The IT & electronics industry is one of the fastest-growing industries in India, both in terms of production and exports. In fact, software development and IT-enabled services (ITeS) have made India’s brand equity a force to reckon with. According to a study by Assocham and Ernst and Young (EY), the Indian electronics and hardware industry is expected to grow at a compound annual growth rate (CAGR) of 13-16 per cent to touch US$ 112-130 billion by 2018.
The Indian information technology-business process management (IT-BPM) sector contributes 56 per cent in the total global outsourcing market, and accounts for the largest share in India’s services export (45 per cent). In 2015, the sector contributed around 9.3 per cent to India’s gross domestic product (GDP).
- Total IT-BPM exports from India stood at US$ 107.8 billion in FY 2015-16, out of which IT services export stood at US$ 61.0 billion, BPM industry exports stood at US$ 24.4 billion, and ER&D and Software Product Development exports stood at US$ 22.4 billion.
- In the technology driven startups, India ranks third in the world (4,200 technology start-ups in 2015)
- India has favorable government policy and regulatory support for the electronics & IT industry.
- The industry offers a range of services, from low-end application development to high-end integrated IT solutions across multiple verticals, with a well-developed vendor base.
- The Indian IT & software industry adheres to quality processes and standards, with most companies aligning operations with international standards.
- Software technology parks and special economic zones in India provide an affordable real estate space for IT companies.
ELECTRONICS AND COMPUTER SOFTWARE EXPORT PROMOTION COUNCIL
- The Electronics and Computer Software Promotion Council (ESC) was formed to provide a platform for India’s IT & electronics industry. With exports to more than 200 countries, ESC has successfully steered the direction of India’s electronics and software exports. ESC offers a comprehensive database of industry companies, and products and capabilities of all major players.
- The council facilitates import/export collaborations, joint ventures, sub-contracting tie-ups, and technology transfers for industry players.
- It provides access to published reports on markets, products and trade statistics, business opportunities, and government policies.
The Indian electronics and hardware industry is expected to grow at a compound annual growth rate (CAGR) of 13-16 per cent to touch US$ 112-130 billion by 2018
Source: Assocham and EY