IT sector adds 4.5 lakh new jobs in FY22

Mumbai: The already buzzing Indian Information Technology (IT) sector got a shot in the arm when the industry body National Association of Software and Service Companies (Nasscom) predicted that the sector will grow twice as much the Indian gross domestic product (GDP) in the last financial year (2021-22), in which The IT industry grew over 15 per cent.It is around $227 billion industry, which added 4.5 lakh new jobs to take the overall direct employees to 50 lakh people. Over 44 per cent of the new hires were women and their overall share is now 18 lakh.

The central government's flagship Digital India mission has also given necessary impetus to the IT industry in the country.

According to India Brand Equity Foundation (IBEF), in 2021-22 financial year (FY22), the top three Indian IT companies, Tata Consultancy Services (TCS), Wipro and Infosys, were expected to offer 1.05 lakh job opportunities due to the increasing demand for talent.

The Indian mobile gaming market is growing at a pace in tandem with the global trend and is expected to reach $7 billion in 2025. The online gaming market in India is projected to reach $2.12 billion by 2023, from $1.08 billion in 2020, due to rapid increase in consumption. India's IT and business services market is projected to reach $19.93 billion by 2025. According to Gartner estimates, IT spending in India was forecasted to be $81.89 billion in 2021 and further increase to $101.8 billion in 2022, a 24.31 per cent year-on-year increase.

The IT industry's revenue had grown by 2.3 per cent to $194 billion in FY21. Export revenues grew 17.2 per cent to $178 billion, while the domestic revenues grew 10 per cent to $49 billion. Additionally, share of the new age digital services grew 25 per cent to $13 billion and India has a strong workforce geared for technologies of the future, Nasscom had stated.

"This has been a watershed year for the tech industry, thanks to the persistent focus on customer-centricity. The industry has added $100 billion in 10 years; the first $100 billion took 30 years," said Nasscom President Debjani Ghosh. IT, a knowledge-based industry, has the tremendous potential of becoming an engine of accelerated economic growth, productivity improvement for all sectors of the economy and means of efficient governance.