The revenues of India’s Information Technology and Business Process Management (IT-BPM) sector, which contributed 8% to the country’s GDP in FY18, is expected to hit $350 billion by 2025, IT and electronics minister Ravi Shankar Prasad has said. Addressing an event at the Asia House in London on Monday, Prasad said, “It is a matter of great pride that 200 IT companies from India are working in 80 countries of the world and providing service to one-third of the Fortune 500 companies. It is also a matter of great assurance that despite global uncertainties, India’s IT exports are growing”.
The minister expressed satisfaction on the IT sector’s growth, despite a weak global economy. “Growth in revenues of Indian IT companies is also very satisfying. Total revenues in 2015-16 were $129 billion, which increased to $167 billion in 2017-18. IT and BPM sector’s revenue is estimated to reach $350 billion by 2025,” he said.
Similarly, India’s IT exports rose to $129 billion during FY18 from $107 billion in FY16, he added. Even in the face of a global slowdown, the sector continued to expand in India and has added almost a million jobs during FY18, Prasad said, adding according to Randstad, the Indian IT sector is poised to grow at a cumulative growth rate of 9% next year (FY19). The minister also lauded the growth in the country’s electronics manufacturing sector.
“Mobile phone manufacturing units in the country increased from just 2 in 2014 to 120 in 2018. In the same period, annual production of mobile handsets rose from 60 million units to 225 million units. It has created 100,000 direct and 350,000 indirect jobs. Similarly, TV and LED products manufacturing have grown significantly, with more than 50 units set up in the last 4 years,” he noted.