Based on a survey of software-related companied in the major cities of India, this paper provides an analytical framework for examining the organization and size of the Indian software industry. With regard to organization, the extent of foreign participation in the industry and the degree of concentration in the industry have been looked at closely. The size of the industry, on the other hand, has been discussed in the context of the relative significance of its domestic market and export market. Export significance has further been evaluated by taking account of its qualitative composition. Given the current size and organizational structure of the industry, its future outlook together with the opportunities and challenges has also been briefly outlined. Finally, an attention has been drawn to India's recent strategic national policy and initiatives for strengthening its position in the software-driven information technology sector in the world.