Summary:
India's Information Technology (IT) sector has experienced impressive growth over the past decade, playing a vital role in boosting exports and generating employment opportunities. As reported by the National Association of Software and Services Companies (NASSCOM), the industry's revenue has grown from Rs. 10,13,148 crore (US$ 118 billion) in FY15 to a projected Rs. 24,29,838 crore (US$ 283 billion) in FY25, with export revenue expected to reach Rs. 19,23,264 crore (US$ 224 billion).
To support this expansion, the government has implemented various initiatives, including the establishment of 67 Software Technology Parks of India (STPI) centres, the allowance of 100% Foreign Direct Investment (FDI) and the introduction of the National Policy on Software Products 2019 (NPSP 2019). Additionally, programs focusing on skill development, such as those offered by the National Institute of Electronics & Information Technology (NIELIT) and FutureSkills PRIME, have enhanced the workforce's capabilities. The government has also launched startup accelerators like the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) and the Startup Accelerator of the Ministry of Electronics and Information Technology (MeitY) for Product Innovation, Development and Growth (SAMRIDH). These efforts have significantly contributed to the evolution of India’s IT landscape, reinforcing the country's position as a global technology export leader.
Source: IBEF
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