Information Technology In India Where Do We Currently Stands In IT And BPM Industry?

India is one of the most promising IT hubs across the world, trusted by a number of international companies and organisations. IT industry in India consist of two segments: IT services and BPO (Business Process Outsourcing).
Indian IT industry contributed 1.2 % to the GDP and which was eventually raised to 7.7% in the year 2017. The aggregated revenue for the IT sector in India was US $v180 billion in 2019, with export revenue standing at US $99 billion and domestic revenue at US $48 billion, growing by over 13%.
As of 2020, India's IT workforce accounts for 4.36 million employees. The United States accounts for two-thirds of India's IT services exports.
India has become the digital capabilities hub of the world with around 75% of global digital talent present in the country. IT-BPM industry's revenue was estimated at around US$ 191 billion in FY20, growing at 7.7% y-o-y. It is estimated to reach US$ 350 billion by 2025

Government’s mission and vision for the Information Technology Sector
India has a unique strategy for the Government to take the lead in creating public digital infrastructure and allowing private sector innovation to leverage it for further development. Over the past decade, India has successfully created foundational digital infrastructure envisaged to enable private sector applications running on top of it, just as government builds the roads and sewage Draft Discussion Paper Blockchain: The India Strategy 22 infrastructure in a city and private enterprise constructs buildings. We have created a uniquely Indian model of digital foundational infrastructure such as Aadhaar, UPI, e-Sign and Digi locker along with digitally enabled tax governance networks like GSTN or digitally enabled health coverage such as Pradhan Mantri Jan Arogya Yojana (PM-JAY).

Some of the major initiatives taken by the Government to promote IT sector in India:

• On May 2019, the Ministry of Electronics and Information Technology (MeitY) launched the MeitY Startup Hub (MSH) portal.
• In February 2019, Government released the National Policy on Software Products 2019 to develop India as a software product nation
• The Government has identified Information Technology as one of 12 champion service sectors for which an action plan is being developed. Also, the Government has set up a Rs 5,000 crore (US$ 745.82 million) fund for realising the potential of these champion service sectors.
• As part of Union Budget 2018–19, NITI Aayog was to set up a national level programme to enable efforts in AI^ and leverage AI^ technology for developing the country.
• National Policy on Software Products-2019 was passed by the Union Cabinet to develop India as a software product nation.
• In the Interim Budget 2019–20, the Government announced plans to launch a national programme on AI and setting up of a National AI portal.

Key market players and their achievements in the Industry
Indian IT's core competencies and strengths have attracted significant investment from major countries. The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflow worth US$ 44.91 billion between April 2000 and March 2020. The sector ranked second in FDI inflow as per the data released by Department for Promotion of Industry and Internal Trade (DPIIT). Leading Indian IT firms like Infosys, Wipro, TCS and Tech Mahindra are diversifying their offerings and showcasing leading ideas in blockchain and artificial intelligence to clients using innovation hubs and research and development centres to create differentiated offerings. Some of the major developments in the Indian IT and ITeS sector are as follows:
• In July 2020, Infosys won a multiyear deal worth US$ 1.5 billion from investment management company, Vanguard
• In July 2020, HCL Technologies signed a five-year deal worth US$ 600 million with telecom equipment maker Ericsson
• In May 2020, SirionLabs, a software-as-a-service (SaaS) provider, raised US$ 44 million as part of its Series C round led by Tiger Global and Avatar Growth Capital.
• PE (private equity) investment in the sector stood at US$ 11.8 billion across 493 deals in 2019.
• In January 2020, Nippon Telegraph and Telephone, a Japanese tech announced its plans to invest a significant part of its US$ 7 billion global commitments for data centres business in India over the next four years.
• As of February 2020, there were 417 approved SEZs across the country with 274 from IT & ITeS and 143 as exporting SEZs.
• In February 2020, Tata Consultancy Services bagged a contract worth Rs 10,650 crore (US$ 1.5 billion) from pharma company Walgreens Boots Alliance.
• UK-based tech consultancy firm, Contino, was acquired by Cognizant.
• In May 2019, Infosys acquired 75% stake in ABN AMRO Bank's subsidiary Stater for US$ 143.08 million
• In June 2019, Mindtree was acquired by L&T.
• Nasscom has launched an online platform which is aimed at up-skilling over 2 million technology professionals and skilling another 2 million potential employees and students.

Some of the major achievements by our nation.
Following are the achievements of the Government during 2019–20:
• About 200 Indian IT firms are present in around 80 countries.
• Total export revenue of the industry is expected to grow 8.1% y-o-y to US$ 147 billion in FY20. IT-BPM sector accounted for the largest share in the Indian services export at 45%.
• Total number of employees grew to 1.02 million cumulatively for four Indian IT majors (including TCS, Infosys, Wipro, HCL Tech) as on December 31, 2019.
The future of IT and BPM industry in India.
India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. The industry is expected to grow to US$ 350 billion by 2025 and BPM is expected to account for US$ 50-55 billion of the total revenue.