Major part of the credit for the India success story can be attributed to the services sector, out of which IT and IT enabled Services (ITES) has been a key driver.

India has emerged as the fastest growing IT hub in the world, its growth is dominated by IT software and services such as Custom Application Development and Maintenance (CADM), System Integration, IT Consulting, Application Management, IS Outsourcing, Infrastructure Management Services, Software testing, Service-oriented architecture and Web-services. When it comes to IT services, the world is coming to India. With a CAGR of 28%, during the last 5 years, the IT-ITES industry's contribution to India's GDP is expected to rise to 7 per cent by 2007-08 against 4.8 per cent in 2005-06.

The contribution of the IT industry to the country's economy has been captured in a Nasscom-Crisil report titled 'The Rising Tide - Output and Employment Linkages of IT-ITES'. It says: Every rupee spent by the IT-ITES sector (on domestically sourced goods and services) translates into a total output of Rs. 2 in the economy. And for every job that is created in this sector, four jobs are created in the rest of the economy.

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