From a mere 150 million dollar industry in the early 90’s, India’s software industry has proved to be one of the fastest growing and most dynamic areas of India’s economy, growing to a 5.7 billion dollar cash cow by the end of the decade, heralding the arrival of India as one of the most investment attractive economies emerging in the modern era.
This software industry actually makes up a huge part of the country’s Information Technology industry, and with a growing population of young, technology savvy university graduates, India is pushing for greater growth in this area, proof of which are the staggering 500 software companies that are already up and running in the country.
Today, India’s share in global market export has risen from 4.9 percent in 1997 to about 20 percent in 2002-2003. This big leap has put India at the hub of software export, providing these products to nearly 95 countries in the world with a share of 61 % in the U.S. and Canada alone. Most Fortune 500 companies in fact, outsource their software development needs to India, bringing the country’s software industry to a 28.5 billion dollar total by 2005-2006.
The Indian government has also been a big factor in the growth of India’s software industry, passing key legislation that has become the foremost catalyst for software development in the country. With all these factors pooling together, the future definitely looks bright and promising for India’s strong software development industry.
