With over 3,100 start-ups, India is ranked as the fourth largest start-up hub in the world, according to the Economic Survey 2014-15. This was mainly driven by ‘hyper-growth’ in the technology start-up and software product landscape.
“Software development and information technology-enabled services, including Business Process Management (BPM), software engineering R&D services and product development, have emerged as the most dynamic and vibrant sectors in India’s economy,” the Survey said.
As per the Central Statistics Office, computer and related services, whose share in GDP is 3.3 per cent, grew by 14.4 per cent in 2013-14.
The survey said the IT-BPM industry, which posted revenues of $119 billion in 2014-15, is being driven by greater automation, expanding omni-channel presence and application of analytics across the entire value chain.