This document analyzes the effect of exchange rates on stocks in India's IT & ITES sector from 1997-2008. It summarizes the performance and growth of the IT & ITES sector in India. It then tests for cointegration between the CNXIT index and exchange rates using monthly data. Unit root tests show exchange rates are non-stationary while the CNXIT index is stationary. The logarithms of both are also non-stationary. Regression of the logarithms finds the residuals are stationary, indicating cointegration. In summary, it analyzes the relationship between the IT stock index and exchange rates in India over this period.
1) The global recession from 2007-2010 tested Pakistan's software and BPO industry but it emerged stronger.
2) In 2006, the industry's local revenues were $193.4 million and global impact was $779.7 million, projected to grow in 2007.
3) However, political instability in Pakistan beginning in 2007, along with the global recession, slowed the industry's growth. It has now stabilized and is poised for renewed growth.
This document provides an overview of Pakistan's IT industry and strategic framework. It discusses the global IT industry trends, the growth and success of Pakistan's economy, profiles the country's IT industry including key statistics on companies, exports and world-class products, and outlines a strategic framework to sustain industry growth based on international best practices.
Bd ict research_desk_study_project_tracker_5Fokhruz Zaman
This document contains summaries of several studies related to information and communication technology (ICT) in Bangladesh. The studies cover a wide range of topics including the overall ICT industry, software exports, the software industry workforce, IT-enabled services, e-commerce, human capacity development, education, rural digital inclusion, e-government, and ICT adoption. The document provides brief descriptions of each study's objective, authors, sponsoring organization, and key findings or recommendations when available. It does not synthesize or analyze the information but rather lists details about numerous ICT-focused research reports in Bangladesh.
I gave this presentation in the end of 2008, giving an overview of Software Industry of Pakistan from 1995 to 2008. Therefore, the recent ups and downs of the industry are not visible in the presentation.
This document provides an executive summary of a study on Pakistan's IT market and revenue estimates. It notes that Pakistan's software and IT industry has historically lacked reliable data on its size and performance. Various sources have provided different and sometimes conflicting estimates due to using different definitions, methodologies, and scopes. The study aims to provide accurate estimates of the industry's revenues by conducting surveys of IT companies and mapping their revenue recognition and reporting systems. It seeks to establish a credible baseline for benchmarking and designing effective policies for the industry.
The Pakistani IT & ITES industry has grown significantly over the past decade. It is now estimated to be a $2 billion industry, up from less than $1 billion previously. The software and services sector grew 39% in 2007-2008, with about half of this growth coming from foreign projects. Employment in the industry rose 41% as well. The industry is poised to exceed $11 billion in size within the next 5 years if current rapid growth rates continue. Pakistan's technology sector has transformed from its early beginnings into a major hub for business with over 370 member companies of P@SHA.
This document provides an exploratory analysis of Pakistan's software industry, including its current state, business models, and strategic challenges. It conducted surveys and interviews with over 50 Pakistani software companies. The analysis finds that while the industry shows potential, it faces significant challenges in areas like telecom infrastructure, access to capital, an underdeveloped domestic market, and intellectual property protections. It concludes with recommendations to address such issues in order to help Pakistan's software industry better compete globally.
1) The global recession from 2007-2010 tested Pakistan's software and BPO industry but it emerged stronger.
2) In 2006, the industry's local revenues were $193.4 million and global impact was $779.7 million, projected to grow in 2007.
3) However, political instability in Pakistan beginning in 2007, along with the global recession, slowed the industry's growth. It has now stabilized and is poised for renewed growth.
This document provides an overview of Pakistan's IT industry and strategic framework. It discusses the global IT industry trends, the growth and success of Pakistan's economy, profiles the country's IT industry including key statistics on companies, exports and world-class products, and outlines a strategic framework to sustain industry growth based on international best practices.
Bd ict research_desk_study_project_tracker_5Fokhruz Zaman
This document contains summaries of several studies related to information and communication technology (ICT) in Bangladesh. The studies cover a wide range of topics including the overall ICT industry, software exports, the software industry workforce, IT-enabled services, e-commerce, human capacity development, education, rural digital inclusion, e-government, and ICT adoption. The document provides brief descriptions of each study's objective, authors, sponsoring organization, and key findings or recommendations when available. It does not synthesize or analyze the information but rather lists details about numerous ICT-focused research reports in Bangladesh.
I gave this presentation in the end of 2008, giving an overview of Software Industry of Pakistan from 1995 to 2008. Therefore, the recent ups and downs of the industry are not visible in the presentation.
This document provides an executive summary of a study on Pakistan's IT market and revenue estimates. It notes that Pakistan's software and IT industry has historically lacked reliable data on its size and performance. Various sources have provided different and sometimes conflicting estimates due to using different definitions, methodologies, and scopes. The study aims to provide accurate estimates of the industry's revenues by conducting surveys of IT companies and mapping their revenue recognition and reporting systems. It seeks to establish a credible baseline for benchmarking and designing effective policies for the industry.
The Pakistani IT & ITES industry has grown significantly over the past decade. It is now estimated to be a $2 billion industry, up from less than $1 billion previously. The software and services sector grew 39% in 2007-2008, with about half of this growth coming from foreign projects. Employment in the industry rose 41% as well. The industry is poised to exceed $11 billion in size within the next 5 years if current rapid growth rates continue. Pakistan's technology sector has transformed from its early beginnings into a major hub for business with over 370 member companies of P@SHA.
This document provides an exploratory analysis of Pakistan's software industry, including its current state, business models, and strategic challenges. It conducted surveys and interviews with over 50 Pakistani software companies. The analysis finds that while the industry shows potential, it faces significant challenges in areas like telecom infrastructure, access to capital, an underdeveloped domestic market, and intellectual property protections. It concludes with recommendations to address such issues in order to help Pakistan's software industry better compete globally.
