Economy of India
Currency 1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year April 1–March 31
Trade organisations WTO, SAFTA
Statistics
GDP (PPP) $5.21 trillion (PPP) (2008 est.) (3rd)
GDP growth 9.6% (2006/07)
GDP per capita $978 (nominal); $2,659 (PPP) [7]
GDP by sector agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.)
Inflation (CPI) 12.01% (26 July 2008)[1]
Population below poverty line 25% (2002 est.) [8]
Labour force 509.3 million (2006 est.)
Labour force by occupation agriculture: 60%, industry: 12%, services: 28% (2003)
Unemployment 7.8% (2006 est.)
Main industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, services
External
Exports $125 billion (Financial Year 2006-2007)
Export goods textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures, services
Main export partners US 18%, the People's Republic of China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)
Imports $187.9 billion f.o.b. (2006 est.)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import partners the People's Republic of China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)
Public finances
Public debt $132.1 billion (2006 est.)
Revenues $109.4 billion (2006 est.)
Expenses $143.8 billion; including capital expenditures of $15 billion (2006 est.)
Economic aid donor: $17.3 million (2006)

Monday, September 8, 2008

Software Industry of India

Adoption of new liberal policies in India has given birth immense opportunities to its industries. Success story of India's Software Industry is a step in the same direction.
India's Software Exports:

Software exports has major share in India's total exports. As of the year 2004-05, both software and services revenue grew by 32 percent to $ 22 billions and $ 28.5 billions in 2005-06.

According to NASSCOM, India's domestic market, grew by 24 per cent. Presently Indian companies have concentrated on only two largest IT service markets. They are USA and the UK. Even Canada, Japan, Germany and France represent huge growth potential in the industry.
The Software Industry, which is a main component of the Information technology, has brought tremendous success for the emerging economy.

India's young aged manpower is the key behind this success story. Presently there are more than 500 software firms in the country.
Progress of IT Industry
(In terms of US $ billion)

Year 2003-04 2004-05 2005-06*
IT software and service exports 9.2 12.0 15.2
ITE-BPO exports 3.6 5.2 7.3
Domestic market 3.9 4.8 6.0
Total 16.7 22.0 28.5
*Estimated
Source: Ministry of Communications and IT.
Overview on India's Software Industry

According to statistics, country's software exports reached total revenues of Rs 46100 crores. The share of total Indian exports form 4.9 per cent in 1997 to 20.4 percent in 2002-03. It is expected that the industry will generate a total employment of around four millions peoples, which accounts for 7 per cent of India's total GDP as in the year 2008.

The year 1995-96 was a boom for the industry. The performance of the industry over the years is as follows:

(In terms of US $ millions)
1995-96 1996-97 1997-98 1998-99 1999-2000 2000-01*
Domestic software Market 490 670 920 1250 1700 2450
Software Exports 734 1085 1750 2650 4000 6300
Indian Software Industry 1224 1755 2670 3900 5700 8750
(* Source: NASSCOM)

Conclusion:

The credit goes to technical young peoples and English-speaking scientific professionals for the success in India's software industry. Presently for further strengthening the industry, the Government has stepped forward with more qualitative institutes.
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