There are primarily 3 factors for the boom of IT Industry and ICT Revolution which has changed the face of Indian middle class : 1. Economic Reforms of 1991 by the then Finance minister, Dr.Manmohan Singh which lifted huge restrictions on overseas business and welcomed foreign investments. The Indian economy before this period was completely controlled by the Government and there were strict restrictions and regulations for private business entities in India. 2. Various liberalisation acts introduced by the subsequent Governments like New Telecommunications Policy, 1999 (NTP 1999) helped free the telecommunications sector or IT Act 2000 which provided legal recognition of the electronic documents, digital signatures, offences and contraventions. 3. Availability of large population of English speaking technically strong people in India. These 3 factors have literally changed the face of Indian middle class. The IT sector has provided direct employment to around 10 lakh and more than 30 lakh professionals in Karnataka alone. Because of the IT sector, Indian middle class has attained an important status and standard of living has increased considerably all because of the IT revolution.
Posted on: Tue, 07 Oct 2014 08:37:52 +0000
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