India’s information technology sector grows by 2.3 per cent in the financial year 2021 despite the uncertainty arising during the pandemic. According to NASSCOM, The Indian IT industry reports revenue of 194 billion USD (approx. INR 1400 Crore), and exports will rise to 1.9 % to 150 billion USD in FY 2021.
National Association of Software & Services Companies (Nasscom) released its annual report of the Indian IT industry performance for FY2021 on Feb 15, 2021.
Here are the critical points of the report published by the Nasscom
- Overall Indian IT industry revenue is up to 194 Billion dollars with a rise of 2.3 per cent on a year-to-year basis.
- Indian IT industry exports rise by 1.9 per cent to 150 Billion US dollars.
- Domestic demand for Indian IT industry increased to 3.4 per cent to 45 Bn USD.
- Hardware segment led to the overall growth of 4.1 per cent by $16 Billion.
- The BPM industry also reported a rise in revenue of 2.3 per cent by 38 billion USD
- Software products grew by 2.7 per cent as compared to last year.
The Indian IT industry contributes 8 per cent of India’s Gross Domestic Product (GDP) and 52 per cent of the country’s service exports.
According to Sangita Gupta, Vice President and Chief Strategy Officer of Nasscom, though there were concerns for recession and job cuts in the industry due to pandemic, it outperformed and added more than 135000 new jobs in the current financial year. With this addition, the workforce of the Indian IT sector has reached 44.7 lakhs. The pandemic period saw a shift from contract-based pricing to outcome-based pricing. She further added that Cloud was the big driver for the year.
The sector has performed without compromising productivity and quality of the service, which has helped build clients’ confidence in the business.