How IT affects Indian economy The world ...

How IT affects Indian economy
The world recognizes Indian IT industry for its quality. The unique growth of the Indian IT Software & Services sector has had a noticeable effect on Indian economy. The Indian IT sector not only created a positive impact on national income but also has become the largest employment source. The IT sector has also generated, rapidly growing of many auxiliary industries like Transportation, real estate and has created high class customers and boosted the increase in consumer spending.
According to the National Association of Software and Service Companies (NASSCOM), the revenue of the information technology sector has grown from 1.2 per cent of the gross domestic product (GDP) in financial year 1997-98 to an estimated 5.5 per cent in financial year 2007-08. The net value of this sector added to the economy, is estimated to be 3.3 to 3.9 per cent for financial year 2007-08.
According to NASSCOM the IT sector in India has registered US $39.6 billion in tax income in the year 2006-07, and shown 30.7 % increased growth than projected 27 per cent. The industry projected revenue for 2007-08 is of US $49-50 billion at a growth rate of 24-27 per cent. The IT industry is moving ahead when compared to the global market growth is about 10% a year. According to NASSCOM, it is estimated that the Indian IT sector is aiming to reach a target of US$ 60 billion in exports and US$ 73 billion-US$ 75 billion in software revenues by 2010.