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How does the translation industry is affected by economy

Economic development of any country depends upon number of factors. One of the important factors contributing economic development is to have number of industries which produce quality products or render top quality services. If we observe carefully it is seen that if a country has developed economy, then it will help the industries and services to flourish rapidly, thus the economic and industrial development are interdependent. Development in one area will lead to development in other. As far as translation industry is concerned, it has flourished in the last decade (for technical and business translation) and it has tremendous scope of growth in country like India as every day new avenues are opening in national market and opportunities are flooding due to Globalisation. At the same time our local markets are also crowded with foreign goods and many overseas companies are offering their services in our country.

It is clearly observed that in any developed economy the exchange is not only limited to goods and services but there is also an exchange of culture; the more developed is the country, the more is the exchange. Translation services play an important role to bridge two cultures, which facilitate the give and take of knowledge, literature and many such goodies from one place to another.
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However in recent years, the recession shock to the world economy has shaken to Indian economy too. But the effects are not too grave, except from the globalization point of view. It is true that the recession has affected foreign investment and opening of branches by multinational companies in India, however, there is hardly any impact of recession on the functioning of national companies.As India is a huge store house of technical infrastructure and skilled personnel, many foreign companies look forward to enter in India to set up their industries or business.

India is also considered as one of the best options for translation and also considered as safe place for this purpose, due to the initiative of Indian government to encourage the writers and translators. Through itorganization like National Book Trust, and many such institutes which undertake translation activities on large scale, the Government makes an efforts to spread the knowledge about Indian culture throughout the world.In technical subjects too India has created its own place in the Global Market of translation agencies India can provide best technical knowhow not only to the people at the national level but to the global community,and this is possible only due to good quality translators and translation agencies in India.

It would not be wrong to say that by providing translation in almost every subject field, and also in variety of languages, i.e. Indian and Foreign. India has secured a top place in Global Market of translation agencies hence, more and more countries are now relying on India for quality translation as the reasonable rates charged by the translators add the icing on the cake, as the clients feel satisfied for getting value for their money !!!!.