A study on Software Industry of India in Burgeoning of Economy

Abstract

The Indian Economy experienced its highest growth rate in the past decade during the financial year that ended in March. The industrial and service sectors played a significant role in this impressive performance, contributing roughly 7% to India’s GDP in FY2023-24. The rate of economic growth in India experienced an improvement during the 1980s. Information Technology, or IT, encompasses the electronic handling, retention, and transmission of various forms of information. Hence, Information Technology has the potential to be applied in all sectors of the economy. The actual influence of science and technology (ST) on economic growth and productivity is a subject of ongoing discussion, especially in the United States, which has been at the forefront and the most extensive adopter of ST. Undoubtedly, India’s software business is more resilient, particularly in specific domains. Although the sale of packaged software to consumer and business markets
necessitates economies of size and scope, as well as robust marketing and customer support, the project-oriented aspects of software development do not require them to the same extent. India’s software sector remains quite limited in its scope. The Indian Software Industry has experienced significant growth in recent years, primarily driven by the rapid expansion of globalisation. It has achieved this expansion by becoming a significant component of the global software labour division. This study emphasises the role of the Software Industry in fostering the growth of the Indian Economy during the past decade. The Indian software industry has significantly contributed to the growth rate of the Indian economy.