India's software industry to touch US$ 80 billion by 2025

As per Dr Omkar Rai, Director General, Software Technology Park of India (STPI), talking at the fifteenth India Innovation Summit 2019 organised out by the Confederation of Indian Industry (CII) in Bengaluru, the global software product industry currently stands at US$ 511 billion, of which India's share is US$ 8.1 billion however the goal is to take India to US$ 80-90 billion by 2025.

So as to develop as a global power, India needs to move in the direction of turning into an innovation economy. Bengaluru has been generally referred to as one of the fastest developing technology hubs and start-up capitals in the world. Bengaluru is positioned eleventh Best Global Start-up Ecosystem, according to the Start-up Blink Start-up Eco-System Rankings Report 2019, moving from rank 21 in the year 2017. The department is drafting another approach on technology and innovation with the view to address the new age difficulties in regulation for innovation.

India's IT service industry currently stands at US$ 177 billion with exports amounting to US$ 136 billion and the industry employees around 4.1 million people. It is the goal of the Government of India to change the country from an IT administration Industry to a product nation. The National Software Product Policy 2019 which has been affirmed by the Union Cabinet intends to gain by the quality of India's IT industry so as to make the country a software product nation.

STPI is opening 28 Centres of Excellence (COE) in rising technologies at an investment of more than Rs 400 crores (US$ 5.73 million). Five such centres are presently operational and in two years, every one of the 28 will be operational. Emerging technologies, for example, AI, IOT, Medical Electronics, IOT in agriculture, automotive electronics will be the focal point of the COEs.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.