India's IT industry witnessed remarkable growth over the past decade; Projected to reach $283 Billion in 2024-25: NASSCOM

India's Information Technology (IT) sector has witnessed remarkable growth over the past decade, significantly contributing to exports and job creation. According to the National Association of Software and Services Companies (NASSCOM), the industry's revenue surged from Rs. 10,13,148 crore (US$ 118 billion) in FY15 to an estimated Rs. 24,29,838 crore (US$ 283 billion) in FY25, with export revenue projected at Rs. 19,23,264 crore (US$ 224 billion). The government has introduced multiple initiatives to bolster the sector, including 67 Software Technology Parks of India (STPI) centres, 100% Foreign Direct Investment (FDI), and the National Policy on Software Products 2019 (NPSP 2019). Other key efforts include skill development programs via the National Institute of Electronics & Information Technology (NIELIT), FutureSkills PRIME, and various startup accelerators such as Technology Incubation and Development of Entrepreneurs (TIDE 2.0) and Startup Accelerator of the Ministry of Electronics and Information Technology (MeitY) for Product Innovation, Development, and Growth (SAMRIDH). These initiatives have played a crucial role for growth of IT industry.

Powered by Capital Market - Live News