The cloud sector and global capability centres (GCC) are key areas of rapid growth in India's digital economy, which is projected to contribute one-fifth of the national GDP by 2030, according to a report from MEITy. The document, created by the Indian Council for Research on International Economic Relations (ICRIER) along with the Ministry of Electronics and Information Technology (MEITy), indicated that India's digital economy represented Rs 31.64 trillion in GDP during 2022-23.

The report highlighted that although the conventional ICT (Information and Communications Technology) sector is still the biggest part of the digital economy, digital platforms and the digital transformation of physical sectors are expanding swiftly.

The nation's cloud market, representing 1.1-1.2 percent of the worldwide market during 2020-23, along with GCCs (global capability centres), were identified as some of the rapidly expanding sectors of the digital economy.

"India's digital economy is expected to grow almost twice as fast as the overall economy, contributing to nearly one-fifth of national income by 2029-30," it said, meaning that in less than six years, the share of digital economy will become larger than that of agriculture or manufacturing in the country.

In 2023, India's ICT services exports totaled $162 billion, positioning it as the second-largest worldwide, after Ireland, which led with $236 billion.