IT policy to increase revenue to $300 billion: Sibal
The National Policy on Information Technology (IT) aims to increase revenues from the sector to $300 billion by 2020 from the current $88 billion, Minister of Communications and Information Technology Kapil Sibal said Friday.
"IT is a key driver of an increasingly knowledge-based global economy, and given the current position, India is well positioned to enhance and leverage its existing IT capabilities for a leadership role," Sibal said while releasing the draft of the policy.
The minister said the draft was the first of the three interdependent policies for IT, telecom and electronics being formulated to promote the sector.
"With right policies and investment in infrastructure, we have the opportunity to strengthen and enhance our position as a global IT power-house," Sibal said.
In the last decade, the IT industry reported a growth of eight percent with revenues of $88 billion in 2010-11, of which 80 percent came from exports.
"The proposed policy aims at formulating fiscal and other incentives to attract investment in this sector in Tier-II and III cities," an official statement said.
The Indian IT and ITeS sector currently employs over 2.5 million skilled people.
