BENGALURU: The information and technology (IT) sector can achieve the target of $350 billion revenue by FY26, growing at a rate of 11-14%. The industry crossed the $200 billion revenue mark, and is estimated to reach $227 billion revenue in FY22, with $30 billion incremental revenue in the year, said Nasscom.
In the Strategic Review 2022, Nasscom on Tuesday said the industry is recording the highest ever growth since 2011. Exports, including hardware, witnessed a growth of 17.2%, clocking revenue of $178 billion, and the domestic revenue of the technology industry recorded a 1.2X growth over FY2019 to reach about $50 billion. E-commerce recorded a growth of 39% to reach $79 billion in 2021-22.
Nasscom said that FY22 has been a breakthrough year for the Indian technology industry. India has emerged as a global hub for digital talent with over 5 million workforce, and the industry saw nearly 10% estimated growth in direct employee pool with an addition of around 4,50,000 to its employee base.
The Indian tech industry has also reskilled about 2,80,000 employees in FY22. There are over 1.8 million women in the workforce, said Nasscom. Debjani Ghosh, President, Nasscom, said, “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.” She said the industry is expanding to Tier-II and -III cities such as Coimbatore, Ahmedabad, Jaipur and Indore.