The presentation provided an overview of the Indian IT sector, including its classification and strengths, the key government bodies and initiatives that support IT development, and how the sector contributes significantly to the Indian economy and economic growth through exports, employment, and development of infrastructure. India's IT industry has grown rapidly due to factors such as low costs and skilled human resources.
The software industry in Pakistan has grown significantly in recent years but still has room for improvement. It is currently considered a tier-3 nation in software exports but has the talent and capabilities to become a tier-2 or tier-1 country. Key challenges include law and order issues, software piracy, a lack of specialization, and insufficient focus on strategic management. However, the industry shows promise for continued growth as more firms are established and Pakistan further develops its ICT policies and technological potential.
ICT Industry in Context of Bangladesh and Global contextFahad Nitul
This document outlines a presentation on the ICT industry. It begins with an overview of the global ICT industry and perspectives from Bangladesh and globally. It then analyzes a Bangladeshi IT company and a global IT company, Tata Consultancy Services, using Porter's Five Forces, PESTEL, and SWOT analyses. Industry trends in Bangladesh are discussed, including the number of companies, employees, export destinations and revenues. The document concludes with recommendations to help grow Bangladesh's ICT industry through collaboration, improved infrastructure, and supporting innovation.
The document discusses the IT hardware industry in India. It begins by defining hardware and discussing Moore's Law. It then provides statistics on the global and Indian IT hardware markets, including production amounts and major producers' market shares. India has advantages for IT hardware production like a large skilled labor pool. The Indian IT industry has experienced rapid growth in recent years, with the hardware, IT services, and BPO sectors growing significantly. Major players in the Indian IT hardware space and their performance are also outlined. The document concludes by discussing opportunities in satellite communication, infrastructure, and other areas.
service management project on consultancy industry Sunny Gandhi
The Indian consultancy and IT industries have experienced rapid growth in recent years. Consultancy services such as IT, management, and human resources make up large portions of the Indian economy. The IT industry in particular has contributed significantly to India's economic development by transforming the country into a global leader in technology. Major cities like Delhi, Mumbai, Chennai, and Kolkata have large concentrations of consultancy firms. Looking ahead, the industries are expected to continue expanding their services and revenues, playing an important role in India's economy and development.
The document provides an overview of the IT and ITES sector in India from an economic perspective. It discusses key aspects of the sector such as its economic activity and contribution to GDP, industry landscape, geographical distribution, and challenges. The IT and ITES sector is a major contributor to India's economy, accounting for over 5% of GDP and employing millions of workers. While the sector has grown significantly in recent decades, it faces challenges from increasing global competition and costs that threaten its continued growth.
The Indian IT-ITes industry grew at 32% in FY2007-2008, clocking revenues of $52 billion. It is projected to reach $60 billion in exports by FY2009-2010. The industry employs over 2 million people directly and is expected to employ 4 million directly and 12 million indirectly by 2015. Key segments include IT services, ITES-BPO services, and software development. The industry faces challenges from economic slowdowns, currency appreciation, and over-reliance on the US market.
IRJET- Impact of Technology on Indian EconomyIRJET Journal
This document discusses the impact of technology on the Indian economy. It notes that while technology has increased productivity in the primary (agricultural) sector, farmer illiteracy has prevented productivity from increasing to expected levels. In the secondary (manufacturing) sector, automation has both improved efficiency but also eliminated many unskilled jobs. The tertiary (service) sector has seen the fastest growth, particularly e-commerce, which allows small enterprises to expand globally. While technology has benefits, it also presents challenges like job losses to automation and lack of internet access limiting some small businesses.
A MODIFIED MODEL OF ICT DEVELOPMENT INDEX (IDI) FOR THAILAND TO ACHIEVE THE I...IAEME Publication
After the first allocation of spectrum in the 2.1 GHz band was successfully made in 2012, Thailand’s ICT technology has developed continuously, considered at the higher level compared with those of other ASEAN countries. In relation to this, the ITU has revealed the annual survey results regarding ICT-society indices or “Measuring the Information Society Report (MIS Report)” which is published annually. In this year, the ITU MIS report 2015 identified Thailand as one of a group of "most dynamic countries" that recorded above-average improvements in their IDI ranking over the past five years, supported mainly by improvement in mobile broadband penetration. The objective of this paper is to propose a modified model of ICT Development Index (IDI) to bring Thailand to be the ICT leader in ASEAN. This paper also presents a policy and strategic plan to foster Thailand’s ICT sector to move forward to higher level of ICT Development Index in achieving the first rank of IDI level in ASEAN within 2020.
The document discusses India's IT & ITeS sector. Some key points:
- The Indian IT-BPM sector grew at a CAGR of 10.71% from 2010-2018 to reach $167 billion, and is estimated to reach $350 billion by 2025.
- India is the leading sourcing destination globally, with 55% market share of the $185-190 billion global services outsourcing business.
- India's large talent pool of technical graduates and low costs make it an attractive destination for outsourcing. The sector contributes significantly to GDP and employment.
The IT & ITeS sector in India has grown significantly over the past decade and is expected to continue expanding rapidly. Some key points:
- The sector grew at a CAGR of 13.7% from 2010-2016, much higher than the global average, and is estimated to reach $350 billion by 2025.
- India has become a leading global sourcing destination, accounting for 56% of the global services market in 2015. It is also the top location for engineering offshoring.
- The sector employs over 3 million people directly and over 10 million indirectly, making it one of the largest job creators in the economy.
The document discusses the role of information technology (IT) in the Indian economy. It notes that IT is no longer just a business resource but the business environment itself. It outlines that India has the world's sixth fastest growing economy and its IT services industry is growing at over 35% annually. IT is expected to contribute over 7.5% to India's GDP. Major Indian IT companies like TCS, Infosys, Wipro, and HCL are leading global players in the IT services industry. The IT sector is attracting significant foreign direct investment and creating millions of new jobs, positioning India to become a major global economy.
