Software Company India Contributes Much For The Economic Development Of The Country

The Indian economy and the Indian software industry are set to flourish despite the

economic slowdown that recessed majority of the countries in the World. Today, India is considered to be the budding hub and the hot spot for software development in the World. These companies have gained their worldwide acceptance as they deliver quality services at the least possible time and at the most affordable cost, and India stocks some of the dedicated and sincere cheap labor force of the World. The software Company India has proven to be very successful in drawing an enormous wealth to the country in terms of GDP and has improved the per capita income of at least a minor section of the society. This is proven by a study conducted by NASSCOM that supports that the software companies has contributed about 4-7% of the Nations wealth in the year 2010 alone.

The country has also been a pioneer software product and this comprises about 66% of the total revenue generated in the country. It is based on this growth that the other minor software companies in India exist and the revenue yielded by these domestic software companies contributes about 40% of the nations GDP. IT related services such as ITES industry and consultancies also contribute much higher to this percentage. The contributing reasons behind this tremendous growth in these software industries is that, along with numerous companies that already existed in the nation, many multinational companies started to invest on their products in India, they started their operational units here to aid its paramount growth. Also India is a place for cheap yet competent work force. Indians were ready to work harder for a cheap labor for many hours. This type of manpower was available in abundance in India enabling the companies to produce cost effective results along with huge return on investments. The software solutions exported from Indian companies were relatively cheaper and attracted many companies to buy them, and also improved the intensity of software outsourcing functions. Many organizations also set up their offshore outsourcing centers and software development centers in India for this main reason.

Though India won the global recognition for Software Development only in the late 90s, the country was able to hold its unique position in the global software market due to its workforce that accepted salaries equal tone fifth of what was paid for their offshore counterparts. This tremendously improved the work scale of outsourcing companies in India and it still retains its position despite periodic economic recessions and the controversial Satyam spam fraud. Software Company India also accounts for the almost vanished unemployment rates in the country and occupies about 5% of the total nations GDP. The services offered by these companies includes, content management, programs and code development for yielding business solutions, marketing via internet, database management and migrating services, Outsourcing and application development, quality assurance and quality testing services.

by: OTS Solution

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