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India has emerged as the fastest growing and the fourth largest IT market in Asia Pacific, according to an IDC study. The total revenues in the software and services sector rose 28.2 per cent to $15.9 billion in 2003-04, compared with $12.4 billion in 2002-03.

India has now become an R&D hub for software. Google, the world's largest search engine, is set to open an R&D centre in Bangalore. Leading web portal Yahoo also carries out R&D work in Bangalore. U.S.-based chipmaker Intersil is setting up a design centre in Bangalore. IBM has set up a research lab in Delhi to tap Indian talent, one of eight such labs in the world. It has 70 researchers in India. Mobile phone giant Nokia plans to set up a R&D hub in India. Intel conducts 15-25 per cent of its R&D outside the U.S. Its worldwide R&D head count is more than 5,000, with approximately.

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