STOCK MARKET BSE NSE

Economic Survey nudges IT, BPO cos to tap fresh opportunities in new markets overseas

India's IT-BPM exports is estimated at USD 136 billion for 2018-19, and overall the Indian IT-BPM industry is estimated to have reached USD 181 billion in 2018-19.

Published: 04th July 2019 07:14 PM  |   Last Updated: 04th July 2019 07:14 PM   |  A+A-

Job

For representational purposes

By PTI

NEW DELHI: The Economic Survey 2019 Thursday said new challenges are surfacing in traditional geographies served by Indian IT and ITeS industry, but pointed to fresh opportunities for expansion in markets like Europe, Japan, China and Africa.

The Economic Survey for 2018-19, tabled by Finance Minister Nirmala Sitharaman in Parliament, also placed on record the immense contribution of the IT and BPO industry in positioning India as a preferred investment destination amongst global investors and creating huge job opportunities in the country, as well as in the US and Europe.

"USA, UK and EU account for about 90 per cent of the total IT-ITeS (IT enabled services) exports. However, there are new challenges surfacing in these traditional geographies," it said.

ALSO READ: Bringing private investment across India the real challenge - Economic Survey

Demand from Asia Pacific, Latin America and Middle East Asia is growing and new opportunities are emerging for expanding in continental Europe, Japan, China and Africa, it said.

Efforts are being made to strengthen existing markets, and at the same time, diversify and scale up presence in the new and emerging markets in Europe, Africa, South America, Israel, Australia, China and Japan through market development and industry repositioning initiatives, it noted.

ALSO READ: Money raised through public issues fell 50 per cent to Rs 54,915 crore in 2018-19 - Economic Survey

Recent government programmes coupled with futuristic technologies are enhancing the digital economy of the country and creating IT and electronics-led new opportunities for revenue and job creation in both traditional and new sectors, the survey observed.

India's IT-BPM (Business Process Management) exports is estimated at USD 136 billion for 2018-19, and overall the Indian IT-BPM industry is estimated to have reached USD 181 billion in 2018-19.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp