IT refers to managing technology processes, software, information systems, hardware, programming languages, and data. IT is important in the modern world as it helps with assignments, projects, and creates awareness through online education. The IT industry in India provides employment, generates foreign exchange, and benefits other countries through offshoring and increased employee commitment. IT increases productivity and income but also widens earnings gaps and impacts workplaces, labor markets, agriculture, education, private life, society, and governments. India's IT industry is growing through BPOs and government initiatives, but also presents disadvantages like unemployment, lack of privacy and job security. Recent IT developments include expansion projects in Bangalore, Chennai, and Hyderabad.