India’s information technology (IT) sector is set to become a $227 billion industry in financial year 2021-22, registering a 15.5 per cent growth – the highest in over a decade – said industry body Nasscom. Debjani Ghosh, President, Nasscom, termed it as a year of resurgence, after the one of resilience in the immediate aftermath of the Covid-19 pandemic.
In the current financial year, the IT sector industry added 4.5 lakh new jobs to take the overall direct employees to 50 lakh people. Over 44 percent of the new recruitments were women, and their overall share is now 18 lakh, says Nasscom.
The financial year 2021-22 saw IT industry’s revenue rising by 2.3 percent to $194 billion. Export revenues grew 17.2 percent to $178 billion, while the domestic revenues grew 10 percent to $49 billion. Additionally, share of the new age digital services grew 25 percent to $13 billion, and India has a strong workforce geared for technologies of the future, Ghosh said in the release.
Nasscom, which has ceased to give a growth projection for the future, said that a chief executives’ survey of the industry pointed to another year of growth. Over 70 per cent of those who participated in the poll said they will be able to maintain growth in financial year 2022-23 as well.
Debjani Ghosh said the category “clearly” sees an ability to reach $350 billion in revenues by 2026, saying, the “India narrative is becoming tremendously powerful”.
The survey said employees will be the key focus areas for companies in the new year, with measures on upskilling and retention to be taken. Research and development investments will also accelerate, marked the survey.
While the unemployment rate in India’s urban areas stood at 8.16 percent in January, the unemployment rate in rural areas has come down to an all-time low of 5.84 percent. According to the report of the independent think tank, India’s unemployment rate stood at 7.91 per cent in December. The unemployment rate was 9.30 percent in urban areas and 7.28 percent in rural areas.