The industry added 1.38 lakh people to its workforce on a net basis during the year, taking the total number of employees to 44.7 lakh, the Nasscom said in its review of the current financial year ending March 31
Despite a dip in global technology spending amid the coronavirus pandemic, the country’s information technology sector is set to post a 2.3% rise in revenues to $194 billion in the current fiscal, Nasscom said on Monday.
The industry added 1.38 lakh people to its workforce on a net basis during the year, taking the total number of employees to 44.7 lakh, the National Association of Software and Service Companies (Nasscom) said in its review of the current financial year ending March 31.
Over the past few years, the industry has been clocking a revenue growth in higher single digits or double digits as the demand for IT services in a digitising world continues to grow. However, the pandemic led to a sharp dip in growth hitting tech spend while the lockdown also led to concerns over delivery as work shifted from campuses to homes.
Nasscom’s president Debjani Ghosh said the industry reworked its models amid the lockdowns and ensured that work continues to get delivered as per schedules, and IT is now the first sector to call out a revival post-pandemic.
“We have emerged more resilient and more relevant from the crisis. We have been the bellwether to lead the fight against COVID,” she said.
Exports for the fiscal year ending March 2021 are set to grow 1.9% to $150 billion while domestic revenues are projected to rise at a faster clip of 3.4% to $45 billion, the industry lobby group said.
IT services segment will grow 2.7% to $99 billion while Business Process Management (BPM) will see a growth of 2.3% at $38 billion. Software products segment will witness a growth of 2.7% at $9 billion and hardware grow 4.1% to $16 billion.
The only segment which de-grew during the fiscal year is engineering and research and development where revenues were down 0.2% to $31 billion.
Source: Indian IT industry’s revenues to grow 2.3% to ₹194 billion this fiscal: Nasscom