India's IT industry is projected to reach $283 billion in revenue for the fiscal year 2024-25, reflecting a strong position in the global market. However, the sector is facing challenges, including a 90% drop in new company formations, with only 2,400 new IT companies established in FY25, down from 2,544 in FY20. Additionally, Crisil Ratings forecasts mid-single digit growth for the IT sector for the third consecutive fiscal year, influenced by a 2% currency depreciation amidst ongoing macroeconomic uncertainties in the US and Europe. Furthermore, the Indian SaaS market is expected to grow to $100 billion by 2035, while a report indicates that the gross merchandise value (GMV) of Indian e-retail stands at $60 billion, lower than some competing estimates.