IT & ITIES
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IT & ITIES
About IT & ITES Industry
The global economy has begun to pull out of one of the most severe recessions in several decades aided by a synchronized and massive government stimulus response across the world. The transition in the economic environment has been captured in the recent IMF projections for the global economy. After a number of downward revisions to its world growth projections, the IMF in its October 2009 World Economic Outlook has raised its GDP forecast for 2009 and 2010 by 0.3% and 0.6% respectively. Global activity is now expected to expand by 3.1% in 2010, after contracting by around 1% in 2009. Prospects of recovery have improved for both advanced as well as emerging market economies as co-ordinated public intervention enacted during the depths of the crisis have helped revive domestic demand and reduce economic uncertainty.
Policy Regime:
IT and ITES has played a major role in the overall growth and development of India. In the electronic and IT sector, 100% FDI is permitted under the automatic route. The major fiscal incentives provided by the Government of India in this sector been for export-oriented units (EOU), software technology parks (STP) and special economic zones (SEZ). These are details below:
- Software Technology Parks were set up as automatic societies under the Department of Electronic and Information Technology in 1991 to software exports from the country.
- There is 100% exemption of export profit from income tax for the first five years, 50% for the next five years, and 50% for the next five years subject to transfer of profit to special reserves.
- The Government has given formal approval to 354 SEZs and the number of notified SEZs in these sectors was 236 until 2010.
- Information Technology Investment Regions were notified in 2008
- R & D promotion is also being encouraged by the government. The department has put in place the two key schemes – SIPEIT – Support International Patent Protection in Electronics & IT and MGS – Multiplier Grants Scheme.
Rules and Regulations:
- Information Technology Act, 2000
- Right to Information Act, 2005
Major players of the Industries
The following are India’s Tier 1 companies in the IT sector:
- Tata Consultancy Services Ltd.
- Wipro Technologies Ltd.
- Infosys Technologies Ltd.
- Satyam Computer Services Ltd.
The other key players include the following:
- IBM
- HCL
- Patni
- Polaris
- Cisco
- KPIT Cummins
- Kanbay
- i-Flex Solutions
- Cognizant
- Sapient
- iYogi
- Mphasis
Legal Services of Preach Law LLP
The firm provides advice on cutting-edge issues that cover multiple legal and business disciplines. Our expertise and understanding of the business is the foundation for providing full range of legal services including:
- Arbitrations & Litigation
- Foreign Investments
- Regulatory
- Structuring
- Offset policy
- Statutory Compliances
- Joint Ventures
- Contracts
- Teaming Agreements
- Auction/Bid Management etc.
- Tax & Regulatory Structuring
- Sourcing/Supply and Service Agreements.
- Regulatory Approvals/Representations
- Advisory Services
- Information Technology Enablement
- Review/Appeal of Administration Decisions.
