National Association of Software and Services Companies (NASSCOM) President Som Mittal on Wednesday said that India is likely to quadruple its industrial growth to 225 billion dollar by 2020.
Delivering a keynote on ”India 2015: Leveraging It For Growth” here today, Mittal
pointed out the recent economic growth in the country, especially with reference to the Information Technology sector.
“Our assessment is that if we get our acts right, then in 2020, we could be a 225 billion dollar industry, which is four times that what we are today. And, by the way, it would not be constrained by demand. It will be constrained by our own ability to deliver,” said Mittal.
Mittal emphasised the fact that many IT firms are going also global, and opined that in a reverse process; India has become the second largest investor in the United Kingdom.
“India is becoming the R&D engineering hub. Parts of Boeing, satellites parts, parts of Airbus, and automotives are being designed here. Chip designing end-to-end is happening here. Even a company like SAP does three products which were designed, developed, conceived from India, supported from India and marketed from India,” said Mittal.
The NASSCOM chief also pointed out that more than 2.3 million people were working in the Information Technology- Business Process Outsourcing (IT-BPO) sector.
“If you look at the IT-BPO sector. I think we had an opportunity, the world needed us, we had the resources available with us. And I think very young people made it happen. We have today, about 60 billion dollars of total IT exports that we do, which is 20-25 percent of country”s exports,” said Mittal.