IT industry to grow 2.3% to $194bn in FY21: Nasscom

BENGALURU: The year has been marred by pandemic-related sharp declines in growth across industries. One major exception is India’s IT-ITeS sector. It is expected to grow by 2.3% to $194 billion in the 2020-21 financial year, according to estimates by Nasscom. The industry body, however, did not disclose the constant currency growth number, which was 8.4% last year.

Nasscom’s strategic review for the year showed that IT exports would touch $150 billion this year — 1.9% growth over last year. The sector added 1.3 lakh employees during the same period, taking the total base of knowledge workers to 4.4 million. IT services grew 2.7% to $99 billion, while BPM grew 2.3% to $38 billion, and engineering R&D degrew 0.2% to $31 billion.