Indian IT sector growing at almost twice the rate of economy

The IT industry is predicted to grow at over double the rate of the Indian economy in FY22. Based on the success of the first nine months of the year and predictions for the current quarter, industry group Nasscom forecasts a 15.5% increase in IT revenue to US$ 227 billion in 2021-22. On the other hand, India's GDP is predicted to rise at a rate of 8% to 9% this year.

This IT revenue growth is the highest in a decade, and the revenue will surpass that of last year by at least 30%. The sector contributed 9% to the national GDP and accounted for 51% of all service exports.

Even on the employment front, the IT sector has been on a rise. In FY22, the industry added a total of 4.5 lakh fresher workers, the most in a single year. 2 out of those 4.5 were women; in fact, women make up 1.8 million of the total IT workforce, making IT the largest employer of women in the private sector.
 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.