Switch gear & control gear industry in indiaValueNotes
The switchgear and control gear industry in India is currently valued has been growing at ~15% for the last three years. The industry will be worth approximately INR 215bn (~USD 3.5billion) by FY 2017, growing at a diminished CAGR of ~10%. ValueNotes latest research report on the switchgear and control gear industry in India covers intelligence on the market size, growth, industry trends, industry attractiveness, and Porter’s analysis.
The Indian software industry has evolved over three decades, with companies initially building compilers and applications for the local market. India now excels in banking-specific products. The industry has grown significantly, with over 300 startups in the last 4 years alone. The industry is moving up the value chain, with large companies deriving 95% of their revenue from consulting services. Initiatives like NASSCOM help smaller firms innovate and expand globally. The government provides incentives like tax holidays to promote investment and infrastructure support. Key challenges include the need for branding to reach more clients. The future looks promising in areas like local search engines, financial software products, and leveraging India's engineering talent for global R&D centers.
The IT & ITeS sector in India has grown significantly over the past decade. It is estimated to reach $350 billion by 2025, growing at a CAGR of 10.71%. India has emerged as a global outsourcing hub, accounting for 55% of the global sourcing market. The sector employs nearly 4 million people and contributes around 7.7% to India's GDP. Key verticals include BFSI, telecom and retail. Exports have grown at 12.26% annually and were estimated at $126 billion in FY2018 with the US as the largest importer.
Patent Portfolio of Major Indian IT Companies 2010 - ReportInnomantra
The purpose of the study was to analyze the importance given by selected major Indian IT
firms to innovation based on their Patent portfolio as a measure. Analysis of the Patenting
activity provides an insight into current trends in intellectual property generation apart
from providing an account of innovation and technological development taking place in the
Information Technology sector. The study summarizes results of the research that was
conducted on HCL Technologies Limited, Infosys Technologies Limited, Mahindra Satyam ,
Tata Consultancy Services Limited and Wipro Limited.
This report covers filing trends of the above mentioned companies along with status of
Patents, International Patent Classification and Priority Date. The study also provides the
filing trends and status with the field of engineering to which they belong, along with details
of all Patents filed by these companies since their inception.
Our research suggests that after a moderate retrenchment in the years 2008-2009, the IT
industry in India is recommitted to pursue innovation. The fact that the said companies
consider innovation to be one of their key assets and are committed to boost their spending
on Research & Development and innovation is evident from the increase in number of Patents
that have been filed by these companies in US Patent Office, European Patent Office and
Intellectual Property Office India. The study details the challenges associated with software
Patenting in India and postulates that despite the restrictions of obtaining a software Patent
per se in India, the IT industry is taking a prominent stand on generating and protecting
Intellectual Property in India and abroad.
Since the year 2000, awareness about Innovation and Intellectual Property Management
has been on the rise in the IT industry. It is evident from the Patent filing statistics of the
Intellectual Property Office India that the number of Patent filings in the field of computer
science has been on the rise since 2004. Across the world, a large number of organizations
are considering innovation as top priority, and consequently raising the investment on
innovation. In this study, the trends indicate that innovation has been geared towards minor
improvements to existing products and services as against innovation targeting newer
products. However, the companies are broadening types of innovation functions they are
targeting. The emphasis on product development and idea generation is increasing.
This document presents information on India's growing global service trade sector. It discusses the strong growth of India's service sector, which now accounts for over 56% of GDP. Key service industries like IT, telecom, and biotechnology are growing rapidly. The IT and ITES industries have seen especially strong growth, with combined revenues reaching over $101 billion in 2011-2012. India has become a major exporter of commercial services globally, with its top exports including software, business services, and travel. While the US remains the largest importer of Indian services, new markets in Asia are growing rapidly in importance. The document recommends further investment in innovation and expanding trade relationships to sustain India's strong service sector growth.
The document provides a SWOT analysis of the Indian IT industry and two IT companies, TCS and Infosys. For the Indian IT industry, key strengths are the cost advantage and breadth of services. Weaknesses include overdependence on the US and BFSI sectors for revenue and high attrition rates. Opportunities lie in product innovation and the BFSI sector, while threats include currency fluctuations and increased global competition.
Impact of foreign exchange on the revenue and profit of selected IT companiesRaghav Upadhyay
This document discusses currency fluctuations and their impact on businesses. It begins with an introduction to currency fluctuations, explaining what they are and some of the key factors that cause currencies to rise and fall in value relative to one another. These include economic data, interest rates, news/market sentiments, and the current state of a country's economy. The document then discusses specific examples of how currency fluctuations have impacted economies globally. It also outlines some of the risks currency value fluctuations pose to businesses, such as increased operating costs and difficulty predicting profits/losses. Finally, it discusses strategies businesses can employ to help minimize risks from currency value changes.
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las importaciones de productos rusos de alta tecnología y a las exportaciones de bienes de lujo a Rusia. Además, se congelarán los activos de varios oligarcas rusos y se prohibirá el acceso de los bancos rusos a los mercados financieros de la UE.
The presentation provided an overview of the Indian IT sector, including its classification and strengths, the key government bodies and initiatives that support IT development, and how the sector contributes significantly to the Indian economy and economic growth through exports, employment, and development of infrastructure. India's IT industry has grown rapidly due to factors such as low costs and skilled human resources.
The software industry in Pakistan has grown significantly in recent years but still has room for improvement. It is currently considered a tier-3 nation in software exports but has the talent and capabilities to become a tier-2 or tier-1 country. Key challenges include law and order issues, software piracy, a lack of specialization, and insufficient focus on strategic management. However, the industry shows promise for continued growth as more firms are established and Pakistan further develops its ICT policies and technological potential.
ICT Industry in Context of Bangladesh and Global contextFahad Nitul
This document outlines a presentation on the ICT industry. It begins with an overview of the global ICT industry and perspectives from Bangladesh and globally. It then analyzes a Bangladeshi IT company and a global IT company, Tata Consultancy Services, using Porter's Five Forces, PESTEL, and SWOT analyses. Industry trends in Bangladesh are discussed, including the number of companies, employees, export destinations and revenues. The document concludes with recommendations to help grow Bangladesh's ICT industry through collaboration, improved infrastructure, and supporting innovation.
