BENGALURU: It has been reported that The tech sector is expected to grow at almost twice the rate of the Indian economy this financial year.
Industry body Nasscom said on Tuesday that the sector revenue is estimated to rise by 15.5% to $227 billion in 2021-22, based on the performance of the first nine months of the year and expectations for the ongoing quarter. India’s GDP is expected to grow between 8% and 9%, the report said.
Nasscom said the growth is the highest since 2011, with all the sub-sectors of the industry recording double-digit growth. The industry will add $30 billion to last year’s revenue, Nasscom’s Strategic Review 2022 said.
The sector contributed 9% to the national GDP and accounted for 51% of services exports.
“This has been a watershed year for the tech industry, thanks to the persistent focus on customer-centricity. The industry has added $100 billion in ten years; the first $100 billion took 30 years,” Nasscom President Debjani Ghosh said. The global economy has moved into a growth trajectory after the pandemic decelerated economies. The global software & services spend stood at $1.7 trillion in 2021, growing at 8.7%, the report said.
The sector added a total of 4.5 lakh freshers in the current financial year, the highest addition in a single year. Of this, 2 lakh employees were women. The sector today has 5 million employees, of which over 2 million were added in the last 10 years. Women constitute 1.8 million of the employees, making IT the largest private-sector employer of women.
Ashwini Vaishnaw, Union minister of communications, electronics & IT, said the tech industry showed remarkable resilience despite the onslaught of Covid. “This is one of the key differentiators from the country,” the report said.
Nasscom expects the industry revenue to touch $350 billion by 2026 fiscal, given the growing demand for newer technologies like cloud and analytics. “Our differentiators — cost, talent, innovation, inclusion, sustainability — are the differentiators for any country to have, and any industry to have. The India narrative is becoming a powerful one,” Ghosh said.
Asked about the likely impact of US Fed tapering on global IT demand, Nasscom chairperson Rekha Menon said it might benefit Indian IT because customers will spend more on cost optimisation and transformation. (Times of India)
