History Of IT Industry In India
Services (TTS) was started by the DATA group for software development services in India in 1968. In 1981, Informs was founded by Marinara Murphy and his colleagues. Informs was completely committed towards providing quality software services and also developed an IT business model which was later followed by most of the IT companies in India. Economic reforms in 1991 and development of IT sector in India The Indian government had strict control over the private business entities in India before liberalizing of economy in 1991.
The first major IT reform by the Indian Government was the creation of corporation called Software Technology Parks of India (STEP). This corporation provided satellite links to major IT developers enabling them to transmit the work done in India directly abroad. As a result, the IT industry in India became free and the business of outsourcing would finally gain momentum with more and more clients and enterprises going for outsourcing of IT. Another major event for Indian IT industry post the 1991 reforms was the YUK bug.
Fear of a omelet breakdown of computer services, the US corporations outsourced all the equipment and upgrading work to Indians. Impact of the recession on Indian IT sector . The
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India was one of the world’s fastest-growing tech markets, focused mainly on exports also experienced the tremors of the global economic crisis. Domestic IT Outsourcing: For years, the Indian IT industry fate was solely being decided by foreign markets, especially the US. Although, the markets still holds the lion’s share in the total IT revenues, there has been a gradual transition in this trend. With the economic downturn post 2008 significantly cutting down IT spending in the global markets, IT impasses have been forced to look out for new avenues of sustaining growth.
A part of the focus thus started shifting to the European and Asian market. IT service providers are realizing the potential of the domestic market and are building specific plans to work with Indian enterprises. Industry experts point out that the domestic IT market is expected to grow at a CARR of around 7% between FYI and IFFY and reach more than $36 billion by the end of IFFY. It’s predictable that most of the History Of IT Industry In India By Mantissa’s