Indian IT industry expected to cross $200 billion revenue in FY2022

The Indian IT industry is expected to clock revenue of $227 billion in FY2022 against $196 billion last year, according to NASSCOM’s Strategic Review report.

The industry, which has a total workforce of around 5 million, is likely to register a 15.5 percent growth, the highest since 2011, the industry has set itself an ambitious target to touch $350 billion in revenue by FY26, growing at a rate of 11-14%, the report added.

The industry added 450,000 new hires in FY22, the highest ever taking the total direct employee base of the industry to 5 million. India has emerged as a global hub for digital talent with over 5 million tech workforce. With 1 out of 3 employees already digitally skilled, the digital tech talent pool is at 1.6 million, growing at a CAGR of 25 per cent. With massive focus on reskilling and upskilling, the Indian tech industry reskilled approximately 280,000 employees in FY22. With over 36 per cent of women employees, the Indian tech industry is one of the largest private-sector women employer in India with over 1.8 million women in the workforce.

Union Minister for IT Ashwini Vaishnaw, said during the report launch that the industry’s resilience has given more confidence to the global economy about the Indian IT industry and is also evident in the $200 billion milestone the industry crossed. Vaishnaw also pointed out the efforts made by the sector in the employment addition, as it added a record 4.5 lakh people this year.

“Fiscal 2022 has been a breakthrough year for the Indian technology industry. We’ve posted solid, broad-based growth, massively increased jobs, and are proud that we continue to be an engine for India’s economic growth, and a beacon for inclusion and diversity. We are excited about the opportunities in the Techade as we enter an era of exponential transformation and technology becomes indispensable to progress. We remain committed to catalysing the trillion-dollar digital economy with our focus on talent, technology, collaboration, and innovation,” said Rekha M. Menon, chairperson, NASSCOM.

CT Bureau