The rapid emergence of the Information and Communication Technology (ICT) sector has placed India on the global stage during the last one and a half decades. The sector has acted as a catalyst for growth across the Indian economy, including areas such as real estate, automobiles, travel and tourism, railway and mortgage banking industries. Employing over 2.5 million people directly, and over eight million indirectly through the sector, the ICT industry is rapidly expanding across all domains, primarily driven by software services.
With more attractive and investor-friendly Foreign Direct Investment (FDI) policies, India has become one of the favourite destinations for ICT investment portfolios. The introduction of liberalized foreign direct investment policies by the Indian government allows 100 per cent investment in the Indian ICT sector. The Government has initiated numerous measures to facilitate licensing, thereby making investment procedures easier.
The revenue aggregate of Indian IT-BPO industry is expected to cross US$ 100 billion during FY2012, according to NASSCOM. Aggregate IT software and services revenue (excluding hardware) is estimated to reach US$ 88 billion during the same period.
Further, export revenues (including Hardware) estimated to reach US$ 69.1 billion in FY2012 growing by over 16 per cent, while domestic revenues (including Hardware) to reach at about US$ 31.7 billion, growing by over 9 per cent.
As a proportion of national Gross Domestic Product (GDP), the sector revenues have increased from 1.2 per cent in FY1998 to an estimated 7.5 per cent in FY2012.
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