The increasing price of oil is a major cause of concern for all the developing countries. India is not an exception either. The consumption oil is increasing in India because of the continuous economic growth. On the other hand, in the last one year, the price of oil increased significantly in the international market. That put a huge burden on Indian foreign exchange reserve. However, India has been able to sustain the pressure of growing oil import bill and NASSCOM President Kiran Karnik that IT sector and NRIs contributed a lot.
In the foundation day celebrations of the NRI Parents’ Association (NRIPA), Kiran Karnik said, ‘‘With their high quality work and professional attitude, IT professionals have gained the country respect abroad, which has impacted other sectors of the economy also.”
He added, “Thus even though 70 per cent of our hydrocarbon requirements are imported from outside, we can foot the huge bills because of our comfortable foreign exchange situation.’’
Good for India. So, Indian government should try to support the IT sector and NRIs more. Mr. Karnik also said that if Indian IT sector had the potential of becoming a $60 billion exporting industry from the current size of $24 billion within a few years.
I agree with Mr. Karnik fully and I feel that Indian government should spread out every support for the IT sector. However, Indian government needs to think of the unemployment issue very seriously too. Indian economy is growing but it is mainly a jobless growth.
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