IN THE TIGER'S DEN

Already being touted as India’s best tech year yet, 2021 is underlining that out-of-the-box and bold moves are now needed, from all stakeholders, to create the next wave that will propel India’s tech economy towards real growth

- Noor Fathima Warsia

— The IT industry accounted for 8 per cent of India’s GDP in 2020 and is expected to contribute 10 per cent by 2025. As per Nasscom, unlocking data & AI alone has the potential to add $500 billion to India’s GDP by then…

— According to Software Technology Park of India, software exports by IT companies connected to it stood at Rs 1.20 lakh crore ($16.29 billion) in Q1FY22…

— In the Union Budget 2021, the allocation for the IT and Telecom sector stood at Rs 53,108 crore ($7.31 billion)…

— The computer software and hardware sector in India attracted cumulative foreign direct investment inflows worth $74.12 billion between April 2000 and June 2021.

— The sector ranked second in FDI inflows as per Department for Promotion of Industry and Internal Trade…

— Indian tech majors such as Infosys, Wipro, TCS and Tech Mahindra are diversifying their offerings and showcasing ideas in blockchain and artificial intelligence (AI) to businesses using innovation hubs and research and development centres to create differentiated offerings…

— India is already among the leading contributors to global tech giants such as Microsoft and IBM raising its significance on the global map…