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In its yearly strategic review for FY22, Nasscom said the industry added 4.5 lakh new jobs to take the overall direct employees to 50 lakh people.

Indian IT sector to grow 15.5% in FY22, become $227 bn industry: NASSCOM

In a groundbreaking announcement, NASSCOM reveals that India’s information technology sector is on track to become a $227 billion industry in the fiscal year 2022, marking an impressive growth rate of 15.5%. This surge in growth is the highest recorded in over a decade, signifying a noteworthy rebound for the industry after facing challenges in the wake of the global pandemic.

Key Achievements:

1. Job Creation and Diversity:

The IT industry showcased its resilience by adding a substantial 4.5 lakh new jobs during the fiscal year, bringing the total number of direct employees to an impressive 50 lakh. Notably, over 44% of these new hires were women, contributing significantly to a more diverse workforce, with women now comprising 18 lakh of the total.

2. Revenue Breakdown:

Export revenues witnessed a robust growth of 17.2%, reaching a commendable $178 billion. Simultaneously, domestic revenues demonstrated a solid 10% increase, totaling $49 billion.

3. Digital Services Expansion:

The share of new-age digital services experienced a remarkable growth of 25%, reaching an impressive $13 billion. This growth affirms India’s strong workforce and their readiness for emerging technologies.

Future Outlook:

Despite abstaining from providing specific growth projections, NASSCOM shared insights from a chief executives’ survey, indicating a positive outlook for the upcoming year. Over 70% of respondents expressed confidence in maintaining growth throughout 2022.

Debjani Ghosh, President of NASSCOM, articulates a compelling vision for the future. She stated that the industry envisions the potential to achieve a substantial milestone of $350 billion in revenues by 2026, highlighting the increasing influence of the “India narrative” in the global technology landscape.

Focus Areas and Initiatives:

Looking ahead, the industry is set to prioritize employee-centric measures, with a strong emphasis on upskilling and retention. Moreover, there is a projected acceleration in research and development investments, signaling a commitment to innovation and staying at the forefront of technological advancements.

This extraordinary growth not only underscores the resilience of the Indian IT sector but positions it as a frontrunner in the global technology arena. The industry’s ability to navigate challenges and emerge stronger than ever showcases its pivotal role in driving economic growth and technological innovation in India.

Stay tuned for more updates as the Indian IT sector continues its upward trajectory, contributing significantly to the country’s economic prosperity.