBAL
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The trend of IT-BPM spend to outgrow has been continuing since last five years. In last
financial year the global sourcing market grew 9-10% which is two times faster than global
spend. Number of delivery centres grew by 49%. In 2014, Indias share in global sharing
grew up to 55%. Indias IT industry amounts to 12.3% share in global market.
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Indian IT services has seen steady growth in last few years with 12.6% growth in exports and
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10.2% growth in domestic. There are 200 300 IT services GICs in India, more than 7000
firms and nearly 1.2 million export employees.
In last few years Indian IT sector has acquired global share of over 67% and more than 44%
share in export employees. In 2014, 27% new delivery systems were setup in India.
Source: www.nasscom.in
6. GOVERNMENT INITIATIVES AND
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INVESTMENTS
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6.1 GOVERNMENT INITIATIVES
Some of the major initiatives taken by the government to promote IT and ITES sector in India
are as follows:
The Human Resource Development (HRD) Ministry has entered into a partnership
with private companies, including Tata Motors Ltd, Tata Consultancy Services Ltd and real-
estate firm Hubtown Ltd, to open three Indian Institutes of Information Technology (IIITs),
through public-private partnership (PPP), at Nagpur, Ranchi and Pune.
According to research firm Gartner Inc, the Indian government is expected to increase
its spending on information technology (IT) products and services by 5.2 per cent to US$
6.88 billion in FY 2015-16.(Gartner Inc., n.d.)
The Government of India has launched the Digital India program to provide several
government services to the people using IT and to integrate the government departments and
the people of India. The adoption of key technologies across sectors spurred by the 'Digital
India Initiative' could help boost India's gross domestic product (GDP) by US$ 550 billion to
US$ 1 trillion by 2025, as per research firm McKinsey.(Mckinsey, n.d.)
India and the United States (US) have agreed to jointly explore opportunities for
collaboration on implementing India's ambitious Rs 1.13 trillion (US$ 18.22 billion) Digital
India Initiative. The two sides also agreed to hold the US-India Information and
Communication Technology (ICT) Working Group in India later this year.(WIKIPEDIA, n.d.)
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labelled the largest start-up incubator in the county, at the campus of International Institute of
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Information Technology-Hyderabad (IIIT-H). Once completed, the project is proposed to be
the worlds biggest start-up incubator housing 1,000 start-ups.(INDIANEXPRESS, n.d.)
Policy support: TAX holidays in IT sector. Liberalisation for raising Global capital,
funding for seed capital and growth, and ease of doing business.
USD 0.17 billion allocated for raising global capital, start-ups, Income tax cut on
royality fee on tech services to 10%.
Indian IT's core competencies and strengths have attracted significant investments from
major countries. The computer software and hardware sector in India attracted cumulative
Foreign Direct Investment (FDI) inflows worth US$ 18.17 billion between April 2000 and
September 2015, according to data released by the Department of Industrial Policy and
Promotion (DIPP).Indian start-ups are expected to receive funding worth US$ 5 billion by the
end of 2015, a 125 per cent increase in a year, according to a report by IT Industry association
NASSCOM.
The private equity (PE) deals increased the number of mergers and acquisitions (M&A)
especially in the e-commerce space in 2014. The IT space, including e-commerce, witnessed
240 deals worth US$ 3.8 billion in 2014, as per data from Dealogic.
India also saw a ten-fold increase in the venture funding that went into internet companies in
2014 as compared to 2013. More than 800 internet start-ups got funding in 2014 as compared
to 200 in 2012, said Rajan Anandan, Managing Director, Google India Pvt. Ltd. and
Chairman, IAMA.
About 554 start-ups received funding this year compared to 342 during last year. Seed and
venture capital funds made investments worth US$ 3.4 billion this year, three times the
investment made last year. VC funding to the IT/ITES sector amounted to 55 per cent of total
VC funding made this year.
Most large technology companies looking to expand have so far focused primarily on bigger
enterprises, but a report from market research firm Zinnov highlighted that the small and
medium businesses will present a lucrative opportunity worth US$ 11.6 billion in 2015,
which is expected to grow to US$ 25.8 billion in 2020. Moreover, India has nearly 51 million
such businesses of which 12 million have a high degree of technology influence and are
looking to adopt newer IT products, as per the report.(ZINNOV, n.d.)
Some of the major developments in the Indian IT and ITeS sector are as follows:
Housejoy, an online home services provider, has raised Rs 150 crore (US$ 22.4
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million) in a Series B round of funding led by Amazon, and which also includes new
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investors such as Vertex Ventures, Qualcomm and Ru-Net Technology Partners.(yourstory,
n.d.)
Global private equity (PE) firm Blackstone Group has acquired a minority stake in an
Indian travel, transportation and logistics software firm, IBS Software, for US$ 170 million,
by buying the stake from General Atlantic and few other shareholders.
Indias top-tier information technology (IT) company, Infosys Ltd, has bought a
minority stake worth US$ 3 million in Whoop, which is a US-based start-up that makes
activity trackers worn by athletes.
Microsoft Ventures is planning to incubate 500 start-ups in India in the next five years
with a vision to create a viable and profitable business out of the booming start-up sector in
India.
Wipro Ventures, Wipros US$ 100 million corporate venture arm, plans to invest in
early-stage venture capital (VC) funds based in the US to pursue a strategy of
investing/partnering country-focussed VCs.
