The IT industry accounted for 8% of India’s GDP in 2020. Information Technology in India comprises information technology services, consulting, and outsourcing.
Economic implications arising out of the development of IT industries in major cities of India:
1. Job Opportunities: number of jobs available particularly for Women increased.
2. Foreign Earnings: It is also huge source of Forex earnings for India.
3. Growth Multiplier: Improve Innovation, Start up culture and Gig economy.
Social implications arising out of the development of IT industries in major cities of India
1. Cosmopolitan culture: Diverse people, ideologies, lifestyle and food habits.
2. Women led development: IT sector has parity in women workforce compared to male workforce.
3. Westernization: Western values in assimilated. Ex: Increase in live in relationship.
4. 24/7 culture: As BPO is booming in India, late night culture is a common occurrence.
Conclusion:
IT industries act as growth centres that help spur growth of the entire region. Hence such IT industries must compulsorily be set up in Tier I and Tier II cities and also in North East India.
