Indian IT sector crossed $200 billion revenue mark in FY22: Nasscom, Business & Economy News

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According to the National Association of Software and Services Companies (Nasscom), India’s technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. “A combination of digital and innovation was the industry’s winning formula,” NASSCOM said, adding,”platformisation and XaaS were instrumental in accelerating tech adoption.”

The report said it was the “year of startups” with “tech startups leapfrogging into scale-up mode” even as the e-commerce sector saw deeper penetration.

Also Read: How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?

The tech industry also crossed 5 million in total direct workforce with “hybrid work models” helping to scale up the industry’s digital capability.

“The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled,” the report noted while informing that India’s share of global sourcing market now stands at 59 per cent.

NASSCOM said: “over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy.”

NASSCOM President Debjani Ghosh said: “2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller.”

(With inputs from Agencies)


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