The Indian IT industry accounted for 8% of India's GDP in the current year. According to industry sources, software exports by the IT companies stood at Rs. 1.20 lakh crore (US$ 16.29 billion) in the first quarter of FY22.
The data annotation market in India stood at US$ 250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach US$ 7 billion by 2030 due to accelerated domestic demand for AI. The IT industry added 4.5 lakh new employees in FY22, the highest addition in a single year. Women accounted for 44% of the total new employees.
According to the National Association of Software and Service Companies (Nasscom), the Indian IT industry's revenue is expected to touch US$ 227 billion in FY22 from US$ 196 billion in FY21. Indian IT & business services industry is expected to grow to US$ 19.93 billion by 2025. IT spending in India is expected to increase to US$ 101.8 billion in 2022 from an estimated US$ 81.89 billion in 2021.
Indian software product industry is expected to reach US$ 100 billion by 2025.IT Industry Exports
Exports from the Indian IT industry stood at US$ 149 billion in FY21. Export of IT services has been the major contributor, accounting for more than 51% of total IT export (including hardware). BPM and Engineering and R&D (ER&D) and software products exports accounted for 20.78% each of total IT exports during FY21. ER&D market is expected to grow to US$ 42 billion by 2022. He further added that service exports from India has the potential to reach US$ 1 trillion by 2030.Investments
The computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth US$ 81.31 billion between April 2000-December 2021. The sector ranked 2nd in FDI inflows as per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT). Computer software and hardware make up 14.19% of the cumulative FDI inflows.
In Union Budget 2022-23, the allocation for IT and telecom sector stood at Rs. 88,567.57 crore (US$ 11.58 billion).