India’s software industry to top $80 billion by 2025: CII

New Delhi: The global software product industry is currently valued at $511 billion, of which India’s share is $8.1 billion but the objective is to take India to $80-90 billion by 2025, said Dr Omkar Rai, director general, Software Technology Park of India (STPI), speaking at the 15th India Innovation Summit 2019 organised by the Confederation of Indian Industry (CII) in Bengaluru.

The two-day summit aims to create a stage for industry captains, academia technocrats, young innovators, and policy makers to participate and deliberate on the nuances of innovation.

Delivering the keynote address, Dr. EV Ramana Reddy, additional chief secretary, Department of IT, Bt and S&T, Karnataka government, said “In order to emerge as a global power, India needs to work towards becoming an innovation economy. Bengaluru has been widely cited as one of the fastest growing technology hubs and startup capitals in the world. Bengaluru is ranked 11th Best Global Startup Ecosystem, as per the Startup Blink Startup Eco-system Rankings Report 2019, moving up from rank 21 in the year 2017. Our department is in the process of drafting a new policy on innovation and technology with the view to address the new age challenges in regulation for innovation. We are considering innovative concepts such as regulatory sandboxes to ensure adequate legal framework for innovation is available. Our aim is to make the state a leading promoter for all emerging technologies by strengthening existing technology Centers of Excellence in areas such as Cyber Security, Data Analytics, internet of things and Artificial Intelligence (AI)”.

“India’s IT service industry currently stands at $177 billion with exports amounting to $136 billion and the industry employees around 4.1 million people. It is the intention of the Government of India to transform the country from an IT service Industry to a product nation. The National Software Product Policy 2019 which has been approved by the union cabinet aims to capitalize on the strength of India’s IT industry in order to make the country a software product nation.”

STPI is in the process of opening 28 Centres of Excellence (COE) in emerging technologies at an investment of more than Rs. 400 crores. Five such centres are currently operational and in two years, all 28 will be operational. Emerging technologies such as AI, IOT, Medical Electronics, IOT in agriculture, automotive electronics will be the focus of the COEs.