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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.