The Indian technology industry crossed $200 billion in overall revenue for the first time and is set to reach $227 billion in overall revenue in FY2022 — with a growth rate of 15.5 percent, which is the highest ever since 2011, the IT industry’s apex body Nasscom said on Tuesday.
The Indian tech industry clocked double-digit growth across sub-sectors, adding $30 billion in revenues in FY2022 and nearly 450,000 jobs.
“Fiscal 2022 has been a breakthrough year for the Indian technology industry. We are excited about the opportunities in the ‘Techade’ as we enter an era of exponential transformation and technology becomes indispensable to progress,” said Rekha M. Menon, Chairperson of Nasscom.
While the IT Services vertical is set to clock $116 billion in revenue in FY2022, the BPM sector is set to log $44 billion; ER&D vertical $36 billion; hardware segment $17 billion and software products $13 billion.
Exports (including hardware) recorded a growth of 17.2 percent, clocking revenue of $178 billion which is over 51 percent share of India’s total services exports, said the Nasscom report.
Ecommerce recorded a growth of 39 percent to reach $79 billion in 2021-22. Digital revenue share stood at 30-32 percent, recording an incremental revenue of $13 billion.
“While exports did play a large part in this growth, domestic market emerged as a great propeller, nearing a total of $50 billion owing to India’s tech adoption with public digital platforms like Aadhaar, UPI and CoWIN playing a large part in delivering citizen services,” said Debjani Ghosh, President, Nasscom.
India emerged as a global hub for digital talent with over five million tech workforce.
With one out of three employees already digitally skilled, the digital tech talent pool is at 1.6 million, growing at a CAGR of 25 percent.
With a massive focus on reskilling and upskilling, the Indian tech industry reskilled approximately 280,000 employees in FY2022, said the IT industry’s apex body.
With over 36 percent of women employees, the Indian tech industry is one of the largest private-sector women employers in India, with over 1.8 million women in the workforce.
India continues to be the third-largest startup hub in the world, with over 25,000 tech start-ups and witnessing 42 new unicorns and 11 IPOs in the year 2021.
Over 2,250 tech start-ups were founded in 2021, and the total highest-ever funding of $24 billion was raised in 2021.
The industry also witnessed maturity in the software products segment, with the presence of over 2,000 software product companies and 1,000 SaaS companies in India.