Advertisement
Tuesday, Dec 07, 2021
Outlook.com
Outlook.com
Economy

IT & Internet Is It!

Top US economists say India could catch up with the first world provided reforms move faster and nfrastructure problems are overcome.

IT & Internet Is It!
IT & Internet Is It!
outlookindia.com
-0001-11-30T00:00:00+05:53

Information technology (IT) and internet can enable india to "leapfrog over the development path taken by industrial nations, accelerate growth and catch up with them provided reforms move faster and infrastructure problems are overcome," top US economists have said.

For Indian firms, opportunities to expand business ties with foreign firms could be enhanced through the internet, even though its use has remained relatively constrained, Guy Pfeffermann, director of the economic department and economic adviser of the International Finance Corporation (IFC) and Robert R. Miller, an IFC consultant and author of a paper on the subject said.

One rapidly expanding business for Indian companies, they note, is the provision of back-office services to international clients. The task involves a wide number of industries, including, airlines, banks, insurance companies and medical establishments.

Currently, India employs between 50,000 and 100,000 people in what are termed "internet-enabled services," producing $500 million in export earnings. Growth has been so rapid in this segment that experts anticipate employment of well over one million within ten years, generating income of $10 billion.

According to the paper, venture capital in Indian high-technology firms has increased steadily year after year-from 20 million dollars in 1996 to 750 million dollars in 2000, Reliance Industries gets special mention among companies and institutions which have realized the value of the new communications technologies.

Also lauded are India's Housing Development Finance Corporation (HDFC) and ICICI.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Explainer | Why A Democratic India Must Junk Draconian AFSPA

Explainer | Why A Democratic India Must Junk Draconian AFSPA

Experts believe the AFSPA has caused more harm to the Indian State in insurgency-hit areas than mitigating problems. Here’s why.

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

It may be time for India to uphold human dignity, take a hard look at some of its regressive laws like AFSPA which includes Special Laws that authorises detention without trial.

Why England Are Resting James Anderson Vs AUS In 1st Ashes Test

Why England Are Resting James Anderson Vs AUS In 1st Ashes Test

The decision to rest Anderson at Gabba for the first Ashes 2021-22 Test is part of an English plan to keep the pace spearhead fresh for bigger challenges.

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Has the AFSPA become an ideological Act, a tool to revise Kashmir history? Many analysts believe so.

Advertisement