nasscom: IT industry to grow 2.3% to $194bn in FY21: Nasscom

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(This story initially appeared in on Feb 16, 2021)

BENGALURU: The yr has been marred by pandemic-related sharp declines in development throughout industries. One main exception is India’s IT-ITeS sector. It is anticipated to grow by 2.3% to $194 billion in the 2020-21 monetary yr, in accordance to estimates by Nasscom. The industry physique, nonetheless, didn’t disclose the fixed foreign money development quantity, which was 8.4% final yr.

Nasscom’s strategic evaluate for the yr confirmed that IT exports would contact $150 billion this yr — 1.9% development over final yr. The sector added 1.3 lakh workers throughout the identical interval, taking the full base of information employees to 4.4 million. IT companies grew 2.7% to $99 billion, whereas BPM grew 2.3% to $38 billion, and engineering R&D degrew 0.2% to $31 billion.

The Indian tech sector contributed 8% to the nationwide GDP, with 52% share in companies exports, and 50% in complete FDI (based mostly on inflows for the interval April to September 2020). “We have added $4 billion to the industry (this year). Indian IT sector continues to be a net hirer. A lot of these hires were in jobs that were being created due to the adoption of newer technologies and not in the traditional jobs,” stated Nasscom president Debjani Ghosh. She stated digital income was 28-30% of industry income, or $50-53 billion, rising 5x the general companies development charge.

The Nasscom report stated enterprises are re-balancing their know-how spends to prioritise digitisation. “There’s a shift to offshore and work-from-anywhere models since the pandemic,” stated Nasscom chief technique officer Sangeeta Gupta. The industry, she stated, noticed a shift in the direction of extra outcome-based pricing.

The attrition charge dropped by 50% in the second-half of the 2020 calendar yr in contrast to the primary half. “Continental Europe and Apac have emerged as one of the strongest growth geographies in the 2021 fiscal. BFSI & healthcare were key growth verticals during the year,” Gupta stated.

Deal worth for cloud was up 80% in the primary half this fiscal in contrast to the identical interval final yr. Digitally expert IT workforce now includes 26% of the general worker power, up from simply 8% three years in the past, with most specializing in cloud computing and information analytics. “Digital transformation is the top-most priority for global corporations and in a highly connected world that will remain largely contactless for an extended period, there are shifts in business models, customer experience, operations, and employee experience,” stated Nasscom chairman U B Pravin Rao.

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