The document discusses the IT hardware industry in India. It begins by defining hardware and discussing Moore's Law. It then provides statistics on the global and Indian IT hardware markets, including production amounts and major producers' market shares. India has advantages for IT hardware production like a large skilled labor pool. The Indian IT industry has experienced rapid growth in recent years, with the hardware, IT services, and BPO sectors growing significantly. Major players in the Indian IT hardware space and their performance are also outlined. The document concludes by discussing opportunities in satellite communication, infrastructure, and other areas.
service management project on consultancy industry Sunny Gandhi
The Indian consultancy and IT industries have experienced rapid growth in recent years. Consultancy services such as IT, management, and human resources make up large portions of the Indian economy. The IT industry in particular has contributed significantly to India's economic development by transforming the country into a global leader in technology. Major cities like Delhi, Mumbai, Chennai, and Kolkata have large concentrations of consultancy firms. Looking ahead, the industries are expected to continue expanding their services and revenues, playing an important role in India's economy and development.
The document provides an overview of the IT and ITES sector in India from an economic perspective. It discusses key aspects of the sector such as its economic activity and contribution to GDP, industry landscape, geographical distribution, and challenges. The IT and ITES sector is a major contributor to India's economy, accounting for over 5% of GDP and employing millions of workers. While the sector has grown significantly in recent decades, it faces challenges from increasing global competition and costs that threaten its continued growth.
The Indian IT-ITes industry grew at 32% in FY2007-2008, clocking revenues of $52 billion. It is projected to reach $60 billion in exports by FY2009-2010. The industry employs over 2 million people directly and is expected to employ 4 million directly and 12 million indirectly by 2015. Key segments include IT services, ITES-BPO services, and software development. The industry faces challenges from economic slowdowns, currency appreciation, and over-reliance on the US market.
IRJET- Impact of Technology on Indian EconomyIRJET Journal
This document discusses the impact of technology on the Indian economy. It notes that while technology has increased productivity in the primary (agricultural) sector, farmer illiteracy has prevented productivity from increasing to expected levels. In the secondary (manufacturing) sector, automation has both improved efficiency but also eliminated many unskilled jobs. The tertiary (service) sector has seen the fastest growth, particularly e-commerce, which allows small enterprises to expand globally. While technology has benefits, it also presents challenges like job losses to automation and lack of internet access limiting some small businesses.
A MODIFIED MODEL OF ICT DEVELOPMENT INDEX (IDI) FOR THAILAND TO ACHIEVE THE I...IAEME Publication
After the first allocation of spectrum in the 2.1 GHz band was successfully made in 2012, Thailand’s ICT technology has developed continuously, considered at the higher level compared with those of other ASEAN countries. In relation to this, the ITU has revealed the annual survey results regarding ICT-society indices or “Measuring the Information Society Report (MIS Report)” which is published annually. In this year, the ITU MIS report 2015 identified Thailand as one of a group of "most dynamic countries" that recorded above-average improvements in their IDI ranking over the past five years, supported mainly by improvement in mobile broadband penetration. The objective of this paper is to propose a modified model of ICT Development Index (IDI) to bring Thailand to be the ICT leader in ASEAN. This paper also presents a policy and strategic plan to foster Thailand’s ICT sector to move forward to higher level of ICT Development Index in achieving the first rank of IDI level in ASEAN within 2020.
The document discusses India's IT & ITeS sector. Some key points:
- The Indian IT-BPM sector grew at a CAGR of 10.71% from 2010-2018 to reach $167 billion, and is estimated to reach $350 billion by 2025.
- India is the leading sourcing destination globally, with 55% market share of the $185-190 billion global services outsourcing business.
- India's large talent pool of technical graduates and low costs make it an attractive destination for outsourcing. The sector contributes significantly to GDP and employment.
The IT & ITeS sector in India has grown significantly over the past decade and is expected to continue expanding rapidly. Some key points:
- The sector grew at a CAGR of 13.7% from 2010-2016, much higher than the global average, and is estimated to reach $350 billion by 2025.
- India has become a leading global sourcing destination, accounting for 56% of the global services market in 2015. It is also the top location for engineering offshoring.
- The sector employs over 3 million people directly and over 10 million indirectly, making it one of the largest job creators in the economy.
The document discusses the role of information technology (IT) in the Indian economy. It notes that IT is no longer just a business resource but the business environment itself. It outlines that India has the world's sixth fastest growing economy and its IT services industry is growing at over 35% annually. IT is expected to contribute over 7.5% to India's GDP. Major Indian IT companies like TCS, Infosys, Wipro, and HCL are leading global players in the IT services industry. The IT sector is attracting significant foreign direct investment and creating millions of new jobs, positioning India to become a major global economy.
Switch gear & control gear industry in indiaValueNotes
The switchgear and control gear industry in India is currently valued has been growing at ~15% for the last three years. The industry will be worth approximately INR 215bn (~USD 3.5billion) by FY 2017, growing at a diminished CAGR of ~10%. ValueNotes latest research report on the switchgear and control gear industry in India covers intelligence on the market size, growth, industry trends, industry attractiveness, and Porter’s analysis.
The Indian software industry has evolved over three decades, with companies initially building compilers and applications for the local market. India now excels in banking-specific products. The industry has grown significantly, with over 300 startups in the last 4 years alone. The industry is moving up the value chain, with large companies deriving 95% of their revenue from consulting services. Initiatives like NASSCOM help smaller firms innovate and expand globally. The government provides incentives like tax holidays to promote investment and infrastructure support. Key challenges include the need for branding to reach more clients. The future looks promising in areas like local search engines, financial software products, and leveraging India's engineering talent for global R&D centers.
The IT & ITeS sector in India has grown significantly over the past decade. It is estimated to reach $350 billion by 2025, growing at a CAGR of 10.71%. India has emerged as a global outsourcing hub, accounting for 55% of the global sourcing market. The sector employs nearly 4 million people and contributes around 7.7% to India's GDP. Key verticals include BFSI, telecom and retail. Exports have grown at 12.26% annually and were estimated at $126 billion in FY2018 with the US as the largest importer.
