Lauding government policies and investments in human capital development which played a major role in the growth of the information technology sector, the pre-Budget Economic Survey said Indian IT and electronics industry recorded a growth of 21.6 per cent in 2003-04.
The survey said in IT the role of government has been very different from other industries. In 2003-04 the production in IT and electronics industry increased to Rs 1,14,650 crore (Rs 1146.5 billion) from Rs 97,000 crore (Rs 970 billion) in 2002-03.
It also said despite global difficulties in information, communication and technology sector, the export of Indian software and services is estimated to have increased to Rs 55,500 crore (Rs 555 billion) in 2003-04 clocking growth of 20.4 per cent in rupee terms and 28 per cent in dollar terms as compared to 2002-03.
Total electronics and IT exports from the country increased 18 per cent to Rs 61,500 crore (Rs 615 billion) in 2003-04 from Rs 51,700 crore (Rs 517 billion) in 2002-03.