India may capture $300 billion in value from IT and digital services by 2030: McKinsey

Speaking to CNBC-TV18 on the sidelines of World Economic Forum Davos 2022, the team at McKinsey said they expect India to capture $300 billion in value from IT and digital services by 2030.

Anand Swaminathan, Senior Partner at McKinsey & Co, said, “India has fundamental levers that are holding true. So one aspect of our research suggests there are technology hotpots in India. Almost 20 percent of the technology hotspots in Asia are in India and the fact is it is because 100 unicorns are now from India. You are seeing that with a market capitalisation of more than $300 billion, innovation is happening. Also the adoption of technology in India is still accelerating. So if we can try to have that level of momentum, it means growth in new and emerging technology is still going to be coming from India and is still going to be scaling. So, we expect about $300 billion in value that India can capture by 2030 just from IT and digital services but if you expand it beyond that and look at IoT and Industry 4.0, then that is another estimated USD 275 billion of value that we believe again can be captured by 2030 in India.”

Rajat Dhawan, Managing Partner at McKinsey India, expects significant growth in sunrise sectors like renewables, electronics, solar panels and EVs.