Information technology has significantly contributed to India's economic growth. IT allows for the storage, study, retrieval, transmission and manipulation of data. India's IT sector began growing rapidly in the 1990s due to telecom deregulation, the Y2K issue, and the dot-com boom. Today, India has the sixth fastest growing economy in the world, with the IT sector accounting for over 7.5% of GDP and 35% of exports. The IT industry employs over 3 million people and is expected to attract billions in foreign direct investment, demonstrating the important role IT plays in India's economic development.