India’s Industry Revenues rises over $200Bn
By MYBRANDBOOK
The Indian Technology sector is estimated to witness a growth of over 15% in FY 2022, leveraging accelerated global tech spending. The National Association of Software & Services Companies (NASSCOM) presented the Strategic Review 2022 showcasing key trends that shaped 2021 and the outlook for the industry.
The Indian technology industry crossed the $200 bn revenue mark, reaching $227 bn revenue in FY 2022, witnessing a $30 bn incremental revenue in the year with an overall growth rate of 15.5%. All sub-sectors of the industry recorded double-digit growth, recording the highest ever growth since 2011. Exports (including hardware) recorded a growth of 17.2% clocking revenue of $178 bn which is over 51% share of India’s total services exports.
Rekha M. Menon, Chairperson, NASSCOM said, “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.”
The domestic revenue of the technology industry recorded a 1.2X growth over FY2019 to reach about $50 billion. Ecommerce recorded a growth of 39% to reach $79 billion in 2021-22. Digital revenue share stood at 30-32%, recording an incremental revenue of $13 bn in FY2022E.
Debjani Ghosh, President, NASSCOM, said, “FY2022 will be a milestone growth year for the industry. NASSCOM will continue to focus on priorities and play its role in catalyzing the trillion-dollar digital economy through accelerated industry growth and building thought leadership. Leading the industry transformation narrative of Think Digital Think India, the industry will maximize tech innovation and impact and build on future readiness with the Digital Next priority of the industry.”
While Cloud, Cybersecurity, Data and AI will continue to be top tech priorities for the industry, Centres of Excellence will be set up in emerging areas like quantum technologies. Positive revenue growth will be driven by strong deal pipelines with the industry witnessing larger proportion of smaller deals for niche differentiated products, enhanced digital demand and high tech spends in Pharma/Healthcare, BFSI, Manufacturing, Retail/eCommerce verticals in 2022.
Industry will continue with its ‘Employee First’ approach, aggressively working on priorities like attracting and retaining talent, ramping up hiring for skill and scale especially for digital, campus and non-engineering talent. Hybrid models of working will continue to stay depending on individual company policies and job role requirements.
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