Indian IT industry’s revenues to grow 2.3% to USD 194 bln this fiscal: Nasscom

Despite a dip in global technology spending amid the coronavirus pandemic, the country’s information technology sector is set to post a 2.3 per cent rise in revenues to USD 194 billion in the current fiscal, Nasscom said.
The industry added 1.38 lakh people to its workforce on a net basis during the year, taking the total number of employees to 44.7 lakh, the National Association of Software and Service Companies (Nasscom) said in its review of the current financial year ending March 31.
Over the past few years, the industry has been clocking a revenue growth in higher single digits or double digits as the demand for IT services in a digitising world continues to grow. However, the pandemic led to a sharp dip in growth hitting tech spend while the lockdown also led to concerns over delivery as work shifted from campuses to homes.
Nasscom’s President Debjani Ghosh said the industry reworked its models amid the lockdowns and ensured that work continues to get delivered as per schedules, and IT is now the first sector to call out a revival post pandemic.