Patent Portfolio of Major Indian IT Companies 2010 - ReportInnomantra
The purpose of the study was to analyze the importance given by selected major Indian IT
firms to innovation based on their Patent portfolio as a measure. Analysis of the Patenting
activity provides an insight into current trends in intellectual property generation apart
from providing an account of innovation and technological development taking place in the
Information Technology sector. The study summarizes results of the research that was
conducted on HCL Technologies Limited, Infosys Technologies Limited, Mahindra Satyam ,
Tata Consultancy Services Limited and Wipro Limited.
This report covers filing trends of the above mentioned companies along with status of
Patents, International Patent Classification and Priority Date. The study also provides the
filing trends and status with the field of engineering to which they belong, along with details
of all Patents filed by these companies since their inception.
Our research suggests that after a moderate retrenchment in the years 2008-2009, the IT
industry in India is recommitted to pursue innovation. The fact that the said companies
consider innovation to be one of their key assets and are committed to boost their spending
on Research & Development and innovation is evident from the increase in number of Patents
that have been filed by these companies in US Patent Office, European Patent Office and
Intellectual Property Office India. The study details the challenges associated with software
Patenting in India and postulates that despite the restrictions of obtaining a software Patent
per se in India, the IT industry is taking a prominent stand on generating and protecting
Intellectual Property in India and abroad.
Since the year 2000, awareness about Innovation and Intellectual Property Management
has been on the rise in the IT industry. It is evident from the Patent filing statistics of the
Intellectual Property Office India that the number of Patent filings in the field of computer
science has been on the rise since 2004. Across the world, a large number of organizations
are considering innovation as top priority, and consequently raising the investment on
innovation. In this study, the trends indicate that innovation has been geared towards minor
improvements to existing products and services as against innovation targeting newer
products. However, the companies are broadening types of innovation functions they are
targeting. The emphasis on product development and idea generation is increasing.
This document presents information on India's growing global service trade sector. It discusses the strong growth of India's service sector, which now accounts for over 56% of GDP. Key service industries like IT, telecom, and biotechnology are growing rapidly. The IT and ITES industries have seen especially strong growth, with combined revenues reaching over $101 billion in 2011-2012. India has become a major exporter of commercial services globally, with its top exports including software, business services, and travel. While the US remains the largest importer of Indian services, new markets in Asia are growing rapidly in importance. The document recommends further investment in innovation and expanding trade relationships to sustain India's strong service sector growth.
The document provides a SWOT analysis of the Indian IT industry and two IT companies, TCS and Infosys. For the Indian IT industry, key strengths are the cost advantage and breadth of services. Weaknesses include overdependence on the US and BFSI sectors for revenue and high attrition rates. Opportunities lie in product innovation and the BFSI sector, while threats include currency fluctuations and increased global competition.
Impact of foreign exchange on the revenue and profit of selected IT companiesRaghav Upadhyay
This document discusses currency fluctuations and their impact on businesses. It begins with an introduction to currency fluctuations, explaining what they are and some of the key factors that cause currencies to rise and fall in value relative to one another. These include economic data, interest rates, news/market sentiments, and the current state of a country's economy. The document then discusses specific examples of how currency fluctuations have impacted economies globally. It also outlines some of the risks currency value fluctuations pose to businesses, such as increased operating costs and difficulty predicting profits/losses. Finally, it discusses strategies businesses can employ to help minimize risks from currency value changes.
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las importaciones de productos rusos de alta tecnología y a las exportaciones de bienes de lujo a Rusia. Además, se congelarán los activos de varios oligarcas rusos y se prohibirá el acceso de los bancos rusos a los mercados financieros de la UE.
The document defines several nouns and adjectives including cloak, hood, wicked, cottage, and cake as well as verbs like skip, lock, and unlock. It provides brief definitions for each word describing a cloak as a loose outer piece of clothing without sleeves that fastens at the neck, a hood as part of a piece of clothing that covers the head, and wicked as evil, morally wrong, and bad. It also defines cottage as a small house usually in the countryside, cake as a sweet food made from flour, eggs, fat and sugar, and skip as moving lightly and quickly with small jumps. The verbs lock and unlock are defined as putting something in a safe place and fastening the lock or opening something that
Tecnologias para desenvolvimento ágil de aplicações Web-Isemanatsi_UTFPRAlessandro Dias
O documento discute as vantagens do desenvolvimento ágil de aplicações web usando o framework Ruby on Rails. Ele explica conceitos como Manifesto Ágil, desenvolvimento incremental e padrão MVC. Além disso, mostra exemplos passo a passo de como criar uma aplicação simples com Rails usando recursos como gerador de scaffold, migrações e servidor web integrado.
Phoenix é um framework web para desenvolvimento de aplicações web usando Elixir, implementando o padrão MVC do lado servidor. Elixir é uma linguagem de programação funcional, concorrente e tolerante a falhas que roda na máquina virtual Erlang. O documento fornece detalhes sobre conceitos como imutabilidade, pattern matching e tipos de dados em Elixir.
В 2008 году в г. Воскресенске Московской области был введен в эксплуатацию многоквартирный жилой дом Зелинского, 4.
zelinskogo2-4.narod.ru
Как оказалось, дом вводился с грубыми нарушениями градостроительного кодекса.
Органы местного самоуправления отказались разбираться в проблеме, незаконно навязали собственникам организацию, которая пользуясь "административным ресурсом" обложила собственников данью (порядка 50 руб за кв.м. в месяц).
Сбор документов касающихся строительства, сдачи дома в эксплуатацию, фиктивного управления домом продолжался более 3 лет.
Сейчас ситуация с домом полностью прозрачная (противозаконные действия органа местного самоуправления и аффилированной компании вскрыты).
Самое печальное в этой ситуации, что все новостройки Московской области имеют схожее положение вещей.
