technology industry percent nasscom new indias tech

India’s tech industry revenue to touch $194B with 1.38L new jobs added forFY21: NASSCOMIndia’s information technology (IT) sector continues to gain traction despitethe impact of the COVID-19 pandemic, and is expected to close FY21 with arevenue 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. The National Association of Software and Services Companies (NASSCOM), thetrade body of the IT industry in India, said at a time when global output isestimated to have shrunk by 3.2 percent led by the 2020 pandemic, the Indiantechnology sector grew at 2.3 percent year-on-year on the back of rapidacceleration in digital transformation and tech adoption. Presenting the Strategic Review 2021 report titled ‘New World: The Future isVirtual’, NASSCOM said that India’s technology industry contributes around 8percent relative share to the national GDP, with 52 percent relative share inservices exports, and 50 percent share in total FDI (based on FDI inflows forthe period April to September 2020).The Strategic Review also pointed out that India is the third-largest tech hubin the world. Over 1,600 new startups were added in 2020, which is the highestin the last three years to take the total count to over 12,500. The country’s startup ecosystem added 12 new unicorns last year and NASSCOMsaid the funding in the second half of 2020 was similar to that of the firsthalf of 2019. The trade association’s CEO survey reveals that almost two-thirds of therespondents expect significantly higher growth and hiring than in 2020. NASSCOM Chairman U B Pravin Rao said, “In this hyper-digital economy, trustwith the four cornerstones of competence, reliability, integrity, and empathy,will be the single-most-important currency, leading the industry growthtowards a better normal.” According to NASSCOM, enterprises are re-balancing their technology spends toprioritise digitisation. It also stated that technology is expected to drivefrontend operations and customer experience.> 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.”