Prime Minister’s Economic Advisory Council Chairman Dr C Rangarajan today said the Indian IT/ITeS industry has emerged as a key growth engine for the economy contributing around 5.6 per cent to the country’s Gross Domestic Product (GDP) in 2009-10. In his key note address on the Second Industrial Revolution at the 20th Annual ITsAp Awards Ceremony here, Dr Rangarajan said the industry was providing direct direct employment to about 2.3 million people and as compared to $ 14.7 billion in 2004-05, India’s exports of IT and related services amounted to $ 60 billion in 2011-12. However, this was roughly 3.5 per cent of GDP. The exports have contributed significantly to the reduction of current account deficit, the Chairman said and added the IT industry has been able to maintain its export growth despite the slowdown in the world economy. The domestic market is also expanding even though it still constitutes only 20 per cent of the total output, he said and added ‘we in India also need to take a fresh look at the supply of adequately qualified enginers as the Chiina is moving fast to overcome the handicap of inadequate knowledge of English. To maintain the global market share, India must also take proactive steps to expand its domestic market, the council chairman advised and said the IT industry also needs to move towards high value products.