Correct Option: D

India’s information technology services industry emerged as an important player in the global IT services market in the new millennium. The country’s share of this market, valued at more than $350 billion, increased from 1.5 percent in 2000-2001 to 1.9 percent in 2002-2003. While worldwide revenue of IT services grew less than 2 percent during this period, India’s IT services industry experienced 22 percent revenue growth1,2—a pace comparable to the rise in Hong Kong’s electronics industry during the 1970s. In terms of percentage share of gross merchandise exports, the share of technology intensive exports increased from 8.38 per cent in 1994-95 to 18.73 per cent in 2002-2003. By 2006, it comprised 30% of export earnings.