<P> India's continual economic prosperity is also hindered by bad governance and ubiquitous red tape (' Bureaucratic Raj'). Retrogressive government regulations affect many areas . For example, in some states, black outs and power rationing are common due to underinvestment, differing state and local regulations, etc . </P> <P> Despite India's growth spurt of 8% p.a. in recent years, its sustainable pace is still much lower than China's, which puts its economy more at risk of overheating and rising inflation . The Reserve Bank of India (RBI) has acknowledged the risk of overheating and has been tightening monetary policy steadily . It is debatable whether this alone will be sufficient to ease inflationary pressures . The economy is running near or above capacity, and the RBI has noted that production must rise at a pace sufficient to match overall GDP growth if further inflationary pressures are to be avoided . The Indian government has said that much of the rise in inflation recently can be attributed to short - term supply constraints, such as a shortage of key foodstuffs thanks to an erratic summer monsoon . </P> <P> India heavily depends on foreign oil - a phenomenon likely to continue until non-fossil / renewable energy technology becomes economically viable in the country . To avert an energy crisis, India is desperately seeking alternate means of energy . India can sustain its growth to higher trajectories only by the co-operation of other countries . As for now, India is energetically expensive since India has to import over 70% of its energy, thus making costs of comforts - like personal car or even air conditioning - extremely high . It is however, steadily combating its energy issues . </P> <P> Unless India finds a quick way to generate jobs, its population of unemployed youths could be a reason for instability . India's growth in the services sector and Information Technology sector has not been matched by growth in manufacturing which can provide more jobs . Some claim that this sector may lose importance in the future . India is leveraging on new sectors like the KPO (Knowledge Process Outsourcing). </P>

Give reason why is india called an information technology superpower