Закрытие глаз на проблемы ведет к интенсивному износу общего имущества и к многократному увеличению финансовых издержек в будущем.
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Analyzing the effect of exchange rate on the stocks of IT and ITES sector companies in India
1. A
REPORT
ON
ANALYSING THE EFFECT OF EXCHANGE RATE ON THE
STOCKS OF IT & ITES SECTOR IN INDIA
BY
VISHAL UGLE
2004S3P3563
Submitted in partial fulfillment of the course
ECON GC 491
SPECIAL PROJECTS
Under the guidance of
Dr.G.V.KUMARI
BITS- PILANI, GOA CAMPUS
April,2008
1
2. BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE
Special Projects: ECON GC 491
Station: BITS Pilani, Goa Campus
Duration: 120 Days
Date of Submission: 25 April 2008
Title of the Report: ANALYSING THE EFFECT OF EXCHANGE RATE ON
THE STOCKS OF IT & ITES SECTOR IN INDIA
Name of Faculty: Dr.G.V.Kumari
Faculty-In-Charge: Dr.Joy Anuradha
Signature:
2
3. Acknowledgement
I am deeply indebted to the BITS administration for giving such an opportunity to get exposed to
the practical application of the things learnt in the disciplinary courses, through this Special
Projects course.
I express my sincere thanks and profound sense of gratitude to my instructor Dr.G.V.Kumari for
rendering her full support and cooperation to this project, the Instructor-in-charge Dr.Joy
Anuradha
for
giving
us
an
opportunity
3
to
do
this
project
.
4. Abstract:
This report is divided in to two parts ,part1 gives a brief overview of the performance of the Indian IT
sector in the recent past ,its growth and its contribution to the GDP and exports.
In part2 relationship between CNXIT Index and exchange rates in India has been examined by using
monthly data form January 1997 to February 2008. The time series data of exchange rates and the Index
were tested for non stationary by running Dickey Fuller test, ACF and PACF. Exchange rates were found
to be non stationary while the IT Index was stationary, the logarithm of exchange rates and CNXIT were
non stationary. Hence, the two can be tested for co integration. The residuals of the regression of the
logCNXIT and logER were found to be stationary hence they are not co integrated.
4
5. TABLE OF CONTENTS
PART 1: PERFORMANCE OF IT AND ITES SECTOR IN INDIA
1.1 Introduction
7
PART 2: TESTING FOR COINTEGRATION BETWEEN CNXIT INDEX AND
EXCHANGE RATES FOR THE YEARS 1997-2008
2.1 Literature review of articles referred
2.2 Methodology
2.3 CNXIT index
2.4 Exchange rate
2.5 Basic concepts
2.6 Testing for non stationarity
2.7 Tools used for the test
2.8 Source of data
2.9 Results for unit root tests
2.10 Results for cointegration
12
13
13
14
14
16
16
16
17
20
References
24
5
7. 1.1 Introduction:
The vision of Information Technology(IT) policy is to use IT as a tool for raising the living
standards of the common man and enriching their lives. Though, urban India has a high internet
density, the government also wants PC and Internet penetration in the rural India. In Information
technology (IT), India has built up valuable brand equity in the global markets. In IT-enabled
services (ITES), India has emerged as the most preferred destination for business process
outsourcing (BPO), a key driver of growth for the software industry and services sector.
India's most prized resource in today's knowledge economy is its readily available technical work
force. India has the second largest English-speaking scientific professionals in the world, second
only to the U.S.
According the data from ministry of communication and information technology, the ITES-BPO
industry has grown by about 54 per cent with export earnings of US$ 3.6 billion during 2003-04.
Output of the Indian electronics and IT industry is estimated to have grown by 18.2 per cent to
Rs. 1,14,650 crore in 2003-04.
The share of hardware and non-software services in the IT sector has declined consistently every
year in the recent past. The share of software services in electronics and IT sector has gone up
from 38.7 per cent in 1998-99 to 61.8 percent in 2003-04. However, there has been some
welcome acceleration in the hardware sector with a sharp deceleration in the rate of decline of
hardware's share in electronics and IT industry. Output of computers in value terms, for example,
increased by 36.0, 19.7 and 57.6 per cent in 2000-01,2002-03,and2003-04,respectively.
All the sub-sectors of the non-software component of electronic and IT industry grew at over 8
per cent in 2003-04, but this was far below the rate of growth of software services. Overall, after
7
8. declining precipitously from 61.4 per cent in 1998-99 to 40.9 percent in 2001-02, the share of
hardware in this important industry declined only marginally to 38.2 percent in the two
subsequent
years.
Export markets continue to dominate the domestic segment. The size of the domestic market in
software relative to the export markets for Indian software, which was 45.2 percent in 1998- 99,
after declining rapidly to 29.8 percent in 2001-02, fell only to 29.1 percent and 27.7 per cent in
the two subsequent
years.
Value of software and services export is estimated to have increased by 30 percent to US$12.5
billion in 2003-04. The Software Technology Parks of India have reported software exports of
Rs. 31,578 crore (US$ 6,947 million) during April - December 2004- 05 as against Rs. 22,678
crore (US$ 4,913) during the corresponding period lastyear.
The annual growth rate of India's software exports has been consistently over 50 percent since
1991. No other Indian industry has performed so well against the global competition. According
to a NASSCOM-McKinsey report, annual revenue projections for India’s IT industry in 2008 are
US $ 87 billion and market openings are emerging across four broad sectors, IT services,
software products, IT enabled services, and e-businesses thus creating a number of opportunities
for Indian companies. In addition to the export market, all of these segments have a domestic
market component as well.
The IT-enabled service industry in India began to evolve in the early nineties when companies
such as American Express, British Airways, GE and Swissair set up their offshore operations in
India.
