Information Technology and Infrastructure Sectors will become a USD 10-trillion Economy by 2030

By:Manmeet Kaur Tura 2018-11-20

Information Technology has seen a remarkable upscale growth over the decades. The technological advancements in the field of IT has made it one of the fastest growing fields in India and  according to a report it is estimated that the India's information technology and infrastructure sectors will become a USD 10-trillion economy by 2030.

The Indo-European Business Forum (IBEF), which works as a catalyst for business ties between India and Europe, remarked that the continuous reforms by the Indian government have opened up the chances for growth in these particular sectors including renewable energy, defense and logistics. In an analysis by the IBEF, it states that the information technology (IT) services exports are expected to add USD 10 billion during this fiscal year and shall touch a mark of USD 126 billion.

To add to the country’s growth scale it highlighted that in the field of infrastructure, India shall rise as the third-largest construction market globally by 2022. Speaking of the real estate sector India is estimated to grow to USD 650 billion by 2025 and exceed USD 850 billion by 2028,  touching USD 1 trillion by 2030.

Speaking at the 'Global Investment Conclave on Investment Opportunities in New India' in the House of Lords complex, Sunil Kumar Gupta, India Leader of IEBF said, "Today India represents a land of endless opportunities. Its young demographic profile collectively with its strong industrial base, rapid digitization, growing infrastructure, flexible start-up ecosystem and clear growth vision from the government, offers India a significant competitive advantage over other developing economies,"

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The two day long annual IEBF investors' summit started on Friday and Prime Minister of Malta Joseph Muscat was among the special guests along with some of the eminent IEBF Advisory Committee members namely Baroness Sandip Verma, Member of the House of Lords and Chair of the European External Affairs Committee, and one of the top Indian-origin businessmen GP Hinduja. A delegation of Indian companies with investment understanding and future expansion prospects for Europe were also amongst the participants.

Addressing the gathering Vijay Goel, founder-chair of IEBF  said, "IEBF was started 11 years ago to encourage business ties between India and Europe and today, despite the Brexit uncertainties, it is playing an active role to assist trade and investment flows both ways." Being the economic consultant to the government of Malta, Goel also shared plans by Indian companies to invest around USD 100 million in the European Union (EU) country in the coming year. These investments include ideas and plans to set up a bank, a university and a hotel in the region. He added "India sees Malta as one of the most faithful partners within the EU, being one of the first countries to recognize its independence. We have had pleasant relations ever since and now it is time to transform this into a strategic economic partnership."

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