India’s IT sector is projected to reach $20 billion by 2025
In light of discussions around the UK–India Free Trade Agreement (FTA), President of the European Commission, Ursula von der Leyen, and Indian Prime Minister, Narendra Modi, have agreed to the launch the EU-India Trade and Technology Council. Currently worth $7 billion, India’s booming IT sector is projected to growth by 186% by 2025 – reaching $20 billion. The partnership will allow both partners to tackle challenges at the nexus of trade, trusted technology and security, and ultimately, deepen cooperation in these fields between the EU and India.
India’s thriving technology sector hasn’t gone unnoticed in the past year, with the Prime Minister’s recent visit emphasising the potential of a partnership with one of the world’s fastest-growing trade, technology and security sectors. The country’s rapid growth in fintech and digitalisation will be mutually beneficial for the EU–India Trade and Technology Council, particularly in addressing geopolitical challenges and strengthening strategic cooperation. This partnership will be the first of its kind for India with any of its partners and second for the European Union following the first one it has set up with the US.
Gaurav Singh, founder of JPIN, comments:
“India is one of the world’s largest economies and presents huge potential as a key partner for trade and investment for the EU. India is a 21st century powerhouse and therefore, establishing a solid relationship with the EU in trade, technology and security could be significantly beneficial for both parties.
“The EU’s newly announced deal with India is likely to expedite the urgency for the UK–India highly anticipated trade deal. India is a top priority for good reason – it is goods and resource-wealthy, growing exponentially, and will be the centre of world trade in the coming decades. Therefore, building a trade and technology relationship here is particularly important to allow the EU – and the UK – to benefit from the immense growth India is already experiencing.”
