Recent Trends of Science and Technology in India Their Importance and impact on Society

In the new millennium, India is emerging as a leader in the field of software engineering and web-based services. India’s IT-Sector is known for its cost-effectiveness, world-class quality, high reliability and rapid delivery. India could actually showcase some of its technological capabilities in the high-tech sectors like Information Technology (IT) and subsequently was directly catering the world market, although its IT infrastructure back home remained seriously deficient The Indian software industry has zoomed from a mere US$ 150 million ten years ago to a whopping US$ 3.9 billion in 1998-99, and US$ 15.9 billion in 2011-12. At this critical juncture when India is imminently poised for a successful transition to a knowledge economy, it becomes all the more important to revitalize India’s technological capability building through the most appropriate coupling of creative pursuits (especially through public funded research) with applications for industrial R&D.   Key-Words: Information Technology, software industry