Now a days information technology plays an important role in all fields of sciences, arts and commerce, management and medicine. Up to date information on each and every topic is utilized everybody in all fields through internet. India is investing money in crores in production of software and hardware. Forecast is playing an important role in future prediction. In this paper we develop the growth models for electronic hardware and software components. Suitable Polynomial equations with time‘t’ (independent variable) and time series value ‘yi’ (dependent variable) for software production, hardware production and total production are fitted. Coefficient of determination (R2) measures the percentage variation in the dependent variable, that is accounted by the independent variable.