The Economic Survey 2019 Thursday said new challenges are surfacing in traditional geographies served by Indian IT and ITeS industry, but pointed to fresh opportunities for expansion in markets like Europe, Japan, China and Africa.
The Economic Survey for 2018-19, tabled by Finance Minister Nirmala Sitharaman in Parliament, also placed on record the immense contribution of the IT and BPO industry in positioning India as a preferred investment destination amongst global investors and creating huge job opportunities in the country, as well as in the US and Europe.
"USA, UK and EU account for about 90 per cent of the total IT-ITeS (IT enabled services) exports. However, there are new challenges surfacing in these traditional geographies," it said.
Demand from Asia Pacific, Latin America and Middle East Asia is growing and new opportunities are emerging for expanding in continental Europe, Japan, China and Africa, it said.
Efforts are being made to strengthen existing markets, and at the same time, diversify and scale up presence in the new and emerging markets in Europe, Africa, South America, Israel, Australia, China and Japan through market development and industry repositioning initiatives, it noted.
Recent government programmes coupled with futuristic technologies are enhancing the digital economy of the country and creating IT and electronics-led new opportunities for revenue and job creation in both traditional and new sectors, the survey observed.
India's IT-BPM (Business Process Management) exports is estimated at USD 136 billion for 2018-19, and overall the Indian IT-BPM industry is estimated to have reached USD 181 billion in 2018-19.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)