The ICT and digital economy sectors contribute over 13% to India’s GDP. The two sectors are key drivers of India’s economy, and the country wants its ICT sector to grow to $1 trillion, or 20% of its GDP, by 2025. The National Association of Software and Services Companies (NASSCOM) reported that India’s tech industry is seeing record growth, with revenue rising from US$200 billion in 2020 to US$227 billion in 2021.
All subsectors of the technology industry, including IT and business process management, IT-enabled services, technology R&D, hardware, software, and e-commerce, posted double-digit growth in 2021. India imported its $2.4 billion worth of computers and electronics (NAICS code 334) from the US in 2021. According to Gartner, India’s IT spending is projected to grow 7% to $101.8 billion in 2022.
India’s IT Sector and the US Economy
In the United States, the Indian tech industry has played a vital role … Read more