Economy of India
India s services sector has the largest share in the GDP, accounting for 57 Percent in 2012, up from 15 Percent in 1950. It is the 12th largest in the world by nominal GDP, and fourth largest when purchasing power is taken into account. The services sector provides employment to 27 Percent of the work force. Information technology and business process outsourcing are among the fastest growing sectors, having a cumulative growth rate of revenue 33.6 Percent between 1997 and 1998 and 2002 03 and contributing to 25 Percent of the country s total exports in 2007 08. The growth in the IT sector is attributed to increased specialisation, and an availability of a large pool of low cost, highly skilled, educated and fluent English speaking workers, on the supply side, matched on the demand side by increased demand from foreign consumers interested in India s service exports, or those looking to outsource their operations. The share of the Indian IT industry in the country s GDP increased from 4.8 Percent in 2005 06 to 7 Percent in 2008. In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.