India's share in software product market miniscule: MeitY

India's share in the global software product market is miniscule and the country remains a net importer of software products, Rajiv Kumar, Joint Secretary to Ministry of Electronics and Information Technology, said on Wednesday.

Currently, the global software product market is valued at $438 billion, and India's share in this is miniscule as the country continues to be a net importer of software products, a press release quoted the official as saying on the second day of the Global Exhibition on Services (GES)-2019.

Of the country's total software business valued at $8.2 billion, India's exports amount to just $2 billion, the Confederation of Indian Industry (CII) release quoted the joint secretary.

“India has done well in software services, and our next big opportunity is in software products. There will be a $1-trillion opportunity in software production by 2025, and India has a great chance to tap it,” Rajiv Kumar reminded the audience.

According to CII, Rajeev Kandpal, Joint Secretary and CFO, Government e-Marketplace, said the platform is the fastest-growing among similar initiatives across the world.

The platform has 40,000 buyers, 3,00,000 sellers and 15,10,000 products valued at Rs 39,000 crore, he said, adding,

“It is one of the most inclusive marketplaces in the world comprising 20 percent MSMEs, and the startup gross merchandise value is at Rs 600 crore. GeM has created a gross merchandise value of $5.5 billion in a short span of 3 years.”

Speaking at the event, Shivayogi C Kalasad, Managing Director, Karnataka State Road Transport Corporation (KSRTC), underlined the importance of technology in transforming the logistics sector and said digitisation had greatly helped improve the quality of services.

He added that KSRTC has introduced technology similar to wearable devices that can track and monitor driver behavior, awake them in case they doze off at the wheel, and warn them of traffic threats nearby.

The transport corporation official stressed that data-driven decision-making would play a key role in the logistics sector going forward.

(Edited by Athirupa Geetha Manichandar)