The National Association of Software and Services Companies (Nasscom) announced on Tuesday that India\u2019s technology industry broke the $ 200 bn. revenue barrier this fiscal year, reaching a new high of $ 227 bn. <\/p>\n\n\n\n
According to Nasscom\u2019s Strategic Review 2022 report, the industry saw $ 30 bn. in additional revenues during the year. Including the overall growth rate of 15.5%, which is the fastest since 2011. The industry has also set a lofty goal of reaching $ 350 bn. in revenue by FY 2026, with an annual growth rate of 11-14%, according to the research.\u00a0<\/p>\n\n\n\n
All of the industry\u2019s sub-sectors grew by double digits. Exports (including hardware) increased 17.2% to $ 178 bn., accounting for more than 51% of India\u2019s total software services exports. <\/p>\n\n\n\n
India\u2019s massive digital infrastructure, with public digital platforms serving as the backbone of the digital advantage, played a vital role in driving tech adoption. Domestic revenues in the IT business increased 1.2 times to almost $ 50 bn. in FY 2019, owing to increased local demand. <\/p>\n\n\n\n
In FY 2022, e-commerce<\/a> increased by 39% to $ 79 bn. In the same year, the digital revenue share was 30-32%, resulting in $ 13 bn. in additional revenue. According to the research, India has also emerged as a global hotspot for digital talent, with more than 5 mn. tech employees. And the industry added about 10% to its direct workforce, with a net addition of nearly 4,50,000 jobs, the highest-ever net addition, during the same time period. <\/p>\n\n\n\n The software services industry employs 1.8 mn. women, or 36% of the total workforce, making it one of India\u2019s major private-sector employers of women. Furthermore, with one out of every three employees already digitally proficient, the digital tech talent pool has grown to 1.6 mn. people, with a CAGR<\/a> of 25%. <\/p>\n\n\n\n The tech industry reskilled around 2,80,000 personnel in FY 2022, thanks to a strong focus on reskilling and upskilling. India\u2019s technology industry has evolved as a digital tech powerhouse. Digital sales account for 30-32% of total income and more than 66% of all transactions taking place online. More than 290 mergers and acquisitions were also completed in the industry, with digital as the key focus.\u00a0<\/p>\n\n\n\n