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Information Communication Technology and Economic Development

Learning from the Indian Experience

Edited by Tojo Thatchenkery and Roger R. Stough

Information Communication Technology and Economic Development reveals new insights regarding the complex process of globalization. It shows how the generation and circulation of intellectual capital in the US and India in ICT have led to greater productivity in the US while facilitating the economic development of India. Most industrialized nations now see the vast intellectual capital-based services that India provides at extremely competitive rates as key to their own national competitiveness in the global arena. The contributors’ findings suggest that India’s ICT-led growth will accelerate in the next ten years, launching India as a major global economic power next to the US and China.
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Chapter 3: Information Communication Technology and Economic Development: The Indian Context

Tojo Thatchenkery, Roger R. Stough and Govindasamy Balatchandirane


3. Information and communication technology and economic development: the Indian context Tojo Thatchenkery, Roger R. Stough, Govindasamy Balatchandirane and Rupa Ranganathan* India has emerged as one of the fastest growing economies in 2003–04 with its gross domestic product (GDP) rising by 8.2 percent (Central Statistical Organization Report, June 30, 2004). India’s technological capabilities and rising exports in information technology (IT) and pharmaceuticals have driven the country to become a significant outward investor of capital (The World Investment Report, the United Nations Conference on Trade and Development, September 22, 2004.). According to the report, India’s top 15 software and service companies have all invested abroad, mostly in developed countries, while the country’s business process outsourcing firms are setting up affiliates in Mexico and the Philippines. Such developments have raised India’s standing in the world. More specifically, the IT exports have brought about a heightened awareness of India in different parts of the world.1 The IT growth has also challenged traditional modes of economic development. This chapter explores the relation between ICT and the economic development of India. A NASSCOM–McKinsey study (2002) ranks India above many developed countries in software capability. In 2001, according to the World Bank projections, growth as a percentage of annual growth was 3.9 percent when the average annual percentage of GDP growth for all developing countries was 5 percent. India is growing slower than other developing countries but is continuing to grow much faster in the software arena. This appears to be...

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