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IT SECTOR OVERVIEW-2020

Statistics, news & updates: everything you need to know about the IT- Industry in India

Summary

With over 3.7 million direct jobs, the IT sector is the largest private sector employer in India. There are close to 16,000 IT firms in India. Further, there is an increasing number of start-ups popping up. This is because the Indian market offers cost-effectiveness, high quality, great reliability, quick deliveries and the use of state-of-the-art technologies in the IT Industry. India is a preferred IT destination for many companies. In fact, various international organisations have set up their offices in India. This has led to a great increase in Foreign Direct Investments in India. Moreover, between 2000 and 2016, the IT sector ranked 4th in total FDI inflow in the country.

With approximately 67% of the global market, India is the world’s largest sourcing destination for the IT Industry. More importantly, the industry has led to the economic transformation of the country. Further, it has helped India to make its mark on the global economic map.

Covid Impact

India’s gross expenditure in R&D was forecast to reach US$ 96.50 billion in 2020. By 2022, R&D expenditure is targeted to reach at least 2 percent of the country’s GDP. IT spending in India is estimated to reach US$ 93 billion in 2021 (7.3% YoY growth) and further increase to US$ 98.5 billion in 2022.Covid-19 impacted almost every sector. R&D is no exception. There have also been several compelling lessons learned on how the pandemic had impacted R&D. Some of these learnings would get translated as new norms, practices, and cultures in the future. R&D investment continued to grow in 2020, despite the economic impacts of COVID-19, although at a significantly lower rate than in 2019 and with big differences across industries. India has been able to make some outstanding progress. Success stories have unfolded due to a notable trend emerging in the sharing of purpose, synergy, collaboration and cooperation amongst R&D institutions, academia and industry facilitated by the government. Both the Information and communications technology (ICT) and the life sciences industries fared well in 2020, less so in other industries such as transport equipment.

The statistics below are taken from Industry data available pre-Corona virus impact.

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