IT industry grew at 7.7% to $191 billion in FY20: Nasscom

Nasscom also said in its IT report that it hired 205,000 people during financial year 2019-20.
IT industry grew at 7.7% to $191 billion in FY20: Nasscom
IT industry grew at 7.7% to $191 billion in FY20: Nasscom
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The resilient Indian Information Technology (IT) sector generated $191 billion in fiscal 2019-20, Nasscom said on Wednesday.

"The IT-BPM (Business Process Management) sector grew 7.7% year-on-year (YoY) to $191 billion, including $147-billion in exports and hired 205,000 people during fiscal 2019-20," said the National Association of Software and Services Companies (Nasscom) in a statement in Mumbai.

Software exports grew 8.1 per cent YoY during the fiscal under review.

The sector also remained a net hirer with a total workforce of 4.36 million (43.6 lakh), including 884,000 digitally skilled talent.

“Despite the global gloom n doom, the tech industry has delivered another fab year! With a 7.7% YoY growth, and 205000 net jobs added, the industry has shown strong resilience and the ability to drive sustainable growth and job creation,” Nasscom president Debjani Ghosh said in a tweet on Wednesday.

"The IT services sector garnered $97 billion with 6.7 per cent YoY growth, followed by e-commerce with $54 billion, growing at 25.6 per cent YoY," said the industry's representative body.

According to a Nasscom report, the software services and products sector generated $105 billion revenue over a decade from 2009 to 2019, created 2 million (20 lakh) jobs and added 10,000 companies, including start-ups.

"The IT industry remains a key catalyst for the country's overall growth, with increasing focus on the digital transformation of businesses and expansion of digital-driven services to enterprises the world over," said Nasscom chairman Keshav Murguesh at the apex body's 28th edition of its technology and leadership summit in Mumbai.

With the industry embracing disruptive technologies such as artificial intelligence (AI), machine learning (ML), cloud computing and big data analytics, digital revenue grew 23 per cent YoY.

"Investing in digital skills is on the rise in the industry, with firms building capabilities and aligning business models to digital practices. Digital business accounted for 28 per cent of the companies' total revenues for FY 2020," said Murugesh, who is also the chief executive of WNS global services.

The Indian enterprises invested $2 billion (Rs 14,400 crore) in accelerating digital transformation of their IT operations.

"Talent, trust and innovation remain our key imperatives as we move into the first year of this decade. The industry continued recruiting, with 205,000 new hires in the fiscal and digitally skilled 884,000 techies," said Nasscom president Debjani Ghosh on the occasion.

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