The Indian software and services export is estimated at Rs 103200 crore (US$ 23.4 billion) in
2005-06, as compared to Rs 80180 crore (US$ 17.7 billion) in 2004-05, an increase of 32 per
8
9. cent in dollar terms.. The production of the Indian electronics and IT industry is estimated at Rs
185660 crore during 2005-06, as compared to Rs 152420 crore during the year 2004-05, a
growth of 21.8 per cent. The Industry’s contribution to the national GDP has risen from 1.2 per
cent during the year 1999-2000 to a 4.8 per cent during 2003-04.
Latest data (2006-07) of export of Services for India available mainly by broad categories shows
the high growth of miscellaneous services (including software services and business services)
which grew by 70.5% in 2004-05 and further by 47.6% in 2005-06 and 35.9% in 2006-07 . The
major category of export of services of India is the miscellaneous services category with a share
of 76.7% in total services exports in 2006-07. While software services is the major item under
miscellaneous services exports, since 2003-04, non-software miscellaneous services exports have
grown rapidly almost equaling the value of software services exports. The major contributors
among non-software miscellaneous services are business services (75.5% share and 82.4%
growth) and financial services (10.3% share and 88.6% growth).
9
10. Some more details are available for computer services exports of India as a result of the RBI’s
‘Survey on Software and IT services exports, 2002-03’ which shows that almost 50 per cent of
the companies reported ‘Development, production, supply and documentation of customized
software, including operating systems made on order for specific users’ as one of their activities
while the activity of ‘Analysis, design and programming of systems ready to use (including web
page development and design), and technical consultancy related to software’ occupied second
position with a share of 42 per cent as one of the activities of the companies. Majority of the
computer services exports were made to USA, Canada and Europe accounting for around 87 per
cent of total computer services exports. Exports toAsian countries were only around 9 per cent
of the total computer services exports. About 53 per cent of the computer services exports were
offshore exports, while the rest were onsite exports.
Today a large number of foreign affiliates operate IT-enabled services in India. The different
service lines of It enabled services off shored to India include customer care, finance, human
resources, billing and payment services, administration and content development.
10
12. 2.1 Literature review of the articles referred
We had referred the following research papers for conducting the above mentioned tests for co
integration
Relationship Between Exchange Rates and Stock Prices Empirical Evidence from Bahrain’s
Financial Markets by Rizwan Tahir, Ahmed Abdul Ghani
The Relationship Between Exchange Rates and Stock Prices, A causality analysis by Saadet
Kasman
Volatility Spillover between the Stock Market and the Foreign Market in Pakistan by Abdul
Qayyum and A. R. Kemal
The above mentioned papers had followed the methodology of checking the relevant time
series data for non stationarity using the Dickey Fuller and Advanced Dickey Fuller tests,if
the tests were positive for non stationarity then they were tested for co integration by
regressing the variables and testing the residuals of the regression for non stationarity.If the
residuals were stationary ,the two series are co integrated and those are tested for causality
relationship using Engle Granger tests and EGARCH models.
12
13. 2.2 Methodology:
The basic steps for testing co integration for time series data involves first checking it for non
stationary, before describing the method in detail , we have mentioned few basic concepts and
the details regarding the variables exchange rate and CNXIT Index.
2.3 CNX IT Index
Information Technology (IT) industry has played a major role in the Indian economy during the
last few years. A number of large, profitable Indian companies today belong to the IT sector and
a great deal of investment interest is now focused on the IT sector. In order to have a good
benchmark of the Indian IT sector, IISL has developed the CNX IT sector Index. CNX IT
provides investors and market intermediaries with an appropriate benchmark that captures the
performance of the IT segment of the market .
Companies in this Index are those that have more than 50% of their turnover from IT related
activities like software development, hardware manufacture, vending, support and maintenance.
The Index is a market capitalization weighted Index with its base period being December 1995
and the base date and base value being January 1, 1996 and 1,000 respectively.
The Base Value of the Index is being revised from 1000 to 100 w.e.f. 28 May 2004.
Selection of the Index set is based on the following criteria:
1. Company's market capitalization rank in the universe should be less than 500
2. Company's turnover rank in the universe should be less than 500
3. Company's trading frequency should be at least 90% in the last six months
4. Company should have a positive net worth.
13
14. 5. A company which comes out with an IPO will be eligible for inclusion in the Index, if it
fulfills the normal eligibility criteria for the Index for a 3 month period instead of a 6
month period.
2.4 Exchange rate:
The exchange rate is considered to be the ratio of US dollar to Indian Rupee. The monthly
average for each month from Jan 1997 to Feb 2008 is calculated and used. The logarithm of
exchange rate is used for checking for unit root
2.5 Basic concepts:
Co-integration and error correction modeling technique involves three main steps. Testing the
relevant time series for stationarity (unit roots), testing for co-integration, and finally errorcorrection modeling. We shall use standard textbook notation to explain briefly the steps
involved.
A non-stationary time series Yt is said to be integrated of order d, [Yt ~ I(d)], if it achieves
stationarity after being differenced d times. To determine the order of integration, unit root tests
have been developed. The most common test is known as Dickey-Fuller (DF) or Augmented
Dickey-Fuller (ADF). To discuss the DF test, consider the model
Yt = β0 + β1t + ut
ut = αut-1 + εt
where εt is a covariance stationary process with zero mean. The reduced form for this model is
Yt = γ + δt + β1t + αYt-1 + εt -------------------------------------------------------------- (1)
14
15. Where γ = β0 (1 – α) + β1α and δ = β1 (1 – α). This equation is said to have a unit root if α = 1. The DF
test is based on testing the hypothesis α = 1 in (1) under the assumption that ε t are white noise errors. The
test statistics are:
k(1) = T(ά – 1)
t(1) = (ά – 1)/SE(ά)
Since these statistics do not have a standard t distribution, the critical values for k(1) and t(1) are tabulated
in Fuller (1976).
