India’s IT sector revenue to touch $194B in FY2020-21: NASSCOM

• IT sector is expected to touch close FY21 with a revenue of $194 billion, according to NASSCOM.
• The industry is expected to add over 138,000 net new hires in FY2020-21, taking the total employee base to 4.47 million.
• India’s technology industry contributes around 8 percent relative share to the national GDP said NASSCOM

The National Association of Software and Services Companies (NASSCOM), the trade body of the IT industry in India, said during the 2020 pandemic when global output is estimated to have shrunk by 3.2 percent, the Indian technology sector grew at 2.3 % year-on-year on the back of rapid acceleration in digital transformation and tech adoption.

India's tech industry grew by 2.3% amid COVID-19, and India emerged as the third-largest tech startup globally, according to NASSCOM.

Presenting the Strategic Review 2021 report titled ‘New World: The Future is Virtual’, NASSCOM said that India’s tech industry contributes around 8 percent relative share to the national GDP, with 52 percent relative share in services exports, and 50 percent share in total FDI (based on FDI inflows for the period April to September 2020).

The report also pointed out that India is the third-largest tech hub in the world. Over 1,600 new startups were added in 2020, which is the highest in the last three years to take the total count to over 12,500.

NASSCOM Chairman U B Pravin Rao said, “In this hyper-digital economy, trust with the four cornerstones of competence, reliability, integrity, and empathy, will be the single-most-important currency, leading the industry growth towards a better normal.”

India's startup ecosystem added 12 new unicorns last year and NASSCOM said the funding in the second half of 2020 was similar to that of the first half of 2019.

NASSCOM President Debjani Ghosh said, “As we look at 2021, while there are positives on the vaccination front and accelerated digitisation across verticals, the technology industry in India is well geared to build on these trends and continue its transformation journey in this re-defined techade.”

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