Thanks to strong governmental support, good English based educational system, large talent pool, and the open market, India has a flourishing IT industry, and earned a well-deserved place in the global market. Accounting for 7.4 percent of the GDP in the financial year 2022, the IT-BPM has played a significant role in India's socio-economic growth, so much so that it could be the future driver of modern India.
India made up more than 19 percent of the global IT spending. However, the country had a modest beginning in the field. Lacked proper infrastructural facilities for software development, the government formulated a new software policy that allowed more participation and hassle-free trade procedures. Consequently, the sector witnessed an explosive growth especially post economic liberalization of the 1990s.
While the IT sector in India ensures growth in revenue and employment, it still faces its fair share of challenges. Changing technologies, tough competition in the global market and the impact of the coronavirus pandemic have been testing its strength while providing new opportunities for future growth.
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