Science & Technology Industry Analysis

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%.​

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

*As of September 2023, India was placed at 40th position among the top innovative economies globally as per Global Innovation Index (GII) 2023.

*The rate of artificial intelligence (AI) adoption in key industries across India reached approximately 48% in FY2024, with expectations to expand by an additional 5-7% in FY25

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.​

*DeepTech increasingly becoming mainstream in the Indian tech start-up ecosystem with DeepTech startups raising US$ 586 million in funding in calendar year 2023. ​

*India’s AI market is growing at a CAGR of 25-35% and is projected to reach around US$ 17 billion by 2027.​​

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: Jul, 2024

Major Indian States for Science and Technology

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

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