Last Updated: January, 2021
Introduction
The IT & Electronics industry is one of the fastest-growing industries in India, both in terms of production and export. In fact, software development and IT-enabled services (ITeS) have made India’s brand equity a force to reckon with.
Information Technology and Business process management (IT-BPM) industry revenue grew 7% y-o-y to reach US$ 191 billion in FY20 and is estimated to grow to US$ 350 billion by 2025. Moreover, revenue from the digital segment is expected to account for 38% of the total industry revenue by 2025. Digital economy is estimated to reach US$ 1 trillion by 2025. The domestic revenue for the IT industry was estimated at US$ 44 billion and export revenue was estimated at US$ 147 billion in FY20.
Advantage India
Recent Developments
The Government has a strong focus on transforming the country into cash-less economy. Various Government incentives such as referral bonus scheme to promote the use of BHIM, zero service tax on railway tickets booked online and launch of Aadhaar-based mobile apps are aimed at encouraging digital payments in the country.
On May 2019, the Ministry of Electronics and Information Technology (MeitY) launched the MeitY Start-up Hub (MSH) portal.
ELECTRONICS AND COMPUTER SOFTWARE EXPORT PROMOTION COUNCIL
The IT-BPM industry in India stood at US$ 191 billion FY20.
Source: Assocham, EY, Ministry of Electronics and Information Technology, Economic times, Nasscom.
* According to a study by Assocham and NEC #- According to Nasscom executive council member and group CEO, WNS Global Services, Mr Keshav Murugesh.
Source:
Directorate General of Commercial Intelligence and Statistics (DGCIS)
Other Export Promotion Councils:
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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Source:
Directorate General of Commercial Intelligence and Statistics (DGCIS)