<P> "The New Telecommunications Policy, 1999" (NTP 1999) helped further liberalise India's telecommunications sector . The Information Technology Act, 2000 created legal procedures for electronic transactions and e-commerce . </P> <P> A joint EU - India group of scholars was formed on 23 November 2001 to further promote joint research and development . On 25 June 2002, India and the European Union agreed to bilateral cooperation in the field of science and technology . India holds observer status at CERN, while a joint India - EU Software Education and Development Center will be located in Bangalore . </P> <P> In the contemporary world economy India is the second - largest exporter of IT . Exports dominate the Indian IT industry and constitute about 77% of the industry's total revenue . However, the domestic market is also significant, with robust revenue growth . The industry's share of total Indian exports (merchandise plus services) increased from less than 4% in FY1998 to about 25% in FY2012 . The technologically - inclined services sector in India accounts for 40% of the country's GDP and 30% of export earnings as of 2006, while employing only 25% of its workforce, according to Sharma (2006). According to Gartner, the "Top Five Indian IT Services Providers" are Tata Consultancy Services, Infosys, Cognizant, Wipro, and HCL Technologies . </P> <P> The Indian IT market currently focuses on providing low - cost solutions in the services business of global IT . The presence of Indian companies in the product development business of global IT is very meager, however, this number is slowly on the rise . The other prominent trend is that IT jobs, once confined to Bangalore, are slowly starting to experience a geographical diffusion into other cities like Chennai, Hyderabad and Pune . According to Google estimates, the Indian community of developers will be the largest in the world by 2018 . </P>

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