It is a question that has become increasingly relevant in India as the country faces a looming debt crisis, with many of its biggest tech companies struggling to raise capital and find skilled staff to support them.
In its annual report released on Thursday, the National Sample Survey Organisation (NSSO) said that the number of Indian companies in the top 100 list, which is compiled annually by the IT and IT services industries, was down from 3,547 in 2013 to 2,898 in 2017.
While India had a small rise in the number listed, the number in the list dropped from 3.4% in 2013, to 3.1% in 2017, the report said.
However, the Indian tech sector is still growing, with a record 8.6 million jobs, the largest in the world.
In 2017, more than 7.5 million people, or 6% of the population, were employed in the IT sector.
The biggest growth was in the software and services sector, which saw a 17.7% growth over the previous year.
The report said that India had one of the fastest-growing technology ecosystems in the developed world, with companies adding more than 300,000 jobs in the past year.
It also found that the Indian economy is also growing faster than many of the world’s largest economies.
The growth in India’s IT sector in 2017 was driven by the expansion of e-commerce, which grew to $8.8 trillion in the three years to January 2017.
That was an increase of nearly 8% over the same period last year, according to data from PricewaterhouseCoopers.
The Indian economy grew more than $2.3 trillion in 2017 on an annualized basis, according the report.
India has seen a boom in tech in recent years, with major tech players like Flipkart and Snapdeal making huge investments in their startups and expanding their operations.
However the country’s tech sector remains far behind the likes of China and South Korea, where they have been able to grow at a much faster pace.