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The software industry has emerged as one of the fastest growing sectors in the Indian economy with a compound annual growth rate exceeding 50 per cent over the last five years and with a turnover of US$ 10.25 billion (Rs. 48,134 crore) and export of US$ 7.8 billion (Rs. 35,599 crore) during 2001-2002.
Software exports jumped to Rs. 36,500 crore during 2001-02 from Rs. 3,700 crore during 1996-97, a compound annual growth rate of about 60 per cent.
The IT software and services industry in India accounted for about 2 per cent of the country's GDP during 2001-02. Indian IT software and services exports accounted for over 18 per cent of India's total export during 2001-02. It is expected that by the year 2008, Indian IT softwae and services industry will account for 7 per cent of India's GDP and 35 per cent of its total exports.
A large number of Indian software companies have acquired international quality certification. Out of the top 400 companies more than 250 have already acquired ISO 9000 certification. A majority of the multinational companies operating in the area of information technology have either software development centre or research development centre in India. India's expertise in emerging technologies actually helped the country to get new customers. Companies in Europe and Japan are increasing their outsourcing to India.
Software exports jumped to Rs. 36,500 crore during 2001-02 from Rs. 3,700 crore during 1996-97, a compound annual growth rate of about 60 per cent.
The IT software and services industry in India accounted for about 2 per cent of the country's GDP during 2001-02. Indian IT software and services exports accounted for over 18 per cent of India's total export during 2001-02. It is expected that by the year 2008, Indian IT softwae and services industry will account for 7 per cent of India's GDP and 35 per cent of its total exports.
A large number of Indian software companies have acquired international quality certification. Out of the top 400 companies more than 250 have already acquired ISO 9000 certification. A majority of the multinational companies operating in the area of information technology have either software development centre or research development centre in India. India's expertise in emerging technologies actually helped the country to get new customers. Companies in Europe and Japan are increasing their outsourcing to India.
