India’s IT industry generates 191 billion in revenues; hires 205,000 employees in FY 2020
The National Association of Software and Services Companies (NASSCOM) today announced that the IT-BPM sector grew by 7.7% y-o-y garnering a total revenue of USD 191 billion in FY2020. On the side-lines of the flagship NASSCOM Technology and Leadership Forum (NTLF) 2020, the industry body showcased its Strategic Review – ‘Techade: The New Decade’ which captured the performance of the technology industry and upcoming trends.
As part of the report, NASSCOM announced that IT Services sector garnered the highest revenue of USD 97 billion (growth of 6.7%), followed by E-commerce which stood at USD 54 billion (growth 25.6%). The sector generated exports of over USD 147 billion in revenues in FY2020, growing at 8.1% from the previous year. The maiden report for this decade, showcased the growth of the industry, commemorating several milestones between FY2009-FY2019 such as crossing USD 105 billion in overall revenue, adding 2 million employees/jobs and creating 10k new technology companies in overall consolidation.
Speaking at the occasion, Keshav Murugesh, Chairman, NASSCOM, said, “The IT-BPM industry continues to be a key catalyst for India’s overall growth. Over the past year, the performance from the industry showcased the increasing focus on the digital transformation of businesses and also the expansion of digital-driven services to cater to clients across the globe. We are hopeful that this trend will continue to drive the growth of the industry in the coming years, and evangelizing innovation in the domain.”
A key trend witnessed last year was the continued focus on digital revenues, which grew by over 23%, once again a testimony to the prominence digital technologies and systems are gaining across portfolios. Investing in digital skills continues to rise as an imperative for the industry, with organisations building their capabilities and aligning business models to digital practices as up to 28% of organisational revenues was recorded for digital. Indian enterprises spent over USD 2 billion domestically to accelerate digital transformation.
Sharing her thoughts, Debjani Ghosh, President, NASSCOM, said, “Talent, Trust and Innovation remain our key imperatives as we move into the first year of this decade. The industry continued its hiring momentum with 205,000 new hires, and today we are proud to have 884,000 digitally skilled talent in the country. We will maintain this thrust with the launch of FutureSkills Prime to help build a workforce for the coming Techade.”
