4. Technology

In the recent years, technology sector in India has implied a major impact on the Indian economy and has grown hugely. It has jumped from U.S. $4 billion in 1998 to U.S. $80 in 2011. During this period this sector has employed more than 10 million people, directly or indirectly. The major cities that account for about nearly 90 percent of IT–ITES and IT–BPO sectors exports are Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Pune, Kolkata and Coimbatore. The industry’s share of total Indian exports increased from less than 4 percent in FY1998 to about 25 percent in FY2012. According to Gartner, the “Top Five Indian IT Services Providers” are Tata Consultancy Services, Infosys, Cognizant, Wipro and HCL Technologies.

5. Financial Services

The number of FDI projects in the financial services sector increased by 21 percent in 2011, whereas the value of the projects increased by 75 percent. In spite of the fact that it has a high growth potential, FDI in this industry remains low compared with other quickly developing economies. This primarily happened due to capital account convertibility, capital lock-ins and numerous regulations. Though, the demand for an extensive collection of financial services products, ranging from credit to insurance, is increasing.

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