GROWTH AND SCOPE OF IT INDUSTRY IN INDIA

by Market Magnify Investment Adviser & Research Pvt. Ltd. on Wednesday 15 November 2017, 5:27 PM | Category: Press Releases| View: 192 views
 
 
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 INTRODUCTION OF IT SECTOR

The global IT segment of the market reached to US$ 1.2 trillion in 2016-17. Indian IT companies have set more than 1000 global delivery centers in more than 200 cities around the world.

India's prominence is also increasing in terms of intellectual capital with many IT firms from around the world setting up their centers in India. A significant demand has been created by IT industry in education sector especially for engineering and computer science. 

INDUSTRY GROWTH & EXPECTATION

According to a report by National Association of Software and Services Companies (NASSCOM).The internet industry in India is likely to double to reach US$ 250 billion by 2020, growing to 7.5 per cent of gross domestic product (GDP). The number of internet users in India is expected to reach 730 million by 2020, supported by fast adoption of digital technology,

Indian IT exports are projected to grow at 7-8 per cent in 2017-18, in addition to adding 130,000-150,000 new jobs during the same period.

 

According to a report by Internet and Mobile Association of India and IMRB Kantar. Digital commerce market in India is set to grow at 30.4 per cent year-on-year to Rs 220,330 crore (US$ 34.11 billion) by December 2017 , Indian technology companies expect India's digital economy to have the potential to reach US$ 4 trillion by 2022, as against the Government of India's estimate of US$ 1 trillion.

 

MAJOR INVESTMENTS AND DEVELOPMENTS

Some of the major developments in the Indian IT and are as follows 

  • India plans to create wireless Technology 5G by the end of the year 2020 which will help India in realising its most important goals of Increasing the GDP rate, Creating Employment and Digitizing the Economy.
  • The mobile wallet industry is expected to maintain its current pace of expansion and the value of its transaction is expected to reach Rs 32 trillion (US$ 480 billion) by 2022, growing at a rate of 126 per cent.
  • India's largest online retailer, Flipkart, has raised at least US$ 2.5 billion from SoftBank Vision Fund to maintain its dominance in the Indian e-commerce market and to fight against its arch rival Amazon India.
  •  

GOVERNMENT INITIATIVES

In the Union Budget 2017-18, the Government of India announced the following key proposals:

The Government of India has allocated Rs 10,000 crore (US$ 1.5 billion) for BharatNet project under which it aims to provide high speed broadband to more than 150,000 gram panchayats by 2017-18.

Prime Minister of India, Mr Narendra Modi, has launched the Bharat Interface for Money (BHIM) app, an Aadhaar-based mobile payment application that will allow users to make digital payments without having to use a credit or debit card. The app has already reached the mark of 10 million downloads.

The Government of India is planning to set wifi facility for around 5.5 lakh villages by March 2019 with an estimated investment of Rs 3,700 crore (US$ 555 million)

ROAD MAP AHEAD

IT sector in which small I-T companies in particular is full of opportunities in the coming years as INDIA is the top most off shoring destination for IT companies around the world.

INDIA has proven its capabilities in delivering both on shore and off shore services to global clients.

Emerging and new technologies now offer entire new opportunities for I-T firms in INDIA.

INDIAN I-T industries is expected to grow export revenue at 7-8% and domestic market revenue is expected to grow at 10-11% in 2017-2018.

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