A recent study by research firm International Data Corporation (IDC) suggests that
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India may soon be able to catch up with the global technology trends that have disrupted
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enterprises, industry and the way consumers behave and transact.
Reliance is building a 650,000 square feet (sq ft) data centre in Indiaits 10th data
centre in the countrywith a combined capacity of about 1 million sq ft and an overall
investment of US$ 200 million.(WEBMEDIAEDUCATION, n.d.)
Intel Corp plans to invest about US$ 62 million in 16 technology companies, working
on wearable, data analytics and the Internet of Things (IoT), in 2015 through its investment
arm Intel Capital. The Indian IoT industry is expected be worth US$ 15 billion and to connect
28 billion devices to the internet by 2020.(IBEF, 2015)
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ANALYSIS
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Strengths
Highly skilled human resource
Low wage structure
Quality of work
Initiatives taken by the Government (setting up Hi-Tech Parks and implementation of
e-governance projects)
Many global players have set-up operations in India like Microsoft, Oracle, Adobe,
etc.
Following Quality Standards such as ISO 9000, SEI CMM etc.
English-speaking professionals
Cost competitiveness
Quality telecommunications infrastructure
Indian time zone (24 x 7 services to the global customers). Time difference between
India and America is approximately 12 hours, which is beneficial for outsourcing of work.
Weaknesses
Absence of practical knowledge
Dearth of suitable candidates
Less Research and Development
Contribution of IT sector to Indias GDP is still rather small.
Employee salaries in IT sector are increasing tremendously. Low wages benefit will
soon come to an end.
Opportunities
High quality IT education market
Increasing number of working age people
Indias well-developed soft infrastructure
Upcoming International Players in the market
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Threats
Lack of data security systems Countries like China and Philippines with qualified
workforce making efforts to overcome the English language barrier
Countries like China and Philippines with qualified workforce making efforts to
overcome the English language barrier
IT development concentrated in a few cities only
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8. FUTURE PROSPECTS
It is imperative that Indian IT industry evolves and raises its game to take advantage of the
tectonic shifts happening in the industry. In the new landscape, intellectual property,
creativity and accelerated time to market are going to be critical. This requires large,
established companies to focus on innovation not as a nice to have, but as the foremost
priority. Equally, there is the latter where we are likely to see the most significant
breakthroughs in ideas and applications for the new economy.
India is the topmost off-shoring destination for IT companies across the world. Having
proven its capabilities in delivering both on-shore and off-shore services to global clients,
emerging technologies now offer an entire new gamut of opportunities for top IT firms in
India. Social, mobility, analytics and cloud (SMAC) are collectively expected to offer a US$
1 trillion opportunity. Cloud represents the largest opportunity under SMAC, increasing at a
CAGR of approximately 30 per cent to around US$ 650-700 billion by 2020. The social
media is the second most lucrative segment for IT firms, offering a US$ 250 billion market
opportunity by 2020. The Indian e-commerce segment is US$ 12 billion in size and is
witnessing strong growth and thereby offers another attractive avenue for IT companies to
develop products and services to cater to the high growth consumer segment.
With the world moving towards the Internet of Things, the market for which will surpass the
PC and mobile markets combined by 2017, the IT software and hardware industry will have
to address the issues related vulnerabilities like hacking and piracy. Here, the industry is also
facing the challenges of privacy and security of information.
This spells good news for Indian software services exporters like Tata Consultancy Services
(TCS), Infosys, HCL Technologies, Wipro and Tech Mahindra, which have also reported
improved growth and large deal wins from key markets of the US and Europe, which together
account for over 85 per cent of their business. By 2015, we expect that one in three jobs will
be connected to software, smart decision-making or robotics. By 2018, digital businesses will
require 50 per cent fewer business process workers. However, by 2018, digital business will
drive a 500 per cent boost in digital jobs, said Sondergaard. Gartner said that devices will
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continue to account for the second-largest part of the Indian information and communication
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technology (ICT) market, after IT services.
The IT industry is going through churnings of technological advancement. Here the question
is how they can recoup themselves to take on these challenges. Prospects of the IT industry
gearing up to tackle interoperability issues and the idea of using software to control
hardware.
Besides, the prospects in predictive analytics used by a variety of businesses to identify risks
and opportunities, the augmented reality applications pave the way for over 2.5 billion mobile
augmented reality app downloads per year by 2017.
The research in the industry was earlier concentrated towards programming technologies like
Java, in the recent times, the research focus changed towards technologies like mobile
computing, cloud computing and software as a service. This shift is attributed to preference
of clients towards the ubiquitous computing over standalone computing and the growing
demand for low cost computing solutions.
The most important factor for the continuous growth of the IT sector is innovation. The IT
industries must always strive to come with something new and must respond to the needs of
the dynamic environment. The IT industrial sector should stand tough in the face of
challenges and try to provide more and more end to end technological solutions to their
customer base to keep the impetus growing.
(IBEF, 2015)
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9. CONCLUSION
1) The Indian IT Industry
3) Government Initiative
With major initiative in IT sector government is also playing major role in its growth.
Some of the major initiative are incubation Centre for Internet of Things Startups,
Digital India Program.
The IT industry always strives to come up with something new and this is the major
factor that is has witnessed growth in India.
Key drivers of growth in the IT sector
Low cost of operation and tax advantages
Supportive government policies
Availability of technically skilled manpower
Rapid introduction of IT technologies in major sectors such as telecom, BFSI.
Strong growth in export demand
Use of new technologies like cloud computing
Government established SEZs
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