The Indian IT industry has seen a consistent growth since 2017

Col. Suhail Zaidi (Retd.), Director- General, MAIT    

“The IT industry, which MAIT represents, depends on the growth of the domestic industry and the demand in the market apart from the various initiatives taken by the government. We believe that this sector consists of four dimensions within it – the first is the consumer electronics (laptops, smartphones), the IT peripherals (printers, scanners, keyboard), the networking & the communication equipment (router, modem, switches) and then IT components (semiconductors, chips).  This industry has rapidly grown over a period of time and the present market is believed to be around $100 billion. This growth has been consistent since 2017 when the market was around $43 billion and has grown to $ 82 billion in 2022 with a CAGR of 15%. The government believes that this growth will further rise to $300 billion by 2026. Such is the potential of this IT hardware market. And when we talk about the IT hardware market, the IT software market also gets included in it. Also, exports from India has grown from $5 billion in 2017 to $15 billion in FY 2022, growing at a CAGR of 22%. Mobile manufacturing has increased and is expected to cross $100 billion in annual production from the current $30 billion. During the FY 2022-23 March-April, the export of electronic goods is recorded at $23.57 billion as compared to $15.66 billion in 2021-22, registering a substantial growth of 50.2%. So, these data implies that the IT hardware industry in the country is growing. A few years back, the software industry had seen a big boom, but the hardware industry saw a setback because of the policies back then. But now times have changed.”