With a workforce of 500 million employees, the Indian tech sector has been able to cross the revenue generation of $200 billion in the financial year 2022, according to the “Nasscom Strategic Review” published on 15th February.
Over the last two years, it has recruited more than 2 million new employees and generated revenues of $227 billion. It is expected that the digital tech sector will generate revenue of $350 billion by the year 2026 with a growth rate of 11-14 per cent with 1.6 million digitally-skilled employees.
There has been a rise in demand from the sector, which resulted in the hiring of 450,000 people in FY22 alone, making it the largest private-sector employer. There was also a substantial increase in the hiring for tier-2 and tier-3 cities. The report also shows more women candidates being hired with the number touching 1.8 billion.
Rekha M Menon, chairperson, Nasscom said, “Fiscal 2022 has been a breakthrough year for the Indian technology industry. We’ve posted solid, broad-based growth, massively increased jobs, and are proud that we continue to be an engine for India’s economic growth, and a beacon for inclusion and diversity. We are excited about the opportunities in the Tech Industry as we enter an era of exponential transformation and technology becomes indispensable to progress.”
India continues to rank third in the world for start-up activity with over 25,000+ tech companies and 42 new unicorns and 11 IPOs expected in 2022. There were more than 2250 start-ups in the tech industry in 2021, raising the most funding ever at $24 billion. India has also become one of the major players in the tech industry globally. It has gained a trustable reputation among the key players in the industry. Companies like Google have been investing in the Indian companies working on the 5G network
According to the Union Minister of IT Ashwini Vaishnav, the industry’s resilience gives global markets more confidence about the Indian IT industry, which is illustrated by the $200 billion milestone that the industry has reached.