Economic Survey 2015: India 4th largest startup hub in world, hyper-growth in technology

Technology startups found a mention in The Economic Survey 2014-15 as it stated that the year witnessed hyper-growth in the technology start-up and software product landscape with India ranking as the fourth largest start-up hub in the world with over 3,100 start-ups in the country. Software products and services revenues for 2015-16 is projected to grow at 12-14 %.

The survey also added that Information Technology (IT) and IT -enabled Services (ITeS) makes up the single largest contributor to India's Services exports. It said that IT and ITeS sector including Business Process Management (BPM), continues to be one of the largest employers in the country, directly employing nearly 35 lakh people. NASSCOM estimates the revenue of the IT-BPM industry at US$119 billion grew by 12 per cent in 2014-15 with export market alone making up almost $100 billion.

Recognizing the need for greater penetration of IT Services domestically, the Survey notes that the Government's "Make in India" mission has included IT and BPM among the 25 focus sectors.