Economic Survey: India home to 3,100 startups, ranks 4th in the world

According to The Economic Survey 2014-15, the IT and ITeS sector makes up the single largest contributor to India’s Services exports. The Survey says the IT and ITeS sector including Business Process Management (BPM), continues to be one of the largest employers in the country, directly employing nearly 35 lakh people. NASSCOM estimates the revenue of the IT-BPM industry at $119 billion grew by 12 percent in 2014-15, with export market alone making up almost $100 billion. [caption id=“attachment_408724” align=“alignleft” width=“380”]  Reuters[/caption] The year witnessed hyper-growth in the technology startup and software product landscape, India ranking as the fourth largest startup hub in the world with over 3,100 startups in the country. Software products and services revenues for next fiscal are projected to grow at 12-14 percent. Recognizing the need for greater penetration of IT Services domestically, the Survey notes that the Government’s ‘Make in India’ mission has included IT and BPM among the 25 focus sectors. Talking of the over Rs 11 lakh crores worth of Trade and Repair Services Sector comprising 11 percent of GDP, the Survey says that migration from traditional stores to modern retail continues, though the latter still accounts for only 8 percent of the total market. Pointing out that India’s e-commerce market is expected to grow by more than 50 percent in the next five years, the Survey says the government proposes to include sufficient provisions for consumer safeguards in the ongoing amendments to the Consumer Protection Act, 1986.