special correspondent
According to the National Association of Software and Services Companies (NASSCOM), the Indian information technology (IT) industry is expected to grow at 15.5% – the highest since 2011 – to reach revenue of $227 billion in FY22, while Around 4.5 lakh jobs were added during the year. ,
According to the industry body’s ‘Strategic Review 2022’, the industry crossed the $200-bn revenue mark adding $30 billion of incremental revenue during the year, as all sub-sectors of the industry posted double-digit growth.
“Financial Year 2022 has been a successful year for the Indian technology industry,” said chairperson Rekha M. Menon said in a virtual conference.
While exports, including hardware, registered a growth of 17.2%, registering revenue of $178 billion, domestic revenue for the technology industry grew 10% to nearly $50 billion.
Nasscom said e-commerce grew by 39% during the year to reach $79 billion, and added that digital revenue share was 30-32%, registering a growth of $13 billion in FY22.
Debjani Ghosh, President, NASSCOM said that while exports played a big role in boosting revenue in FY12, the domestic market also emerged as a great propeller, “with public digital platforms like Aadhaar, UPI and CoVIN driving India’s technological adoption.” Reasons play a big role in providing citizen services.”
The industry is expected to add 4.5 lakh new jobs during the year, the highest ever, of which 44 per cent were women.
Nasscom said the industry will continue to display patience, resilience and agility, despite geopolitics, macroeconomic volatility, supply chain disruptions and post-pandemic impacts.
As per the Nasscom Tech CEO Survey 2022, over 70% of CXOs believe that FY 2013 is poised to be another growth year for the industry. “Current demand trends on technology spending and economic growth point to a positive outlook on technology spending and recruitment. The industry has also set an ambitious target of $350 billion to grow at 11-14% by FY26.”