IT & Software Services

India's IT services boom began in the 1990s, but the last decade cemented its global scale. Software and IT services exports rose from about $99 billion in 2014 to over $200 billion by 2024, and the wider IT-BPM industry crossed $280 billion in revenue, employing over 54 lakh people. The US (over half of exports) and Europe remain the biggest markets.

The newest engine is the Global Capability Centre (GCC) — over 1,700 offshore hubs where global firms run engineering, R&D, finance and analytics from India, projected to employ ~35 lakh by 2030. Firms like TCS, Infosys and Wipro anchor the industry, and the IndiaAI Mission and a maturing startup ecosystem are pushing the sector up the value chain into AI and deep tech.

India's IT industry was built on the global delivery model — doing software development, maintenance and back-office (BPM) work for foreign companies far more cheaply than they could at home, using India's large pool of English-speaking engineers. Firms like TCS and Infosys grew huge on this. The newer engine is the Global Capability Centre — where a multinational sets up its own tech and R&D hub in India rather than outsourcing to a vendor.

The IT-BPM industry now earns roughly $280 billion in revenue (over $200 billion of it exports) and employs about 5.8 million people, with over 1,750 Global Capability Centres now a major growth driver. The biggest test now is generative AI — as it automates routine coding and support work, India must move up from low-cost delivery toward AI, design and high-end engineering, or risk its core advantage being eroded by the very technology it helps build.

The biggest test now is generative AI — as it automates routine coding and support, the next step is moving from low-cost services toward higher-value products and IP to stay ahead.

~$99 → ~$205 bn IT & software exports (2014→2024). IT-BPM revenue ~$280 bn; ~54 lakh employed. 1,700+ GCCs. Sources: RBI, NASSCOM, ESC.