MoS IT has made a statement where they recognized the increasing impact of technology on country’s growing GDP, IT Minister Rajeev Chandrasekhar said in a press conference addressing the American entrepreneurs that India’s aim is to keep resiliently on it’s increasing economy and he expects that Technology business will play a pivotal role in it. He is expecting tech field to contribute around 20-25% of GDP in the year 2025-26.
According to Study IQ, India’s GDP Growth rate in the last 10 years has been at an average Growth rate of 6-7 per cent. From 2006 to 2023, India averaged 6.15 per cent, with a high of 8.7 per cent in 2022 and a low of -6.6 per cent in 2021. Technology has already been a boost for the developing countries including India, under the initiative of ‘Make In India’ campaign launched by Indian PM Narendra Modi in the year 2014, focus has been on upcoming self-sufficient manufacturing of products and services, start-ups which integrate rapid paced technologies. The country is already witnessing transformation to a leading global manufacturing and investment destination.
Rajeev said that there has been an expansion of digital economy over the last nine years, be it any sector of the respective industry. Everywhere, footprints of digital advancement can be seen through naked eyes, Indian start-ups and entrepreneurs are contributing hastily in the growing economy. Fields of Semi-conductors, AI, electronics, blockchain and three high performing web languages have been optimized to their potential.
Our target is to create revenue of USD 400 billion in the electronics sector and USD 1 trillion in the tech services sector by 2025-26. Thus, we predict that from 10 lakh jobs this year, there will be nearly one crore jobs by 2025-26.
On 20th of May, 2022, another statement regarding IT sector had emerged from IT Minister himself, which ensured that by 2025-26, IT sector will generate around 1 crore jobs in India, which in itself was a bigger claim from the government’s official.