Growth of Science & Technology Industry - Infographic

In FY23, India’s technology industry revenue including hardware was estimated to cross US$ 245 billion (8.4% y-o-y growth), an addition of US$ 19 billion over last year.

Advantage India

Robust
Demand

* As per the Economic Survey 2022, India’s GERD as a percentage of GDP stood at 0.66%.

* Expanding middle-class and increasing affordability are demand drivers for technologically advanced products.

* There are 1,30,000 startups (besides unicorns) in December 2023 from 350 startups in 2014.

Attractive
Opportunities

* India is the top exporter of IT products, has the third-largest pharma sector and a fast-growing contract research segment.

* State University Research Excellence (SERB-SURE) to create a robust R&D ecosystem in state universities and colleges; Fund for Industrial Research Engagement (SERB-FIRE) to support research and development to solve critical problems that are relevant to industries in a public-private partnership mode.

Policy
support

* In September 2021, India published the amended Patents Rules (2021) and reduced fees by 80% for educational institutions.

* DST has been a pioneer in establishing a network of Technology Business Incubators (TBI) and Science & Technology Entrepreneur’s Parks (STEP) across the country under the National Initiative for Developing and Harnessing Innovations (NIDHI) program.

Rising
Private Activity

* Establishment of CoEs in various areas. NMITLI initiative on PPP basis.

* Increased investment by private players. Setting up R&D centres.

* India has witnessed an investment of over Rs.1,000 crore (US$ 120.21 million) in Space Startups in the last nine months between April to December 2023.

Last updated: Feb, 2024

Major Indian States for Science and Technology

  • Maharashtra
  • Gujarat
  • NCR
  • Karnataka
  • Tamil Nadu
  • Telangana
  • Andhra Pradesh
  • Madhya Pradesh

IBEF Campaigns

MORE
Gulfood Dubai 2023

Gulfood Dubai 2023

APEDA India Pavilion Gulfood February 20th-26th, 2022 | World Trade Centre,...

India Organic Biofach 2022

India Organic Biofach 2022

Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nuremberg, ...

Case Studies

MORE

The Growth of Ayurveda in India

The Growth of Ayurveda in India

Ayurveda, an ancient health system originating from India, has a longstanding history. It revolves around using plants and herbs to maintain health an...

The Success of Digital India

The Success of Digital India

India's digital ecosystem has undergone an enormous change in recent years. The progressive integration of government services into digital platfo...

A Green, Sustainable Cotton: Kala Cotton

A Green, Sustainable Cotton: Kala Cotton

Kala Cotton is indigenous to India and one of the few “Old World” varieties that is still being cultivated on a large scale in India. Farm...

IBEF BLOG

MORE
Mission Net-Zero: A Strategic Plan for the Indian Chemical Sector
6 Mar 2024

Mission Net-Zero: A Strategic Plan for the Indian Chemical Sector

In recent years, the pursuit of net-zero emissions has garnered substantial...

Role of Third-Party Logistics Providers in Indian D2C.
6 Mar 2024

Role of Third-Party Logistics Providers in Indian D2C.

Role of Third-Party Logistics Providers in Indian D2C From the buzzing str...

Increasing the Competitiveness of India's Electronic Exports
6 Mar 2024

Increasing the Competitiveness of India's Electronic Exports

The electronic sector in India has emerged as a key driver of the country&#...

Partners
Loading...