Sociology of India - Research Paper Example

R. Gupta. J. R. Gupta. 2010), India has now the world’s 11th largest economy and the annual GDP growth rate is 8%.The economy comprise of agriculture, farming, industries, handicrafts and many other services like IT, pharmaceuticals, petroleum, machinery etc. The GDP per capita is $3,900 (Pī. Sī, 2000). Exports in 2012 reached the level of $309.1 billion which is quite similar to the 2011’s export values, $305. Export sector is giving more turnouts with the passage of time. According to the Directorate General of Commerce, (Luce, 2010), the exports increased in February 2013 (1412.

06 Billion INR) from January 2013 (1389.82 Billion INR). Major exports include gems (15 percent), chemicals (13 percent), agricultural products (9 percent), textiles (9 percent), engineering goods (19 percent), and petroleum (19 percent). The main export partners of India include UAE, USA, China, Singapore, Netherlands, and Hong Kong. According to (Wax, 2009), that the I.T market of India represents only 1.4 percent of the world’s total I.T services.The IT sector is believed to increase up to 14 percent and is making the India to appear as the knowledge based economy on the globe.

The domestic IT sector has provided employments to 10 million Indians. The growth continues and it aims to become the world’s largest IT sector. The IT hub of India is Bangalore, Mumbai, Noida and Hyderabad. India expects to generate revenue of $ 130 Billion by 2015 in this sector. It refers to the contracting out a business to a third party. Major Indian Businesses and companies use outsourcing to extend the business as the company only focus on the specialty they are offering and the rest is handled by the third party who does the table work.

Mentioned in “The Need of Outsourcing” (Anonymous, www.roseindianet), the Indian outsourcing industry is worth $20Billion and is still growing. In 2012, the value was $69 Billion as mentioned by (Ray, 2007) TATA Consultancy is the largest