According to the Nasscom Strategic Review, the Indian IT services industry added 4.5 lakh new hires in a single year, the highest amount ever, with women accounting for 44 percent of those hired. The IT industry today employs over 1.8 million women, making it the largest private-sector employer of women. Furthermore, the Indian IT services market is expected to grow by $30 billion this fiscal year, reaching the $200 billion mark.
“Thanks to the continued focus on client centricity, this has been a milestone year for the IT industry. In the last ten years, the industry has added $100 billion; it took 30 years to add the first $100 billion,” said Debjani Ghosh, President of Nasscom.
Overall, exports are expected to generate $178 billion in income, up over 17%, with the rest coming from domestic sources, driven by hardware and product growth. The government is open to private sector policy and regulatory measures to help drive growth even faster. The industry has also hailed the government’s changes to the Other Service Providers standards, claiming that more adjustments are on the way.
The industry’s performance over the previous two years, despite the onslaught of Covid-19, is impressive, stated the Union Minister of Electronics and Information Technology Ashwani Vaishnaw.
“The resilience has been demonstrated, and the world economy will have a lot more faith in India’s IT industry as a result. The resiliency is clear in the data, which show a $200 billion IT industry worth Rs 15 lakh crore, with $150 billion in exports accounting for nearly half of India’s total exports,” added Vaishnaw.
IT services industry exports currently make up 51% of India’s total services exports. In addition, roughly 300 acquisitions were notified during the year. Despite employing 5 million people and creating 450,000 new positions this year, Wipro Chairman Rishad Premji said on Twitter that the industry is experiencing a significant skills shortage.
India had 1,430 global capacity centers or captive units in the fiscal year 2016, up 1.4 times from the fiscal year 2015. The Indian IT industry will have a “breakthrough” year in the fiscal year 2022, according to Nasscom Chairman Rekha Menon. She stated that the sector is committed to the trillion-dollar digital economy aim by focusing on talent, technology, cooperation, and innovation.