IT industry growth back in double digits: Nasscom Chaiperson

Hyderabad: The IT sector has done well despite the pandemic. In the last one year, the technology industry has contributed about Rs 14.2 lakh crore ($ 195 billion) to the Indian economy of which Rs 10.9 lakh crore ($ 150 billion) were from exports. That translates to about eight per cent of the GDP and […]

Hyderabad: The IT sector has done well despite the pandemic. In the last one year, the technology industry has contributed about Rs 14.2 lakh crore ($ 195 billion) to the Indian economy of which Rs 10.9 lakh crore ($ 150 billion) were from exports. That translates to about eight per cent of the GDP and about 52 per cent of the service sector exports, said Rekha Menon, Nasscom Chairperson.

“During the pandemic, digital became the lifeline for all economies globally. Growth is back in double digit. This is happening after six years across IT services, exports, startups and all allied segments. If you look up at the last quarter, most companies have reported double digit growth. There is strong demand and the sales pipeline is good. Also, the last quarter has been the best funded quarter for startups across India,” she said.

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“The technology industry is employing about 45 lakh people across India directly. There is a whole lot of indirect employment for every direct job,” she added.

Menon said Telangana is a good partner to the IT industry. “The State responded quickly during the pandemic to give exemption to night shifts, policy relaxations and more. The industry quickly pivoted to work-from-home. The IT industry in TS grew 12 per cent last year,” she said.

On companies continuing work from office, the Nasscom chairperson said, “Pandemic has changed the working model. Going forwards, we are examining ways ahead of us. We are sure the hybrid model is here to stay. Each company will evolve a model. However, there will be a huge opportunity to grow in Tier II cities, provide opportunity for flexible working, give more opportunities for women, and expand the gig economy. So, this will create more employment opportunities.”

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