The growth in the IT sector in the recent times boosting the local economy. In 2020–21, the IT industry in Visakhapatnam witnessed an increase in its turnover which recorded as ?800 billion (US$1000 million)

Over the past decade, the Information Technology (IT) industry has become one of the fastest growing industries in India because of which it has caught world attention. Indian IT-ITES industry grew at a rate of 33 % in FY2008. India is now being identified as powerhouse for incremental development of computer software. It has grown from USD 4 billion industry to USD 58.8 billion industries in FY2008-09 employing over 2 million people.

IT-BPO Industry has become growth engine for the economy contributing substantially to increases in GDP, urban employment and exports to achieve vision of 'young and resilient India'.

Although domestic market is growing in India but still the major propellers of growth are exports. The key segments that have contributed significantly to industry's exports include-Software and services (IT services) and IT enabled services. In the face of current recession though the mood is that of cautious optimism but Industry is expected to witness sustainable growth over period of two years. But at the same time while industry has significant headroom for growth ,as the competition is increasing with China emerging as major threat ,all the stakeholders of Indian IT industry must give concentrated efforts to ensure that India realizes its potential and maintains its leadership position in future also.