- IT-BPM sector accounts for the largest share in total Indian services export (45%).
- IT-BPM sector accounts for 56% of the total global outsourcing market.
- Indian IT & BPM industry is expected to grow to USD 300 billion by 2020.
- The IT industry has more than 16000 firms; of which 1000+ are large firms with over 50 delivery locations in India.
- The IT-BPM industry is the largest private-sector employer – delivering 3.7 million jobs.
- The sector accounts for 45% share in total services export from the country.
- India is ranked as the 3rd largest tech-based start-up hub in the world with over 4200 start-ups in the country.
- The National Optical Fiber Network (NOFN) is being laid down in phases to connect all the 0.25 million gram panchayats in the country.
- The tax rate on royalty and fee for technical service payable to non-residents has been reduced from 25% to 10%.
- The National Optical Fiber Network Programme (NOFNP) to be further speeded up by allowing willing states to execute on reimbursement of cost basis as determined by Department of Telecom.
PROVISIONS OF THE 2015-2016 UNION BUDGET :
- Tax rate on royalty and fee for technical service payable to non-residents has been reduced from 25% to 10%.
- The National Optical Fibre Network Programme (NOFNP) to be further speeded up by allowing willing states to execute on reimbursement of cost basis as determined by Department of Telecom.
- Supporting technology driven start-ups – Creating of innovation Promotion Platform and Techno-financial and facilitation support scheme
- Self Employment and Talent Utilization (SETU) to establish as techno-financial, incubation and facilitation programme to support all aspects of start-up business.
- Transfer Pricing – Increase in Domestic Transfer pricing threshold from USD 769,230 to USD 3.07 million.
- Reduction in tax rate on Royalty and Fees from Technical services from 25% to 10%
- CENVAT credit time limit for availment increased from 6 months to 1 year.
- General Anti-Avoidance Rule (GAAR) deferred by another two years and will be implied prospectively.
- 2 days time for service tax/ excise duty registration; electronic filing including digital signature.
- Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of USD 3.07 billion, and credit guarantee corpus of USD 461.53 million aiming to infuse funding among the new generation entrepreneurs.
- Department of Electronics & Information Technology, Ministry of Communications & Information Technology, Government of India
- National Association of Software and Services Companies
- Indian Software Product Industry Round Table
- Other Service Providers Association of India
- Data Security Council of India