Bengaluru: The technology sector is expected to grow nearly double the economic level of India this financial year.
The Nasscom industrial agency said on Tuesday that sector revenues were estimated to rise 15.5% to $ 227 billion in 2021-22, based on the first nine-month performance of this year and hope for the ongoing quarter.
Indian GDP is expected to grow between 8% and 9%.
Nasscom said growth was the highest since 2011, with all industrial sub-sectors that record double digit growth.
This industry will add $ 30 billion until last year’s revenue, the Nasscom strategic review said.
This sector contributes 9% to national GDP, and contributes 51% of service exports.
“It has become a year of river flow for the technology industry, thanks to the persistent focus on customer-cricity.
This industry has added $ 100 billion in ten years; the first $ 100 billion takes 30 years,” said President Nasscom Debjani Ghosh.
The global economy has moved to the growth trajectory after the pandemic explores the economy.
Global software & services spend around $ 1.7 trillion in 2021, growing at 8.7%.
This sector adds a total of 4.5 fresh lakh in the current financial year, the highest addition in one year.
From this, 2 Lakh employees are women.
This sector has 5 million employees, more than 2 million in the past 10 years.
Women are 1.8 million employees, making it the largest private sector employer.
Ashwini Vaishnaw, Minister of Union Communication, Electronics & It, said the technology industry showed extraordinary resistance despite being disturbed by Covid.
“This is one of the main differentiations of the country,” he said.
Nasscom estimates that industrial revenues to touch $ 350 billion in the fiscal year 2026, given the increasing demand for newer technology such as cloud and analytics.
“Compare us – costs, talent, innovation, inclusion, sustainability – is a differentiator to have any country owned, and every industry to have.
Indian narratives become strong,” said Ghosh.
Asked about the possibility of the impact of the US tapered at Global IT demand, Chairman Nasscom Rekha Menon said it might benefit India because customers would spend more for optimization and cost transformation.