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Economic Survey 2021 | Policy reforms like relaxation of OSP terms will improve talent access for IT BPM industry

Relaxation in the Other Service Provider (OSP) licence terms would significantly reduce the regulatory compliance on the business process management companies, thereby facilitating work from home for thousands of employees.

January 29, 2021 / 04:27 PM IST
The IT BPM industry has grown 102 percent over the last decade and added 18 lakh employees.

The IT BPM industry has grown 102 percent over the last decade and added 18 lakh employees.

 
 
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Indian IT BPM services generated $190.5 billion in revenues in FY20, up 7.6 percent from last year according to the Economic Survey 2020-21.

The industry had registered revenue of $177 billion for the year ending March 2019. The industry has grown 102 percent over the last decade and added 18 lakh employees.

The IT BPM industry includes IT services, business process outsourcing, hardware and software products and engineering services.

IT services segment accounted for 50.7 percent of the revenue at $97 billion. The segment accounted for about 52 percent five years ago. At the same time, the share of software products and engineering services has increased from 18.2 percent in FY15 to 21.1 percent in FY20.