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Wen visits India's Silicon Valley- A boost to Indo-China IT exchange

Priya Pradeep
Saturday, April 30, 2005
Priya Pradeep
The Scenario
China and India’s annual GDP growth rates for 2003 were at 9.1 and 8.5 percent and at 9.5 and 6.9 percent for 2004, respectively.

China and India have since become the two largest and fastest growing economies of the 21st century. The nature of the two economies is similar on many counts and hence both India and China together can play an important role in the World Trade Organization (WTO) and global outsourcing market.

Gartner Research estimates that India would be the beneficiary of 40 percent of China’s IT exports as early as 2006. Revenue from India’s IT exports was $12.5 billion in 2003-04 (ending in March), a 30 percent increase from the previous year, which in turn has resulted in a 10-15 percent annual rise in wages in India’s software and back-office services industry.

Software export revenue for China in the year 2003 was $700 million, leaving an over-eager skilled workforce ready and willing to work for low pay. On average, an engineer with some experience in Shanghai is paid a monthly salary of less than $500, compared with more than $700 in India and $5,000 in the U.S.

Indian IT Firms In China

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