Source: The Hindu Business Line, Feb 17, 2020
Hyderabad: India is targeting revenues of $70-80 billion from software products by the end of 2025. The country, which has emerged as a major player in software exports, is yet to tap the $500-billion software products market.
“We are currently getting revenues of $80-90 billion from software products whereas the global opportunity stands at $500 billion. It is going to grow to $1 trillion by 2025,” said Omkar Rai, Director- General of Software Technology Parks of India (STPI).
The country has launched a policy to increase the software product segment. To make this happen, tier-II and tier-III cities too should contribute.
He said exports (from STPI registered firms) would grow by double digits in the current financial year. “We will compile the figures in September. The STPI exports for the year 2018-19 stood at ₹4,24,000 crore,” he said.
Citing the numbers released by Nasscom (National Association of Software and Services Companies) recently, he said the figures compiled by the IT association pegged IT exports at $147 billion in revenues in 2019-20, an 8.1-per-cent growth over last year’s numbers. The IT and electronics sector as a whole registered revenues of $191 billion as against $177 billion in the previous year.