Advantage India
Growing
Demand
* In FY22, the top three Indian IT companies, TCS, Wipro and Infosys, are expected to offer 1.05 lakh job opportunities due to the increasing demand for talent and skill.
* India‘s IT and business services market is projected to reach US$ 19.93 billion by 2025.
* According to Gartner estimates, IT spending in India was forecasted to be US$ 81.89 billion in 2021 and further increase to US$ 101.8 billion in 2022.
Global
Footprint
* Indian IT firms have delivery centres all across the world.
* IT & BPM industry is well diversified across verticals such as BFSI, telecom and retail.
* Increasing strategic alliance between domestic and international players to deliver solutions across the globe.
Competitive
Advantage
* In FY21, India ranked third worldwide with 608,000 cloud experts across all verticals, including technology.
* The computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth US$ 88.94 billion between April 2000-June 2022.
Policy
Support
* In the Union Budget 2023-24, the allocation for IT and telecom sector stood at Rs. 97,579.05 crore (US$ 11.77 billion).
* The government introduced the STP Scheme, which is a 100% export-oriented scheme for the development and export of computer software, including export of professional services.
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