Suppose that Yt ~ I(d) and Xt ~ I(d). Then Yt and Xt are said to be co-integrated if there exists a β such
that Yt - β Xt is I(d-b) and b > 0. Thus testing for co-integration one must make sure that both series are
integrated of the same order in first step. Second step then involves estimating the following cointegration equation by Ordinary Least Squares (OLS):
Yt = a0 + bo Xt + μt ---------------------------------------------------------------------------(2)
X t = a0 + bo Yt + μ′t --------------------------------------------------------------------------- (3)
And testing for the stationarity of the residuals from Equations 2 & 3 to make sure that μt and μ′t
are I(d-b), b > 0.
If two variables are co-integrated, then the third step involves formulating the error-correction
model (ECM) as follows:
n
(1 L)Yt
C0
d0
n
eoi (1 L) Yt
t 1
f oi (1 L) X t
i
i 1
n
(1 L) X t
C1
d1
i 1
t
n
e1i (1 L) X t
t 1
i
(4)
i 1
f 1i (1 L) Yt
i
i
t
(5)
i 1
where L is the lag operator and the error correction terms (ECTs) μt and μ′t are the stationary
residuals from co-integration Equations 2 and 3, respectively. According to the standard Granger
15
16. causality test, X is said to Granger cause Y if foi’s are jointly significant. The inclusion of ECTs,
however, provide additional channel through which the Granger causality could be detected.
Thus, X is said to Granger cause Y, as long as the ECT carries a significant coefficient even if
foi’s are not jointly significant.
2.6 Testing for non stationarity:
We had conducted the following tests on the data to check for non stationarity.
1. Philips -Perron test which incorporates both Dickey Fuller and Advanced Dickey fuller
test
2. We have generated the autocorrelation and partial autocorrelation function for the data to
check for non stationarity.
2.7 Tools used for the tests:
The following software tools were used for performing tests
1. R- programming ,a statistical software for conducting PP test
2. Minitab14.0 for generating ACF and PACF
3. Microsoft Excel for storing data
2.8 Source of data:
The primary source of data was internet, the following links were used
1. www.nse.org.in for CNX IT Index
2. http://www.oanda.com/convert/fxhistory for exchange rates
16
17. 2.9 Results for the Unit Root tests
For CNX IT Index
1. Philips-Perron test
Data: logCNXITIndex_ts
Dickey-Fuller = -3.1783,
Truncation lag parameter = 4,
p-value =0.09471
2. Autocorrelation function and partial autocorrelation function
Autocorrelation Function for LOG NORMALIZEDCNXIT
(with 5% significance limits for the autocorrelations)
1.0
0.8
Autocorrelation
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
Lag
17
25
30
18. Partial Autocorrelation Function for LOG NORMALIZEDCNXIT
(with 5% significance limits for the partial autocorrelations)
1.0
Partial Autocorrelation
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
25
30
Lag
For Exchange rate:
1. Philips-Perron test
Data: logEr_ts
Dickey-Fuller = -2.2296, Truncation lag parameter = 4, p-value = 0.4811
2. Autocorrelation function and partial autocorrelation function
18
19. Autocorrelation Function for log ER
(with 5% significance limits for the autocorrelations)
1.0
0.8
Autocorrelation
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
25
30
Lag
Partial Autocorrelation Function for log ER
(with 5% significance limits for the partial autocorrelations)
1.0
Partial Autocorrelation
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
Lag
19
25
30
20. Conclusions:
The following conclusions can be drawn
Series
p-value
conclusion
logCNXIT
0.09471
Non stationary
logEr
0.4811
Non stationary
Hence it can be concluded that both the series are non stationary and can be tested for co
integration
2.10 Testing for co integration
To test for cointegration the two series i.e logCNXIT and logER have to be regressed on each
other and the residuals have to be tested for stationarity. The regression equations are as follows
LOG NORMALIZEDCNXIT = - 7.54 + 7.18 log ER ---------------------------------- (1)
log ER = 1.45 + 0.0452 LOG NORMALIZEDCNXIT-----------------------------------(2)
now the residuals of the above regressions have to be tested for stationarity,Philips Perron
test,the ACF and PACF for the residuals of equation (1),(2) are as follows
Phillips-Perron Unit Root Test
data: res_ts
Dickey-Fuller = -2.831,
Truncation lag parameter = 4,
20
p-value = 0.2308
21. Autocorrelation Function for residuals of equation 1
(with 5% significance limits for the autocorrelations)
1.0
0.8
Autocorrelation
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
25
30
Lag
Partial Autocorrelation Function for RESIDUALS OF EQUATION 1
(with 5% significance limits for the partial autocorrelations)
1.0
Partial Autocorrelation
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
Lag
21
25
30
22. Autocorrelation Function for RESIDUALS OF EQUATION 2
(with 5% significance limits for the autocorrelations)
1.0
0.8
Autocorrelation
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
25
30
Lag
Partial Autocorrelation Function for RESIDUALS OF EQUATION2
(with 5% significance limits for the partial autocorrelations)
1.0
Partial Autocorrelation
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
1
5
10
15
20
Lag
22
25
30
23. Conclusions:
Series
p-value
conclusion
Residuals of regression
of equation 1,2
0.2308
Non stationary
It can be seen from the PP test results and the above graphs that the residuals are non stationary.
Hence, we conclude that both the series are not co integrated ,therefore we cannot perform the
Error correction Modeling to know the causality relationship.
23
24. References:
Relationship Between Exchange Rates and Stock Prices Empirical Evidence from Bahrain’s
Financial Markets by Rizwan Tahir, Ahmed Abdul Ghani
The Relationship Between Exchange Rates and Stock Prices, A causality analysis by Saadet
Kasman
Volatility Spillover between the Stock Market and the Foreign Market in Pakistan by Abdul
Qayyum and A. R. Kemal
Gujrati ,Basic econometrics 4th edition
Chandan sen gupta ,Financial Modeling using Excel
www.nse.org.in
http://www.oanda.com/convert/fxhistory
http://india.gov.in/sectors/communication/index.php
www.eximbank.in
Stock Prices and Exchange Rates: Are they Related? Evidence from South Asian Countries
By Naeem Muhammad and Abdul Rasheed
24