HYDERABAD: Prime
Minister’s Economic Advisory
Council Chairman Dr C
Rangarajan on Monday said
the Indian IT/ITeS industry
has emerged as a key growth
engine for the economy
contributing around 5.6 per
cent to the country’s Gross
Domestic Product (GDP) in
2009-10.
In his key note address on
the Second Industrial Revolution
at the 20th Annual
ITsAp Awards Ceremony
here, Dr Rangarajan said
the industry was providing
direct employment to about
2.3 million people and as
compared to $ 14.7 billion
in 2004-05, India’s exports
of IT and related services
amounted to $ 60 billion in
2011-12.
However, this was roughly
3.5 per cent of GDP. The
exports have contributed
signifi cantly to the reduction
of current account defi cit;
the Chairman said and added
the IT industry has been
able to maintain its export
growth despite the slowdown
in the world economy.
The domestic market is
also expanding even though
it still constitutes only 20
per cent of the total output,
he said and added ‘we in India
also need to take a fresh
look at the supply of adequately
qualifi ed engineers
as the China is moving fast
to overcome the handicap
of inadequate knowledge of
English.
To maintain the global
market share, India must
also take proactive steps to
expand its domestic market;
the council chairman
advised and said the IT industry
also needs to move
towards high value products
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