Hyper-growth in tech startups in India: Economic Survey

The information technology (IT) and IT-enabled services (ITeS) sector, including Business Process Management (BPM), continued to be one of the largest employers in the country, directly employing nearly 35 lakh people, the Economic Survey revealed here Friday.

"The year witnessed hyper-growth in the technology start-up and software product landscape, India ranking as the fourth largest start-up hub in the world with over 3,100 start-ups in the country. Software products and services revenues for 2015-16 is projected to grow at 12-14 percent," the survey that was tabled by Finance Minister Arun Jaitley said.

The IT and ITeS make up the single largest contributor to India's services exports.

Recognizing the need for greater penetration of IT Services domestically, the survey mentioned that the government's 'Make in India' mission has included IT and BPM among the 25 focus sectors.

The IT industry body NASSCOM estimated the revenue of the IT-BPM industry at $119 billion that grew by 12 percent in 2014-15 with export market alone making up almost $100 billion.