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Indian IT market expected to grow 5.1% annually over next five years: report
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Indian IT market expected to grow 5.1% annually over next five years: report

The IT market in India is expected to grow 5.1 percent annually over the next five years, S&P Global Market Intelligence said in a report.

According to the financial information and analytics company, India’s laptop imports climbed 10.8% year-on-year in the three months ended August, driven by Apple-related shipments.

If laptop assembly grows in India, component imports could also do so, with mainland China and Hong Kong accounting for significant imports of computer components (excluding semiconductors) over the 12 months preceding August 2024.

“This could lead the government to encourage the reshoring of component manufacturing as well as assembly,” the recent report notes.

The market research firm estimates that India could reintroduce rules limiting laptop imports in 2025, after reducing them in 2023.

“Other policies, including production-linked incentives, could be considered to develop the domestic manufacturing industry,” the report states.

Regulatory risks in India have fallen below those of their peers in recent years, making reshoring there more attractive, he notes.

India is gradually becoming a manufacturing hub for electronic products, especially smartphones and laptops.