Indian IT Industry Records Revenue Of Over $200 Billion In FY22: NASSCOM Report

The National Association of Software and Service Companies (NASSCOM) says that the Indian IT industry crossed the $200 billion mark in revenue this fiscal year, according to a report by Moneycontrol.

With about five million direct jobs, the IT industry has become the largest private-sector employer in India. In fact, two million of these jobs were added in the last couple of years itself.

The Strategic Review report by the industry body revealed that about 450,000 IT jobs were added in FY22. Moreover, around 200,000 women were hired by the IT companies in the ongoing fiscal year.

The industry has added $30 billion in incremental revenue in FY22. It also witnessed an overall growth of 15.5 per cent. Rapid pace of technology adoption and cloud migration due to the pandemic are the key reported reasons behind the robust growth registered in this sector.

About 30 per cent-32 per cent of the growth in the IT industry is coming from digital services.

At $178 billion, the sector also made up 51 per cent of India’s services export and double-digit growth was witnessed in multiple sub-sectors as well.