5. January 2014 23:41
It is likely to be among our top two or three source our country is growing towards the growth of IT industries. Top companies like IBM, Infosys showed the way of how the information technology industry will continue to transform India, through and beyond this period of temporarily subdued economic growth. Important people from all over the world demonstrates India's genius and helps to show why it is going to be a source of global economic growth and unique social innovation for many decades ahead.
In the East Asian economic growth model, the same sequence was followed by India. First, agriculture was reformed, either through technology. . Either the government, or financial institutions or private companies were able to get hold of that surplus and invest it in Information Technology sector. This sector was aimed at export markets and competed on the price of the labor.
This IT industry created mass employment and a vast shift of population from the country to the cities. It produced a huge surplus that was invested in further manufacturing, which became more technologically sophisticated. This produced further rural to city population drift and thus the huge East Asian coastal conurbations.
These urban giants spawned a middle class that wanted services and the development of these service industries led to further export opportunities, though services have been a smaller part of the East Asian miracle. India's rapid economic growth over the past two decades did not look anything like this. It was born instead in the genius of Indians for IT. As a result, the Indian growth model has its critics and its doomsayers. Services don't produce as many jobs as manufacturing does. India's manufacturing is now developing, but much more slowly than its services sector did.