India’s tech industry has crossed $200 billion revenue mark in FY22 and has added 4.5 lakh people to its workforce in FY22, logging its highest-ever revenue growth year-on-year (YoY) in a decade at 30 per cent, as per a new report by industry body NASSCOM.
The report -- titled Strategic Review -- showcases key trends that shaped 2021 and the outlook ahead. The report argued that for the industry, while it touched a revenue of $227 billion in FY22, it is expected to touch $350 billion revenue by 2026.
The talent addition emerged as one of the key highlights for FY22 with the addition of 4.5 lakh people to the growing industry, including 2 lakh women employees who were hired during the financial year. Additionally, the digital acceleration has prompted the employers to upksill/ reskill its workforce with the 16 lakh employees digitally skilled during the year.
Notably, despite the industry now aggressively recruiting women for various kinds of roles, the proportion of women in the overall workforce remains low at 18 lakh out of 51 lakh employees across the industry.
Exports continued to remain the backbone of the tech industry posting 17.2 per cent growth YOY, clocking revenue of $178 billion, which is over 51 per cent share of India’s total services exports. The domestic technology industry recorded a 1.2x growth over pre-pandemic levels to reach about $50 billion.
E-commerce recorded a growth of 39 per cent to reach $79 billion in 2021-22. Digital revenue share stood at 30-32 per cent, recording an incremental revenue of $13 billion in FY2022E.
“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,” Rekha M. Menon, chairperson, NASSCOM said.
Debjani Ghosh, President, NASSCOM, said, “2021 has been a great run for the year with our combined revenue crossing $200 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. FY2022 will be a milestone growth year for the industry."
“NASSCOM will continue to focus on priorities and play its role in catalysing 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 maximise tech innovation and impact and build on future readiness with the Digital Next priority of the industry,” Ghosh added.
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