Evolution of Information Technology and Its Emergence in...

Evolution of Information Technology and its Emergence in India ITM-IB PP6 EXECUTIVE SUMMARY Information Technology today is what runs businesses worldwide. It is what drives the industries and is an irreplaceable element of our routine lives. But where did it all begin? Why has it gained so much importance over time, so much so that we study an entire subject on it? Through this paper we have traced the path of evolution of IT from its nascent stages, globally as well as from the Indian perspective. We have tried to take into account the tremendous growth of the IT sector in India and single out the advantages faced by the Indian IT sector. We have also looked into the performance of the Indian IT industry and its†¦show more content†¦The margins of these IT service players are very high and their growth rate has been envied by other sectors. According to a Nasscom forecast, there will be 21-24 % growth rate in software and services revenue in this financial year. Soon our software exports will touch the magical figure of $50 billion. The software and services exports segment grew by 29 % to register revenues of $40.4 billion this year from $31.4 billion in last year. So from statistics point of view, everything is fine for this industry. It will employ 4 million people in 2008 and account for 7% of gross domestic product and 33% of India’s foreign-exchange inflows, says the Nasscom report. However, there are quite some challenges which the IT industry faces. i.) Resource retention - Indian IT sector has become an HR manager’s nightmare. Their biggest challenge is marinating good people in organisation and keeping the attrition rate in control. ii.) Lack of trained people- The supply and demand of quality engineers who are capable of working in the IT field is having a huge gap. Companies have started looking for additional options of hiring science graduates and providing them adequate training to enable them to work in IT sector, but still the quality of talent is declining which in turn means lack of quality in work. iii.) US slowdown - Most of the revenue of IT and ITes ccompanies comes from US. A slowdown in US would impact their growth andShow MoreRelatedThe Transformation Of Domestic Companies Into Transnational Company1457 Words   |  6 Pages1. INTRODUCTION Liberalization of capital, goods, services, information and people has unprecedentedly and irrevocably transformed the world economic systems named â€Å"globalization† particularly aftermath Second World War. 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