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.
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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.
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