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IT & ICT

Indian industry is consistently strengthening its digital capabilities by adopting deep tech technologies and focusing on deploying emerging technology solutions such as AI, Cybersecurity, and IoT. In FY 2023, the technology industry is estimated to have 5.4 million employees and contribution of 53% in India’s service exports. 

With 23 new unicorns, India became the 2nd highest country in terms of number of unicorns added in 2022 and 1300+ new tech startups emerged in 2022.

 Over 280,000 employees were reskilled and made digital skilled in FY 2022. Government of India has taken some major initiatives to promote IT/ ITeS sector in India. Both central and state governments in India have taken steps towards developing technology solutions to digitally enable citizen services.

The government plans to focus in areas such as cybersecurity, hyper-scale computing, artificial intelligence, and blockchain. With data costs of INR 10/GB ($0.12/GB), India has one of the lowest data costs in the world.

  • By offering affordable data to consumers, the digital infrastructure enables ease of access to services like banking, governance and more. 

  • India has second highest number of internet subscribers in the world.

  • India is one of the most preferred destinations when it comes to setting up Global Capability Centres (GCCs). Total number of GCCs in India are 1580+. The total installed GCC talent is 1.66 million+. Over 45 new data centers are expected to come up in India by 2025. Data centers in India have attracted investment of US$ 10 billion since 2020. 

  • Indian SaaS companies saw 2x growth in share of global markets. India has as many as 59 number of SaaS unicorns and potential unicorns. Internet connections rose to 83.69 Cr in 2022 from 25.15 Cr in 2014.

  • Optical fiber in panchayats have increased from less than 100 in 2014 to 1.7 Lakh panchayats in 2022. As per NASSCOM, the total amount of IT export is estimated to be US$ 194 billion in FY 2023.

  • Up to 100% FDI is allowed in Data processing, Software development and Computer consultancy services; Software supply services; Business and management consultancy services, Market research services, technical testing and Analysis services, under automatic route.

  • AI & new-age technology to boost India's annual growth rate by 1.3% by 2035